N-Q 1 d297393dnq.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 811-04096

MFS MUNICIPAL SERIES TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02119

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02119

(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, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

QUARTERLY REPORT
December 31, 2016
MFS®  Alabama
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.7%
Airport Revenue – 2.8%
Birmingham, AL, Airport Authority Rev., AGM, 5.25%, 7/01/2030   $ 1,000,000 $ 1,092,390
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030     100,000 111,648
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     70,000 76,969
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     45,000 48,383
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     345,000 339,949
        $ 1,669,339
General Obligations - General Purpose – 10.2%
Auburn, AL, “H”, 5.625%, 12/01/2033 (Prerefunded 12/01/2018)   $ 1,000,000 $ 1,082,940
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     145,000 153,844
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     100,000 101,731
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030     20,000 20,463
Cullman, AL, Warrants, 5%, 7/01/2029     1,045,000 1,202,952
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     260,000 297,354
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     60,000 69,040
Jasper, AL, Warrants, 5%, 3/01/2032     500,000 561,655
Madison, AL, General Obligation School Warrants, 5.15%, 2/01/2039 (Prerefunded 2/01/2019)     795,000 857,344
Madison, AL, General Obligation School Warrants, 5.15%, 2/01/2039     205,000 217,281
Montgomery County, AL, Unrefunded Balance, Warrants, SYNCORA, 5%, 3/01/2028     95,000 95,600
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     165,000 165,799
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     140,000 141,921
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     115,000 115,554
State of California, 6%, 11/01/2039     550,000 611,308
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     245,000 285,109
        $ 5,979,895
General Obligations - Schools – 10.7%
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2029   $ 200,000 $ 231,914
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030     1,000,000 1,156,170
Lee County, AL, School Warrants, 4.75%, 2/01/2029     880,000 914,505
Madison County, AL, Board of Education Capital Outlay Tax Anticipation Warrants, ASSD GTY, 5.125%, 9/01/2034 (Prerefunded 9/01/2018)     1,000,000 1,064,600
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “B”, AGM, 0%, 8/01/2036     570,000 248,212
Shelby County, AL, Board of Education Capital Outlay School Warrants (Ten Mill County Tax), 5%, 2/01/2031     500,000 545,255
Sumter County, AL, School Warrants, 5.2%, 2/01/2039     1,000,000 1,016,540
Tuscaloosa, AL, Board of Education School, Tax Warrants, 5%, 8/01/2036     1,000,000 1,122,970
        $ 6,300,166
Healthcare Revenue - Hospitals – 18.6%
Alabama Special Care Facilities Financing Authority (Daughters of Charity), ETM, AMBAC, 5%, 11/01/2025   $ 1,365,000 $ 1,369,532
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), “C”, 5%, 11/15/2046     500,000 561,610
Alexander City, AL, Special Care Facilities Financing Authority Medical Facilities Rev., “A” (Russell Hospital Corp.), 5.75%, 12/01/2036     250,000 250,570
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031     750,000 843,037
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), ASSD GTY, 6%, 6/01/2039 (Prerefunded 6/01/2019)     750,000 830,355
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 7%, 2/01/2036     300,000 313,536
DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033     500,000 551,970
East Alabama Health Care Authority, Health Care Facilities Rev., 5.25%, 9/01/2036 (Put Date 9/01/2018)     1,000,000 1,058,610
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     435,000 477,921
Houston County, AL, Health Care Authority (Southeast Alabama Medical Center), “A”, 5%, 10/01/2030     500,000 538,320
Huntsville, AL, Health Care Authority Rev., “A”, 5%, 6/01/2030 (Prerefunded 6/01/2020)     1,000,000 1,109,270
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     255,000 290,221
Mobile, AL, Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 5.25%, 2/01/2030 (Prerefunded 2/03/2020)     500,000 554,595
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     370,000 414,404
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046   $ 50,000 $ 53,536
South Dakota Health & Educational Facilities Authority Rev. (Sanford Obligated Group), “B”, 5%, 11/01/2034     85,000 93,058
UAB Medicine Financing Authority Rev., “B”, 5%, 9/01/2035     1,000,000 1,114,290
University of Alabama at Birmingham, AL, Hospital Rev., “A”, FRN, 5.25%, 9/01/2025 (Prerefunded 9/01/2018)     500,000 533,160
        $ 10,957,995
Healthcare Revenue - Long Term Care – 1.8%
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045   $ 250,000 $ 262,788
Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039     750,000 790,357
        $ 1,053,145
Industrial Revenue - Paper – 1.0%
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 6.25%, 11/01/2033   $ 250,000 $ 277,965
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.375%, 12/01/2035     300,000 333,558
        $ 611,523
Miscellaneous Revenue - Other – 1.7%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040   $ 65,000 $ 65,965
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     95,000 98,356
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044     260,000 268,474
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     495,000 552,524
        $ 985,319
Port Revenue – 1.0%
Alabama Port Authority Docks Facility, 6%, 10/01/2040   $ 500,000 $ 568,205
Sales & Excise Tax Revenue – 2.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 325,000 $ 360,292
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 7/01/2031     515,000 630,633
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     185,000 19,405
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     115,000 27,471
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     30,000 5,934
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     645,000 119,686
        $ 1,163,421
Secondary Schools – 0.4%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), ''A“, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)   $ 190,000 $ 218,728
Single Family Housing - State – 0.5%
Alabama Housing Finance Authority, Single Family Mortgage Rev., ”B“, GNMA, 5.375%, 10/01/2033   $ 310,000 $ 318,816
State & Local Agencies – 12.0%
Alabama Incentives Financing Authority Special Obligation, ”A“, 5%, 9/01/2029   $ 1,000,000 $ 1,078,210
Alabama Public Health Care Authority Lease Rev. (Department Of Public Health Facilities), 5%, 9/01/2030     280,000 316,397
Alabama Public School & College Authority Rev., ”A“, 5%, 5/01/2029 (Prerefunded 5/01/2019)     1,000,000 1,081,250
Alabama Public School & College Authority Rev., ”B“, 5%, 6/01/2025     800,000 929,296
Alabama Public School & College Authority Rev., ”B“, 5%, 1/01/2027     500,000 586,525
Anniston, AL, Public Building Authority Rev. (Judicial Center Project), AGM, 5%, 3/01/2032     500,000 542,165
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), ”A“, ASSD GTY, 5%, 7/01/2030     385,000 416,416
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, ”A“, 5%, 6/01/2030     35,000 39,232
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), ”E“, 6%, 9/01/2039     145,000 161,898
Montgomery County, AL, Public Building Authority Rev., Warrants (Facilities Project), 5%, 3/01/2027     1,050,000 1,217,685
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2027     5,000 5,512
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2028     15,000 16,461
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2029     15,000 16,366
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, (Group C), 5%, 2/15/2041     255,000 291,394
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., ”A“, AGM, 5%, 6/01/2033     350,000 380,506
        $ 7,079,313
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – 1.8%
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 95,000 $ 105,015
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     30,000 33,376
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2033     90,000 100,589
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2034     55,000 61,131
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035     55,000 60,842
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036     30,000 33,108
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046     85,000 92,994
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     45,000 44,046
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2024     90,000 93,861
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2026     215,000 224,673
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     190,000 198,605
        $ 1,048,240
Tobacco – 0.2%
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 5%, 6/01/2041   $ 140,000 $ 121,797
Toll Roads – 0.5%
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037   $ 90,000 $ 100,982
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     180,000 192,512
        $ 293,494
Transportation - Special Tax – 2.7%
Alabama Federal Aid Highway Finance Authority Special Obligation, ”A“, 5%, 9/01/2035   $ 500,000 $ 579,730
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.25%, 7/01/2036     135,000 144,952
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032     125,000 126,246
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     205,000 204,738
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AMBAC, 5.5%, 7/01/2029     325,000 336,606
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, ASSD GTY, 5.25%, 7/01/2034     45,000 48,659
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2032     30,000 31,364
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027     105,000 113,693
        $ 1,585,988
Universities - Colleges – 11.4%
Alabama State University Board of Education Rev. (Chattahoochee Valley Community College), ASSD GTY, 5%, 6/01/2034   $ 1,300,000 $ 1,379,131
Alabama State University Rev., General Tuition & Fee, ASSD GTY, 5.75%, 9/01/2039     1,000,000 1,076,130
Auburn University, General Fee Rev., ”A“, 4%, 6/01/2036     1,000,000 1,033,310
Jacksonville State University, Tuition & Fee Rev., ASSD GTY, 5.125%, 12/01/2038 (Prerefunded 12/01/2018)     110,000 118,040
Jacksonville State University, Tuition & Fee Rev., ASSD GTY, 5.125%, 12/01/2038     890,000 937,517
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     295,000 242,012
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University Project), 5.375%, 12/01/2021     5,000 5,000
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033     65,000 66,155
Troy University, Facilities Rev., ”A“, BAM, 5%, 11/01/2028     500,000 570,145
University of Alabama at Birmingham, AL, General Rev., ”B“, 5%, 10/01/2027     500,000 593,410
University of South Alabama, University Rev., AGM, 4%, 11/01/2035     500,000 510,595
University of South Alabama, University Rev., BHAC, 5%, 8/01/2038 (Prerefunded 8/01/2018)     150,000 158,898
        $ 6,690,343
Utilities - Municipal Owned – 3.2%
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), ”A“, ASSD GTY, 5%, 8/01/2037   $ 1,000,000 $ 1,080,790
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2040     230,000 246,870
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2024     265,000 297,977
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 6%, 5/01/2033 (Prerefunded 5/01/2019)     130,000 143,727
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023     10,000 9,917
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024     50,000 49,579
Puerto Rico Electric Power Authority Rev., ”SS“, ASSD GTY, 4.375%, 7/01/2030     5,000 4,972
Puerto Rico Electric Power Authority Rev., ”UU“, ASSD GTY, 4.25%, 7/01/2027     30,000 30,128
        $ 1,863,960
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Other – 2.8%
Black Belt Energy Gas District, AL, Gas Supply Rev., 4%, 7/01/2046 (Put Date 6/01/2021)   $ 750,000 $ 799,373
Lower, AL, Gas District Project Rev., ”A“, 5%, 9/01/2046     500,000 550,290
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2019     295,000 318,833
        $ 1,668,496
Water & Sewer Utility Revenue – 12.4%
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036   $ 1,000,000 $ 1,121,610
Bessemer, AL, Governmental Utilities Services Corp. Water Supply Rev., ASSD GTY, 5%, 6/01/2039     1,000,000 1,012,620
Birmingham, AL, Waterworks Board Subordinate Rev., ”B“, 5%, 1/01/2043     500,000 553,490
Birmingham, AL, Waterworks Board Water Rev., ”A“, 5%, 1/01/2030     500,000 570,680
Birmingham, AL, Waterworks Board Water Rev., ”A“, 5.125%, 1/01/2034 (Prerefunded 1/01/2019)     280,000 301,106
Birmingham, AL, Waterworks Board Water Rev., ”A“, 5.125%, 1/01/2034 (Prerefunded 1/01/2019)     470,000 505,330
Chicago, IL, Wastewater Transmission Rev., Second Lien, ”C“, 5%, 1/01/2030     75,000 81,647
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5%, 7/01/2028     10,000 10,196
Cullman, AL, Utilities Board Water Rev., ”A“, AGM, 5%, 9/01/2035     1,000,000 1,117,190
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     25,000 26,453
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     120,000 124,880
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029     45,000 49,420
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035     45,000 48,284
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, ”A“, AGM, 5%, 10/01/2044     750,000 829,013
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, ”D“, 5%, 10/01/2021     300,000 320,208
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NATL, 5%, 7/01/2032     15,000 16,619
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NATL, 5%, 7/01/2036     20,000 21,840
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035     10,000 11,031
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037     20,000 21,937
Scottsboro, AL, Waterworks Sewer & Gas Board Rev., 5%, 8/01/2032     500,000 555,780
        $ 7,299,334
Total Municipal Bonds   $57,477,517
Money Market Funds – 1.3%
MFS Institutional Money Market Portfolio, 0.51% (v)     744,302 $ 744,302
Total Investments $58,221,819
Other Assets, Less Liabilities – 1.0%   578,689
Net assets – 100.0%   $58,800,508
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
BHAC Berkshire Hathaway Assurance Corp.
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
4

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $57,477,517 $— $57,477,517
Mutual Funds 744,302 — — 744,302
Total Investments $744,302 $57,477,517 $— $58,221,819
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 $56,028,077
Gross unrealized appreciation 2,648,652
Gross unrealized depreciation (454,910)
Net unrealized appreciation (depreciation) $2,193,742
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
5

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 122,564 15,927,732 (15,305,994) 744,302
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(23) $— $4,953 $744,302
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Alabama 78.8%
Puerto Rico 4.4%
Guam 2.8%
New York 2.8%
California 2.3%
Massachusetts 1.1%
Pennsylvania 1.1%
Florida 0.8%
Illinois 0.8%
New Hampshire 0.7%
Colorado 0.6%
New Jersey 0.6%
Tennessee 0.6%
Texas 0.6%
Virginia 0.5%
Indiana 0.3%
South Dakota 0.2%
Michigan 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
6

QUARTERLY REPORT
December 31, 2016
MFS®  Arkansas
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.7%
Airport Revenue – 1.6%
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044   $ 235,000 $ 258,396
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     160,000 172,029
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     1,030,000 1,014,921
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     660,000 721,182
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     95,000 102,866
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     105,000 115,048
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     80,000 85,550
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     125,000 133,321
        $ 2,603,313
General Obligations - General Purpose – 6.0%
Arkansas College Savings, Capital Appreciation, “A”, ETM, 0%, 6/01/2017   $ 1,840,000 $ 1,832,254
Arkansas Higher Education, 4%, 6/01/2029     2,000,000 2,180,060
Arkansas Water, Waste Disposal and Pollution Abatement Facilities, “A”, 4%, 7/01/2032     1,000,000 1,070,190
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     475,000 503,970
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     115,000 116,371
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     295,000 300,107
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030     60,000 61,389
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     515,000 588,990
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     255,000 264,376
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     65,000 74,793
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     750,000 753,630
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     610,000 618,369
State of California, 6%, 11/01/2039     1,160,000 1,289,305
        $ 9,653,804
General Obligations - Schools – 4.3%
Bentonville, AR, School District No. 6, “A”, 5%, 6/01/2024   $ 3,185,000 $ 3,234,973
Crittenden County, AR, Community College District, 4.6%, 2/01/2035     285,000 285,302
Crittenden County, AR, Community College District, 4.7%, 2/01/2040     625,000 625,700
Pulaski County, AR, North Little Rock School District, “B”, 5%, 2/01/2022     635,000 701,135
Springdale, AR, School District No. 050, “A”, 4.625%, 6/01/2037     2,000,000 2,023,120
        $ 6,870,230
Healthcare Revenue - Hospitals – 13.6%
Arkansas Development Finance Authority Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029   $ 1,000,000 $ 1,116,000
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033     1,645,000 1,814,978
Conway, AR, Hospital Rev. (Conway Regional Medical Center), 4.45%, 8/01/2032     540,000 558,436
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     420,000 461,441
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     510,000 580,441
Independence County, AR, Public Health Education & Housing Facilities Board Rev. (White River Health Systems), 5.75%, 6/01/2028     1,000,000 1,081,780
Indiana Finance Authority Rev. (Sisters of St. Francis Health Services), 5.375%, 11/01/2032     1,085,000 1,147,387
Jefferson County, AR, Hospital Rev., Refunding (Regional Medical Center), AGM, 5%, 6/01/2026     2,150,000 2,316,560
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 5.75%, 6/01/2025     510,000 552,626
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     545,000 587,586
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     395,000 426,778
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     355,000 397,604
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     490,000 550,451
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5%, 3/01/2035     1,500,000 1,681,845
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5%, 3/01/2036     1,500,000 1,683,150
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), AGM, 4%, 3/01/2020     1,000,000 1,054,380
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), ASSD GTY, 5.5%, 3/01/2034 (Prerefunded 3/01/2019)   $ 750,000 $ 815,993
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), ASSD GTY, 5.5%, 3/01/2039 (Prerefunded 3/01/2019)     1,925,000 2,094,381
Pulaski County, AR, Public Facilities Board Health Facilities Rev. (Carti Project), 5.5%, 7/01/2043     750,000 773,325
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040     1,820,000 2,043,824
        $ 21,738,966
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044   $ 100,000 $ 119,310
Miscellaneous Revenue - Entertainment & Tourism – 1.8%
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034   $ 2,525,000 $ 2,865,799
Miscellaneous Revenue - Other – 1.1%
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040   $ 1,615,000 $ 1,802,679
Sales & Excise Tax Revenue – 11.0%
Bentonville, AR, Sales & Use Tax, 4%, 11/01/2026   $ 1,310,000 $ 1,358,011
Bentonville, AR, Sales & Use Tax, AMBAC, 4.375%, 11/01/2025     320,000 327,610
Cabot , AR, Sales & Use Tax, 5%, 6/01/2026     700,000 795,739
Cabot ,AR, Sales & Use Tax, 5%, 6/01/2027     1,300,000 1,470,144
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041     760,000 842,528
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030     850,000 933,334
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035     1,150,000 1,241,241
Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2023     380,000 438,961
Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2024     2,040,000 2,320,194
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     1,180,000 1,274,695
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029     1,000,000 1,251,560
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     450,000 318,695
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     4,635,000 486,165
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     340,000 81,219
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     90,000 17,802
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     1,865,000 346,069
Rogers, AR, Sales & Use Tax Rev., 5%, 11/01/2023     1,000,000 1,112,050
Springdale, AR, Sales & Use Tax Rev., 5%, 11/01/2028     1,000,000 1,128,560
Stuttgart, AR, Sales & Use Tax Rev., AGM, 5%, 6/01/2032     1,840,000 1,978,810
        $ 17,723,387
Single Family Housing - State – 0.3%
Arkansas Development Finance Authority, Mortgage Rev., “B”, GNMA, 4.85%, 7/01/2031   $ 450,000 $ 450,346
State & Local Agencies – 3.3%
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034   $ 2,605,000 $ 2,870,606
Arkansas Development Finance Authority Rev., Correctional Facilities, “A”, 5.125%, 5/15/2034 (Prerefunded 5/15/2019)     500,000 543,335
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037     1,315,000 1,064,282
New York Dormitory Authority Rev., State Personal Income Tax, “A”, (Group C), 5%, 2/15/2041     710,000 811,331
        $ 5,289,554
Tax - Other – 5.0%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 490,000 $ 541,656
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     65,000 72,314
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034     3,000,000 3,349,170
Little Rock, AR, Library Construction & Improvement Rev., 4%, 3/01/2023     810,000 825,260
Little Rock, AR, Library Construction & Improvement Rev., 4%, 3/01/2024     1,685,000 1,719,374
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     140,000 137,033
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2026     750,000 783,743
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     590,000 616,721
        $ 8,045,271
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 2.0%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AMBAC, 0%, 7/01/2027   $ 2,470,000 $ 1,808,534
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AMBAC, 0%, 7/01/2028     500,000 352,985
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/2023     435,000 437,767
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     740,000 643,785
        $ 3,243,071
Toll Roads – 0.4%
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056   $ 180,000 $ 204,575
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     230,000 261,432
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     180,000 207,123
        $ 673,130
Transportation - Special Tax – 2.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2032   $ 45,000 $ 48,895
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033     80,000 86,741
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036     400,000 429,488
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     20,000 20,015
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     755,000 754,034
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     150,000 154,859
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.25%, 7/01/2031     75,000 75,302
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034     195,000 210,857
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036     345,000 370,433
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     90,000 94,091
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033     140,000 145,824
Metropolitan Transportation Authority Rev., NY, 5%, 11/15/2037 (Prerefunded 11/15/2017)     85,000 87,963
Metropolitan Transportation Authority Rev., NY, 5%, 11/15/2037 (Prerefunded 11/15/2017)     405,000 419,118
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     310,000 335,665
        $ 3,233,285
Universities - Colleges – 21.0%
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031   $ 2,500,000 $ 2,674,775
Arkansas State University, Housing System Rev. (Jonesboro Campus), “C”, AMBAC, 5%, 3/01/2032     2,595,000 2,665,039
Arkansas State University, Student Fee (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027     545,000 594,268
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), 5.25%, 7/01/2048 (Prerefunded 7/01/2018)     1,605,000 1,702,022
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     85,000 75,446
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     140,000 120,882
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 10/01/2031     60,000 40,246
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 10/01/2042     30,000 19,583
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), 5%, 4/01/2041     1,000,000 1,110,040
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), AGM, 4%, 4/01/2024     1,000,000 1,055,990
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030     1,000,000 1,133,670
University Arkansas Auxiliary Enterprises Rev., 5%, 12/01/2029     605,000 668,991
University Arkansas Auxiliary Enterprises Rev., “A”, 5%, 5/01/2029     200,000 221,942
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2022     505,000 582,573
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2023     520,000 607,246
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 10/01/2025     780,000 910,065
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025     2,000,000 2,336,260
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 11/01/2021     1,310,000 1,485,488
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 11/01/2026     1,000,000 1,118,330
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 11/01/2033 (Prerefunded 11/01/2018)     1,000,000 1,068,470
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 11/01/2038 (Prerefunded 11/01/2018)     1,000,000 1,068,470
University of Arkansas Rev. (Fayetteville Campus), “A”, 5%, 11/01/2046     1,540,000 1,754,137
University of Arkansas Rev. (Fort Smith Campus), 5%, 12/01/2028 (Prerefunded 6/01/2019)     860,000 932,636
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of Arkansas Rev. (Student Fee-Fort Smith Campus), 4%, 12/01/2023   $ 250,000 $ 268,572
University of Arkansas Rev. (Student Fee-Fort Smith Campus), 4%, 12/01/2024     250,000 267,243
University of Arkansas Rev. (Student Fee-Fort Smith Campus), 4%, 12/01/2025     500,000 530,655
University of Arkansas Rev. (Student Fee-Fort Smith Campus), 4%, 12/01/2026     305,000 321,680
University of Arkansas Rev. (Student Fee-UALR Campus), 5%, 10/01/2029     600,000 700,656
University of Arkansas, University Facilities Rev. (Fayetteville Campus), “A”, 5%, 9/15/2035     2,000,000 2,292,900
University of Arkansas, University Rev. (Fayetteville Campus), “A”, 5%, 11/01/2032     1,000,000 1,134,300
University of Arkansas, University Rev. (Monticello Campus), 4%, 12/01/2035     600,000 607,242
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 7/01/2017     725,000 737,397
University of Arkansas, University Rev. (UAMS Campus), 4.5%, 7/01/2019     320,000 342,678
University of Central Arkansas Rev., “C”, ASSD GTY, 4.25%, 9/01/2040     1,950,000 1,990,423
University of Puerto Rico Rev., “Q”, 5%, 6/01/2036     1,145,000 508,552
        $ 33,648,867
Universities - Dormitories – 0.3%
Arkansas Technical University, Housing Systems Rev., AMBAC, 5.2%, 12/01/2026   $ 500,000 $ 500,980
Utilities - Municipal Owned – 8.3%
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030   $ 1,000,000 $ 1,153,290
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2032     1,130,000 1,258,820
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035     1,000,000 1,122,410
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2036     1,165,000 1,283,678
Benton, AR, Public Utility Rev., AMBAC, 5%, 9/01/2031 (Prerefunded 3/01/2017)     1,500,000 1,510,485
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030     450,000 487,629
Guam Power Authority Rev., “A”, 5.5%, 10/01/2040     790,000 847,946
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2030     2,805,000 3,105,528
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 5/01/2033 (Prerefunded 5/01/2019)     245,000 270,870
North Little Rock, AR, Electric Rev., “B”, AGM, 5%, 7/01/2021     1,040,000 1,110,543
North Little Rock, AR, Electric Rev., “B”, AGM, 5%, 7/01/2022     1,090,000 1,163,935
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     20,000 20,932
        $ 13,336,066
Utilities - Other – 0.3%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021   $ 300,000 $ 332,781
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     155,000 175,730
        $ 508,511
Water & Sewer Utility Revenue – 16.3%
Arkansas Community Public Water Systems Authority Rev., 5%, 10/01/2032   $ 1,020,000 $ 1,137,851
Arkansas Development Finance Authority, Capital Improvement Rev., Revolving Fund Loan, “C”, 5%, 6/01/2022     1,500,000 1,695,300
Arkansas Development Finance Authority, Capital Improvement Rev., Revolving Fund Loan, “C”, 5%, 6/01/2023     795,000 894,613
Arkansas Development Finance Authority, Capital Improvement Rev., Revolving Fund Loan, “C”, 5%, 6/01/2025     1,500,000 1,687,950
Central Arkansas Water Rev., 5%, 10/01/2022     1,215,000 1,407,991
Central Arkansas Water Rev., 5%, 10/01/2023     1,275,000 1,501,567
Chicago, IL, Wastewater Transmission Rev., Second Lien, “C”, 5%, 1/01/2030     250,000 272,155
City of Fort Smith, AR, Water and Sewer Rev., AGM, 5%, 10/01/2032 (Prerefunded 10/01/2018)     780,000 830,747
City of Fort Smith, AR, Water and Sewer Rev., AGM, 5%, 10/01/2032     1,220,000 1,283,611
City of Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029     1,000,000 1,139,160
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028     35,000 35,685
Conway, AR, Water Rev., 4%, 12/01/2022     400,000 429,788
Conway, AR, Water Rev., 4%, 12/01/2023     500,000 533,855
Fort Smith, AR, Water & Sewer Rev., AGM, 4.5%, 10/01/2021     1,545,000 1,687,294
Fort Smith, AR, Water & Sewer Rev., AGM, 4.5%, 10/01/2022     455,000 499,431
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     85,000 89,941
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     395,000 411,065
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029     140,000 153,752
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035     140,000 150,216
Hot Springs, AR, Wastewater Rev., 5%, 12/01/2020     500,000 553,575
Hot Springs, AR, Wastewater Rev., 5%, 12/01/2021     650,000 729,027
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Hot Springs, AR, Wastewater Rev., ASSD GTY, 4.625%, 12/01/2037   $ 1,260,000 $ 1,310,350
Little Rock, AR, Sewer Rev., 5.5%, 10/01/2030 (Prerefunded 10/01/2018)     750,000 805,410
Little Rock, AR, Sewer Rev., 5.75%, 10/01/2038 (Prerefunded 10/01/2018)     1,000,000 1,078,210
Little Rock, AR, Sewer Rev., “C”, AGM, 5%, 10/01/2037 (Prerefunded 10/01/2017)     3,000,000 3,089,250
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     50,000 55,398
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     65,000 70,981
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     30,000 33,092
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     75,000 82,263
Rogers, AR, Sewer Rev., AMBAC, 5%, 2/01/2037     1,000,000 1,003,590
Wasco, CA, Semitropic Improvement District (Semitropic Water Storage District), “A”, 5%, 12/01/2038     1,325,000 1,429,132
        $ 26,082,250
Total Municipal Bonds   $158,388,819
Money Market Funds – 0.5%
MFS Institutional Money Market Portfolio, 0.51% (v)     823,399 $ 823,400
Total Investments $159,212,219
Other Assets, Less Liabilities – 0.8%   1,238,785
Net assets – 100.0%   $160,451,004
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
5

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $158,388,819 $— $158,388,819
Mutual Funds 823,400 — — 823,400
Total Investments $823,400 $158,388,819 $— $159,212,219
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 $154,455,697
Gross unrealized appreciation 6,401,496
Gross unrealized depreciation (1,644,974)
Net unrealized appreciation (depreciation) $4,756,522
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
6

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 810,312 26,303,673 (26,290,585) 823,400
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(6) $— $6,016 $823,400
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Arkansas 75.8%
Puerto Rico 5.3%
Guam 5.1%
New York 4.0%
California 2.2%
Kentucky 1.0%
New Jersey 0.9%
Indiana 0.8%
Massachusetts 0.8%
Pennsylvania 0.7%
New Hampshire 0.6%
Texas 0.6%
Colorado 0.5%
Illinois 0.5%
Michigan 0.4%
Tennessee 0.3%
Florida 0.3%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
7

QUARTERLY REPORT
December 31, 2016
MFS®  California
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.8%
Airport Revenue – 5.9%
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035   $ 780,000 $ 869,778
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2029     3,000,000 3,298,470
Orange County, CA, Airport Rev., “A”, 5%, 7/01/2031     1,310,000 1,401,333
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2021     1,500,000 1,661,430
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031     850,000 938,068
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     3,000,000 3,278,100
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/2025 (Prerefunded 5/03/2021)     570,000 647,104
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/2025     1,430,000 1,608,378
San Jose, CA, Airport Rev., “A”, BHAC, 5.5%, 3/01/2023     2,345,000 2,362,494
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034     2,560,000 2,821,581
        $ 18,886,736
General Obligations - General Purpose – 6.1%
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020   $ 820,000 $ 870,012
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     85,000 97,212
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     815,000 844,967
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     95,000 109,313
Palomar Health, CA, Refunding, “A”, 5%, 8/01/2032     595,000 672,826
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     470,000 472,275
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     470,000 476,448
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Prerefunded 1/23/2017) (Put Date 1/23/2017)     400,000 401,928
State of California, 5%, 8/01/2034     2,200,000 2,311,716
State of California, 5.25%, 4/01/2035     2,545,000 2,870,175
State of California, 6%, 11/01/2039     3,000,000 3,334,410
State of California, 5.5%, 3/01/2040     3,670,000 4,051,974
State of California, 5.25%, 11/01/2040     2,775,000 3,084,440
        $ 19,597,696
General Obligations - Schools – 10.7%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029   $ 4,335,000 $ 2,870,160
Contra Costa County, CA, Lafayette School District (Election of 2016), “A”, 2.25%, 8/01/2032     400,000 339,376
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038     2,465,000 2,754,637
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031     2,120,000 1,177,893
Lake Tahoe, CA, Unified School District (Election of 2008), Capital Appreciation, AGM, 0%, 8/01/2045     870,000 545,603
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032     1,570,000 840,421
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2033     500,000 263,910
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028     1,440,000 942,178
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 0%, 8/01/2030     3,000,000 2,684,220
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, 0% to 8/01/2028, 6.25% to 8/01/2043     4,145,000 2,929,520
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029     3,385,000 2,148,832
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028     830,000 982,911
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030     830,000 967,797
Orange County, CA, Anaheim Elementary School District (Election of 2010), 2.75%, 8/01/2038     490,000 397,057
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District Election of 2014 (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033     500,000 581,405
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District Election of 2014 (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034     1,400,000 1,619,100
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District Election of 2014 (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035     1,105,000 1,272,982
San Bernardino, CA, City Unified School District, “A”, 5%, 8/01/2023     600,000 698,478
San Diego, CA, Community College District (Election of 2002), Capital Appreciation, 0%, 8/01/2033     2,000,000 2,187,960
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034     1,235,000 544,487
San Joaquin, CA, Delta Community College District (Election of 2004), Capital Appreciation, “B”, AGM, 0%, 8/01/2018     2,350,000 2,292,824
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041     1,235,000 1,380,891
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
San Mateo County, CA, Community College District (Election of 2001), Capital Appreciation, “A”, NATL, 0%, 9/01/2021   $ 4,300,000 $ 3,897,262
        $ 34,319,904
Healthcare Revenue - Hospitals – 13.4%
California Health Facilities Financing Authority Rev. (Balance Providence), 6.5%, 10/01/2038 (Prerefunded 10/01/2018)   $ 1,720,000 $ 1,876,176
California Health Facilities Financing Authority Rev. (Catholic Healthcare West), “A”, 6%, 7/01/2029     1,500,000 1,667,550
California Health Facilities Financing Authority Rev. (Children's Hospital of Orange County), 6.25%, 11/01/2029     2,000,000 2,243,660
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033     750,000 834,637
California Health Facilities Financing Authority Rev. (Providence Health & Services), “B”, 5.5%, 10/01/2039     1,000,000 1,091,290
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 10/01/2033 (Prerefunded 10/01/2018)     1,500,000 1,637,850
California Health Facilities Financing Authority Rev. (Providence Health & Services), “C”, 6.5%, 10/01/2038 (Prerefunded 10/01/2018)     30,000 32,724
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2028     205,000 224,725
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2029     165,000 180,150
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2030     85,000 92,333
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2035     315,000 334,688
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2044     415,000 436,103
California Municipal Finance Authority Rev. (Northbay Healthcare Group), “A”, 5%, 11/01/2027     750,000 820,103
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047     1,500,000 1,574,940
California Statewide Communities Development Authority Rev. (Community Hospital of the Monterey Peninsula), “A”, 6%, 6/01/2033 (Prerefunded 6/01/2021)     1,250,000 1,474,675
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 5%, 8/15/2030     2,000,000 2,305,100
California Statewide Communities Development Authority Rev. (Enloe Medical Center), CALHF, 6.25%, 8/15/2033 (Prerefunded 8/15/2018)     2,000,000 2,163,120
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 8/15/2023     1,000,000 1,063,690
California Statewide Communities Development Authority Rev. (John Muir Health), 5.125%, 7/01/2039     1,000,000 1,070,600
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054     1,650,000 1,715,356
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056     1,000,000 1,023,840
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046     1,925,000 2,039,172
California Statewide Communities Development Authority Rev. (Santa Ynez Valley Cottage Hospital), 5.25%, 11/01/2030     1,740,000 1,905,926
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032     390,000 438,676
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041     2,550,000 2,830,857
Madera County, CA, COP (Children's Hospital Central California), 5.375%, 3/15/2036     3,000,000 3,243,960
Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/2039 (Prerefunded 11/01/2019)     1,805,000 2,055,552
San Buenaventura, CA, Rev. (Community Memorial Health System), 7.5%, 12/01/2041     1,000,000 1,167,480
Santa Clara County, CA, Financing Authority Insured Rev. (El Camino Hospital), “B”, AMBAC, 5.125%, 2/01/2041 (Prerefunded 8/01/2017)     2,550,000 2,612,347
Washington Township, CA, Health Care District Rev., “A”, 6.25%, 7/01/2039     1,000,000 1,084,600
West Contra Costa, CA, Healthcare District, AMBAC, 5.5%, 7/01/2029     2,000,000 2,030,520
        $ 43,272,400
Healthcare Revenue - Long Term Care – 3.4%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041   $ 850,000 $ 931,821
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035     1,270,000 1,336,269
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034     700,000 777,735
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039     1,000,000 1,103,300
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044     1,405,000 1,417,926
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 10/01/2039     1,500,000 1,643,205
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047     1,785,000 1,876,553
California Statewide Communities Development Authority Rev. (The Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042     750,000 790,087
Eden Township, CA, Healthcare District, COP, 6.125%, 6/01/2034     1,090,000 1,250,066
        $ 11,126,962
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 2.2%
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2030   $ 1,130,000 $ 1,295,760
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034     830,000 938,995
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035     830,000 936,257
California Infrastructure & Economic Development Bank Rev. (The Walt Disney Family Museum), 5.25%, 2/01/2033 (Prerefunded 2/01/2018)     1,340,000 1,400,353
California Infrastructure & Economic Development Bank Rev. (The Walt Disney Family Museum), 4%, 2/01/2035     1,000,000 1,030,740
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031     1,335,000 1,473,106
        $ 7,075,211
Port Revenue – 1.4%
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, 5%, 10/01/2037   $ 2,530,000 $ 2,751,678
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036     1,690,000 1,911,272
        $ 4,662,950
Sales & Excise Tax Revenue – 0.6%
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054   $ 1,060,000 $ 111,183
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     670,000 160,050
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     180,000 35,604
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     3,715,000 689,356
Riverside County, CA, Transportation Commission, Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029     1,000,000 894,230
        $ 1,890,423
Secondary Schools – 3.0%
California Municipal Finance Authority Charter School Lease Rev. (Nova Academy Project), “A”, 5%, 6/15/2036   $ 750,000 $ 708,090
California Municipal Finance Authority Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046     750,000 776,175
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032     825,000 836,195
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040     415,000 429,031
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2041     500,000 516,505
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045     415,000 427,541
California School Finance Authority, Charter School Rev. (Downtown Prep - Obligated Group), 5%, 6/01/2046     1,000,000 936,040
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030     1,245,000 1,280,595
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034     530,000 548,762
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044     470,000 485,806
California Statewide Communities Development Authority School Facility Rev. (Aspire Public Schools), 6.125%, 7/01/2046 (Prerefunded 1/01/2019)     1,300,000 1,420,900
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047     1,270,000 1,394,257
        $ 9,759,897
Single Family Housing - State – 2.0%
California Housing Finance Agency Rev. (Home Mortgage), “E”, 4.75%, 2/01/2030   $ 1,760,000 $ 1,764,717
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 8/01/2023     2,000,000 2,005,260
California Housing Finance Agency Rev. (Home Mortgage), “L”, 5.45%, 8/01/2033     2,580,000 2,662,379
        $ 6,432,356
State & Agency - Other – 0.1%
Pasadena, CA, COP, (Old Pasadena Parking Facilities Project), 6.25%, 1/01/2018   $ 345,000 $ 352,818
State & Local Agencies – 6.0%
Banning, CA, COP, Water Systems Improvement Project, ETM, AMBAC, 8%, 1/01/2019   $ 205,000 $ 215,512
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028     2,120,000 2,403,487
California Public Works Board Lease Rev., Department of Education (Riverside Campus), 6%, 4/01/2026     2,000,000 2,188,540
California Public Works Board Lease Rev., Department of General Services (Office Buildings 8 & 9 Renovation), “A”, 6.25%, 4/01/2034 (Prerefunded 4/01/2019)     1,500,000 1,662,345
California Public Works Board Lease Rev., Department of Justice, “D”, 5.25%, 11/01/2020     1,565,000 1,569,930
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037     2,360,000 1,910,042
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, AGM, 4.55%, 6/01/2022   $ 3,000,000 $ 3,114,420
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 4%, 6/01/2046     3,000,000 2,702,340
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030     500,000 576,470
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031     1,000,000 1,147,880
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032     550,000 628,573
San Diego, CA, Public Facilities Financing Authority Lease Rev. (Master Refunding Project), “A”, 5.25%, 3/01/2040     1,000,000 1,092,380
        $ 19,211,919
Tax - Other – 2.1%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 445,000 $ 491,912
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     145,000 161,316
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2033     505,000 564,418
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2034     315,000 350,116
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035     315,000 348,456
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036     170,000 187,610
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046     500,000 547,025
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     390,000 381,736
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024     575,000 599,668
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2026     1,930,000 2,016,831
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     1,145,000 1,196,857
        $ 6,845,945
Tax Assessment – 11.3%
Elk Grove, CA, Finance Authority Special Tax Rev., 5%, 9/01/2027   $ 2,000,000 $ 2,305,460
Fontana, CA, Redevelopment Agency Tax Allocation (Jurupa Hills Redevelopment Project), “A”, 5.5%, 10/01/2027     3,350,000 3,383,366
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031     1,000,000 1,074,920
Jurupa, CA, Community Facilities Services District, Special Tax (Eastvale Area District #31), “A”, 5%, 9/01/2037     1,000,000 1,051,080
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035     1,000,000 1,064,300
Lee Lake, CA, Public Financing Authority Senior Lien Rev., “A”, 5.125%, 9/01/2035     1,000,000 1,103,690
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/2022     340,000 389,042
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev. “D”, 5%, 9/01/2023     340,000 393,186
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033     840,000 938,902
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028     650,000 746,109
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029     1,350,000 1,542,847
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033     1,000,000 1,084,660
Rancho Cucamonga, CA, Redevelopment Agency Tax Allocation (Successor Agency to The), AGM, 5%, 9/01/2032     2,625,000 2,953,466
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030     890,000 1,016,522
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031     1,095,000 1,258,801
Riverside County, CA, Public Financing Authority Tax Allocation Rev. (Project Area No. 1 Desert Communities & Interstate 215 Corridor Projects), BAM, 4%, 10/01/2032     2,900,000 3,041,868
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034     1,385,000 1,556,934
San Diego, CA, Redevelopment Agency, Tax Allocation (Centre City), “A”, AMBAC, 5.25%, 9/01/2025     2,360,000 2,367,434
San Francisco, CA, City & County Redevelopment Financing Authority Rev., Tax Allocation (Mission Bay North Redevelopment Project), “C”, 6.375%, 8/01/2032 (Prerefunded 8/01/2019)     1,000,000 1,125,410
San Francisco, CA, City & County Redevelopment Financing Authority Rev., Tax Allocation (Mission Bay North Redevelopment Project), “C”, 6.5%, 8/01/2039 (Prerefunded 8/01/2019)     1,000,000 1,128,570
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     750,000 821,228
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NATL, 5%, 8/01/2043     1,100,000 1,227,666
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “C”, NATL, 5%, 8/01/2041     1,750,000 1,963,675
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2022     1,360,000 1,563,701
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023     1,000,000 1,165,350
        $ 36,268,187
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 2.2%
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6%, 6/01/2042   $ 1,080,000 $ 939,751
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6.5%, 6/01/2047     1,195,000 1,108,111
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5.75%, 6/01/2047     1,915,000 1,835,164
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     1,800,000 2,052,702
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     1,505,000 1,309,320
        $ 7,245,048
Toll Roads – 0.6%
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044   $ 1,680,000 $ 1,882,272
Transportation - Special Tax – 1.8%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2032   $ 95,000 $ 103,223
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033     150,000 162,639
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032     415,000 419,138
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     55,000 55,040
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     1,395,000 1,393,214
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     200,000 206,478
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034     2,255,000 2,438,377
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036     650,000 697,918
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     185,000 193,410
        $ 5,669,437
Universities - Colleges – 10.4%
California Educational Facilities Authority Rev. (Claremont Graduate University), “A”, 6%, 3/01/2033 (Prerefunded 3/01/2018)   $ 1,500,000 $ 1,584,555
California Educational Facilities Authority Rev. (Dominican University of California), 5%, 12/01/2025     800,000 802,352
California Educational Facilities Authority Rev. (Dominican University of California), 5%, 12/01/2036     1,150,000 1,153,197
California Educational Facilities Authority Rev. (Pepperdine University), 5%, 10/01/2041     2,000,000 2,279,380
California Educational Facilities Authority Rev. (Pitzer College), 6%, 4/01/2040     3,000,000 3,375,240
California Educational Facilities Authority Rev. (Santa Clara University), 5%, 4/01/2031     1,060,000 1,221,449
California Educational Facilities Authority Rev. (Santa Clara University), 5%, 4/01/2032     1,000,000 1,148,360
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036     1,000,000 1,118,470
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037     1,000,000 1,116,800
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038     500,000 557,980
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030     1,760,000 2,065,923
California Educational Facilities Authority Rev. (University of The Pacific), 5.25%, 11/01/2029     1,265,000 1,381,000
California Municipal Finance Authority Rev. (Azusa Pacific University Project), “B”, 5%, 4/01/2035     1,655,000 1,734,788
California Municipal Finance Authority Rev. (Biola University), 5.8%, 10/01/2028     2,000,000 2,096,760
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.125%, 6/01/2030     1,500,000 1,683,660
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 6/01/2040     1,500,000 1,684,485
California Public Works Board Lease Rev. (The Regents of the University of California), 5%, 12/01/2028 (Prerefunded 12/01/2021)     2,125,000 2,434,017
California Public Works Board Lease Rev. (The Regents of the University of California), 5%, 4/01/2034 (Prerefunded 4/01/2019)     1,500,000 1,619,490
California State University Rev., “A”, 5%, 11/01/2024     2,130,000 2,398,636
California State University Rev., “A”, 5%, 11/01/2030     905,000 1,046,940
California Statewide Communities Development Authority Rev. (Culinary Institute of America Project), “B”, 5%, 7/01/2041     780,000 837,330
        $ 33,340,812
Universities - Dormitories – 2.1%
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation) “A”, 5%, 6/01/2035   $ 225,000 $ 236,669
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 6/01/2033     2,000,000 2,078,820
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043     1,270,000 1,301,445
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 5/15/2040 (Prerefunded 5/15/2018)     2,000,000 2,132,660
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034     1,000,000 1,077,490
        $ 6,827,084
Utilities - Cogeneration – 0.1%
California Pollution Control Financing Authority, Water Furnishing Rev. (San Diego County Water Desalination Project Pipeline), 5%, 11/21/2045   $ 350,000 $ 350,175
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Investor Owned – 0.7%
California Pollution Control Financing Authority, Water Facilities Rev. (American Water Capital Corp. Project), 5.25%, 8/01/2040   $ 2,000,000 $ 2,161,180
Utilities - Municipal Owned – 4.6%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039   $ 230,000 $ 252,908
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044     260,000 284,789
Imperial, CA, Irrigation District Electric Rev., “B”, 5%, 11/01/2025 (Prerefunded 11/01/2020)     1,015,000 1,140,454
Imperial, CA, Irrigation District Electric Rev., “B”, 5%, 11/01/2026 (Prerefunded 11/01/2020)     1,245,000 1,398,882
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041     3,000,000 3,429,600
Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022     1,315,000 1,329,794
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     35,000 36,630
Sacramento, CA, Municipal Utility District Electric Rev., “X”, 5%, 8/15/2025 (Prerefunded 8/15/2021)     545,000 622,706
Sacramento, CA, Municipal Utility District Electric Rev., Unrefunded Balance, “X”, 5%, 8/15/2025     1,585,000 1,784,900
Tuolumne Wind Project Authority Rev. (Tuolomne Co.), “A”, 5.625%, 1/01/2029 (Prerefunded 1/01/2019)     2,000,000 2,172,120
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041     2,130,000 2,354,630
        $ 14,807,413
Utilities - Other – 2.1%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034   $ 1,750,000 $ 2,395,627
Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022     2,210,000 2,437,122
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033     1,655,000 1,900,238
        $ 6,732,987
Water & Sewer Utility Revenue – 6.0%
California Department of Water Resources Rev. (Central Valley Project Water System), “AM”, 5%, 12/01/2024   $ 1,500,000 $ 1,758,705
California Semitropic Water Storage Improvement Rev., “A”, ASSD GTY, 5%, 12/01/2027     460,000 540,302
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     525,000 557,387
Hollister, CA, Joint Powers Financing Authority Wastewater Rev., AGM, 5%, 6/01/2035     3,630,000 4,138,636
Madera, CA, Irrigation Financing Authority Water Rev., 6.5%, 1/01/2040 (Prerefunded 1/01/2020)     2,560,000 2,928,768
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030     1,660,000 1,885,246
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031     415,000 469,834
San Diego, CA, Public Facilities Financing Authority Sewer Rev., “A”, 5%, 5/15/2028 (Prerefunded 5/15/2019)     350,000 379,575
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043     1,715,000 1,898,659
Southern Marin, CA, Sewerage Agency Rev., 3.25%, 7/01/2041     2,090,000 1,873,204
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031     1,700,000 1,958,842
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035     830,000 939,120
        $ 19,328,278
Total Municipal Bonds   $318,048,090
Money Market Funds – 0.7%
MFS Institutional Money Market Portfolio, 0.51% (v)     2,191,682 $ 2,191,682
Total Investments $320,239,772
Other Assets, Less Liabilities – 0.5%   1,676,114
Net assets – 100.0%   $321,915,886
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
BHAC Berkshire Hathaway Assurance Corp.
CALHF California Health Facility Construction Loan Insurance Program
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
6

Portfolio of Investments (unaudited) – continued
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
7

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $318,048,090 $— $318,048,090
Mutual Funds 2,191,682 — — 2,191,682
Total Investments $2,191,682 $318,048,090 $— $320,239,772
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 $302,396,319
Gross unrealized appreciation 20,011,808
Gross unrealized depreciation (2,168,355)
Net unrealized appreciation (depreciation) $17,843,453
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
8

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 8,266,627 64,597,718 (70,672,663) 2,191,682
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(250) $— $18,248 $2,191,682
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
California 91.3%
Puerto Rico 4.6%
Guam 1.5%
Illinois 0.9%
Ohio 0.6%
Pennsylvania 0.6%
New Jersey 0.4%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
9

QUARTERLY REPORT
December 31, 2016
MFS®  Georgia
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.6%
Airport Revenue – 3.2%
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2033   $ 1,000,000 $ 1,134,940
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     75,000 82,467
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     55,000 59,135
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     395,000 389,217
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     265,000 289,565
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     30,000 32,484
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     35,000 38,350
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     25,000 26,734
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     40,000 42,663
        $ 2,095,555
General Obligations - General Purpose – 9.7%
Atlanta & Fulton County, GA, Recreation Authority Park Improvement, “A”, 5%, 12/01/2032   $ 500,000 $ 572,285
Atlanta, GA, Public Improvement Rev., 4.875%, 12/01/2026     1,000,000 1,171,020
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     165,000 175,063
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     45,000 45,536
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     110,000 111,904
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     185,000 211,579
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     100,000 103,677
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     25,000 28,767
Gwinnett County, GA, Development Authority Rev. (Civic & Cultural Center), 4%, 9/01/2021     510,000 549,581
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc.), “B”, 5%, 2/15/2033     500,000 534,535
Lagrange-Troup County, GA, Hospital Authority Rev., 5.5%, 7/01/2038     500,000 523,620
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     185,000 185,895
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     160,000 162,195
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     130,000 130,627
State of California, 6%, 11/01/2039     420,000 466,818
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     270,000 314,202
State of Georgia, “A”, 4%, 2/01/2031     500,000 541,565
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039     500,000 555,725
        $ 6,384,594
General Obligations - Schools – 6.5%
Forsyth County, GA, Public Facilities Authority Rev. (Forsyth County School District Project), 4%, 2/01/2031   $ 500,000 $ 534,570
Gwinnett County, GA, School District, 5%, 2/01/2021     1,000,000 1,131,600
Gwinnett County, GA, School District, 5%, 2/01/2029     1,000,000 1,184,790
Gwinnett County, GA, School District, 5%, 2/01/2035     500,000 580,525
Jefferson, GA, School District, “A”, 5.25%, 2/01/2029     500,000 557,850
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “B”, AGM, 0%, 8/01/2036     660,000 287,404
        $ 4,276,739
Healthcare Revenue - Hospitals – 17.3%
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039   $ 500,000 $ 536,750
Clarke County, GA, Hospital Authority Rev. (Athens Regional Medical Center Project), 5%, 1/01/2032 (Prerefunded 1/01/2022)     1,000,000 1,148,310
Cobb County, GA, Kennestone Hospital Authority Rev. (Wellstar Health System, Inc.), “B”, AMBAC, 6.25%, 4/01/2034     500,000 558,035
Dalton, GA, Development Authority Rev. (Hamilton Health Care System), 5%, 8/15/2028     500,000 550,920
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040     500,000 548,050
DeKalb County, GA, Private Hospital Authority Rev. Anticipation Certificates (Children's Healthcare), 5.25%, 11/15/2039     750,000 812,715
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     350,000 384,535
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare), “A”, 5.25%, 6/15/2037 (Prerefunded 6/15/2019)     700,000 764,064
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032     500,000 565,800
Georgia Medical Center Hospital Authority Rev. (Columbus Regional Healthcare System, Inc.), ASSD GTY, 6.5%, 8/01/2038     300,000 319,749
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., 5.625%, 8/01/2034 (Prerefunded 8/01/2018)     675,000 721,427
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System Project), 5%, 8/01/2028     500,000 556,170
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Unrefunded Balance, 5.625%, 8/01/2034     75,000 78,728
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)   $ 200,000 $ 227,624
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     45,000 48,036
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     65,000 68,631
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     200,000 215,628
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     135,000 145,861
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     45,000 50,091
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     130,000 145,601
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     180,000 202,207
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     55,000 58,890
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5.25%, 6/01/2029     355,000 389,211
Richmond County, GA, Hospital Authority Rev. Anticipation Certificates (University Health Services, Inc. Project), 5.5%, 1/01/2036 (Prerefunded 1/01/2019)     750,000 811,762
Thomasville, GA, Hospital Authority Rev. Anticipation Certificates (John D. Archbold Memorial Hospital), 5.125%, 11/01/2030     500,000 546,750
Thomasville, GA, Hospital Authority Rev. Anticipation Certificates (John D. Archbold Memorial Hospital), 5.375%, 11/01/2040     500,000 548,030
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/2039 (Prerefunded 2/15/2019)     385,000 426,730
        $ 11,430,305
Healthcare Revenue - Long Term Care – 3.3%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036   $ 500,000 $ 507,825
Gainesville and Hall County, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033     500,000 559,485
Gainesville and Hall County, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), ”A-2“, 6.625%, 11/15/2039 (Prerefunded 11/15/2019)     200,000 228,460
Georgia Medical Center Hospital Authority Rev. (Spring Harbor Green Island Project), 5.25%, 7/01/2037     200,000 198,438
Richmond County, GA, Development Authority Rev., Capital Appreciation, ETM, 0%, 12/01/2021     225,000 202,266
Savannah, GA, Economic Development Authority Rev., Capital Appreciation, ”C“, ETM, 0%, 12/01/2021     500,000 449,480
        $ 2,145,954
Industrial Revenue - Paper – 1.0%
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), ”A“, 6.125%, 1/01/2034   $ 150,000 $ 150,279
Savannah, GA, Economic Development Pollution (Union Camp Corp.), 6.15%, 3/01/2017     500,000 502,915
        $ 653,194
Miscellaneous Revenue - Other – 2.1%
Florida Citizens Property Insurance Corp., ”A-1“, 5%, 6/01/2020   $ 285,000 $ 313,166
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036     500,000 556,080
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040     75,000 76,114
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2044     110,000 113,886
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028     310,000 328,870
        $ 1,388,116
Multi-Family Housing Revenue – 0.8%
Atlanta, GA, Urban Residential Financing Authority, Multifamily Housing Rev. (Ginnie Mae Collateralized - Amal Heights), GNMA, 4.9%, 5/20/2040   $ 500,000 $ 539,190
Sales & Excise Tax Revenue – 1.6%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030   $ 265,000 $ 299,270
Guam Government Business Privilege Tax Rev., ”A“, 5.25%, 1/01/2036     170,000 180,577
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., ”B“, AGM, 5%, 7/01/2037 (Prerefunded 7/01/2017)     250,000 255,167
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., ”C“, 5%, 8/01/2040     165,000 116,855
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, ”A“, AMBAC, 0%, 8/01/2054     210,000 22,027
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, ”A“, NATL, 0%, 8/01/2042     130,000 31,054
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, ”A“, NATL, 0%, 8/01/2045     35,000 6,923
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, ”A“, NATL, 0%, 8/01/2046     735,000 136,387
        $ 1,048,260
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Secondary Schools – 0.1%
North Texas Education Finance Corp., Education Rev. (Uplift Education), ”A“, 5.125%, 12/01/2042   $ 75,000 $ 77,484
Single Family Housing - State – 1.1%
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.5%, 6/01/2045   $ 725,000 $ 750,650
State & Agency - Other – 3.4%
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 7/01/2028   $ 500,000 $ 589,400
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 7/01/2040 (Prerefunded 7/01/2020)     500,000 556,060
Floyd County, GA, Hospital Authority Rev. Anticipation Certificates (Floyd Medical Center Project), ”B“, 5%, 7/01/2032     1,000,000 1,091,740
        $ 2,237,200
State & Local Agencies – 3.6%
Delaware Valley, PA, Regional Finance Authority, ”C“, FRN, 1.374%, 6/01/2037   $ 460,000 $ 372,296
Georgia Municipal Association, Inc. (Riverdale Public Purpose Project), ASSD GTY, 5.5%, 5/01/2038     1,000,000 1,073,310
Los Angeles County, CA, Public Works Financing Authority Lease Rev., ”D“, 5%, 12/01/2032     395,000 452,421
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), ”E“, 6%, 9/01/2039     115,000 128,402
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2027     5,000 5,512
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2028     15,000 16,461
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2029     20,000 21,821
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, (Group C), 5%, 2/15/2041     285,000 325,675
        $ 2,395,898
Tax - Other – 2.1%
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 75,000 $ 82,906
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     25,000 27,813
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2033     100,000 111,766
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2034     65,000 72,246
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035     65,000 71,904
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036     35,000 38,626
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046     100,000 109,405
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     65,000 63,623
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2024     105,000 109,504
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2026     145,000 151,523
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     220,000 229,964
Virgin Islands Public Finance Authority Rev., ”B“, AGM, 5%, 10/01/2025     140,000 149,953
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, ”A“, AGM, 5%, 10/01/2025     135,000 146,669
        $ 1,365,902
Tax Assessment – 0.7%
Atlanta, GA, Georgia Tax Allocation (Eastside Project), 5%, 1/01/2030   $ 410,000 $ 466,986
Tobacco – 1.2%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 235,000 $ 267,992
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.75%, 6/01/2034     90,000 77,626
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 5%, 6/01/2041     500,000 434,990
        $ 780,608
Toll Roads – 0.7%
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038   $ 80,000 $ 90,932
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     60,000 69,041
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037     95,000 106,592
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     190,000 203,207
        $ 469,772
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – 1.9%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.5%, 7/01/2028   $ 185,000 $ 207,300
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.25%, 7/01/2032     15,000 16,298
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.25%, 7/01/2033     30,000 32,528
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032     70,000 70,698
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NATL, 5%, 7/01/2029     10,000 10,007
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     560,000 559,283
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, NATL, 5.25%, 7/01/2035     25,000 25,810
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, ASSD GTY, 5.25%, 7/01/2034     20,000 21,626
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, ASSD GTY, 5.25%, 7/01/2036     130,000 139,584
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2032     35,000 36,591
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027     120,000 129,935
        $ 1,249,660
Universities - Colleges – 17.7%
Athens, GA, Housing Authority Rev. (University of Georgia East Campus Funding), 5.25%, 6/15/2035   $ 500,000 $ 536,525
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., Convertible Capital Appreciation, 5%, 6/15/2024 (Prerefunded 6/15/2018)     250,000 263,725
Athens-Clarke County, GA, Unified Government Development Authority, Educational Facilities Rev., Convertible Capital Appreciation, 5%, 6/15/2031 (Prerefunded 6/15/2018)     250,000 263,725
Atkinson-Coffee County, GA, Joint Development Authority Rev. (SGC Real Estate Foundation LLC), ASSD GTY, 5.25%, 6/01/2034     500,000 525,455
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC Project), 5%, 7/01/2032 (Prerefunded 7/01/2017)     500,000 510,285
Atlanta, GA, Development Authority Educational Facilities Rev. (Science Park LLC Project), 5%, 7/01/2039 (Prerefunded 7/01/2017)     500,000 510,285
Bleckley-Dodge County, GA, Student Housing Facilities Rev. (Middle Georgia College), 5.25%, 7/01/2038     500,000 522,010
Cobb County, GA, Development Authority, Dining Hall Lease Rev. (KSU Dining Hall), ASSD GTY, 5.75%, 7/15/2039     1,000,000 1,056,000
Cobb County, GA, Development Authority, Sports & Recreation Facilities Lease Rev. (Kennesaw State University Foundation), AGM, 5%, 7/15/2035     750,000 810,015
Dahlonega, GA, Downtown Development Authority Rev. (North Georgia PHD LLC), ASSD GTY, 5.25%, 7/01/2034     500,000 534,295
DeKalb Newton & Gwinnett Counties, GA, Joint Development Authority Rev. (GGC Foundation LLC Project), 6%, 7/01/2034     500,000 545,005
Fulton County, GA, Development Authority Rev. (Georgia Tech Foundation Funding), SYNCORA, 5%, 6/01/2032     500,000 506,710
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028     500,000 571,075
Georgia Higher Education Facilities Authority Rev., 6%, 6/15/2034 (Prerefunded 6/15/2018)     50,000 53,443
Georgia Higher Education Facilities Authority Rev., 6%, 6/15/2034 (Prerefunded 6/15/2018)     250,000 267,215
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/2030     100,000 103,231
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/2039     100,000 102,904
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), ”B“, ETM, 6%, 12/01/2017     155,000 161,479
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     325,000 266,624
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041     65,000 72,506
Private Colleges & Universities, GA, Authority Rev. (Agnes Scott College), 5%, 6/01/2024 (Prerefunded 6/01/2019)     190,000 206,047
Private Colleges & Universities, GA, Authority Rev. (Agnes Scott College), 5%, 6/01/2024     310,000 334,899
Private Colleges & Universities, GA, Authority Rev. (Mercer University Project), 5%, 10/01/2040     350,000 368,736
Private Colleges & Universities, GA, Authority Rev. (Mercer University), ”C“, 5.25%, 10/01/2027     350,000 383,267
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033     80,000 81,422
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     25,000 22,190
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     45,000 38,855
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031     55,000 53,513
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032     325,000 368,986
Savannah, GA, Economic Development Authority Rev. (AASU Student Union LLC Project), ASSD GTY, 5.125%, 6/15/2039 (Prerefunded 6/15/2018)     500,000 527,380
Savannah, GA, Economic Development Authority Rev. (SSU Community Development I LLC Project), ASSD GTY, 5.5%, 6/15/2035     500,000 547,310
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035     500,000 553,320
        $ 11,668,437
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Dormitories – 0.7%
Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), ”C“, 5%, 7/15/2030   $ 400,000 $ 432,440
Utilities - Municipal Owned – 3.8%
Georgia Municipal Electric Authority Power Rev., ”A“, NATL, 6.5%, 1/01/2020   $ 550,000 $ 585,404
Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2025     500,000 568,725
Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2026     500,000 566,000
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2030     160,000 173,379
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2040     260,000 279,071
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039     50,000 54,980
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044     60,000 65,720
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 6%, 5/01/2033 (Prerefunded 5/01/2019)     100,000 110,559
Puerto Rico Electric Power Authority Rev., ”VV“, NATL, 5.25%, 7/01/2030     65,000 68,411
Puerto Rico Electric Power Authority Rev., ”VV“, NATL, 5.25%, 7/01/2032     5,000 5,233
        $ 2,477,482
Utilities - Other – 2.7%
Georgia Main Street Natural Gas, Inc., Gas Project Rev., ”A“, 5%, 3/15/2022   $ 910,000 $ 991,154
Georgia Main Street Natural Gas, Inc., Gas Project Rev., ”B“, 5%, 3/15/2019     250,000 262,292
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2019     225,000 243,178
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2020     250,000 276,080
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     40,000 42,188
        $ 1,814,892
Water & Sewer Utility Revenue – 12.4%
Athens-Clarke County, GA, Unified Government Water & Sewer Rev, 5.625%, 1/01/2033 (Prerefunded 1/01/2019)   $ 500,000 $ 542,720
Cherokee County, GA, Water & Sewer Authority Rev., 5%, 8/01/2021     385,000 438,773
Cherokee County, GA, Water & Sewer Authority Rev., 5%, 8/01/2028     800,000 882,152
Chicago, IL, Wastewater Transmission Rev., Second Lien, ”C“, 5%, 1/01/2030     85,000 92,533
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2035     350,000 404,765
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036     150,000 173,076
DeKalb County, GA, Water & Sewer Rev., ”A“, 5.25%, 10/01/2031     1,000,000 1,128,330
DeKalb County, GA, Water & Sewer Rev., ”B“, 5.25%, 10/01/2025     1,000,000 1,215,380
Forsyth County, GA, Water & Sewer Authority Rev., 5%, 1/01/2026     500,000 574,685
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/2023     500,000 556,815
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     30,000 31,744
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     60,000 63,701
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     125,000 130,084
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029     45,000 49,420
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035     45,000 48,284
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027     1,000,000 1,216,410
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NATL, 5%, 7/01/2032     15,000 16,619
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NATL, 5%, 7/01/2036     20,000 21,840
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035     10,000 11,031
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037     20,000 21,937
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038     500,000 567,930
        $ 8,188,229
Total Municipal Bonds   $64,337,547
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Money Market Funds – 1.0%
MFS Institutional Money Market Portfolio, 0.51% (v)     673,665 $ 673,665
Total Investments $65,011,212
Other Assets, Less Liabilities – 1.4%   901,953
Net assets – 100.0%   $65,913,165
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
BHAC Berkshire Hathaway Assurance Corp.
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $64,337,547 $— $64,337,547
Mutual Funds 673,665 — — 673,665
Total Investments $673,665 $64,337,547 $— $65,011,212
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 $62,272,295
Gross unrealized appreciation 3,305,721
Gross unrealized depreciation (566,804)
Net unrealized appreciation (depreciation) $2,738,917
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 647,716 13,105,464 (13,079,515) 673,665
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(36) $— $3,756 $673,665
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Georgia 76.1%
Puerto Rico 4.8%
Guam 3.0%
California 3.0%
New York 1.8%
New Jersey 1.4%
Florida 1.3%
Pennsylvania 1.0%
Illinois 0.9%
Tennessee 0.8%
Wisconsin 0.7%
Texas 0.6%
North Carolina 0.6%
Kentucky 0.6%
New Hampshire 0.5%
Virginia 0.5%
Colorado 0.5%
Virgin Islands 0.5%
Michigan 0.3%
Indiana 0.3%
Louisiana 0.2%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  Maryland
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 94.9%
Airport Revenue – 0.9%
Metropolitan Washington, DC, Airport Authority Rev., “A”, 5%, 10/01/2039 (Prerefunded ) (Put Date )   $ 750,000 $ 817,793
General Obligations - General Purpose – 16.0%
Baltimore County, MD, Metropolitan District, “C”, 4%, 9/01/2017 (Prerefunded ) (Put Date )   $ 1,000,000 $ 1,020,520
Baltimore County, MD, Public Improvement, 5%, 2/01/2028 (Prerefunded ) (Put Date )     2,000,000 2,279,820
Baltimore, MD, Consolidated Public Improvement, “B”, 5%, 10/15/2022     500,000 581,010
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     60,000 60,715
Guam Government, “A”, 6.75%, 11/15/202911/15/2019     70,000 80,057
Guam Government, “A”, 7%, 11/15/203911/15/2019     80,000 92,053
Montgomery County, MD, Consolidated Public Improvement, “A”, 5%, 11/01/2026     1,000,000 1,199,830
Prince George's County, MD, Consolidated Public Improvement, “A”, , 5%, 9/15/2030)     1,500,000 1,675,890
Prince George's County, MD, Consolidated Public Improvement, “A”, , 4%, 7/01/2033 (Prerefunded ) (Put Date )     850,000 895,356
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AMBAC, 5.45%, 7/01/2030     115,000 113,971
State of California, 6%, 11/01/2039     720,000 800,258
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     355,000 413,117
State of Maryland, , 5%, 8/01/20208/01/2017) (Put Date )     3,500,000 3,583,825
Washington Suburban Sanitary District, MD, Consolidated Public Improvement, 5%, 6/01/2021)     500,000 569,610
Wicomico County, MD, Public Improvement, 5%, 11/01/2025 (Prerefunded ) (Put Date )     580,000 702,142
        $ 14,068,174
Healthcare Revenue - Hospitals – 19.0%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036   $ 590,000 $ 648,215
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers),, 7%, 8/15/20448/15/2019     345,000 392,651
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040 (Prerefunded ) (Put Date )     370,000 398,912
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, , 6.5%, 3/01/2045 (Prerefunded )     575,000 621,259
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), , 5%, 7/01/2040(Prerefunded     1,000,000 1,042,720
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 7/01/2039 (Prerefunded 7/01/2019)     1,000,000 1,129,810
Maryland Health & Higher Educational Facilities Authority Rev. (Carroll Hospital), “A”, 5%, 7/01/2037     1,000,000 1,084,910
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, , 5%, 7/01/20297/01/2017     750,000 765,315
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Health System), “A”, , 5%, 5/15/2026 (Prerefunded )     250,000 276,075
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded )     750,000 867,322
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033 (Prerefunded ))     400,000 448,148
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), “A”, AGM, 5.25%, 8/15/2038     1,000,000 1,188,960
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health), “A”, 5%, 8/15/2041     505,000 548,491
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, , 5%, 7/01/2032 (Prerefunded )     600,000 647,046
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, , 5.5%, 7/01/2042 (Prerefunded 7/01/2017) (Put Date )     750,000 767,265
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027     500,000 562,580
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), AMBAC, 5%, 7/01/2031     645,000 670,826
Maryland Health & Higher Educational Facilities Authority Rev. (Washington County Hospital), 5.75%, 1/01/20381/01/2018     500,000 522,815
Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034     1,000,000 1,102,810
Maryland Industrial Development Authority, Economic Development Rev., RIBS, FRN, AGM, 10.325%, 8/26/2022 (p)     750,000 909,540
Montgomery County, MD, Rev. (Trinity Health Corp.), , 5%, 12/01/2040     1,000,000 1,085,570
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, , 6%, 10/01/2027 (Prerefunded 10/01/2019)     480,000 537,605
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 1/01/20291/01/2019     415,000 456,396
        $ 16,675,241
Healthcare Revenue - Long Term Care – 3.6%
Gaithersburg, MD, Economic Development Rev. (Asbury Maryland Obligated Group), “A”, 5.125%, 1/01/2036   $ 400,000 $ 400,416
Howard County, MD, Retirement Rev. (Vantage House Facility), 5%, 4/01/2036     500,000 478,620
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), , 6.25%, 1/01/20411/01/2021) (Put Date )     750,000 878,655
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), “A”, 5%, 1/01/2045     500,000 536,345
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Maryland Health & Higher Educational Facilities Authority Rev. (King Farm Presbyterian Community), “A”, 5.3%, 1/01/2037   $ 300,000 $ 274,389
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/203011/01/2020     45,000 52,757
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/204011/01/2020     85,000 100,040
Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030     10,000 11,353
Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.),, 5.125%, 7/01/2040     400,000 412,300
        $ 3,144,875
Healthcare Revenue - Other – 0.8%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2019   $ 90,000 $ 90,838
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 (Prerefunded )     565,000 569,158
        $ 659,996
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 (Prerefunded )   $ 100,000 $ 119,310
Miscellaneous Revenue - Other – 2.4%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded ) (Put Date )   $ 105,000 $ 106,559
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     160,000 165,653
Maryland Economic Development Corp. Private Activity Rev. (Purple Line Light Rail Project), “D”, 5%, 3/31/2036     500,000 541,690
Montgomery County, MD, Transportation Fund Lease Authority Rev., “A”, 5%, 11/01/2036     750,000 840,892
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028     450,000 477,392
        $ 2,132,186
Multi-Family Housing Revenue – 1.8%
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), “A”, 5%, 6/01/2044   $ 500,000 $ 531,810
Montgomery County, MD, Housing Opportunities Commission, Multifamily Rev., , 5.125%, 7/01/2037     1,000,000 1,046,410
        $ 1,578,220
Parking – 1.6%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AMBAC, 5%, 7/01/2034   $ 1,385,000 $ 1,386,634
Port Revenue – 0.7%
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.75%, 6/01/2035   $ 550,000 $ 591,927
Sales & Excise Tax Revenue – 1.4%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 435,000 $ 482,237
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036     260,000 276,177
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)     5,000 5,504
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     230,000 162,888
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     275,000 28,845
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     175,000 41,804
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     45,000 8,901
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     970,000 179,993
        $ 1,186,349
Secondary Schools – 0.4%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), ''A“, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)   $ 265,000 $ 305,068
Single Family Housing - State – 1.8%
Maryland Community Development Administration, Department of Housing & Community Development, 5%, 9/01/2034   $ 1,500,000 $ 1,545,030
State & Agency - Other – 6.4%
Howard County, MD, COP, ”A“, 8%, 8/15/2019   $ 805,000 $ 934,702
Howard County, MD, COP, ”B“, 8%, 8/15/2019     385,000 447,031
Howard County, MD, COP, ”B“, 8.15%, 2/15/2021     450,000 562,437
Howard County, MD, COP, ”C“, 8%, 8/15/2019     680,000 789,562
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2032     1,265,000 1,470,752
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Agency - Other – continued
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2033   $ 750,000 $ 870,660
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041     500,000 569,520
        $ 5,644,664
State & Local Agencies – 1.8%
Delaware Valley, PA, Regional Finance Authority, ”C“, FRN, 1.374%, 6/01/2037   $ 665,000 $ 538,211
FYI Properties Lease Rev. (Washington State Project), 5.5%, 6/01/2034     370,000 398,838
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), ”E“, 6%, 9/01/2039     180,000 200,977
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, (Group C), 5%, 2/15/2041     385,000 439,947
        $ 1,577,973
Tax - Other – 1.8%
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 325,000 $ 359,262
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     45,000 50,063
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     70,000 68,517
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     635,000 663,759
Virgin Islands Public Finance Authority Rev., ”B“, AGM, 5%, 10/01/2025     210,000 224,929
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, ”A“, AGM, 5%, 10/01/2025     210,000 228,152
        $ 1,594,682
Tax Assessment – 4.1%
Anne Arundel County, MD, Special Obligation (National Business Park-North Project), 6.1%, 7/01/2040   $ 350,000 $ 362,099
Anne Arundel County, MD, Special Obligation (VLG South Waugh Chapel Project), 6.25%, 7/01/2040     300,000 310,386
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 7%, 9/01/2038     400,000 412,948
Brunswick, MD, Special Obligation (Brunswick Crossing Special Taxing), 5.5%, 7/01/2036     233,000 229,929
Frederick County, MD, Special Obligation (Urbana Community Development Authority), ”A“, 5%, 7/01/2040     1,500,000 1,613,805
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044     230,000 233,280
Prince George's County, MD, Special Obligation (National Harbor Project), 5.2%, 7/01/2034     485,000 475,339
        $ 3,637,786
Tobacco – 1.4%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 215,000 $ 245,184
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.75%, 6/01/2034     165,000 142,314
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 5%, 6/01/2041     930,000 809,081
        $ 1,196,579
Toll Roads – 0.1%
New York Thruway Authority General Rev., Junior Indebtedness Obligations, ”A“, 5.25%, 1/01/2056   $ 85,000 $ 96,605
Transportation - Special Tax – 5.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.25%, 7/01/2033   $ 1,365,000 $ 1,480,015
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     690,000 689,117
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AMBAC, 5.5%, 7/01/2029     345,000 357,320
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2032     50,000 52,273
Maryland Department of Transportation, Consolidated Transportation Refunding Rev., 5%, 2/15/2023     1,500,000 1,763,265
Washington, DC, Metropolitan Area Transit Authority Gross Rev., ”A“, 5.125%, 7/01/2032     485,000 519,488
        $ 4,861,478
Universities - Colleges – 9.3%
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2034   $ 500,000 $ 552,245
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins University), ”A“, 5%, 7/01/2037     1,500,000 1,677,780
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032     500,000 565,370
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), ”2016“, 5%, 6/01/2033     450,000 492,035
Maryland Health & Higher Educational Facilities Authority Rev. (Notre Dame College), 5%, 10/01/2035     1,000,000 1,049,040
Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2030     150,000 167,777
Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2032     440,000 489,284
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), ”B“, ETM, 6%, 12/01/2017     290,000 302,122
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     435,000 356,865
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032   $ 30,000 $ 26,628
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     135,000 116,564
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031     85,000 82,703
University System of Maryland, Auxiliary Facility & Tuition Rev., ”C“ , 5%, 4/01/2018     1,000,000 1,049,150
University System of Maryland, Auxiliary Facility & Tuition Rev., ”D“, 5%, 10/01/2022     1,000,000 1,164,740
Virginia College Building Authority, Educational Facilities Rev. (Marymount University), ”B“, 5.25%, 7/01/2035     110,000 111,126
        $ 8,203,429
Universities - Dormitories – 2.5%
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, Baltimore Project), 5%, 7/01/2031   $ 500,000 $ 534,625
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035     750,000 851,835
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027     500,000 532,400
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030     300,000 315,372
        $ 2,234,232
Utilities - Investor Owned – 0.9%
Maryland Economic Development Corp. Adjustable Mode Rev. Refunding (Constellation Energy Group, Inc. Project), ”B“, 2.55%, 12/01/2025 (Put Date 6/01/2020)   $ 750,000 $ 743,678
Utilities - Municipal Owned – 0.8%
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2024   $ 460,000 $ 517,243
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 6%, 5/01/2033 (Prerefunded 5/01/2019)     185,000 204,534
        $ 721,777
Utilities - Other – 1.4%
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2019   $ 400,000 $ 432,316
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2021     195,000 216,308
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022     100,000 113,374
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023     140,000 159,179
Tennessee Energy Acquisition Corp., Gas Rev., ”C“, 5%, 2/01/2021     235,000 255,393
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     55,000 58,008
        $ 1,234,578
Water & Sewer Utility Revenue – 8.4%
Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), ”B“, 5%, 7/01/2042   $ 1,320,000 $ 1,467,127
Baltimore, MD, Rev., LEVRRS, FRN, NATL, 9.951%, 7/01/2020 (p)     2,200,000 2,510,376
Baltimore, MD, Wastewater Rev. Project, ”A“, NATL, 5.65%, 7/01/2020     650,000 695,851
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     20,000 21,163
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     105,000 109,270
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029     205,000 225,137
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035     205,000 219,959
Maryland Water Quality Financing Administration Revolving Loan Fund Rev., 5%, 3/01/2021     645,000 730,605
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NATL, 5%, 7/01/2032     25,000 27,699
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NATL, 5%, 7/01/2036     30,000 32,761
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035     15,000 16,546
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037     35,000 38,389
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     50,000 63,090
Montgomery County, MD, Water Quality Protection Charge Rev., ”A“, 5%, 4/01/2032     1,125,000 1,224,900
        $ 7,382,873
Total Municipal Bonds   $83,341,137
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Money Market Funds – 4.0%
MFS Institutional Money Market Portfolio, 0.51% (v)     3,542,425 $ 3,542,425
Total Investments $86,883,562
Other Assets, Less Liabilities – 1.1%   981,999
Net assets – 100.0%   $87,865,561
(p) Primary inverse floater.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
BAM Build America Mutual
COP Certificate of Participation
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
LEVRRS Leveraged Reverse Rate Security
NATL National Public Finance Guarantee Corp.
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.
5

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $83,341,137 $— $83,341,137
Mutual Funds 3,542,425 — — 3,542,425
Total Investments $3,542,425 $83,341,137 $— $86,883,562
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 $83,464,967
Gross unrealized appreciation 4,076,760
Gross unrealized depreciation (658,165)
Net unrealized appreciation (depreciation) $3,418,595
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
6

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 120,151 19,952,859 (16,530,585) 3,542,425
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $34 $— $5,408 $3,542,425
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Maryland 74.3%
Puerto Rico 4.8%
Guam 2.3%
California 1.6%
Washington DC 1.6%
New Jersey 1.4%
New York 1.4%
Tennessee 1.4%
Kentucky 1.2%
Indiana 1.0%
Pennsylvania 1.0%
Florida 0.7%
Illinois 0.7%
Coloroado 0.6%
New Hampshire 0.6%
Texas 0.6%
Virgin Islands 0.5%
Washington 0.5%
Michigan 0.1%
Mississippi 0.1%
Virginia 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
7

QUARTERLY REPORT
December 31, 2016
MFS®  Massachusetts
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.7%
General Obligations - General Purpose – 8.2%
Boston, MA, “B”, 4%, 4/01/2021   $ 1,870,000 $ 2,044,508
Commonwealth of Massachusetts Consolidated Loan, Series I, 5%, 12/01/2034     1,000,000 1,171,410
Commonwealth of Massachusetts, “B”, 5.25%, 8/01/2023     1,000,000 1,191,670
Commonwealth of Massachusetts, “B”, 5.25%, 8/01/2028     2,225,000 2,779,915
Commonwealth of Massachusetts, “C”, AMBAC, 5%, 8/01/2032 (Prerefunded 8/01/2017)     4,815,000 4,930,319
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     640,000 679,034
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     410,000 417,097
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     685,000 783,414
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     395,000 409,524
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     75,000 86,300
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     1,005,000 1,009,864
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     825,000 836,319
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     510,000 512,458
State of California, 6%, 11/01/2039     1,555,000 1,728,336
        $ 18,580,168
General Obligations - Schools – 0.5%
San Marcos,CA, Unified School District (Election of 2010), Capital Appreciation, “C”, 0%, 8/01/2038   $ 3,375,000 $ 1,173,353
Healthcare Revenue - Hospitals – 16.6%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036   $ 1,315,000 $ 1,444,751
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     235,000 250,855
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     345,000 364,272
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     745,000 803,214
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     520,000 561,834
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), “N”, 5%, 7/01/2044     2,000,000 2,160,820
Massachusetts Development Finance Agency Rev. (Caregroup), “I”, 5%, 7/01/2036     1,000,000 1,111,830
Massachusetts Development Finance Agency Rev. (Children's Hospital), “P”, 5%, 10/01/2032     1,000,000 1,153,830
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “N”, 5%, 12/01/2036     1,690,000 1,885,854
Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), “F”, 5%, 8/15/2030     2,000,000 2,269,400
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043     1,000,000 1,099,230
Massachusetts Development Finance Agency Rev. (Partners Healthcare System), 5%, 7/01/2032 (Prerefunded 7/01/2017)     1,050,000 1,071,283
Massachusetts Development Finance Agency Rev. (Partners Healthcare System), 5%, 7/01/2032     950,000 965,875
Massachusetts Development Finance Agency Rev. (Partners Healthcare System), “Q”, 5%, 7/01/2041     1,500,000 1,648,725
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 5%, 7/01/2041     2,000,000 2,173,300
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 1/01/2032     1,000,000 1,173,610
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2041     1,850,000 1,959,039
Massachusetts Health & Educational Facilities Authority Rev. (Bay State Medical Center), “I”, 5.75%, 7/01/2036     500,000 541,850
Massachusetts Health & Educational Facilities Authority Rev. (Caregroup, Inc.), “E-1”, 5.125%, 7/01/2038 (Prerefunded 7/01/2018)     2,000,000 2,117,480
Massachusetts Health & Educational Facilities Authority Rev. (Children's Hospital), “M”, 5.25%, 12/01/2039     1,500,000 1,621,350
Massachusetts Health & Educational Facilities Authority Rev. (Children's Hospital), “M”, 5.5%, 12/01/2039     1,000,000 1,086,730
Massachusetts Health & Educational Facilities Authority Rev. (Dana Faber Cancer Institute), “K”, 5%, 12/01/2037     2,000,000 2,103,500
Massachusetts Health & Educational Facilities Authority Rev. (Lahey Clinic), “D”, 5.25%, 8/15/2037 (Prerefunded 8/15/2017)     1,550,000 1,591,896
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare System), “J1”, 5%, 7/01/2034     1,375,000 1,472,790
Massachusetts Health & Educational Facilities Authority Rev. (Partners Healthcare System), “J-1”, 5%, 7/01/2039     2,000,000 2,137,680
Massachusetts Health & Educational Facilities Authority Rev. (Southcoast Health Obligation), “D”, 5%, 7/01/2029     1,000,000 1,054,190
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     430,000 478,646
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     655,000 735,807
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039     30,000 31,247
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     165,000 185,853
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     395,000 447,334
        $ 37,704,075
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – 2.0%
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031   $ 1,000,000 $ 1,108,720
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037     500,000 507,300
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5.625%, 12/01/2030     525,000 569,357
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A”, 4.68%, 11/15/2021     200,000 198,658
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-1”, 6.25%, 11/15/2039     352,582 357,067
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “A-2”, 5.5%, 11/15/2046     18,820 17,072
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), “B”, 0%, 11/15/2056     93,608 477
Massachusetts Development Finance Agency Rev. (Loomis Communities), “A”, 6%, 1/01/2033     500,000 547,595
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043     1,000,000 1,045,300
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019)     20,000 22,946
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019)     130,000 150,431
        $ 4,524,923
Human Services – 0.5%
Massachusetts Development Finance Agency Rev. (Evergreen Center, Inc.), 5.5%, 1/01/2035   $ 1,200,000 $ 1,200,720
Industrial Revenue - Environmental Services – 0.7%
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 11/01/2042   $ 1,535,000 $ 1,542,429
Miscellaneous Revenue - Other – 7.8%
Martha's Vineyard, MA, Land Bank Rev., BAM, 5%, 5/01/2031   $ 400,000 $ 454,584
Massachusetts Development Finance Agency Rev., 5.5%, 9/01/2020 (Prerefunded 9/01/2018)     1,205,000 1,287,169
Massachusetts Development Finance Agency Rev. (The Broad Institute, Inc.), “A”, 5.25%, 4/01/2037     2,000,000 2,222,880
Massachusetts Health & Educational Facilities Authority Rev., 5.5%, 6/01/2034     1,500,000 1,579,575
Massachusetts Health & Educational Facilities Authority Rev. (The Sterling & Francine Clark Art Institute), “B”, 5%, 7/01/2030     3,500,000 3,896,200
Massachusetts Health & Educational Facilities Authority Rev. (The Sterling & Francine Clark Art Institute), “B”, 5%, 7/01/2040     1,700,000 1,892,440
Massachusetts Port Authority Facilities Rev. (Boston Fuel Project), FGIC, 5%, 7/01/2024     2,000,000 2,031,540
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041     3,000,000 3,245,610
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     1,095,000 1,222,250
        $ 17,832,248
Multi-Family Housing Revenue – 4.2%
Massachusetts Development Finance Agency Rev. (Credit Housing-Chelsea Homes), “I-A”, LOC, 5%, 12/15/2024   $ 1,115,000 $ 1,116,606
Massachusetts Development Finance Agency Rev. (Morville House Apartments), “A”, LOC, 4.95%, 12/15/2023     2,345,000 2,355,646
Massachusetts Housing Finance Agency Rev., “A”, FHA, 5.25%, 12/01/2035     1,000,000 1,071,620
Massachusetts Housing Finance Agency Rev., “C”, 5.35%, 12/01/2049     1,680,000 1,727,914
Massachusetts Housing Finance Agency, “B”, 5.25%, 12/01/2030     550,000 563,052
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.75%, 12/01/2030     1,425,000 1,506,282
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.875%, 12/01/2032     1,190,000 1,254,438
        $ 9,595,558
Parking – 1.5%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036   $ 3,000,000 $ 3,349,980
Sales & Excise Tax Revenue – 6.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 985,000 $ 1,091,961
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 7/01/2024     1,590,000 1,890,939
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029     1,850,000 2,315,386
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2031     2,000,000 2,507,220
Massachusetts Bay Transportation Authority, Sales Tax Rev., Capital Appreciation, “A-2”, 0%, 7/01/2034     4,000,000 1,773,480
Massachusetts School Building Authority, Dedicated Sales Tax Rev., AMBAC, 4.75%, 8/15/2032 (Prerefunded 8/15/2017)     2,000,000 2,047,580
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “A”, AMBAC, 4.5%, 8/15/2035 (Prerefunded 8/15/2017)     950,000 971,128
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)     10,000 11,008
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     615,000 435,549
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     755,000 79,192
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     480,000 114,663
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     130,000 25,714
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046   $ 2,630,000 $ 488,023
        $ 13,751,843
Secondary Schools – 5.2%
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), ''A“, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)   $ 665,000 $ 765,548
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.375%, 9/01/2031 (Prerefunded 9/01/2017)     1,080,000 1,104,268
Massachusetts Development Finance Agency Rev. (Belmont Hill School), 4.5%, 9/01/2036 (Prerefunded 9/01/2017)     1,000,000 1,023,300
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030     500,000 552,275
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031     1,015,000 1,117,271
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 4.75%, 5/01/2032 (Prerefunded 5/01/2017)     995,000 1,007,656
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 4.75%, 5/01/2032     135,000 135,675
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2037 (Prerefunded 5/01/2017)     1,760,000 1,783,866
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2037     240,000 242,146
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”A“, 6.375%, 7/01/2030     870,000 931,039
Massachusetts Development Finance Agency Rev. (Milton Academy), ”A“, 5%, 9/01/2028     1,000,000 1,112,610
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033     2,000,000 2,103,780
        $ 11,879,434
State & Local Agencies – 6.1%
Delaware Valley, PA, Regional Finance Authority, ”C“, FRN, 1.374%, 6/01/2037   $ 1,400,000 $ 1,133,076
Massachusetts College Building Authority Project Rev., Capital Appreciation, ”A“, SYNCORA, 0%, 5/01/2022     8,310,000 7,305,238
Massachusetts College Building Authority Rev., ”A“, 5%, 5/01/2031     275,000 313,489
Massachusetts College Building Authority Rev., ”A“, 5.5%, 5/01/2049 (Prerefunded 5/01/2019)     1,680,000 1,838,155
Massachusetts State College, Building Authority Project Rev., ”A“, 5%, 5/01/2029     2,000,000 2,271,100
Massachusetts State College, Building Authority Project Rev., ”A“, 5%, 5/01/2032     760,000 863,519
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2027     20,000 22,047
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2028     60,000 65,843
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2029     70,000 76,373
        $ 13,888,840
Student Loan Revenue – 4.9%
Massachusetts Educational Financing Authority, ”J“, 5.625%, 7/01/2029   $ 1,270,000 $ 1,376,858
Massachusetts Educational Financing Authority, Education Loan Rev, ”A“, 4.25%, 1/01/2031     2,000,000 2,044,960
Massachusetts Educational Financing Authority, Education Loan Rev., ”H“, 6.35%, 1/01/2030     820,000 856,728
Massachusetts Educational Financing Authority, Education Loan Rev., ”I“, 6%, 1/01/2028     580,000 608,176
Massachusetts Educational Financing Authority, Education Loan Rev., ”I-A“, 5.5%, 1/01/2022     3,000,000 3,251,550
Massachusetts Educational Financing Authority, Education Loan Rev., ”I-A“, 5.15%, 1/01/2026     765,000 794,972
Massachusetts Educational Financing Authority, Education Loan Rev., ”I-A“, 5.2%, 1/01/2027     360,000 367,074
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033     1,000,000 893,020
Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 4.5%, 7/01/2024     1,025,000 1,072,509
        $ 11,265,847
Tax - Other – 2.4%
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 260,000 $ 287,409
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     85,000 94,564
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2033     365,000 407,946
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2034     230,000 255,641
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035     225,000 248,897
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036     120,000 132,431
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046     370,000 404,799
Massachusetts Special Obligation Dedicated Tax Rev., NATL, 5.5%, 1/01/2023     1,585,000 1,866,892
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     195,000 190,868
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2026     765,000 799,417
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     815,000 851,911
        $ 5,540,775
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 1.5%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 1,335,000 $ 1,522,421
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.75%, 6/01/2034     330,000 284,628
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 5%, 6/01/2041     1,835,000 1,596,413
        $ 3,403,462
Toll Roads – 1.4%
Massachusetts Department of Transportation, Metropolitan Highway System Rev., ”B“, 5%, 1/01/2032   $ 2,600,000 $ 2,810,418
New York Thruway Authority General Rev., Junior Indebtedness Obligations, ”A“, 5.25%, 1/01/2056     245,000 278,450
        $ 3,088,868
Transportation - Special Tax – 3.3%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036   $ 2,850,000 $ 3,314,636
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026     275,000 279,771
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”CC“, AGM, 5.25%, 7/01/2036     560,000 601,283
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032     280,000 282,792
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     1,945,000 1,942,510
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AMBAC, 5.5%, 7/01/2029     495,000 512,676
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2033     190,000 197,904
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027     420,000 454,772
        $ 7,586,344
Universities - Colleges – 18.2%
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/2029   $ 2,005,000 $ 2,050,935
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040     1,500,000 1,676,700
Massachusetts Development Finance Agency Rev. (Boston University), ”V-1“, 5%, 10/01/2029 (Prerefunded 10/01/2019)     2,165,000 2,368,532
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042     2,000,000 2,149,780
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043     2,000,000 2,092,580
Massachusetts Development Finance Agency Rev. (Holy Cross), ”A“, 5%, 9/01/2041     2,040,000 2,335,922
Massachusetts Development Finance Agency Rev. (New England Conservatory of Music), 5.25%, 7/01/2038 (Prerefunded 7/01/2018)     2,000,000 2,116,260
Massachusetts Development Finance Agency Rev. (Simmons College), SYNCORA, 5.25%, 10/01/2026     2,250,000 2,554,425
Massachusetts Development Finance Agency Rev. (Suffolk University), 5.125%, 7/01/2040     1,000,000 1,047,080
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031     1,110,000 1,193,949
Massachusetts Development Finance Agency Rev. (Wheelock College), ”C“, 5.25%, 10/01/2037     1,500,000 1,532,895
Massachusetts Health & Educational Facilities Authority Rev. (Berklee College), 5%, 10/01/2027 (Prerefunded 10/01/2017)     840,000 865,343
Massachusetts Health & Educational Facilities Authority Rev. (Berklee College), 5%, 10/01/2027     65,000 66,633
Massachusetts Health & Educational Facilities Authority Rev. (Berklee College), 5%, 10/01/2037 (Prerefunded 10/01/2017)     1,860,000 1,916,116
Massachusetts Health & Educational Facilities Authority Rev. (Berklee College), 5%, 10/01/2037     140,000 143,374
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027     1,735,000 2,170,936
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), 5.5%, 11/15/2036 (Prerefunded 11/15/2018)     1,135,000 1,221,192
Massachusetts Health & Educational Facilities Authority Rev. (Harvard University), ”A“, 5.5%, 11/15/2036 (Prerefunded 11/15/2018)     365,000 392,718
Massachusetts Health & Educational Facilities Authority Rev. (Lesley University), ”A“, ASSD GTY, 5.25%, 7/01/2039 (Prerefunded 7/01/2019)     1,000,000 1,093,330
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”A“, 5%, 7/01/2038 (Prerefunded 7/01/2017)     750,000 765,502
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028     1,000,000 1,247,400
Massachusetts Health & Educational Facilities Authority Rev. (Northeastern University), ”A“, 5%, 10/01/2035     1,500,000 1,628,280
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 4.875%, 7/01/2027     250,000 268,477
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 7/01/2028     640,000 688,269
Massachusetts Health & Educational Facilities Authority Rev. (Stonehill College), 5%, 7/01/2029     300,000 322,284
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), ”A“, 6.25%, 7/01/2030     2,000,000 2,190,820
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     1,140,000 935,233
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041     295,000 329,067
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033     310,000 315,509
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     110,000 97,636
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042   $ 370,000 $ 319,473
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 10/01/2031     75,000 50,307
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 10/01/2042     35,000 22,847
University of Massachusetts Building Authority Project Rev., ”1“, 5%, 11/01/2039     3,000,000 3,368,970
        $ 41,538,774
Universities - Dormitories – 0.9%
Massachusetts State Development Finance Agency Rev., Provident Commonwealth Education Resources Issue (Umass Boston Student Housing Project), 5%, 10/01/2041   $ 1,000,000 $ 1,038,010
Massachusetts State Development Finance Agency Rev., Provident Commonwealth Education Resources Issue (Umass Boston Student Housing Project), 5%, 10/01/2048     1,000,000 1,032,430
        $ 2,070,440
Utilities - Investor Owned – 0.5%
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 12/01/2042 (Prerefunded 5/01/2019)   $ 1,000,000 $ 1,098,410
Utilities - Municipal Owned – 0.6%
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2030   $ 590,000 $ 639,336
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039     200,000 219,920
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044     235,000 257,405
Puerto Rico Electric Power Authority Rev., ”VV“, 5.25%, 7/01/2029     160,000 168,713
        $ 1,285,374
Utilities - Other – 1.0%
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2019   $ 805,000 $ 870,036
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2021     405,000 449,254
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022     210,000 238,085
Tennessee Energy Acquisition Corp., Gas Rev., ”C“, 5%, 2/01/2021     480,000 521,655
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     160,000 168,752
        $ 2,247,782
Water & Sewer Utility Revenue – 3.7%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5%, 7/01/2028   $ 90,000 $ 91,761
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5.125%, 7/01/2047     225,000 225,718
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     305,000 323,815
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027     1,280,000 1,598,170
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033     2,000,000 2,512,620
Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032     75,000 75,210
Massachusetts Water Resouces Authority, General Rev., ”B“, 5.25%, 8/01/2030     620,000 774,702
Massachusetts Water Resources Authority, ”B“, AGM, 5.25%, 8/01/2029     595,000 750,950
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2031     1,625,000 2,030,243
        $ 8,383,189
Total Municipal Bonds   $222,532,836
Money Market Funds – 1.2%
MFS Institutional Money Market Portfolio, 0.51% (v)     2,665,587 $ 2,665,587
Total Investments $225,198,423
Other Assets, Less Liabilities – 1.1%   2,496,272
Net assets – 100.0%   $227,694,695
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
5

Portfolio of Investments (unaudited) – continued
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
LOC Letter of Credit
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $222,532,836 $— $222,532,836
Mutual Funds 2,665,587 — — 2,665,587
Total Investments $2,665,587 $222,532,836 $— $225,198,423
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 $209,592,372
Gross unrealized appreciation 16,671,211
Gross unrealized depreciation (1,065,160)
Net unrealized appreciation (depreciation) $15,606,051
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 2,095,564 42,521,669 (41,951,646) 2,665,587
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(6) $— $8,363 $2,665,587
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Massachusetts 82.0%
Puerto Rico 5.2%
Guam 2.0%
Illinois 1.6%
California 1.3%
New Jersey 1.1%
Florida 1.0%
Tennessee 1.0%
Pennsylvania 0.9%
New York 0.7%
Kentucky 0.6%
Colorado 0.5%
Texas 0.4%
Louisiana 0.3%
New Hampshire 0.3%
Washington 0.3%
Wisconsin 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  Mississippi
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.4%
Airport Revenue – 0.9%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030   $ 165,000 $ 184,219
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     115,000 126,449
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     75,000 80,639
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     45,000 48,726
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     230,000 252,011
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     35,000 37,428
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     60,000 63,994
        $ 793,466
General Obligations - General Purpose – 10.6%
Canton, MS, Mississippi Development Bank Special Obligation, “A”, AGM, 5.75%, 10/01/2031 (Prerefunded 10/01/2021)   $ 625,000 $ 735,075
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     35,000 40,029
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     155,000 160,699
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     40,000 46,026
Gulfport, MI, AGM, 5%, 11/01/2024     500,000 582,945
Jackson County, MS, Development Bank Special Obligations, AGM, 5.25%, 3/01/2020     620,000 686,142
Mississippi Development Bank Special Obligation (Greenville, MS Project), 5%, 4/01/2027 (Prerefunded 4/01/2017)     175,000 176,209
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034     1,000,000 1,238,870
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     150,000 150,723
State of California, 6%, 11/01/2039     700,000 778,029
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     375,000 436,391
State of Mississippi, “A”, 5%, 10/01/2028     1,000,000 1,182,250
State of Mississippi, “B”, 5%, 12/01/2033     1,000,000 1,172,350
State of Mississippi, “F”, 5%, 11/01/2029     850,000 999,694
State of Mississippi, Capital Improvement Projects, “A”, 5%, 10/01/2030     1,000,000 1,121,950
        $ 9,507,382
General Obligations - Schools – 8.9%
Lamar County, MS, School District, 5%, 9/01/2031   $ 1,095,000 $ 1,208,333
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031     1,000,000 1,130,400
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031     500,000 563,680
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032     500,000 562,295
Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Refunding Project), AGM, 4%, 10/01/2027     770,000 814,275
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project) “B”, 5%, 10/01/2023     950,000 1,047,755
Mississippi Development Bank Special Obligation (Jackson Public School District), AGM, 5.375%, 4/01/2028 (Prerefunded 4/01/2018)     1,000,000 1,052,510
Mississippi Development Bank Special Obligation, (Mississippi Gulf Coast Community College District Facilities Construction and Refinancing Project), 5%, 12/01/2026     1,000,000 1,174,690
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035     1,020,000 475,289
        $ 8,029,227
Healthcare Revenue - Hospitals – 11.6%
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027   $ 500,000 $ 564,505
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     325,000 369,889
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     380,000 409,693
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     80,000 89,050
Mississippi Development Bank Special Obligation (Magnolia Regional Health Center Project), “A”, 6.75%, 10/01/2036     500,000 566,570
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022     1,000,000 1,112,700
Mississippi Hospital Equipment & Facilities Authority Rev. (Clay County Medical Corp.), 5%, 10/01/2039     2,105,000 2,263,359
Mississippi Hospital Equipment & Facilities Authority Rev. (Delta Regional Medical Center), FHA, 5%, 2/01/2035     1,000,000 1,002,090
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital), 5.25%, 1/01/2029     1,000,000 1,068,010
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, (South Central Regional Medical Center), 5.25%, 12/01/2031     500,000 500,770
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, (Southwest Regional Medical Center), 5.5%, 4/01/2019     250,000 250,180
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Mississippi Hospital Equipment & Facilities Authority Rev., Refunding & Improvement, (Southwest Regional Medical Center), 5.75%, 4/01/2023   $ 250,000 $ 250,045
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     215,000 240,802
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     550,000 617,853
St. Petersburg, FL, Health Facilities Authority (All Children Hospital), “A”, 6.5%, 11/15/2039 (Prerefunded 11/15/2019)     135,000 153,410
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     75,000 84,479
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     185,000 209,511
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/2039 (Prerefunded 2/15/2019)     640,000 709,370
        $ 10,462,286
Industrial Revenue - Paper – 1.0%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022   $ 750,000 $ 873,825
Multi-Family Housing Revenue – 1.3%
Mississippi Home Corp. Rev. (Kirkwood Apartments Project), 6.8%, 11/01/2037 (d)(q)   $ 150,000 $ 113,796
Mississippi Home Corp., Multifamily Rev. (Providence Place of Senatobia LLC), GNMA, 5.35%, 8/20/2048     1,000,000 1,029,920
        $ 1,143,716
Sales & Excise Tax Revenue – 3.1%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 450,000 $ 498,865
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036     295,000 313,355
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     595,000 642,749
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029     750,000 938,670
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     240,000 169,970
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     295,000 30,943
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     185,000 44,193
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     50,000 9,890
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     1,030,000 191,127
        $ 2,839,762
Single Family Housing - State – 1.3%
Mississippi Home Corp. Rev., Single Family Rev., “A-2 ”, GNMA, 5.625%, 6/01/2039   $ 105,000 $ 107,246
Mississippi Home Corp., Homeownership Mortgage Rev., “A”, 4.55%, 12/01/2031     990,000 1,027,412
        $ 1,134,658
State & Local Agencies – 18.8%
Jackson County, MS, Development Bank Special Obligations, ASSD GTY, 5.625%, 7/01/2039   $ 1,000,000 $ 1,078,910
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 9/01/2039     190,000 212,143
Mississippi Development Bank Special Obligation, ASSD GTY, 4.75%, 10/01/2028     270,000 290,272
Mississippi Development Bank Special Obligation (Capital Project & Equipment), AGM, 5%, 7/01/2028 (Prerefunded 7/01/2017)     680,000 693,953
Mississippi Development Bank Special Obligation (Capital Projects), AGM, 5%, 7/01/2028     640,000 650,938
Mississippi Development Bank Special Obligation (Department of Corrections), “C”, 5.25%, 8/01/2027 (Prerefunded 8/01/2020)     1,000,000 1,122,230
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), AGM, 5%, 7/01/2023     345,000 385,886
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), AGM, 5%, 7/01/2024     360,000 400,864
Mississippi Development Bank Special Obligation (Department of Rehabilitation Services Capital Improvement Project), AGM, 5%, 7/01/2025     380,000 421,420
Mississippi Development Bank Special Obligation (Desoto County Highway Construction), 4.75%, 1/01/2035 (Prerefunded 1/01/2018)     500,000 518,050
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2029     500,000 562,450
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2030     500,000 559,515
Mississippi Development Bank Special Obligation (Harrison County), ASSD GTY, 4.75%, 10/01/2028 (Prerefunded 10/01/2019)     850,000 924,205
Mississippi Development Bank Special Obligation (Jackson County), ASSD GTY, 5%, 7/01/2022     500,000 558,915
Mississippi Development Bank Special Obligation (Jackson County), ASSD GTY, 5.375%, 7/01/2036     500,000 550,445
Mississippi Development Bank Special Obligation (Laurel, MS, Highway Refunding Project), “B”, 4%, 1/01/2022     735,000 798,805
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036     500,000 548,455
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Mississippi Development Bank Special Obligation (Southaven Water & Sewer System), ASSD GTY, 5%, 3/01/2029 (Prerefunded 3/01/2019)   $ 750,000 $ 808,005
Mississippi Development Bank Special Obligation (Southaven Water and Sewer System Project), 5%, 2/01/2029 (Prerefunded 2/01/2018)     1,000,000 1,041,790
Mississippi Development Bank Special Obligation (Washington County Regional Correctional Facility), ASSD GTY, 4.75%, 7/01/2031     1,200,000 1,279,428
Mississippi Development Bank Special Obligation, (Biloxi, Mississippi Refunding Project), BAM, 5%, 11/01/2027     1,090,000 1,256,377
Mississippi Development Bank Special Obligation, (Mississippi Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project), 5%, 8/01/2027     1,500,000 1,763,640
New York Dormitory Authority Rev., State Personal Income Tax, “A”, (Group C), 5%, 2/15/2041     390,000 445,661
        $ 16,872,357
Tax - Other – 2.0%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 125,000 $ 138,177
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     40,000 44,501
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     470,000 460,041
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     315,000 329,266
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030     750,000 850,245
        $ 1,822,230
Tobacco – 0.7%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 420,000 $ 478,964
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034     155,000 133,689
        $ 612,653
Toll Roads – 0.8%
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038   $ 110,000 $ 125,033
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     85,000 97,808
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037     160,000 179,523
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     310,000 331,548
        $ 733,912
Transportation - Special Tax – 3.2%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033   $ 1,135,000 $ 1,230,635
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     10,000 10,007
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     730,000 729,066
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     70,000 72,267
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.5%, 7/01/2029     545,000 564,462
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “A”, AMBAC, 0%, 7/01/2017     10,000 9,878
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “A”, AMBAC, 0%, 7/01/2018     5,000 4,732
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AMBAC, 0%, 7/01/2019     20,000 18,224
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AMBAC, 0%, 7/01/2020     35,000 30,268
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     165,000 178,661
        $ 2,848,200
Universities - Colleges – 20.8%
Alcorn State University Educational Building Corp., Student Housing Rev., “A”, 5.125%, 9/01/2034 (Prerefunded 9/01/2019)   $ 1,000,000 $ 1,095,310
Alcorn State University Educational Building Corp., Student Housing Rev., “A”, 5.25%, 9/01/2039 (Prerefunded 9/01/2019)     920,000 1,010,685
Jackson State University, Educational Building Corp. Rev., “A-1”, 5%, 3/01/2034     1,500,000 1,611,720
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028     920,000 1,147,608
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), “B”, AMBAC, 5.5%, 12/01/2023     1,000,000 1,122,890
Mississippi State University, Educational Building Corp. Rev. (Campus Improvement Project), 5%, 11/01/2027     400,000 466,344
Mississippi State University, Educational Building Corp. Rev. (Campus Improvement Project), 5%, 11/01/2028     350,000 406,665
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038     1,000,000 1,137,380
Mississippi State University, Educational Building Corp. Rev. (Residence Hall Construction and Refunding Project), 5%, 8/01/2036     1,585,000 1,744,641
Mississippi Valley State University, Educational Building Corp. Rev., AMBAC, 4.5%, 3/01/2037 (Prerefunded 3/01/2017)     1,000,000 1,006,200
New York Dormitory Authority Rev. (New York University), “1”, AMBAC, 5.5%, 7/01/2040     590,000 758,835
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University Project), 5.375%, 12/01/2021   $ 15,000 $ 14,999
S.M. Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035     1,000,000 1,128,230
University of Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project) “A”, 5%, 10/01/2029     500,000 590,135
University of Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project) “A”, 5%, 10/01/2030     500,000 587,690
University of Mississippi, Educational Building Corp. Rev. (Residential College Project), “A”, 5%, 10/01/2033 (Prerefunded 10/01/2018)     1,500,000 1,597,860
University of Mississippi, Educational Building Corp. Rev. (Residential College Project), “C”, 4.75%, 11/01/2034     715,000 761,182
University of Southern Mississippi, COP (Parking Facilities Project), ASSD GTY, 5.125%, 9/15/2039 (Prerefunded 9/15/2019)     490,000 537,030
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project) “A”, 5%, 3/01/2028     1,745,000 1,996,367
        $ 18,721,771
Universities - Dormitories – 1.2%
Mississippi Business Finance Corp., Rev. (Statesman Housing LLC Project), “A”, 4.75%, 6/01/2039 (Prerefunded 6/01/2019)   $ 1,000,000 $ 1,077,540
Utilities - Investor Owned – 0.4%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020   $ 370,000 $ 412,628
Utilities - Municipal Owned – 2.6%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033   $ 315,000 $ 352,038
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039     75,000 82,470
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044     85,000 93,104
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 5/01/2033 (Prerefunded 5/01/2019)     155,000 171,366
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.7%, 7/01/2027     155,000 165,348
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.75%, 7/01/2028     100,000 106,782
Mississippi Development Bank Special Obligation (Columbus Electric Systems Project), ASSD GTY, 4.85%, 7/01/2029     485,000 518,717
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035     500,000 551,355
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023     15,000 14,876
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024     80,000 79,326
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030     10,000 9,944
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027     60,000 60,255
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030     95,000 99,986
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     10,000 10,466
        $ 2,316,033
Utilities - Other – 0.8%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2019   $ 375,000 $ 405,296
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021     185,000 205,215
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     95,000 107,705
        $ 718,216
Water & Sewer Utility Revenue – 7.4%
City of Jackson, MS, Water & Sewer System Rev., BAM, 4%, 9/01/2022   $ 150,000 $ 159,235
City of Jackson, MS, Water & Sewer System Rev., BAM, 4%, 9/01/2023     600,000 636,372
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     30,000 31,744
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     285,000 302,582
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     145,000 150,897
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029     30,000 32,947
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035     30,000 32,189
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040     2,000,000 2,197,460
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     25,000 27,699
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     30,000 32,761
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     15,000 16,546
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     35,000 38,389
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $ 750,000 $ 946,350
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023     1,220,000 1,368,449
Southaven, MS, Combined Water and Sewer System Rev., 5%, 2/01/2025     200,000 233,090
Southaven, MS, Combined Water and Sewer System Rev., 5%, 2/01/2026     380,000 445,729
        $ 6,652,439
Total Municipal Bonds   $87,572,301
Money Market Funds – 1.3%
MFS Institutional Money Market Portfolio, 0.51% (v)     1,146,997 $ 1,146,997
Total Investments $88,719,298
Other Assets, Less Liabilities – 1.3%   1,189,635
Net assets – 100.0%   $89,908,933
(d) In default.
(q) Interest received was less than stated coupon rate.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
COP Certificate of Participation
FHA Federal Housing Administration
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.
5

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $87,572,301 $— $87,572,301
Mutual Funds 1,146,997 — — 1,146,997
Total Investments $1,146,997 $87,572,301 $— $88,719,298
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 $85,293,583
Gross unrealized appreciation 4,263,719
Gross unrealized depreciation (838,004)
Net unrealized appreciation (depreciation) $3,425,715
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
6

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 2,584,300 19,935,133 (21,372,436) 1,146,997
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(27) $— $6,784 $1,146,997
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Mississippi 77.2%
Puerto Rico 5.0%
Guam 2.8%
Massachusetts 2.4%
California 2.1%
New York 1.6%
Illinois 1.2%
Michigan 1.1%
New Hampshire 1.0%
Tennessee 0.8%
Wisconsin 0.8%
Virginia 0.6%
Colorado 0.6%
Texas 0.5%
Kentucky 0.5%
New Jersey 0.4%
Washington 0.3%
Florida 0.3%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
7

QUARTERLY REPORT
December 31, 2016
MFS®  Pennsylvania
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.5%
Airport Revenue – 2.5%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030   $ 215,000 $ 240,043
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035     335,000 373,558
Philadelphia, PA, Airport Rev., “A”, AGM, 5%, 6/15/2040     2,000,000 2,152,940
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     55,000 59,554
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     65,000 71,220
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     45,000 48,122
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     80,000 85,326
        $ 3,030,763
General Obligations - General Purpose – 8.4%
Cambria County, PA, Unrefunded Balance, BAM, 5%, 8/01/2020   $ 610,000 $ 662,924
Commonwealth of Pennsylvania, 5%, 4/15/2019     1,000,000 1,073,460
Commonwealth of Pennsylvania, 5%, 6/01/2020     1,500,000 1,650,075
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     325,000 344,822
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     90,000 91,073
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     215,000 218,722
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     75,000 85,775
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     90,000 103,559
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032     595,000 325,762
Philadelphia, PA, Authority For Industrial Development City Agreement Rev. (Cultural and Commercial Corridors Program), “A”, 5%, 12/01/2031     1,000,000 1,120,620
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028     1,000,000 1,122,830
Philadelphia, PA, Redevelopment Authority Rev., BAM, 5%, 4/15/2024     1,000,000 1,114,150
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     520,000 522,517
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     430,000 435,900
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, ASSD GTY, 5%, 7/01/2036     25,000 25,025
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AMBAC, 5.45%, 7/01/2030     165,000 163,523
Township of Cranberry Butler County, PA, 5%, 10/01/2035     1,000,000 1,142,160
        $ 10,202,897
General Obligations - Schools – 9.6%
Carlisle, PA, School District, 5%, 9/01/2026   $ 1,000,000 $ 1,102,620
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031     1,150,000 718,037
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2033     760,000 439,470
Daniel Boone, PA, School District Rev., 5%, 8/15/2032 (Prerefunded 8/15/2018)     160,000 169,707
Daniel Boone, PA, School District Rev., 5%, 8/15/2032 (Prerefunded 8/15/2018)     110,000 116,674
Daniel Boone, PA, School District Rev., 5%, 8/15/2032 (Prerefunded 8/15/2018)     220,000 233,420
Daniel Boone, PA, School District Rev., 5%, 8/15/2032     10,000 10,465
Deer Lakes, PA, School District, ASSD GTY, 5.375%, 4/01/2034     1,275,000 1,368,279
Northampton County, PA, Area School District, “A”, 5%, 10/01/2033     1,000,000 1,125,150
Philadelphia, PA, School District, “F”, 5%, 9/01/2038     1,500,000 1,584,705
Reading, PA, School District, “A”, 5%, 4/01/2018     1,000,000 1,034,570
Reading, PA, School District, “A”, 5%, 4/01/2020     665,000 712,082
Scranton, PA, School District, “A”, AGM, 5%, 7/15/2027     1,340,000 1,371,530
West Chester, PA, Area School District, “A”, 5%, 5/15/2024     500,000 597,325
Whitehall-Coplay, PA, School District, “A”, AGM, 5.375%, 11/15/2034     1,000,000 1,070,020
        $ 11,654,054
Healthcare Revenue - Hospitals – 18.1%
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), 5%, 9/01/2018   $ 500,000 $ 529,870
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “A”, 5.375%, 8/15/2029     1,000,000 1,086,640
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040     1,500,000 1,611,600
Butler County, PA, Hospital Authority Rev. (Butler Health System), 7.25%, 7/01/2039 (Prerefunded 7/01/2019)     500,000 570,360
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041     850,000 930,894
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 6.25%, 11/15/2041 (Prerefunded 11/15/2021)     500,000 600,670
Chester County, PA, Health & Educational Facilities Authority Rev. (Chester County Junior High School), “A”, 5%, 5/15/2040     1,000,000 1,075,700
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Dauphin County, PA, General Authority Health System Rev. (Pinnacle Health System), 5.75%, 6/01/2020 (Prerefunded 6/01/2019)   $ 445,000 $ 490,381
Dauphin County, PA, General Authority Health System Rev. (Pinnacle Health System), 5.75%, 6/01/2020     305,000 333,405
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040     305,000 334,311
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     705,000 774,562
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040     500,000 502,255
Geisinger Authority, PA, Health System Rev., “A”, 5.125%, 6/01/2034     1,000,000 1,063,420
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 5/01/2028 (Prerefunded 5/01/2020)     500,000 570,600
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     165,000 176,133
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     150,000 158,379
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 5.75%, 6/01/2025     335,000 362,999
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     390,000 420,475
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036     1,000,000 1,116,440
Lycoming County, PA, Health Authority Rev. (Susquehanna Health System), “A”, 5.75%, 7/01/2039     750,000 814,875
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     105,000 116,879
Montgomery County, PA, Industrial Development Authority Rev. (Albert Einstein Healthcare Network Issue), “A”, 5.25%, 1/15/2030     500,000 540,110
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039     20,000 20,831
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5.5%, 8/15/2040 (Prerefunded 8/15/2018)     500,000 533,255
Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), 5%, 8/15/2029     1,000,000 1,152,520
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Rev. (The Children's Hospital of Philadelphia), “C”, 5%, 7/01/2025     1,000,000 1,121,020
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039     810,000 874,152
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 6%, 6/01/2025 (Prerefunded 6/01/2018)     430,000 458,242
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 6%, 6/01/2025     320,000 335,683
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044     1,000,000 1,089,740
St. Mary Hospital Authority, PA, Health System Rev. (Catholic Health East), “A”, 5%, 11/15/2033     500,000 543,370
St. Petersburg, FL, Health Facilities Authority (All Children Hospital), “A”, 6.5%, 11/15/2039 (Prerefunded 11/15/2019)     155,000 176,137
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), “B”, 5.625%, 1/01/2032     500,000 570,020
Westmoreland County, PA, Industrial Development Authority Rev. (Excela Health Project), 5.125%, 7/01/2030     1,000,000 1,067,410
        $ 22,123,338
Healthcare Revenue - Long Term Care – 5.3%
Bucks County, PA, Industrial Development Authority Rev. (Lutheran Community Telford Center), 5.75%, 1/01/2037   $ 300,000 $ 300,126
Chartiers Valley, PA, Industrial & Commercial Development Authority (Asbury Health Center Project), 5.75%, 12/01/2022     250,000 250,388
Chester County, PA, Health & Educational Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045     500,000 485,150
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/2040     500,000 520,990
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 1/01/2041     500,000 503,825
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039 (Prerefunded 1/01/2019)     450,000 494,532
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039     50,000 54,263
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039     750,000 804,030
Lancaster County, PA, Hospital Authority Health System Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045     500,000 523,255
Lancaster County, PA, Hospital Authority Health System Rev. (Masonic Villages Project), 5%, 11/01/2035     500,000 550,000
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 11/15/2036     1,000,000 1,070,760
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (Lanier Village Estates, Inc.), “A-1”, 6.25%, 11/15/2029 (Prerefunded 11/15/2019)     250,000 282,947
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     400,000 378,776
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)     55,000 64,481
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)     105,000 123,579
Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030     10,000 11,353
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019)     10,000 11,473
2

Portfolio of Investments (unaudited) – 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”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019)   $ 70,000 $ 81,001
        $ 6,510,929
Industrial Revenue - Environmental Services – 0.5%
Delaware County, PA, Industrial Development Authority Rev. (Covanta Project), “A”, 5%, 7/01/2043   $ 500,000 $ 495,935
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 7/01/2019     115,000 115,373
        $ 611,308
Industrial Revenue - Other – 1.0%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031   $ 1,000,000 $ 1,213,010
Miscellaneous Revenue - Other – 1.0%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040   $ 145,000 $ 147,153
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     225,000 232,950
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034     750,000 793,590
        $ 1,173,693
Sales & Excise Tax Revenue – 1.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030   $ 580,000 $ 655,006
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     325,000 230,168
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     400,000 41,956
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     250,000 59,720
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     70,000 13,846
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     1,395,000 258,856
        $ 1,259,552
Secondary Schools – 3.7%
Bucks Country, PA, Industrial Development Authority Rev.(School Lane Charter School Project), “A”, 5.125%, 3/15/2046   $ 500,000 $ 503,560
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), ''A“, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)     345,000 397,164
Montgomery County, PA, Higher Education & Health Authority Refunding Rev. (The Hill School Project), 5%, 8/15/2025     150,000 176,105
Montgomery County, PA, Higher Education & Health Authority Refunding Rev. (The Hill School Project), 5%, 8/15/2026     210,000 244,482
Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2037     500,000 504,385
Philadelphia, PA, Authority for Industrial Development Rev. (Global Leadership Academy Charter School), 6.375%, 11/15/2040     500,000 531,960
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), 6%, 8/01/2035     665,000 762,808
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”B“, 6%, 8/01/2051     500,000 501,415
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043     400,000 415,284
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), ”A-1“, 7%, 6/15/2043     400,000 444,612
        $ 4,481,775
Single Family Housing - State – 0.7%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”97-A“, 4.5%, 10/01/2022   $ 890,000 $ 891,388
Solid Waste Revenue – 0.4%
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032   $ 500,000 $ 533,355
State & Local Agencies – 4.1%
Commonwealth Financing Authority Rev., ”A-2“, 5%, 6/01/2036   $ 1,500,000 $ 1,638,000
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 8/01/2018     815,000 861,113
Delaware Valley, PA, Regional Finance Authority, ”C“, FRN, 1.374%, 6/01/2037     745,000 602,958
Pennsylvania Industrial Development Authority, Economic Development Authority Rev., 5.5%, 7/01/2023 (Prerefunded 7/01/2018)     60,000 63,859
Pennsylvania Industrial Development Authority, Economic Development Authority Rev., 5.5%, 7/01/2023 (Prerefunded 7/01/2018)     440,000 468,296
Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/2034     500,000 541,865
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., ”A“, AGM, 5%, 6/01/2033   $ 735,000 $ 799,063
        $ 4,975,154
Tax - Other – 2.4%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., ”A“, 5%, 5/01/2035   $ 750,000 $ 783,480
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)     140,000 154,759
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     45,000 50,063
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2033     185,000 206,767
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2034     115,000 127,820
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035     115,000 127,214
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036     60,000 66,215
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046     185,000 202,399
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     100,000 97,881
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2026     655,000 684,469
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     430,000 449,475
        $ 2,950,542
Tax Assessment – 0.2%
Washington County, PA, Redevelopment Authority (Victory Centre Project), ”A“, 5.45%, 7/01/2035   $ 215,000 $ 214,727
Tobacco – 1.5%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., ”A-2“, 5.3%, 6/01/2037   $ 665,000 $ 613,004
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     755,000 860,994
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.5%, 6/01/2023     280,000 281,781
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.75%, 6/01/2034     165,000 142,314
        $ 1,898,093
Toll Roads – 1.8%
Delaware River Port Authority Rev., 5%, 1/01/2029   $ 1,145,000 $ 1,291,755
Pennsylvania Turnpike Commission Rev., ”B“, 5%, 12/01/2030     525,000 596,064
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     140,000 159,132
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     110,000 126,575
        $ 2,173,526
Transportation - Special Tax – 2.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026   $ 145,000 $ 147,516
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032     270,000 272,692
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     530,000 529,321
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AMBAC, 5.5%, 7/01/2029     745,000 771,604
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2032     70,000 73,182
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027     215,000 232,800
Pennsylvania Turnpike Commission (Motor License Fund), ”B“, 5%, 12/01/2030     1,000,000 1,106,240
        $ 3,133,355
Universities - Colleges – 18.0%
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), 5%, 3/01/2033 (Prerefunded 3/01/2018)   $ 1,250,000 $ 1,305,687
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2032     500,000 562,315
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), ”A“, 6%, 10/15/2038 (Prerefunded 10/15/2018)     250,000 270,920
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), ”A“, 5.75%, 10/15/2040     500,000 545,160
Commonwealth of Pennsylvania, State Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033     1,000,000 1,113,710
Crawford County, PA, Industrial Development Authority, College Rev., ”A“, 6%, 11/01/2031     250,000 269,135
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), 5%, 11/01/2026     1,000,000 1,036,960
Cumberland County, PA, Municipal Authority College Rev. (Dickinson College), ”HH1“, 5%, 11/01/2039     300,000 319,128
Delaware County, PA, Authority University Rev. (Neumann University), 5.25%, 10/01/2031     565,000 595,595
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Delaware County, PA, Authority University Rev. (Neumann University), 6.125%, 10/01/2034 (Prerefunded 10/01/2018)   $ 750,000 $ 813,105
Delaware County, PA, Authority University Rev. (Villanova University), 5.25%, 12/01/2031 (Prerefunded 12/01/2019)     350,000 387,348
Erie, PA, Higher Education Building Authority Rev. (Gannon University), ”A“, 5.5%, 5/01/2040     1,000,000 1,063,380
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/2029     1,050,000 1,074,055
Lancaster, PA, Higher Education Authority College Rev. (Franklin & Marshall College), 5%, 4/15/2037 (Prerefunded 4/15/2018)     500,000 524,750
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), ”B“, ETM, 6%, 12/01/2017     285,000 296,913
Northampton County, PA, General Purpose Authority Rev. (Lafayette College), 5%, 11/01/2034     250,000 262,838
Northampton County, PA, General Purpose Authority Rev. (Lehigh University), 5.5%, 11/15/2033 (Prerefunded 5/15/2019)     500,000 547,580
Northeastern, PA, Hospital & Education Authority Rev. (Wilkes University), ”B“, 5.25%, 3/01/2037     750,000 804,000
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     605,000 496,330
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), NATL, 5%, 5/01/2037 (Prerefunded 11/01/2017)     630,000 650,828
Pennsylvania Higher Educational Facilities Authority Rev. (La Salle University), ”A“, 5.25%, 5/01/2027     500,000 509,060
Pennsylvania Higher Educational Facilities Authority Rev. (La Salle University), ”A“, 5%, 5/01/2037     500,000 505,445
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Francis University Project), ”JJ2“, 6.25%, 11/01/2041     500,000 546,690
Pennsylvania Higher Educational Facilities Authority Rev. (Trustees of the University of Pennsylvania), ”A“, 5%, 8/15/2036     500,000 581,170
Philadelphia, PA, Authority for Industrial Development Rev. (Temple University), 5%, 4/01/2027     805,000 928,576
Philadelphia, PA, Authority for Industrial Development Rev. (Temple University), 5%, 4/01/2036     750,000 833,400
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     95,000 82,027
Snyder County, PA, Higher Education Authority Rev. (Susquehanna University), 5%, 1/01/2038     1,000,000 1,041,100
Union County, PA, Higher Educational Facilities Financing Authority, University Rev. (Bucknell University), ”B“, 5%, 4/01/2027     520,000 614,156
University of Puerto Rico Rev., ”P“, NATL, 5%, 6/01/2025     25,000 25,026
Washington County, PA, Industrial Development Authority College Rev. (Washington Jefferson College), 5.25%, 11/01/2030     1,000,000 1,084,460
Wilkes-Barre, PA, Finance Authority Rev. (The University of Scranton), 5%, 11/01/2035     1,000,000 1,082,790
Wilkes-Barre, PA, Finance Authority Rev. (The University of Scranton), ”A“, 5%, 11/01/2026     1,000,000 1,144,440
        $ 21,918,077
Universities - Dormitories – 3.1%
Clarion County, PA, Industrial Development Authority Student Housing Rev. (Clarion University Foundation, Inc.), ”A“, 5%, 7/01/2045   $ 1,000,000 $ 1,023,230
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/2046     1,000,000 1,023,860
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 6%, 7/01/2043 (Prerefunded 7/01/2020)     1,000,000 1,145,250
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services), 6.25%, 10/01/2043     500,000 548,220
        $ 3,740,560
Utilities - Investor Owned – 2.1%
Clarion County, PA, Industrial Development Authority, Water Facility Rev. (Pennsylvania American Water Co.), 5.5%, 12/01/2039   $ 1,000,000 $ 1,068,200
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020     415,000 462,812
Pennsylvania Economic Development Financing Authority, Water Facilities Rev. (Aqua Pennsylvania, Inc.), ”A“, 5%, 10/01/2039     1,000,000 1,070,620
        $ 2,601,632
Utilities - Municipal Owned – 1.8%
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2030   $ 315,000 $ 341,340
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039     95,000 104,462
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044     105,000 115,011
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031     500,000 555,585
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), ”9“, 5.25%, 8/01/2040 (Prerefunded 8/01/2020)     390,000 437,670
Philadelphia, PA, Gas Works Rev., Unrefunded Balance, (1998 General Ordinance), ”9“, 5.25%, 8/01/2040     610,000 663,375
        $ 2,217,443
Utilities - Other – 1.8%
California M-S-R Energy Authority Gas Rev., ”A“, 6.5%, 11/01/2039   $ 545,000 $ 720,168
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038     280,000 363,916
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2019     420,000 453,932
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022     235,000 266,429
Tennessee Energy Acquisition Corp., Gas Rev., ”C“, 5%, 2/01/2021     255,000 277,129
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     75,000 79,103
        $ 2,160,677
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 6.9%
Allegheny County, PA, Sanitation Authority Sewer Rev., AGM, 5%, 6/01/2040   $ 1,000,000 $ 1,089,610
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030     500,000 576,045
Bucks County, PA, Water & Sewer Authority, Water System Rev., 5%, 12/01/2033     1,000,000 1,089,810
Canonsburg-Houston, PA, Joint Authority Sewer Rev., ”A“, 5%, 12/01/2040     1,000,000 1,101,160
Clairton, PA, Municipal Authority Sewer Rev., ”B“, 5%, 12/01/2042     500,000 538,940
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5%, 7/01/2028     45,000 45,881
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5.125%, 7/01/2047     110,000 110,351
Delaware County, PA, Regional Water Quality Control Authority Rev., 5%, 5/01/2027     450,000 519,642
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2020     45,000 49,316
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2021     120,000 132,570
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     260,000 276,039
Harrisburg, PA, Water Authority Rev., 5.25%, 7/15/2031     1,000,000 1,020,440
Philadelphia, PA, Water & Wastewater Rev., ”A“, 5.25%, 1/01/2032 (Prerefunded 1/01/2019)     1,000,000 1,078,050
St. Mary's, PA, Water Authority Rev., 5.15%, 2/01/2030     750,000 794,460
        $ 8,422,314
Total Municipal Bonds   $120,092,162
Money Market Funds – 0.6%
MFS Institutional Money Market Portfolio, 0.51% (v)     727,553 $ 727,553
Total Investments $120,819,715
Other Assets, Less Liabilities – 0.9%   1,042,249
Net assets – 100.0%   $121,861,964
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $120,092,162 $— $120,092,162
Mutual Funds 727,553 — — 727,553
Total Investments $727,553 $120,092,162 $— $120,819,715
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 $114,622,174
Gross unrealized appreciation 6,750,218
Gross unrealized depreciation (552,677)
Net unrealized appreciation (depreciation) $6,197,541
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 2,755,968 19,278,486 (21,306,901) 727,553
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(152) $— $5,851 $727,553
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Pennsylvania 82.4%
Puerto Rico 4.8%
Illinois 2.6%
Guam 1.8%
Michigan 1.4%
California 1.1%
Florida 0.9%
Colorado 0.9%
Tennessee 0.8%
Texas 0.8%
New Jersey 0.8%
Kentucky 0.7%
Indiana 0.3%
Georgia 0.3%
Louisiana 0.3%
Wisconsin 0.1%
New Hampshire (o) 0.0%
(o) Less than 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  South Carolina
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.4%
Airport Revenue – 3.5%
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2021   $ 2,000,000 $ 2,250,080
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     220,000 241,903
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     155,000 166,653
Horry County, SC, Airport Rev. (Myrtle Beach International Airport), “A”, 5%, 7/01/2040     2,250,000 2,415,240
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     1,120,000 1,103,603
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     90,000 97,452
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     10,000 10,957
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     75,000 80,203
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     120,000 127,989
        $ 6,494,080
General Obligations - General Purpose – 6.6%
Aiken County, SC, County Administration Building Project, 5%, 3/01/2025   $ 910,000 $ 1,030,666
Berkeley County, SC, General Obligation, “A”, 5%, 3/01/2027     2,020,000 2,431,817
Charleston County, SC, General Obligation, Transportation Sales Tax, 5%, 11/01/2020     1,000,000 1,125,180
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     495,000 525,190
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     130,000 131,550
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030     65,000 66,505
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     280,000 290,295
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     50,000 57,533
Laurens County, SC, School District No. 56, 6.125%, 3/01/2033 (Prerefunded 3/01/2019)     1,000,000 1,101,750
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     105,000 105,506
Richland County, SC, General Obligation, “B”, 5%, 3/01/2023     1,000,000 1,172,580
South Carolina, State Highway, “A”, 5%, 6/01/2018     3,000,000 3,164,310
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     770,000 896,057
        $ 12,098,939
General Obligations - Schools – 9.7%
Anderson County, SC, School District, “A”, 5%, 3/01/2026   $ 1,240,000 $ 1,499,978
Chesterfield County, SC, School District, 5%, 3/01/2025     1,000,000 1,141,790
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (Greenwood School District No. 50), 5%, 12/01/2028     3,000,000 3,463,560
Lexington County, SC, School District No. 1, “A”, 5%, 3/01/2023     1,030,000 1,204,266
Oconee County, GA, General Obligation, “A”, 5%, 3/01/2022     805,000 924,534
Orangeburg County, SC, Consolidated School District, 4%, 4/01/2019     1,315,000 1,389,942
Richland County, SC, School District No. 1, “A”, 5%, 3/01/2025     2,000,000 2,240,860
Richland County, SC, School District No. 1, “A”, 5%, 3/01/2029     3,000,000 3,347,190
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026     1,000,000 1,150,050
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027     1,195,000 1,365,288
        $ 17,727,458
Healthcare Revenue - Hospitals – 17.6%
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040   $ 400,000 $ 438,440
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     925,000 1,016,270
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, 5%, 11/01/2037     3,000,000 3,233,820
Greenville, SC, Hospital Systems, Hospital Facilities Rev., 6%, 5/01/2020     3,400,000 3,673,530
Greenwood County, SC, Hospital Rev. (Self Regional Healthcare), 5.375%, 10/01/2039     1,000,000 1,069,910
Greenwood County, SC, Hospital Rev. (Self Regional Healthcare), “B”, 5%, 10/01/2031     1,950,000 2,128,230
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 5/01/2028 (Prerefunded 5/01/2020)     550,000 627,660
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     480,000 546,297
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     155,000 165,458
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     180,000 190,055
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     605,000 652,275
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     865,000 934,589
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2032   $ 1,500,000 $ 1,539,990
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035     1,000,000 1,097,650
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036     1,000,000 1,095,170
Lexington County, SC, Health Services District, Inc., Hospital Rev., Refunding & Improvement, 5%, 11/01/2026     500,000 553,780
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     400,000 448,004
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     445,000 499,900
Richmond, IN, Hospital Authority Rev. (Reid Hospital), “A”, 6.5%, 1/01/2029 (Prerefunded 1/01/2019)     585,000 643,354
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), “V”, 8.25%, 9/01/2039 (Prerefunded 9/01/2018)     915,000 1,019,593
South Carolina Economic Development Authority Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047     2,000,000 2,164,780
South Carolina Jobs & Economic Development Authority Hospital Rev. (Conway Hospital, Inc.), 5%, 7/01/2037     1,250,000 1,305,550
South Carolina Jobs & Economic Development Authority Hospital Rev. (Palmetto Health), 5.75%, 8/01/2039     275,000 290,023
South Carolina Jobs & Economic Development Authority Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030     1,000,000 1,077,710
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Anmed Health), 5%, 2/01/2038     1,500,000 1,610,910
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Anmed Health), “B”, 5.5%, 2/01/2038 (Prerefunded 2/01/2019)     1,500,000 1,627,740
Spartanburg County, SC, Regional Health Services District, “A”, 5%, 4/15/2037     2,000,000 2,143,660
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     105,000 118,270
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     255,000 288,785
        $ 32,201,403
Healthcare Revenue - Long Term Care – 1.2%
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), “A”, 6%, 11/15/2047   $ 205,834 $ 191,459
South Carolina Jobs & Economic Development Authority Rev. (Woodlands at Furman), Capital Appreciation, “B”, 0%, 11/15/2047     143,190 13,257
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043     750,000 716,047
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048     250,000 244,300
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036     1,000,000 990,630
        $ 2,155,693
Industrial Revenue - Other – 0.6%
Calhoun County, SC, Solid Waste Disposal Facilities Rev. (Carolina Eastman Co.), ETM, 6.75%, 5/01/2017   $ 1,000,000 $ 1,018,790
Industrial Revenue - Paper – 0.6%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023   $ 1,000,000 $ 1,039,950
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     100,000 119,310
        $ 1,159,260
Miscellaneous Revenue - Other – 0.0%
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040   $ 45,000 $ 48,742
Multi-Family Housing Revenue – 0.6%
North Charleston, SC, Housing Authority Rev. (Horizon Village), “A”, GNMA, 5%, 2/20/2038   $ 1,000,000 $ 1,000,790
Port Revenue – 0.9%
South Carolina Port Authority Rev., 5%, 7/01/2028   $ 300,000 $ 339,207
South Carolina Port Authority Rev., 5%, 7/01/2029     450,000 506,142
South Carolina Port Authority Rev., 5%, 7/01/2033     500,000 553,195
South Carolina Port Authority Rev., 5.25%, 7/01/2040     250,000 270,955
        $ 1,669,499
Sales & Excise Tax Revenue – 0.9%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 725,000 $ 803,728
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     475,000 336,400
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     595,000 62,409
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     375,000 89,580
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     100,000 19,780
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046   $ 2,080,000 $ 385,965
        $ 1,697,862
Secondary Schools – 0.1%
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042   $ 220,000 $ 227,286
Solid Waste Revenue – 0.6%
Three Rivers, SC, Solid Waste Authority Rev., 5%, 10/01/2028 (Prerefunded 10/01/2017)   $ 1,000,000 $ 1,030,330
State & Local Agencies – 8.6%
Berkeley County, SC, General Obligation, “A”, 5%, 3/01/2024   $ 1,000,000 $ 1,184,650
Berkeley County, SC, School District Special Obligation, 5%, 12/01/2020     800,000 882,808
Berkeley County, SC, School District Special Obligation, 5%, 12/01/2021     1,000,000 1,118,130
Charleston County, SC, Special Source Rev., “C”, 5%, 12/01/2021     1,000,000 1,141,960
Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030     3,595,000 4,118,504
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037     1,330,000 1,076,422
Los Angeles County, CA, Public Works Financing Authority Lease Rev., “D”, 5%, 12/01/2032     1,140,000 1,305,722
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 9/01/2039     290,000 323,797
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2027     15,000 16,535
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2028     50,000 54,869
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2029     55,000 60,007
New York Dormitory Authority Rev., State Personal Income Tax, “A”, (Group C), 5%, 2/15/2041     795,000 908,462
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028     2,000,000 2,282,020
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., “A”, AGM, 5%, 6/01/2033     1,115,000 1,212,184
        $ 15,686,070
Tax - Other – 4.2%
Commonwealth of Puerto Rico Infrastructure Financing Authority Rev., “C”, AMBAC, 5.5%, 7/01/2025   $ 50,000 $ 52,200
Greenville County, SC, Hospitality Tax Rev., AGM, 5%, 4/01/2022     1,025,000 1,132,553
Greenville County, SC, Tourism Public Facilities Corp., Hospitality Tax, 4.75%, 4/01/2029 (Prerefunded 4/01/2020)     750,000 823,448
Greenville County, SC, Tourism Public Facilities Corp., Hospitality Tax, 4.75%, 4/01/2030 (Prerefunded 4/01/2020)     500,000 548,965
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)     180,000 198,976
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     60,000 66,751
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2033     285,000 318,533
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2034     180,000 200,066
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035     180,000 199,118
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036     95,000 104,841
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046     285,000 311,804
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Vase Redevelopment Project Area), 5%, 10/01/2030     1,000,000 1,130,040
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     320,000 313,219
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024     390,000 406,731
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2026     1,245,000 1,301,013
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     635,000 663,759
        $ 7,772,017
Tobacco – 1.5%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-2”, 5.3%, 6/01/2037   $ 840,000 $ 774,320
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     850,000 969,331
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034     235,000 202,690
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     920,000 800,382
        $ 2,746,723
Toll Roads – 0.5%
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037   $ 275,000 $ 308,555
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     535,000 572,188
        $ 880,743
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – 4.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026   $ 755,000 $ 768,099
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036     435,000 467,068
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     20,000 20,015
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     970,000 968,758
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     100,000 103,239
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.5%, 7/01/2029     1,110,000 1,149,638
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.25%, 7/01/2031     80,000 80,322
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034     155,000 167,605
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     105,000 109,773
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     350,000 378,977
South Carolina Transportation Infrastructure Rev., “A”, 5%, 10/01/2023     2,825,000 3,177,306
        $ 7,390,800
Universities - Colleges – 6.1%
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, 5%, 4/01/2022   $ 1,205,000 $ 1,369,410
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     910,000 746,546
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041     200,000 223,096
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     75,000 66,570
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     125,000 107,930
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 10/01/2031     55,000 36,892
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 10/01/2042     30,000 19,583
South Carolina Educational Facilities Authority (Wofford College), 5.25%, 4/01/2032 (Prerefunded 4/01/2017)     1,000,000 1,011,070
South Carolina Educational Facilities Authority (Wofford College), 5%, 4/01/2035     1,565,000 1,733,441
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028     700,000 815,087
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025     30,000 30,031
University of South Carolina, Athletic Facilities Rev., “A”, 4%, 5/01/2035     365,000 376,184
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2035     1,000,000 1,079,630
University of South Carolina, Athletic Facilities Rev., “A”, 4%, 5/01/2036     400,000 410,656
University of South Carolina, Athletic Facilities Rev., “A”, 5.5%, 5/01/2038 (Prerefunded 5/01/2018)     1,000,000 1,057,410
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2040     2,000,000 2,155,920
        $ 11,239,456
Universities - Dormitories – 2.1%
University of South Carolina, Higher Education Rev., “A”, 5%, 6/01/2035   $ 2,555,000 $ 2,762,543
University of South Carolina, Higher Education Rev., “A”, 5%, 6/01/2039 (Prerefunded 6/01/2018)     1,000,000 1,053,990
        $ 3,816,533
Utilities - Investor Owned – 0.5%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020   $ 800,000 $ 892,168
Utilities - Municipal Owned – 9.4%
Easley, SC, Utility Rev., AGM, 5.25%, 12/01/2031   $ 2,500,000 $ 2,650,125
Easley, SC, Utility Rev., ASSD GTY, 5%, 12/01/2034     2,325,000 2,504,653
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2024     860,000 967,018
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039     145,000 159,442
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044     170,000 186,208
Piedmont, SC, Municipal Power Agency, 6.25%, 1/01/2021     2,700,000 3,134,511
Piedmont, SC, Municipal Power Agency, “C”, AGM, 5%, 1/01/2030     1,000,000 1,096,010
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     20,000 20,932
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5%, 12/01/2037     1,500,000 1,679,145
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5%, 12/01/2046     1,000,000 1,112,360
South Carolina Public Service Authority Rev., “A”, 5.5%, 1/01/2038 (Prerefunded 1/01/2019)     2,305,000 2,496,246
South Carolina Public Service Authority Rev., “A”, 5%, 12/01/2049     1,000,000 1,085,340
South Carolina Public Service Authority, “A”, 5.5%, 1/01/2038 (Prerefunded 1/01/2019)     195,000 211,179
        $ 17,303,169
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Other – 2.5%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039   $ 685,000 $ 905,166
Nebraska Central Plains Energy Project, Gas Project Rev., “3”, 5%, 9/01/2042     790,000 847,480
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028     130,000 156,334
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041     1,000,000 1,101,180
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021     270,000 299,503
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     290,000 328,785
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     570,000 663,400
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021     330,000 358,637
        $ 4,660,485
Water & Sewer Utility Revenue – 16.1%
Charleston, SC, Waterworks & Sewer Rev., Capital Improvement, 5%, 1/01/2035 (Prerefunded 1/01/2021)   $ 1,000,000 $ 1,122,230
Charleston, SC, Waterworks & Sewer Rev., Refunding Systems, “B”, 5%, 1/01/2030     2,400,000 2,897,424
Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2021     400,000 451,432
Columbia, SC, Waterworks & Sewer Systems Rev., “A”, 5%, 2/01/2025     580,000 653,399
Columbia, SC, Waterworks & Sewer Systems Rev., “A”, 5%, 2/01/2036     3,000,000 3,300,870
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028     35,000 35,685
Dorchester County, SC, Waterworks & Sewer Systems Rev., 5%, 10/01/2029     1,000,000 1,069,510
Greenville, SC, Renewable Water Resource Sewer Systems Rev., “A”, 5%, 1/01/2024 (Prerefunded 1/01/2020)     1,000,000 1,099,910
Greenwood, SC, Sewer Systems Rev., AGM, 5%, 10/01/2030 (Prerefunded 10/01/2018)     1,000,000 1,065,240
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     90,000 95,232
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     315,000 334,432
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     410,000 426,675
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2030     500,000 577,675
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2035     500,000 564,935
Laurens County, SC, Water & Sewer Commission, Waterworks District (Rabon Creek), “A”, 5%, 3/01/2032     1,405,000 1,414,877
Lexington, SC, Waterworks & Sewer Systems Rev., ASSD GTY, 5%, 1/15/2039     2,000,000 2,151,640
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     50,000 55,398
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     60,000 65,521
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     30,000 33,092
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     70,000 76,779
North Charleston, SC, Sewer District, 5%, 7/01/2039     3,425,000 3,847,885
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2033     1,000,000 1,103,540
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2034     2,000,000 2,244,680
Spartanburg, SC, Waterworks Rev., ASSD GTY, 5%, 6/01/2039     2,000,000 2,138,320
Spartanburg, SC, Waterworks Rev., “A”, AGM, 5%, 6/01/2017     2,040,000 2,074,007
Sumter, SC, Waterworks & Sewer Systems Rev., SYNCORA, 5%, 12/01/2025 (Prerefunded 12/01/2017)     540,000 559,569
        $ 29,459,957
Total Municipal Bonds   $180,378,253
Money Market Funds – 0.7%
MFS Institutional Money Market Portfolio, 0.51% (v)     1,217,831 $ 1,217,831
Total Investments $181,596,084
Other Assets, Less Liabilities – 0.9%   1,694,353
Net assets – 100.0%   $183,290,437
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
5

Portfolio of Investments (unaudited) – continued
BAM Build America Mutual
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $180,378,253 $— $180,378,253
Mutual Funds 1,217,831 — — 1,217,831
Total Investments $1,217,831 $180,378,253 $— $181,596,084
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 $174,947,751
Gross unrealized appreciation 8,169,218
Gross unrealized depreciation (1,520,885)
Net unrealized appreciation (depreciation) $6,648,333
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 792,476 39,845,614 (39,420,259) 1,217,831
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(234) $— $9,277 $1,217,831
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
South Carolina 78.2%
Puerto Rico 4.8%
California 2.3%
Guam 2.2%
Pennsylvania 1.7%
Michigan 1.4%
Illinois 1.2%
New York 1.1%
Tennessee 0.9%
Kentucky 0.9%
New Jersey 0.8%
Florida 0.7%
Colorado 0.5%
New Hampshire 0.5%
Virginia 0.5%
Nebraska 0.5%
Indiana 0.4%
Texas 0.4%
Georgia 0.2%
Washington 0.2%
Louisiana 0.2%
Ohio (o) 0.0%
(o) Less than 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  Tennessee
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.6%
Airport Revenue – 3.9%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030   $ 200,000 $ 223,296
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “A”, ASSD GTY, 5%, 7/01/2039     1,000,000 1,079,340
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “D”, 5%, 7/01/2025     1,000,000 1,109,900
Metropolitan Government of Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035     1,100,000 1,206,029
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     680,000 670,045
        $ 4,288,610
General Obligations - General Purpose – 16.5%
Chattanooga, TN, “B”, 4%, 10/01/2023   $ 1,325,000 $ 1,454,492
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     195,000 206,893
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     80,000 80,954
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     215,000 222,905
Johnson City, TN Rfdg 30/Jun/2009 01/Jun/2031 5%, 5%, 6/01/2031     1,000,000 1,084,710
Memphis, TN, “A”, 5%, 11/01/2022     1,000,000 1,161,750
Memphis, TN, “B”, 5%, 4/01/2034     1,025,000 1,158,393
Memphis, TN, Refunding General Improvement, “B”, 5%, 4/01/2031     1,000,000 1,142,750
Metropolitan Government of Nashville & Davidson County, TN, 5%, 7/01/2021     2,000,000 2,217,780
Metropolitan Government of Nashville & Davidson County, TN, 5%, 1/01/2028 (Prerefunded 1/01/2018)     2,000,000 2,078,180
Pigeon Forge, TN, Industrial Development Board, Public Facilities, 5%, 6/01/2034     1,000,000 1,085,200
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     190,000 190,916
Shelby County, TN, “A”, 4.75%, 3/01/2018     200,000 208,648
Shelby County, TN, “A”, 5%, 3/01/2028     2,000,000 2,257,920
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     460,000 535,307
State of Tennessee, “A”, 5%, 10/01/2029 (Prerefunded 10/01/2021)     1,500,000 1,715,445
Sumner County, TN, 5%, 6/01/2021     1,300,000 1,476,930
        $ 18,279,173
General Obligations - Schools – 1.8%
Williamson County, TN, School District, 5%, 4/01/2026   $ 740,000 $ 904,280
Williamson County, TN, School District, “A”, 4%, 3/01/2019     1,015,000 1,073,444
        $ 1,977,724
Healthcare Revenue - Hospitals – 16.6%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044   $ 1,000,000 $ 1,042,990
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045     500,000 536,370
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “D”, 6.25%, 10/01/2033     1,000,000 1,072,810
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040     295,000 323,349
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036     680,000 747,096
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     405,000 460,939
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 5%, 4/01/2028     1,500,000 1,712,520
Jackson, TN, Hospital Rev., Prerefunded & Improvement, 5.625%, 4/01/2038 (Prerefunded 4/01/2018)     730,000 770,508
Jackson, TN, Hospital Rev., Unfunded Balance, 5.625%, 4/01/2038     270,000 281,834
Johnson City, TN, Health & Education Financing Authority Rev. (Johnson City Medical Center Hospital), ETM, NATL, 5%, 7/01/2018     65,000 65,214
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     790,000 851,731
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     265,000 286,319
Knox County, TN, Health Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2033     1,000,000 1,111,400
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2024     1,000,000 1,132,590
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036     1,000,000 1,056,470
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2040     1,750,000 1,898,750
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     85,000 94,616
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     510,000 571,205
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     100,000 107,073
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Rutherford County, TN, Health & Educational Facilities Board Rev. (Ascension Health Senior Credit Group), “C”, 5%, 11/15/2040   $ 1,500,000 $ 1,618,965
Shelby County, TN, Health, Educational & Housing Facilities Board Rev. (Methodist Healthcare), “B”, AGM, 5.25%, 9/01/2027 (Prerefunded 3/01/2018)     1,500,000 1,570,380
St. Petersburg, FL, Health Facilities Authority (All Children Hospital), “A”, 6.5%, 11/15/2039 (Prerefunded 11/15/2019)     170,000 193,183
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/2039 (Prerefunded 2/15/2019)     785,000 870,086
        $ 18,376,398
Healthcare Revenue - Long Term Care – 4.0%
Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5.125%, 4/01/2023 (Prerefunded 4/01/2017)   $ 350,000 $ 353,693
Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5%, 1/01/2047     750,000 753,517
Johnson City, TN, Health & Educational Facilities Board Rev. (Appalachian Christian Village Project), “A”, 5%, 2/15/2043     1,000,000 1,016,820
Nashville & Davidson County, TN, Metropolitan Government Health & Educational Facilities Board Rev. (The Blakeford at Green Hills), 5%, 7/01/2037     1,000,000 1,035,960
Shelby County, TN, Health, Educational & Housing Facility Board (Trezevant Manor Project), “A'”, 5%, 9/01/2037     750,000 749,947
Shelby County, TN, Health, Educational & Housing Facility Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049     550,000 525,971
        $ 4,435,908
Miscellaneous Revenue - Entertainment & Tourism – 2.5%
Memphis-Shelby County, TN, Sports Authority, Inc. Rev., “B”, 5.375%, 11/01/2029   $ 2,500,000 $ 2,736,250
Miscellaneous Revenue - Other – 3.6%
Hardeman County, TN, Correctional Facilities Rev., 7.75%, 8/01/2017   $ 120,000 $ 119,606
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Rev., Public Improvement, “A”, 5%, 8/01/2021     535,000 603,400
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Rev., Public Improvement, “A”, 5%, 8/01/2023     1,205,000 1,400,379
Metropolitan Nashville Airport Authority, Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026     785,000 821,196
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     980,000 1,093,886
        $ 4,038,467
Sales & Excise Tax Revenue – 2.2%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030   $ 480,000 $ 542,074
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036     300,000 318,666
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     725,000 783,181
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     285,000 201,840
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     2,890,000 303,132
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     225,000 53,748
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     60,000 11,868
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     1,255,000 232,878
        $ 2,447,387
Secondary Schools – 0.1%
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042   $ 130,000 $ 134,306
Single Family Housing - State – 1.4%
Tennessee Housing Development Agency Rev., Homeownership Program, 5%, 7/01/2029   $ 535,000 $ 547,086
Tennessee Housing Development Agency Rev., Homeownership Program, “2”, 4.55%, 7/01/2024     975,000 1,007,467
        $ 1,554,553
State & Agency - Other – 0.9%
Hardeman County, TN, Industrial Development Board Rev., “B”, ASSD GTY, 5%, 6/01/2040   $ 1,000,000 $ 1,023,080
State & Local Agencies – 10.0%
Chattanooga, TN, Industrial Development Board, Lease Rental Rev. (Southside Redevelopment Corp.), 5%, 10/01/2020   $ 700,000 $ 776,468
Chattanooga, TN, Industrial Development Board, Lease Rental Rev. (Southside Redevelopment Corp.), 5%, 10/01/2024     1,000,000 1,104,860
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037     795,000 643,425
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., “A”, AGM, 5%, 6/01/2033     665,000 722,961
Tennessee School Board Authority, Higher Education Facilities Rev., 5.125%, 5/01/2033 (Prerefunded 5/01/2018)     360,000 378,882
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Tennessee School Board Authority, Higher Education Facilities Rev., 5.125%, 5/01/2033 (Prerefunded 5/01/2018)   $ 1,640,000 $ 1,726,018
Tennessee School Board Authority, Higher Education Facilities Second Program, “B”, 5%, 11/01/2028     1,000,000 1,185,010
Tennessee School Board Authority, Higher Education Facilities Second Program, “B”, 5%, 11/01/2045     1,285,000 1,455,404
Tennessee School Bond Authority, “A”, 5%, 11/01/2043     1,000,000 1,127,020
Tennessee School Bond Authority, “C”, AGM, 5%, 5/01/2032     2,000,000 2,021,420
        $ 11,141,468
Tax - Other – 2.4%
Commonwealth of Puerto Rico Infrastructure Financing Authority Rev., “C”, AMBAC, 5.5%, 7/01/2025   $ 25,000 $ 26,100
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)     150,000 165,813
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     50,000 55,626
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2033     170,000 190,002
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2034     105,000 116,705
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035     105,000 116,152
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036     60,000 66,215
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046     175,000 191,459
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     180,000 176,186
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024     230,000 239,867
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2026     415,000 433,671
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     380,000 397,210
Virgin Islands Public Finance Authority Rev., “B”, AGM, 5%, 10/01/2025     250,000 267,773
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, “A”, AGM, 5%, 10/01/2025     245,000 266,178
        $ 2,708,957
Tobacco – 1.6%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 200,000 $ 228,078
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/2023     245,000 246,558
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034     190,000 163,877
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     550,000 478,489
Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031     730,000 729,964
        $ 1,846,966
Toll Roads – 0.5%
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037   $ 165,000 $ 185,133
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     320,000 342,243
        $ 527,376
Transportation - Special Tax – 2.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2028   $ 600,000 $ 672,324
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036     260,000 279,167
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     15,000 15,011
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     545,000 544,302
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     45,000 46,458
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.5%, 7/01/2029     655,000 678,390
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.25%, 7/01/2031     40,000 40,161
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034     95,000 102,725
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     60,000 62,728
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033     90,000 93,744
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     200,000 216,558
        $ 2,751,568
Universities - Colleges – 7.6%
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.625%, 10/01/2039   $ 500,000 $ 525,985
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 10/01/2040     250,000 263,775
Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 4%, 9/01/2023     1,000,000 1,069,330
Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 5%, 9/01/2028     500,000 562,015
Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 5%, 9/01/2030     375,000 419,625
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041     1,000,000 1,073,350
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), Prerefunded, 5%, 10/01/2034 (Prerefunded 10/01/2019)   $ 535,000 $ 584,236
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), Unrefunded ETM, 5%, 10/01/2034 (Prerefunded 10/01/2019)     1,965,000 2,145,839
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     555,000 455,311
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041     120,000 133,857
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University Project), 5.375%, 12/01/2021     20,000 19,999
Shelby County TN Health Educational & Housing Facilities Board Rev. Edl, 5.5%, 8/01/2040     1,000,000 1,132,340
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025     15,000 15,016
        $ 8,400,678
Universities - Dormitories – 0.5%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035   $ 500,000 $ 529,015
Utilities - Municipal Owned – 7.0%
Chattanooga, TN, Electric Rev., “A”, 5%, 9/01/2033 (Prerefunded 3/01/2018)   $ 2,000,000 $ 2,089,580
Citizens Gas Utility District, TN, Gas Rev. Unrefunded, 5%, 5/01/2035     420,000 437,350
Citizens Gas Utility District, TN, Gas Rev., ETM, (Prerefunded 5/01/2019), 5%, 5/01/2035 (Prerefunded 5/01/2019)     580,000 627,543
Clarksville, TN, Electric System Rev., “A”, 5%, 9/01/2034     1,250,000 1,357,337
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030     300,000 325,086
Guam Power Authority Rev., “A”, 5.5%, 10/01/2040     470,000 504,475
Johnson City, TN, Electric Rev., AGM, 5%, 5/01/2029     1,000,000 1,043,350
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 5/01/2033 (Prerefunded 5/01/2019)     195,000 215,590
Memphis, TN, Electric Systems Rev., 5%, 12/01/2034     1,000,000 1,143,060
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     10,000 10,466
        $ 7,753,837
Utilities - Other – 1.7%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021   $ 225,000 $ 249,586
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     115,000 130,380
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023     85,000 96,644
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     1,200,000 1,396,632
        $ 1,873,242
Water & Sewer Utility Revenue – 10.3%
Chicago, IL, Wastewater Transmission Rev., Second Lien, “C”, 5%, 1/01/2030   $ 150,000 $ 163,293
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/2029     1,000,000 1,130,410
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/2041     2,000,000 2,271,720
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     65,000 68,778
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     300,000 312,201
Harpeth Valley, TN, Utilities District, Davidson & Williamson Counties Rev., NATL, 5.25%, 9/01/2037 (Prerefunded 9/01/2017)     1,000,000 1,028,720
Memphis, TN, Sanitary Sewerage System Rev., 5%, 10/01/2021     865,000 964,146
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Rev., 5%, 7/01/2032     2,000,000 2,261,200
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     30,000 33,239
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     35,000 38,221
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     20,000 22,062
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     45,000 49,358
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     65,000 82,017
South Blount County, TN, Utility District Waterworks Rev., Prerefunded & Improvement, AGM, 5%, 12/01/2033 (Prerefunded 12/01/2019)     680,000 747,313
South Blount County, TN, Utility District Waterworks Rev., Unrefunded Balance & Improvement, AGM, 5%, 12/01/2033     1,460,000 1,574,960
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Wilson County, TN, West Wilson Utility District Waterworks Rev., 5%, 6/01/2030   $ 550,000 $ 638,842
        $ 11,386,480
Total Municipal Bonds   $108,211,443
Money Market Funds – 1.1%
MFS Institutional Money Market Portfolio, 0.51% (v)     1,211,159 $ 1,211,159
Total Investments $109,422,602
Other Assets, Less Liabilities – 1.3%   1,470,589
Net assets – 100.0%   $110,893,191
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
5

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $108,211,443 $— $108,211,443
Mutual Funds 1,211,159 — — 1,211,159
Total Investments $1,211,159 $108,211,443 $— $109,422,602
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 $105,160,862
Gross unrealized appreciation 4,993,373
Gross unrealized depreciation (731,633)
Net unrealized appreciation (depreciation) $4,261,740
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
6

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 1,884,410 21,862,653 (22,535,904) 1,211,159
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(23) $— $6,038 $1,211,159
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Tennessee 78.8%
Puerto Rico 4.7%
Guam 3.1%
New York 1.8%
Pennsylvania 1.7%
U.S. Virgin Islands 1.2%
Florida 1.1%
New Jersey 1.1%
Kentucky 1.0%
Illinois 1.0%
Wisconsin 0.8%
Virginia 0.5%
New Hampshire 0.5%
Colorado 0.5%
California 0.5%
Georgia 0.3%
Texas 0.1%
Mississippi 0.1%
Michigan 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
7

QUARTERLY REPORT
December 31, 2016
MFS®  Virginia
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.6%
Airport Revenue – 3.4%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030   $ 510,000 $ 569,405
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035     855,000 953,410
Metropolitan Washington, DC, Airport Authority Rev., 5.375%, 10/01/2028     1,500,000 1,590,525
Metropolitan Washington, DC, Airport Authority Rev., “B”, 5%, 10/01/2027     980,000 1,128,833
Metropolitan Washington, DC, Airport Authority Rev., “B”, 5%, 10/01/2028     1,000,000 1,145,860
Norfolk, VA, Airport Authority Rev., AGM, 5%, 7/01/2023     2,000,000 2,237,020
Norfolk, VA, Airport Authority Rev., AGM, 5%, 7/01/2024     1,000,000 1,113,510
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     1,160,000 1,267,532
        $ 10,006,095
General Obligations - General Purpose – 14.0%
Arlington County, VA, General Obligation, “A”, 5%, 8/01/2022   $ 1,950,000 $ 2,274,071
Arlington County, VA, General Obligation, “B”, 5%, 8/15/2026     4,000,000 4,930,160
Chesapeake, VA, “B”, 5%, 6/01/2023     1,930,000 2,182,309
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     790,000 838,182
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     210,000 212,503
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     925,000 1,057,895
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     540,000 559,856
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     110,000 126,573
Isle Wight County, VA, “A”, 4%, 4/01/2020     1,045,000 1,123,824
Loudoun County , VA, General Obligation Public Improvement, “A”, 5%, 12/01/2022     3,000,000 3,519,960
Loudoun County , VA, General Obligation Public Improvement, “B”, 5%, 11/01/2018     5,500,000 5,878,950
Lynchburg, VA, Public Improvement, 5%, 12/01/2023     1,000,000 1,113,930
Lynchburg, VA, Public Improvement, 5%, 6/01/2026     1,000,000 1,177,410
Portsmouth, VA, General Obligation Public Improvement, “A”, 5%, 2/01/2032     500,000 565,630
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     650,000 653,146
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     575,000 582,889
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     170,000 170,819
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AMBAC, 5.45%, 7/01/2030     380,000 376,599
Richmond, VA, Public Improvement, “A”, 5%, 3/01/2024     1,785,000 2,087,736
Richmond, VA, Public Improvement, “A”, 5%, 3/01/2028     220,000 253,682
Stafford County, VA, General Obligation Public Improvement, 5%, 7/01/2022     555,000 645,287
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     1,195,000 1,390,633
Suffolk, VA, General Obligation, 5%, 12/01/2021     3,330,000 3,829,467
Suffolk, VA, General Obligation, 5%, 12/01/2022     2,480,000 2,906,808
Virginia Beach, VA, Public Improvement, “B”, 5%, 4/01/2022     2,000,000 2,317,480
        $ 40,775,799
Healthcare Revenue - Hospitals – 14.7%
Charlotte County, VA, Industrial Development Authority Rev. (Halifax Hospital), 5%, 9/01/2037   $ 1,000,000 $ 1,013,980
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 5%, 5/15/2031     2,000,000 2,303,520
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), Prerefunded, 5.5%, 5/15/2035 (Prerefunded 5/15/2019)     530,000 580,302
Fairfax County, VA, Industrial Development Authority Health Care Rev., Unrefunded Balance, 5.5%, 5/15/2035     970,000 1,051,878
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health System Project), “A”, 5%, 5/15/2044     2,000,000 2,226,420
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health System Project), “C”, 5%, 5/15/2025     500,000 537,835
Fauquier County, VA, Industrial Development Authority Hospital Authority Rev. (Fauquier Hospital Obligation Group), “B”, 5.25%, 10/01/2037 (Prerefunded 10/01/2017)     2,000,000 2,064,560
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031     750,000 828,975
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033     1,000,000 1,094,270
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Medicorp Health System), 5.25%, 6/15/2019     1,125,000 1,195,853
Henrico County, VA, Economic Development Authority Rev. (Bon Secours Health Systems, Inc.), “B-2”, AGM, 5.25%, 11/01/2042     1,705,000 1,844,895
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), NATL, 6.25%, 8/15/2020     1,500,000 1,624,770
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     970,000 1,103,976
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031   $ 375,000 $ 400,301
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     395,000 417,065
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     635,000 711,206
Norfolk, VA, Economic Development Authority Health Care Facilities Rev. (Sentara Healthcare), “B”, 5%, 11/01/2036     2,875,000 3,211,634
Roanoke, VA, Economic Development Authority Hospital Rev. (Carilion Medical Center), 5%, 7/01/2033     2,385,000 2,581,285
Roanoke, VA, Industrial Development Authority Hospital Rev. (Carilion Health Systems), “B”, 5%, 7/01/2038 (Prerefunded 7/01/2020)     45,000 50,029
Roanoke, VA, Industrial Development Authority Hospital Rev. (Carilion Health Systems), “B”, AGM, 5%, 7/01/2038     2,955,000 3,149,114
Roanoke, VA, Industrial Development Authority Hospital Rev. (Roanoke Memorial Hospital), “B”, ETM, NATL, 6.125%, 7/01/2017     820,000 841,574
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), “V”, 8.25%, 9/01/2039 (Prerefunded 9/01/2018)     1,805,000 2,011,330
Virginia Small Business Financing Authority Hospital Rev. (Wellmont Health Project), ''A'', 5.25%, 9/01/2037     2,000,000 2,029,920
Virginia Small Business Financing Authority, Healthcare Facility Rev. (Sentra Healthcare), 5%, 11/01/2040     4,000,000 4,328,720
Washington County, VA, Industrial Development Authority, Hospital Facilities Rev. (Mountain States Health Alliance), “C”, 7.5%, 7/01/2029     1,400,000 1,530,886
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     220,000 247,804
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     530,000 600,220
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), “A”, 5%, 1/01/2044     2,000,000 2,165,520
Winchester, VA, Economic Development Authority Rev., (Valley Health System Obligated Group), 5%, 1/01/2028     600,000 697,656
Winchester, VA, Economic Development Authority Rev., (Valley Health System Obligated Group), 5%, 1/01/2030     400,000 459,304
        $ 42,904,802
Healthcare Revenue - Long Term Care – 3.0%
Albemarle County, VA, Economic Development Authority, Residential Care Facilities Rev. (Westminster-Canterbury Blue Ridge), “A”, 5%, 1/01/2042   $ 1,000,000 $ 1,011,620
Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030     1,000,000 1,109,810
Chesterfield County, VA, Health Center Commission Residential Care Facility, 6.25%, 12/01/2038     750,000 701,760
Fairfax County, VA, Economic Development Authority, Residential Care Facilities (Goodwin House, Inc.), 5%, 10/01/2036     1,000,000 1,076,690
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024     395,000 433,785
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025     385,000 420,193
James City County, VA, Economic Development Authority, Residential Care Facilities Rev. (Virginia United Methodist Homes of Williamsburg), “A”, 2%, 10/01/2048     200,800 9,438
Lexington, VA, Industrial Development Authority Residential Care Facilities (Kendal at Lexington), 4%, 1/01/2037     1,000,000 956,140
Norfolk, VA, Redevelopment & Housing Authority Rev. (Fort Norfolk Retirement Community), 5.375%, 1/01/2046     500,000 506,485
Prince William County, VA, Industrial Development Authority, Residential Care Facilities (Westminster at Lake Ridge), 5%, 1/01/2037     1,000,000 1,005,870
Suffolk, VA, Economic Development Facilities Rev. (Lake Prince Center, Inc,), 5%, 9/01/2031     1,000,000 1,059,800
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)     140,000 164,133
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)     265,000 311,889
Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030     35,000 39,736
        $ 8,807,349
Industrial Revenue - Other – 1.2%
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035   $ 3,000,000 $ 3,588,420
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034   $ 100,000 $ 118,124
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     130,000 155,103
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 3/01/2019 (a)(d)     1,683,272 168
        $ 273,395
Miscellaneous Revenue - Other – 0.0%
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040   $ 80,000 $ 86,653
Multi-Family Housing Revenue – 6.1%
Arlington County, VA, Industrial Development Authority Rev. (Colonial Village), 5.15%, 11/01/2031 (Put Date 11/01/2019)   $ 2,515,000 $ 2,535,246
Virginia Housing Development Authority Rev., Rental Housing, “B”, 5.5%, 6/01/2030     1,450,000 1,548,658
Virginia Housing Development Authority Rev., Rental Housing, “B”, 5%, 6/01/2045     3,050,000 3,134,851
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
Virginia Housing Development Authority Rev., Rental Housing, “E”, 4.8%, 10/01/2039   $ 3,000,000 $ 3,064,680
Virginia Housing Development Authority Rev., Rental Housing, “F”, 4.8%, 4/01/2037     1,330,000 1,369,647
Virginia Housing Development Authority Rev., Rental Housing, “F”, 5.1%, 1/01/2041     3,770,000 3,914,278
Virginia Housing Development Authority Rev., Rental Housing, “F”, 5%, 4/01/2045     2,125,000 2,183,097
        $ 17,750,457
Port Revenue – 1.2%
Virginia Port Authority Facilities Rev, “A”, 5%, 7/01/2031   $ 3,000,000 $ 3,601,860
Sales & Excise Tax Revenue – 1.0%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041   $ 1,320,000 $ 1,463,339
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)     40,000 44,032
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     750,000 531,157
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     930,000 97,548
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     590,000 140,939
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     160,000 31,648
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     3,250,000 603,070
        $ 2,911,733
Secondary Schools – 0.7%
Alexandria, VA, Industrial Development Authority, Educational Facilities Rev. (Episcopal High School), “A”, 5%, 1/01/2040   $ 1,900,000 $ 2,008,908
State & Local Agencies – 12.4%
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037   $ 1,955,000 $ 1,582,260
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2033     500,000 572,410
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2034     1,000,000 1,140,350
Manassas Park, VA, Economic Development Authority Lease Rev., “A”, 6%, 7/15/2035 (Prerefunded 7/15/2020)     1,000,000 1,139,980
Montgomery County, VA, Industrial Development Authority (Public Facilities Project), 5%, 2/01/2029     500,000 520,895
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2034     2,770,000 3,159,822
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036     3,205,000 3,630,303
Powhatan County, VA, 5%, 1/15/2032     2,500,000 2,686,175
Stafford County, VA, Economic Development Authority Lease Rev., 5%, 4/01/2033 (Prerefunded 4/01/2018)     2,400,000 2,514,576
Stafford County, VA, Economic Development Authority Lease Rev., 5%, 4/01/2033     600,000 621,900
Virginia College Building Authority, Educational Facilities Rev., 5%, 2/01/2023     2,140,000 2,490,446
Virginia College Building Authority, Educational Facilities Rev. (21st Century College & Equipment), “A”, 5%, 2/01/2029 (Prerefunded 2/01/2019)     1,500,000 1,612,695
Virginia College Building Authority, Educational Facilities Rev. (Public Higher Education Financing), “A”, 5%, 9/01/2027     3,000,000 3,368,370
Virginia College Building Authority, Educational Facilities Rev. (Public Higher Education Financing), “B”, 5%, 9/01/2020     3,000,000 3,353,640
Virginia Public Building Authority Rev., “B”, 5.25%, 8/01/2028 (Prerefunded 8/01/2018)     1,000,000 1,063,240
Virginia Public Building Authority, Public Facilities Rev., “B”, 5%, 8/01/2029 (Prerefunded 8/01/2019)     950,000 1,034,778
Virginia Public Building Authority, Public Facilities Rev., “B-3”, 4%, 8/01/2021     1,000,000 1,096,320
Virginia Public School Authority (1997 Resolution), “A”, 5%, 8/01/2019     1,175,000 1,280,527
Virginia Public School Authority (1997 Resolution), “A”, 5%, 8/01/2030 (Prerefunded 8/01/2020)     1,000,000 1,115,790
Virginia Resource Authority Infrastructure Rev. (Virginia Pooled Financing Program), “A”, 5%, 8/01/2029 (Prerefunded 8/01/2019)     100,000 108,950
Western Virginia, VA, Regional Jail Authority Rev., 5%, 12/01/2034     1,750,000 2,020,708
        $ 36,114,135
Tax - Other – 1.6%
Commonwealth of Puerto Rico Infrastructure Financing Authority Rev., “C”, AMBAC, 5.5%, 7/01/2025   $ 75,000 $ 78,300
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)     365,000 403,478
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     120,000 133,503
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     235,000 230,020
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024     620,000 646,598
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2026     2,030,000 2,121,330
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     990,000 1,034,837
        $ 4,648,066
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – 0.5%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043   $ 750,000 $ 807,015
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035     500,000 506,550
        $ 1,313,565
Tobacco – 2.2%
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.75%, 6/01/2034   $ 275,000 $ 237,537
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6%, 6/01/2042     1,110,000 965,855
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6.5%, 6/01/2047     1,230,000 1,140,567
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     1,575,000 1,796,114
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/2023     680,000 684,325
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     735,000 639,435
Virginia Tobacco Settlement Financing Corp., “B-1”, 5%, 6/01/2047     1,000,000 851,290
        $ 6,315,123
Toll Roads – 3.2%
Chesapeake Bay Bridge & Tunnel District Rev., 5%, 7/01/2051   $ 3,000,000 $ 3,222,930
Metropolitan Washington, DC, Airports Authority Rev. Senior Lien (Dulles Toll Road), 5%, 10/01/2053     2,000,000 2,080,200
Virginia Small Business Financing Authority Rev. (95 Express Lanes LLC), 5%, 7/01/2034     2,500,000 2,600,275
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037     465,000 521,739
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     905,000 967,907
        $ 9,393,051
Transportation - Special Tax – 3.4%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029   $ 50,000 $ 50,037
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     1,250,000 1,248,400
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     170,000 175,506
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.5%, 7/01/2029     1,695,000 1,755,528
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     160,000 167,274
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     505,000 546,809
Virginia Port Authority Rev., 5%, 7/01/2030     1,000,000 1,146,690
Virginia Port Authority Rev., 5%, 7/01/2031     500,000 570,930
Virginia Port Authority, Port Fund Rev., 5%, 7/01/2032     1,200,000 1,312,896
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.25%, 7/01/2029     1,485,000 1,601,127
Washington, DC, Metropolitan Area Transit Authority Gross Rev., “A”, 5.125%, 7/01/2032     1,365,000 1,462,065
        $ 10,037,262
Universities - Colleges – 8.4%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026   $ 1,770,000 $ 1,662,437
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2030     615,000 649,317
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     1,450,000 1,189,551
Prince William County, VA, Industrial Development Authority Rev. (George Mason University Foundation Prince William Life Sciences Lab), 5.5%, 9/01/2034     1,000,000 1,123,890
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033     370,000 376,575
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     230,000 198,591
University of Virginia (University Rev.), 5%, 9/01/2025     3,760,000 4,259,178
University of Virginia, General Rev. Pledge Refunding, “A”, 5%, 6/01/2043     685,000 773,399
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “A”, 5%, 7/01/2035     1,000,000 988,110
Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2035     1,000,000 1,010,240
Virginia College Building Authority, Educational Facilities Rev. (Regent University), 5%, 6/01/2026     2,000,000 1,999,860
Virginia College Building Authority, Educational Facilities Rev. (Richmond University), “A”, 5%, 3/01/2021     2,115,000 2,388,089
Virginia College Building Authority, Educational Facilities Rev. (Roanoke College), 4.5%, 4/01/2037     2,180,000 2,193,429
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NATL, 5.25%, 1/01/2031     1,000,000 1,227,500
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), “A”, 5%, 1/01/2040     1,000,000 1,124,700
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029     2,500,000 2,886,875
Virginia Small Business Financing Authority, Educational Facilities Rev. (Roanoke College), 5.5%, 4/01/2033     500,000 544,965
        $ 24,596,706
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – 3.8%
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030   $ 785,000 $ 850,642
Guam Power Authority Rev., “A”, 5.5%, 10/01/2040     1,250,000 1,341,687
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 5/01/2033 (Prerefunded 5/01/2019)     470,000 519,627
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023     60,000 59,503
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024     260,000 257,811
Puerto Rico Electric Power Authority Rev., “LL”, 5.5%, 7/01/2017     15,000 15,268
Puerto Rico Electric Power Authority Rev., “MM”, 5%, 7/01/2020     5,000 5,227
Puerto Rico Electric Power Authority Rev., “PP”, 5%, 7/01/2024     25,000 25,034
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030     30,000 29,834
Puerto Rico Electric Power Authority Rev., “UU”, 4.5%, 7/01/2018     20,000 20,432
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027     185,000 185,786
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030     300,000 315,744
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     35,000 36,630
Richmond, VA, Public Utility Rev., “A”, 5%, 1/15/2027     2,555,000 2,943,462
Richmond, VA, Public Utility Rev., “A”, 5%, 1/15/2035     2,000,000 2,304,420
Richmond, VA, Public Utility Rev., “A”, 5%, 1/15/2038     2,000,000 2,231,200
        $ 11,142,307
Utilities - Other – 1.2%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2019   $ 945,000 $ 1,021,346
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021     555,000 615,645
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     290,000 328,785
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2024     215,000 246,171
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     1,140,000 1,326,800
        $ 3,538,747
Water & Sewer Utility Revenue – 16.5%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028   $ 105,000 $ 107,055
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 7/01/2047     265,000 265,845
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2028     1,000,000 1,132,850
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2020     60,000 65,755
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2021     175,000 193,331
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     620,000 658,248
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 4/01/2033 (Prerefunded 4/01/2018)     1,255,000 1,315,391
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 4/01/2033 (Prerefunded 4/01/2018)     745,000 780,849
Hampton Roads, VA, Sanitation District Wastewater Rev., 5%, 4/01/2038 (Prerefunded 4/01/2018)     3,750,000 3,930,450
James City, VA, Water & Sewer Rev., 5%, 1/15/2040 (Prerefunded 1/15/2018)     1,290,000 1,342,258
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     80,000 88,637
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     100,000 109,202
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     50,000 55,154
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     110,000 120,652
Norfolk, VA, Water Rev., 5%, 11/01/2028     1,000,000 1,122,720
Norfolk, VA, Water Rev., 4.75%, 11/01/2038 (Prerefunded 11/01/2018)     4,000,000 4,255,760
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 5%, 7/01/2041 (Prerefunded 7/01/2017)     2,000,000 2,041,340
Virginia Beach, VA, Water & Sewer System Rev., 5%, 10/01/2022     1,310,000 1,530,866
Virginia Resources Authority, Clean Water Rev., 4.75%, 10/01/2027 (Prerefunded 10/01/2017)     3,000,000 3,085,830
Virginia Resources Authority, Clean Water Rev., 5%, 10/01/2031 (Prerefunded 10/01/2019)     1,000,000 1,094,580
Virginia Resources Authority, Infrastructure Rev., 5.25%, 11/01/2033     985,000 1,047,705
Virginia Resources Authority, Infrastructure Rev. (St. Moral, VA), 5%, 11/01/2040 (Prerefunded 11/01/2020)     1,240,000 1,390,313
Virginia Resources Authority, Infrastructure Rev. (St. Moral, VA), 5%, 11/01/2040     160,000 174,896
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, 5%, 11/01/2025 (Prerefunded 11/01/2021)     200,000 229,408
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, 5.25%, 11/01/2033 (Prerefunded 11/01/2018)     175,000 187,773
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, 5.25%, 11/01/2033 (Prerefunded 11/01/2018)     1,840,000 1,974,302
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, 5%, 11/01/2038 (Prerefunded 11/01/2018)     2,600,000 2,778,022
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2025 (u)     1,245,000 1,423,247
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2027 (u)   $ 5,755,000 $ 6,561,793
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2028 (u)     3,000,000 3,413,160
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025     1,395,000 1,588,793
Virginia Resources Authority, Water & Sewer Systems Rev. (Turkahoe Creek Project), Capital Appreciation, 0%, 11/01/2033     2,245,000 1,247,973
Virginia Resources Authority, Water & Sewer Systems Rev. (Turkahoe Creek Project), Capital Appreciation, 0%, 11/01/2034     2,250,000 1,191,375
Virginia Resources Authority, Water & Sewer Systems Rev. (Turkahoe Creek Project), Capital Appreciation, 0%, 11/01/2035     1,950,000 982,254
Virginia Resources Authority, Water & Sewer Systems Rev. (Turkahoe Creek Project), Capital Appreciation, 0%, 11/01/2036     1,250,000 599,663
        $ 48,087,450
Total Municipal Bonds   $287,901,883
Money Market Funds – 1.6%
MFS Institutional Money Market Portfolio, 0.51% (v)     4,777,134 $ 4,777,134
Total Investments $292,679,017
Other Assets, Less Liabilities – (0.2)%   (724,525)
Net assets – 100.0%   $291,954,492
(a) Non-income producing security.
(d) In default.
(u) Underlying security deposited into special purpose trust (“the trust”) by investment banker upon creation of self-deposited inverse floaters.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $287,901,883 $— $287,901,883
Mutual Funds 4,777,134 — — 4,777,134
Total Investments $4,777,134 $287,901,883 $— $292,679,017
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 $277,573,889
Gross unrealized appreciation 13,905,445
Gross unrealized depreciation (3,807,786)
Net unrealized appreciation (depreciation) $10,097,659
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 3,556,870 56,804,896 (55,584,632) 4,777,134
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $84 $— $15,828 $4,777,134
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
Virginia 76.0%
Puerto Rico 4.8%
District of Columbia 3.1%
National Issue 2.2%
Guam 1.9%
Illinois 1.5%
New York 1.4%
Tennessee 1.2%
Pennsylvania 1.0%
California 0.9%
Michigan 0.8%
Ohio 0.8%
New Jersey 0.6%
Colorado 0.5%
Washington 0.3%
Louisiana 0.3%
New Hampshire 0.3%
Massachusetts 0.2%
Texas 0.2%
Indiana 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  West Virginia
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 99.0%
Airport Revenue – 1.6%
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044   $ 155,000 $ 170,432
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     110,000 118,270
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     745,000 734,093
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     470,000 513,569
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     60,000 64,968
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     70,000 76,699
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     55,000 58,815
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     85,000 90,659
        $ 1,827,505
General Obligations - General Purpose – 4.0%
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031   $ 85,000 $ 86,013
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     35,000 40,028
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     250,000 259,193
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     45,000 51,780
State of West Virginia, 4%, 6/01/2022     2,000,000 2,140,640
State of West Virginia, 4%, 6/01/2023     2,000,000 2,130,360
        $ 4,708,014
General Obligations - Schools – 8.4%
Hancock County, WV, Board of Education, 5%, 5/01/2019   $ 1,130,000 $ 1,218,456
Hancock County, WV, Board of Education, 4.5%, 5/01/2032     1,405,000 1,518,552
Monongalia County, WV, Board of Education, 5%, 5/01/2029     1,000,000 1,125,210
Monongalia County, WV, Board of Education, 5%, 5/01/2031     2,000,000 2,228,540
Putnam County, WV, Board of Education, 4%, 5/01/2020     2,500,000 2,691,600
Putnam County, WV, Board of Education, 4%, 5/01/2025     1,000,000 1,051,420
        $ 9,833,778
Healthcare Revenue - Hospitals – 16.5%
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036   $ 725,000 $ 796,536
Illinois Finance Authority Rev. (Provena Health), “A”, 6%, 5/01/2028 (Prerefunded 5/01/2020)     450,000 513,540
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     420,000 478,010
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 5.75%, 6/01/2025     340,000 368,417
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040     410,000 442,037
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.5%, 3/01/2045     290,000 313,331
Massachusetts Health & Educational Facilities Authority Rev. (Caregroup, Inc.), “E-1”, 5.125%, 7/01/2038 (Prerefunded 7/01/2018)     675,000 714,650
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 11/15/2039 (Prerefunded 11/15/2019)     855,000 956,480
Monongalia County, WV, Building Commission Hospital Rev. (Monongalia General Hospital), 6.5%, 7/01/2041     1,100,000 1,247,642
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2029     1,000,000 1,131,090
Princeton, WV, Hospital Rev. (Princeton Community Hospital), “A”, 5%, 5/01/2027     750,000 818,407
West Virginia Hospital Finance Authority Hospital Rev. (Camden Clark Memorial Hospital), ASSD GTY, 5.875%, 2/15/2034 (Prerefunded 2/15/2019)     1,000,000 1,094,300
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center), “A”, 5%, 9/01/2028     1,000,000 1,120,060
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center), “A”, ETM, 6.5%, 9/01/2023     2,000,000 2,304,300
West Virginia Hospital Finance Authority Hospital Rev. (Thomas Health System), 6.5%, 10/01/2038     500,000 513,570
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044     1,000,000 1,070,640
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044     1,000,000 1,071,070
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System), “A”, 4%, 6/01/2035     1,500,000 1,518,780
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System), “A”, 5.5%, 6/01/2044     1,460,000 1,626,542
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System), “E”, 5.625%, 6/01/2035 (Prerefunded 12/01/2018)     1,000,000 1,082,540
        $ 19,181,942
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 16.4%
Florida Citizens Property Insurance Corp., “A-1”, 5%, 6/01/2020   $ 605,000 $ 664,792
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040     140,000 142,079
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     215,000 222,596
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044     580,000 598,902
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     545,000 608,334
West Virginia Building Commission, Lease Rev. (WV Regional Jail), “A”, AMBAC, 5.375%, 7/01/2018     3,470,000 3,616,781
West Virginia Building Commission, Lease Rev. (WV Regional Jail), “B”, AMBAC, 5.375%, 7/01/2018     810,000 844,263
West Virginia Economic Development Authority, Lottery Rev., “A”, 5%, 6/15/2040     2,475,000 2,684,732
West Virginia School Building Authority, Excess Lottery Rev., 5%, 7/01/2026 (Prerefunded 7/01/2018)     1,000,000 1,056,430
West Virginia School Building Authority, Excess Lottery Rev., 5%, 7/01/2028 (Prerefunded 7/01/2018)     750,000 792,323
West Virginia School Building Authority, Excess Lottery Rev., “B”, 5%, 7/01/2030     1,000,000 1,092,490
West Virginia School Building Authority, Lottery Capital Improvement Rev., “A”, 5%, 7/01/2031     1,890,000 2,177,960
West Virginia School Building Authority, Lottery Capital Improvement Rev., “B”, 5%, 7/01/2032     1,940,000 2,225,898
West Virginia, Higher Education Policy Commission Rev. (Community & Technology-Capital Improvement), “A”, 5%, 7/01/2039     2,200,000 2,350,348
        $ 19,077,928
Sales & Excise Tax Revenue – 2.6%
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036   $ 335,000 $ 355,844
Guam Government Business Privilege Tax Rev., “A”, 5.125%, 1/01/2042     790,000 829,571
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 7/01/2031     1,000,000 1,224,530
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     330,000 233,709
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     385,000 40,383
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     245,000 58,526
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     65,000 12,857
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     1,345,000 249,578
        $ 3,004,998
Single Family Housing - State – 0.9%
West Virginia Housing Development Fund, “A”, 2.95%, 11/01/2021   $ 300,000 $ 310,338
West Virginia Housing Development Fund, “A”, 3.8%, 11/01/2024     715,000 748,820
        $ 1,059,158
State & Local Agencies – 8.4%
FYI Properties Lease Rev. (Washington State Project), 5.5%, 6/01/2034   $ 545,000 $ 587,477
West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 5/01/2033     1,000,000 1,002,900
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile Public Safety Facilities), 5%, 6/01/2022     1,000,000 1,123,460
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile Public Safety Facilities), “A”, 5%, 6/01/2029     2,000,000 2,252,280
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 1/01/2025     645,000 647,199
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NATL, 5.25%, 1/01/2030     1,355,000 1,359,106
West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034     795,000 795,684
West Virginia School Building Authority Rev., “A”, FGIC, 5%, 7/01/2020     2,000,000 2,039,200
        $ 9,807,306
Tax - Other – 1.3%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 160,000 $ 176,867
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     55,000 61,188
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     895,000 876,035
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     430,000 449,475
        $ 1,563,565
Tax Assessment – 1.1%
Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 6/01/2033   $ 455,000 $ 421,216
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034     1,000,000 915,110
        $ 1,336,326
Tobacco – 0.8%
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028   $ 620,000 $ 707,042
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034     190,000 163,877
        $ 870,919
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – 0.3%
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038   $ 155,000 $ 176,182
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     120,000 138,082
        $ 314,264
Transportation - Special Tax – 2.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026   $ 575,000 $ 584,976
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     530,000 529,322
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     105,000 108,401
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.5%, 7/01/2029     750,000 776,782
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032     65,000 67,955
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     220,000 238,214
        $ 2,305,650
Universities - Colleges – 17.8%
Concord University, WV, Board of Governors Rev., AGM, 5%, 6/01/2021   $ 380,000 $ 417,555
Concord University, WV, Board of Governors Rev., AGM, 5%, 6/01/2022     400,000 444,400
Concord University, WV, Board of Governors Rev., AGM, 5%, 6/01/2023     420,000 464,020
Concord University, WV, Board of Governors Rev., AGM, 5%, 6/01/2024     440,000 485,962
Fairmont State University, WV, Board of Governors Rev., “A”, 5%, 6/01/2025     805,000 938,872
Fairmont State University, WV, Board of Governors Rev., “A”, 5%, 6/01/2026     840,000 969,234
Fairmont State University, WV, Board of Governors Rev., “A”, 5%, 6/01/2032     4,035,000 4,412,515
Marshall University, WV, University Rev., 5%, 5/01/2030     2,000,000 2,163,700
Marshall University, WV, University Rev., 5%, 5/01/2041     1,000,000 1,099,090
New York Dormitory Authority Rev. (New York University), “1”, AMBAC, 5.5%, 7/01/2040     555,000 713,819
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University Project), 5.375%, 12/01/2021     20,000 19,999
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza), “A”, NATL, 5%, 7/01/2021     1,270,000 1,292,695
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031     110,000 107,027
Shepherd University Board of Governors, WV Rev. (Residence Facilities Projects), NATL, 5%, 6/01/2035     1,675,000 1,679,254
West Virginia University, University Systems Rev., “A”, NATL, 5.5%, 4/01/2020     1,700,000 1,904,102
West Virginia University, University Systems Rev., “A”, NATL, 5.25%, 4/01/2028     3,035,000 3,582,089
        $ 20,694,333
Utilities - Investor Owned – 0.5%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020   $ 470,000 $ 524,149
Utilities - Municipal Owned – 1.4%
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030   $ 325,000 $ 352,177
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2024     605,000 680,286
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033     435,000 486,147
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030     125,000 131,560
        $ 1,650,170
Utilities - Other – 1.8%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039   $ 615,000 $ 812,667
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2019     480,000 518,779
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021     245,000 271,771
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     125,000 141,718
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021     290,000 315,166
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     70,000 73,829
        $ 2,133,930
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 13.2%
Berkeley County, WV, Public Service Sewer District, “A”, BAM, 5%, 6/01/2036   $ 1,700,000 $ 1,880,064
Berkeley County, WV, Public Service Sewer District, “C”, BAM, 4.5%, 10/01/2032     1,500,000 1,623,195
Fairmont, WV, Waterworks Rev., AMBAC, 5.25%, 7/01/2022     200,000 220,380
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     40,000 42,325
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     515,000 546,770
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     180,000 187,321
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029     20,000 21,965
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035     20,000 21,459
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     35,000 38,779
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     40,000 43,681
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     20,000 22,062
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     50,000 54,842
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     75,000 94,635
Morgantown, WV, Combined Utility System Rev., “A”, AGM, 5%, 12/01/2041     1,000,000 1,113,240
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033     1,000,000 1,122,990
West Virginia Water Development Authority Rev. (Loan Program IV), “A”, AGM, 5%, 11/01/2044     2,000,000 2,005,360
West Virginia Water Development Authority Rev. (Loan Program IV), “B”, AMBAC, 5.125%, 11/01/2024     1,950,000 1,956,376
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2038     3,000,000 3,281,910
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2043     1,000,000 1,090,950
        $ 15,368,304
Total Municipal Bonds   $115,262,239
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 0.51% (v)     236,842 $ 236,842
Total Investments $115,499,081
Other Assets, Less Liabilities – 0.8%   947,435
Net assets – 100.0%   $116,446,516
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
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.
4

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $115,262,239 $— $115,262,239
Mutual Funds 236,842 — — 236,842
Total Investments $236,842 $115,262,239 $— $115,499,081
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 $110,754,960
Gross unrealized appreciation 5,342,024
Gross unrealized depreciation (597,903)
Net unrealized appreciation (depreciation) $4,744,121
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
5

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 352,850 17,121,495 (17,237,503) 236,842
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(101) $— $4,120 $236,842
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
West Virginia 78.1%
Puerto Rico 4.9%
Guam 3.6%
New York 2.3%
Massachusetts 1.7%
Michigan 1.7%
Illinois 1.5%
Florida 1.3%
California 1.2%
Tennessee 1.1%
Kentucky 1.0%
Texas 0.6%
Washington 0.5%
New Jersey 0.4%
Indiana 0.3%
Mississippi 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
6

QUARTERLY REPORT
December 31, 2016
MFS®  New York
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.1%
Airport Revenue – 3.2%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030   $ 350,000 $ 390,768
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035     555,000 618,880
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     245,000 269,392
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     170,000 182,781
New York Transportation Development Corp., Special Facility Rev. (LaGuardia Airport Terminal B Project), “A”, 5.25%, 1/01/2050     2,000,000 2,095,780
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2028     650,000 715,773
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2029     500,000 548,575
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2042     1,160,000 1,308,109
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     90,000 97,452
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     15,000 16,436
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     80,000 85,550
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     130,000 138,654
        $ 6,468,150
General Obligations - General Purpose – 7.5%
Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025   $ 45,000 $ 46,774
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020     550,000 583,545
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031     145,000 146,728
Erie County, PA, Revenue Anticipation, 2%, 6/30/2017     2,000,000 2,010,840
Guam Government, “A”, 5.25%, 11/15/2037 (Prerefunded 11/15/2017)     290,000 300,663
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     105,000 120,819
Nassau County, NY, General Improvement, “B”, 5%, 4/01/2023     1,820,000 2,090,925
New York, NY, “B”, 5%, 8/01/2018     3,000,000 3,178,110
New York, NY, “B-1”, 5%, 12/01/2041     3,000,000 3,425,640
New York, NY, “E-1”, 6.25%, 10/15/2028 (Prerefunded 10/15/2018)     960,000 1,045,766
New York, NY, “E-1”, 6.25%, 10/15/2028     40,000 43,455
New York, NY, “J”, FGIC, 5.5%, 2/15/2026     5,000 5,018
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2017     300,000 301,452
Puerto Rico Public Buildings Authority Rev., “H”, AMBAC, 5.5%, 7/01/2018     305,000 309,185
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     115,000 115,554
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AMBAC, 5.45%, 7/01/2030     270,000 267,584
State of California, Various Purpose General Obligation (Group Bid B), 5%, 8/01/2033     845,000 983,335
        $ 14,975,393
Healthcare Revenue - Hospitals – 9.4%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026   $ 450,000 $ 507,033
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027     300,000 335,895
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029     590,000 653,921
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems),“A”, 5%, 7/01/2044     1,000,000 1,085,170
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     215,000 229,506
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     245,000 258,686
Madison County, NY, Industrial Development Agency, Civic Facilities Rev. (Oneida), 5.25%, 2/01/2027 (Prerefunded 2/01/2017)     1,425,000 1,430,458
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     165,000 183,666
Nassau County, NY, Local Economic Assistance Corp. Rev. (Catholic Health Services of Long Island Obligated Group Project), 5%, 7/01/2032     1,000,000 1,089,280
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039     35,000 36,455
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     170,000 182,024
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/2035     1,495,000 1,616,409
New York Dormitory Authority Rev., Non-State Supported Debt (Hospital Special Surgery), FHA, 6.25%, 8/15/2034     1,975,000 2,194,363
New York Dormitory Authority Rev., Non-State Supported Debt (Mount Sinai Hospital), “A”, 5%, 7/01/2026     2,000,000 2,180,040
New York Dormitory Authority Rev., Non-State Supported Debt (NYU Hospitals Center), “A”, 5.5%, 7/01/2025 (Prerefunded 7/01/2020)     750,000 848,430
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center), 6.25%, 12/01/2037     750,000 787,200
New York, NY, Health & Hospital Corp. Rev., “A”, 5.5%, 2/15/2023     1,000,000 1,045,130
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039     1,290,000 1,392,168
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Suffolk County, NY, Economic Development Corp. Rev. (Catholic Health Services of Long Island), 5%, 7/01/2028 (Prerefunded 7/01/2021)   $ 145,000 $ 164,848
Suffolk County, NY, Economic Development Corp. Rev. (Catholic Health Services of Long Island), 5%, 7/01/2028     855,000 929,530
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     165,000 185,853
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     395,000 447,333
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030 (Prerefunded 11/01/2020)     870,000 1,006,573
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030     130,000 144,583
        $ 18,934,554
Healthcare Revenue - Long Term Care – 2.5%
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. Jefferson's Ferry Project), 5.25%, 11/01/2036   $ 1,000,000 $ 1,088,040
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037     750,000 787,793
Suffolk County, NY, Economic Development Corp. Rev. (Peconic Landing at Southold, Inc.), 6%, 12/01/2040     1,000,000 1,083,170
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044     1,000,000 1,048,410
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)     95,000 111,376
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)     180,000 211,849
Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030     25,000 28,383
Ulster County, NY, Industrial Development Agency (Woodland Pond), “A”, 6%, 9/15/2037     500,000 500,020
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019)     20,000 22,945
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019)     130,000 150,431
        $ 5,032,417
Human Services – 0.4%
New York Dormitory Authority Rev., Non-State Supported Debt (NYSARC, Inc.), “A”, 6%, 7/01/2032   $ 705,000 $ 776,233
Industrial Revenue - Airlines – 0.5%
New York Transportation Development Corp., Special Facility Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031   $ 1,000,000 $ 1,019,890
Industrial Revenue - Environmental Services – 0.6%
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/2042   $ 1,160,000 $ 1,168,932
Industrial Revenue - Other – 0.6%
Onondaga County, NY, Industrial Development Agency, Sewer Facilities Rev. (Bristol-Meyers Squibb Co.), 5.75%, 3/01/2024   $ 1,000,000 $ 1,189,320
Industrial Revenue - Paper – 0.9%
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025   $ 1,200,000 $ 1,249,344
Essex County, NY, Industrial Development Agency, Pollution Control Rev. (International Paper Corp.), 6.15%, 4/01/2021     470,000 470,851
        $ 1,720,195
Miscellaneous Revenue - Entertainment & Tourism – 2.1%
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6.25%, 7/15/2040 (Prerefunded 1/15/2020)   $ 1,750,000 $ 1,990,292
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), “A”, 5%, 7/15/2042     2,000,000 2,160,600
        $ 4,150,892
Miscellaneous Revenue - Other – 8.3%
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045   $ 8,000,000 $ 1,443,280
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040     205,000 208,044
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     315,000 326,129
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044     1,380,000 1,424,974
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040     1,500,000 1,599,345
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “3”, 7.25%, 11/15/2044     500,000 589,930
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     1,665,000 1,858,490
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/2049     2,500,000 2,731,300
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – continued
New York Liberty Development Corp., Liberty Rev. (World Trade Center Project), 5%, 11/15/2044   $ 1,000,000 $ 1,097,710
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028     3,000,000 3,182,610
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035     1,000,000 1,084,420
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036     1,000,000 1,080,470
        $ 16,626,702
Multi-Family Housing Revenue – 2.7%
East Rochester, NY, Housing Authority Rev. (Woodland Village Project), 5.5%, 8/01/2033   $ 400,000 $ 400,460
New York Housing Finance Agency Rev. (Affordable Housing), “D”, 5%, 11/01/2040     1,520,000 1,558,623
New York Housing Finance Agency Rev., “A”, 5.1%, 8/15/2041     715,000 715,479
New York Housing Finance Agency Rev., “A”, 5.25%, 11/01/2041     1,000,000 1,031,850
New York, NY, City Housing Development Corp., Multifamily Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048     750,000 764,333
New York, NY, City Housing Development Corp., Multifamily Housing Rev., “L-1”, 4.8%, 11/01/2035     1,000,000 1,033,270
        $ 5,504,015
Port Revenue – 0.6%
Port Authority of NY & NJ (194th Series), 5%, 10/15/2030   $ 1,000,000 $ 1,169,510
Sales & Excise Tax Revenue – 1.8%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034   $ 1,000,000 $ 1,110,380
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     1,365,000 1,474,541
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)     10,000 11,008
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     535,000 378,892
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     660,000 69,228
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     420,000 100,330
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     115,000 22,747
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     2,320,000 430,499
        $ 3,597,625
Secondary Schools – 1.9%
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043   $ 750,000 $ 657,720
Build NYC Resource Corp. Rev. (The Packer Collegiate Institute Project), 5%, 6/01/2040     675,000 738,990
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), ''A“, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)     535,000 615,892
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034     450,000 499,077
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035     500,000 553,055
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036     645,000 711,545
        $ 3,776,279
State & Agency - Other – 0.3%
New York Dormitory Authority Rev. (State University) , ”B“, FGIC, 5.25%, 5/15/2019   $ 345,000 $ 363,057
New York Dormitory Authority Rev., City University System, AMBAC, 5.75%, 7/01/2018     340,000 353,386
        $ 716,443
State & Local Agencies – 15.1%
Delaware Valley, PA, Regional Finance Authority, ”C“, FRN, 1.374%, 6/01/2037   $ 1,430,000 $ 1,157,356
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2027     15,000 16,535
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2028     50,000 54,869
New Jersey Building Authority Rev., ”A“, BAM, 5%, 6/15/2029     55,000 60,007
New York City Educational Construction Fund Rev., ”A“, 5.75%, 4/01/2033     1,860,000 2,121,553
New York Dormitory Authority Rev. (School Program), 6.25%, 7/01/2020     865,000 868,789
New York Dormitory Authority Rev., Non-State Supported Debt, ”A“, 5%, 10/01/2020     2,000,000 2,230,400
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, 5%, 12/15/2025     2,000,000 2,310,100
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, (Group C), 5%, 2/15/2041     3,000,000 3,428,160
New York Dormitory Authority Rev., State Personal Income Tax, ”C“, 5%, 2/15/2037     1,000,000 1,152,540
New York Dormitory Authority Rev., State Personal Income Tax, ”D“, 5%, 2/15/2040     830,000 930,903
New York Dormitory Authority Rev., State University Educational Facilities, ”A“, 5.875%, 5/15/2017     580,000 590,498
New York Urban Development Corp. Rev., ”D“, 5.625%, 1/01/2028     2,000,000 2,159,700
New York Urban Development Corp. Rev., State Personal Income Tax, ”A“, 5%, 3/15/2032     2,500,000 2,923,700
New York Urban Development Corp. Rev., State Personal Income Tax, ”C“, 5%, 12/15/2018     3,000,000 3,217,530
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
New York Urban Development Corp. Rev., State Personal Income Tax, ”C“, 5%, 3/15/2028   $ 1,000,000 $ 1,158,980
New York, NY, City Transitional Finance Authority Building Aid Rev., ”S-2A“, 5%, 7/15/2040     2,000,000 2,208,120
New York, NY, City Transitional Finance Authority Building Aid Rev., ”S-3“, 5.25%, 1/15/2039     2,000,000 2,128,680
New York, NY, City Transitional Finance Authority Building Aid Rev., ”S-5“, 5%, 1/15/2032     1,000,000 1,063,300
United Nations Development Corp., ”A“, 5%, 7/01/2026     500,000 537,080
        $ 30,318,800
Tax - Other – 5.5%
Guam Government Ltd. Obligation Rev., ”A“, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 270,000 $ 298,463
Guam Government Ltd. Obligation Rev., ”A“, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     90,000 100,127
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2033     300,000 335,298
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2034     185,000 205,624
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035     190,000 210,180
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036     100,000 110,359
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046     300,000 328,215
Hudson Yards, NY, Infrastructure Corp. Rev., ”A“, 5.75%, 2/15/2047     3,000,000 3,388,440
New York, NY, City Transitional Finance Authority Rev., ”D“, 5%, 2/01/2027     3,000,000 3,327,900
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AMBAC, 5%, 7/01/2031     255,000 249,597
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2024     370,000 385,873
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2026     1,215,000 1,269,663
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AMBAC, 5.5%, 7/01/2027     715,000 747,382
        $ 10,957,121
Tobacco – 4.2%
Buckeye, OH, Tobacco Settlement Financing Authority Rev., ”A-3“, 6.25%, 6/01/2037   $ 765,000 $ 691,361
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., ”A-2“, 5.3%, 6/01/2037     1,235,000 1,138,435
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     355,000 404,838
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.5%, 6/01/2023     425,000 427,703
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 4.75%, 6/01/2034     645,000 556,319
New Jersey Tobacco Settlement Financing Corp., ”1-A“, 5%, 6/01/2041     1,025,000 891,730
New York Counties Tobacco Trust II, 5.625%, 6/01/2035     100,000 100,142
New York Counties Tobacco Trust VI, ”C“, 5%, 6/01/2045     1,500,000 1,529,865
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, ”B“, 5%, 6/01/2032     750,000 803,933
Tobacco Settlement Asset Securitization Corp., NY, ”1“, 5%, 6/01/2026     400,000 397,492
Tobacco Settlement Asset Securitization Corp., NY, ”1“, 5.125%, 6/01/2042     1,000,000 931,230
Westchester, NY, Tobacco Asset Securitization Corp., 5.125%, 6/01/2045     500,000 501,365
        $ 8,374,413
Toll Roads – 3.0%
New York Thruway Authority General Rev., Junior Indebtedness Obligations, ”A“, 5.25%, 1/01/2056   $ 2,000,000 $ 2,273,060
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     205,000 233,015
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     170,000 195,616
Triborough Bridge & Tunnel Authority Rev., NY, ”A“, 5%, 1/01/2028     1,000,000 1,137,040
Triborough Bridge & Tunnel Authority Rev., NY, ”A-2“, 5%, 11/15/2029     2,000,000 2,131,980
        $ 5,970,711
Transportation - Special Tax – 2.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032   $ 275,000 $ 277,742
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NATL, 5%, 7/01/2029     25,000 25,018
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, AMBAC, 5.25%, 7/01/2038     890,000 888,861
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”L“, NATL, 5.25%, 7/01/2035     115,000 118,725
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AMBAC, 5.5%, 7/01/2029     1,235,000 1,279,102
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, NATL, 5.25%, 7/01/2032     115,000 120,228
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, ”A“, AMBAC, 0%, 7/01/2017     20,000 19,756
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, ”A“, AMBAC, 0%, 7/01/2018     10,000 9,464
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, ”N“, AMBAC, 0%, 7/01/2019     45,000 41,004
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, ”N“, AMBAC, 0%, 7/01/2020     80,000 69,185
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – continued
Metropolitan Transportation Authority Rev., NY, 6.5%, 11/15/2028   $ 380,000 $ 416,628
Metropolitan Transportation Authority Rev., NY, ”C“, 6.5%, 11/15/2028 (Prerefunded 11/15/2018)     1,495,000 1,640,493
Metropolitan Transportation Authority Rev., NY, ”C“, 6.5%, 11/15/2028 (Prerefunded 11/15/2018)     125,000 137,165
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027     345,000 373,562
        $ 5,416,933
Universities - Colleges – 14.8%
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), ”A“, 5%, 12/01/2033   $ 125,000 $ 139,885
Albany, NY, Capital Resource Corp. Rev. (The College of Saint Rose), ”A“, 5.625%, 7/01/2031     1,000,000 1,065,510
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045     1,000,000 1,058,180
Dobbs Ferry, NY, Local Development Corp. (Mercy College Project), 5%, 7/01/2039     1,000,000 1,102,390
Dutchess County, NY, Local Development Corp. (Culinary Institute of America Project), ”A-1“, 5%, 7/01/2033     300,000 338,439
Dutchess County, NY, Local Development Corp. (Culinary Institute of America Project), ”A-1“, 5%, 7/01/2046     555,000 613,769
Hempstead, NY, Local Development Corp. Rev. (Adelphi University), ”B“, 5.25%, 2/01/2039     500,000 529,600
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2028     1,000,000 1,098,690
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/2029     1,945,000 1,989,560
Madison County, NY, Capital Resource Corp. Rev. (Colgate University Project), ”B“, 5%, 7/01/2026     625,000 741,400
Madison County, NY, Capital Resource Corp. Rev. (Colgate University Project), ”B“, 5%, 7/01/2027     250,000 294,885
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), ”B“, 5.25%, 4/01/2029     1,325,000 1,577,346
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), ”A“, 5%, 7/01/2023     500,000 561,540
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), ”A“, 5%, 7/01/2024     1,000,000 1,107,650
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), ”A“, 5%, 7/01/2030     1,000,000 1,177,020
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), ”B“, ETM, 6%, 12/01/2017     560,000 583,408
New York Dormitory Authority Rev. (The New School), ”A“, 5%, 7/01/2032     1,000,000 1,129,280
New York Dormitory Authority Rev. (The New School), ”A“, 5%, 7/01/2036     500,000 555,255
New York Dormitory Authority Rev., Non-State Supported Debt (Brooklyn Law School), 5.75%, 7/01/2033     600,000 641,904
New York Dormitory Authority Rev., Non-State Supported Debt (Fordham University), ”A“, 5%, 7/01/2035     500,000 565,365
New York Dormitory Authority Rev., Non-State Supported Debt (Mount Sinai School of Medicine of New York University), 5.125%, 7/01/2039 (Prerefunded 7/01/2019)     2,000,000 2,178,980
New York Dormitory Authority Rev., Non-State Supported Debt (New York University), 5.25%, 7/01/2048 (Prerefunded 7/01/2018)     1,955,000 2,073,180
New York Dormitory Authority Rev., Non-State Supported Debt (St. John's University), ”A“, 5%, 7/01/2027     1,535,000 1,778,896
Onondaga, NY, Civic Development Corp. Rev. (Le Moyne College Project), 5.375%, 7/01/2040     2,000,000 2,136,900
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     80,000 71,008
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     135,000 116,564
Seneca County, NY, Industrial Development Agency, Civic Facilities Rev. (New York Chiropractic), 5%, 10/01/2027 (Prerefunded 10/01/2017)     500,000 515,050
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), 5%, 7/01/2031     2,225,000 2,258,397
Troy, NY, Industrial Development Authority, Civic Facility Rev. (Rensselaer Polytechnic Institute), ”E“, 5%, 9/01/2031     1,000,000 1,093,790
Yonkers, NY, Industrial Development Agency, Civic Facilities Rev. (Sarah Lawrence College Project), ”A“, 6%, 6/01/2041 (Prerefunded 6/01/2019)     595,000 659,201
        $ 29,753,042
Universities - Dormitories – 1.1%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), ”A“, 5.375%, 10/01/2041   $ 2,000,000 $ 2,204,000
Utilities - Municipal Owned – 4.0%
Guam Power Authority Rev., ”A“, 5.5%, 10/01/2030   $ 515,000 $ 558,064
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039     155,000 170,438
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044     180,000 197,161
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 5%, 5/01/2021     1,500,000 1,677,825
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 6.25%, 4/01/2033 (Prerefunded 4/01/2019)     1,000,000 1,107,990
Long Island, NY, Power Authority, Electric Systems Rev., ”A“, 6%, 5/01/2033 (Prerefunded 5/01/2019)     2,000,000 2,211,180
Puerto Rico Electric Power Authority Rev., ”RR“, NATL, 5%, 7/01/2022     885,000 894,956
Puerto Rico Electric Power Authority Rev., ”VV“, NATL, 5.25%, 7/01/2032     25,000 26,165
Utility Debt Securitization Authority Rev. ”A“, 5%, 12/15/2034     1,000,000 1,176,230
        $ 8,020,009
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Other – 0.8%
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038   $ 1,085,000 $ 1,410,174
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     115,000 121,291
        $ 1,531,465
Water & Sewer Utility Revenue – 3.6%
Chicago, IL, Wastewater Transmission Rev., Second Lien, ”C“, 5%, 1/01/2030   $ 270,000 $ 293,928
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., ”A“, ASSD GTY, 5.125%, 7/01/2047     190,000 190,606
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.625%, 7/01/2040     315,000 334,432
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     100,000 126,180
New York Environmental Facilities Corp., Clean Water & Drinking Rev., ”B“, 5%, 6/15/2033     2,140,000 2,239,788
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., ”A“, 4.75%, 6/15/2030 (Prerefunded 6/15/2017)     235,000 239,171
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., ”A“, 4.75%, 6/15/2030     1,010,000 1,025,110
New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Rev., ”DD“, 5%, 6/15/2034     2,000,000 2,290,060
Suffolk County, NY, Water Authority Waterworks Rev., ”A“, 5%, 6/01/2038     500,000 571,505
        $ 7,310,780
Total Municipal Bonds   $196,683,824
Money Market Funds – 0.5%
MFS Institutional Money Market Portfolio, 0.51% (v)     935,107 $ 935,107
Total Investments $197,618,931
Other Assets, Less Liabilities – 1.4%   2,878,623
Net assets – 100.0%   $200,497,554
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
LOC Letter of Credit
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $196,683,824 $— $196,683,824
Mutual Funds 935,107 — — 935,107
Total Investments $935,107 $196,683,824 $— $197,618,931
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 $187,682,216
Gross unrealized appreciation 11,147,174
Gross unrealized depreciation (1,210,459)
Net unrealized appreciation (depreciation) $9,936,715
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 3,414,908 53,887,020 (56,366,821) 935,107
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(230) $— $9,027 $935,107
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
New York 81.8%
Puerto Rico 4.9%
Guam 2.4%
Illinois 1.9%
New Jersey 1.6%
Colorado 1.3%
California 1.1%
Texas 1.0%
Florida 0.9%
Michigan 0.9%
Pennsylvania 0.6%
Ohio 0.4%
Indiana 0.3%
Louisiana 0.3%
Washington 0.3%
Mississippi 0.1%
Wisconsin 0.1%
New Hampshire (o) 0.0%
(o) Less than 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT
December 31, 2016
MFS®  North Carolina
Municipal Bond Fund

Portfolio of Investments
12/31/16 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.6%
Airport Revenue – 5.2%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4.75%, 7/01/2028   $ 1,250,000 $ 1,338,562
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2036     3,000,000 3,288,750
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, AMBAC, 5%, 7/01/2023     1,430,000 1,457,556
Charlotte, NC, Douglas International Airport Rev, “A”, 5%, 7/01/2032     1,245,000 1,410,286
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030     650,000 725,712
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035     1,055,000 1,176,431
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     440,000 483,806
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045     305,000 327,930
New York, NY, Transportation Development Corporation Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 1/01/2051     2,185,000 2,153,012
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036     3,440,000 3,720,807
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046     1,445,000 1,578,951
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     175,000 189,490
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     195,000 213,662
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     150,000 160,406
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     240,000 255,977
        $ 18,481,338
General Obligations - General Purpose – 1.6%
Buncombe County, NC, Limited Obligation, 5%, 6/01/2028   $ 1,450,000 $ 1,700,922
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     620,000 630,732
Guam Government, “A”, 6.75%, 11/15/2029 (Prerefunded 11/15/2019)     240,000 274,481
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)     265,000 304,925
New Hanover County, NC, Public Improvement, “A”, 5%, 8/01/2030 (Prerefunded 8/01/2020)     2,000,000 2,230,100
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)     625,000 628,013
        $ 5,769,173
Healthcare Revenue - Hospitals – 21.2%
Albemarle, NC, Hospital Authority Health Care Facilities Rev., 5.25%, 10/01/2038 (Prerefunded 10/01/2017)   $ 2,000,000 $ 2,063,320
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2031     1,000,000 1,001,740
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5.25%, 1/15/2034     4,000,000 4,259,840
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040     3,000,000 3,346,170
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)     1,140,000 1,297,457
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031     360,000 384,289
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.375%, 7/01/2041     525,000 554,326
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Variety Children's Hospital), “A”, 6%, 8/01/2030     310,000 345,070
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 11/15/2039 (Prerefunded 11/15/2019)     1,450,000 1,622,100
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)     790,000 884,808
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6.125%, 10/01/2039 (Prerefunded 10/01/2019)     1,110,000 1,246,941
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039     55,000 57,286
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     320,000 342,634
North Carolina Hospital Authority Mortgage Rev. (Johnston Memorial), AGM, 5.25%, 10/01/2036 (Prerefunded 4/01/2018)     1,960,000 2,059,882
North Carolina Medical Care Commission, Health Care Facilities Rev. (Appalachian Regional Healthcare System), “A”, 6.375%, 7/01/2026     2,000,000 2,283,260
North Carolina Medical Care Commission, Health Care Facilities Rev. (Appalachian Regional Healthcare System), “A”, 6.5%, 7/01/2031     1,000,000 1,132,430
North Carolina Medical Care Commission, Health Care Facilities Rev. (Cleveland County HealthCare System), 5.75%, 1/01/2035 (Prerefunded 1/01/2021)     800,000 920,840
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2035 (Prerefunded 6/01/2020)     1,620,000 1,795,883
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2042     2,420,000 2,676,956
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2042 (Prerefunded 6/01/2019)     3,500,000 3,792,985
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “D”, 4%, 6/01/2035     1,250,000 1,283,575
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligation Group), “A”, 5.25%, 11/01/2040     3,000,000 3,242,760
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2030     5,250,000 5,669,265
1

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033   $ 3,000,000 $ 3,302,640
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045     2,500,000 2,682,675
North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2031     4,355,000 4,809,444
North Carolina Medical Care Commission, Health Care Facilities Rev., “A”, 5%, 10/01/2038     1,825,000 1,992,261
North Carolina Medical Care Commission, Health System Rev. (Mission Health Combined Group), 5%, 10/01/2036     2,000,000 2,235,580
North Carolina Medical Care Commission, Health System Rev. (Mission Health System, Inc.), 5%, 10/01/2025 (Prerefunded 10/01/2017)     1,600,000 1,648,464
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5.25%, 6/01/2029     2,215,000 2,428,460
North Carolina Medical Care Commission, Hospital Rev. (The North Carolina Baptist Hospitals, Inc.), 5%, 6/01/2034     2,000,000 2,151,960
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., 6.25%, 10/01/2038     1,000,000 1,039,990
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), “V”, 8.25%, 9/01/2039 (Prerefunded 9/01/2018)     2,040,000 2,273,192
St. Petersburg, FL, Health Facilities Authority (All Children Hospital), “A”, 6.5%, 11/15/2039 (Prerefunded 11/15/2019)     470,000 534,094
University N C Hospital Chapel Hill Rev. 01/DEC/2016, 5%, 2/01/2046     4,500,000 4,991,400
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)     270,000 304,123
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)     635,000 719,131
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 6.625%, 2/15/2039 (Prerefunded 2/15/2019)     2,195,000 2,432,916
        $ 75,810,147
Healthcare Revenue - Long Term Care – 5.2%
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045   $ 1,000,000 $ 1,000,340
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031     800,000 815,408
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037     2,200,000 2,226,092
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037     1,500,000 1,532,955
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035     1,000,000 1,080,880
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037     2,750,000 2,955,453
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031     1,000,000 1,149,500
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036     800,000 893,632
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035     1,500,000 1,478,355
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037     1,500,000 1,559,625
North Carolina Medical Care Commission, Retirement Facilities Rev. (Galloway Ridge Project), “A”, 5.875%, 1/01/2031     480,000 499,608
North Carolina Medical Care Commission, Retirement Facilities Rev. (Galloway Ridge Project), “A”, 6%, 1/01/2039     1,520,000 1,588,582
North Carolina Medical Care Commission, Retirement Facilities Rev. (The United Methodist Retirement Homes), “A”, 5%, 10/01/2033     1,590,000 1,620,433
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019)     35,000 40,154
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019)     220,000 254,575
        $ 18,695,592
Human Services – 0.3%
North Carolina Medical Care Commission, Health Care Facilities Rev., “A” (ARC Projects), 5.8%, 10/01/2034   $ 1,000,000 $ 1,002,160
Industrial Revenue - Paper – 0.3%
Columbus County, NC, Industrial Facilities & Pollution Control, Financing Authority Rev. (International Paper Co.), 5.7%, 5/01/2034   $ 1,000,000 $ 1,108,890
Miscellaneous Revenue - Other – 1.6%
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025   $ 1,000,000 $ 1,187,740
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040     420,000 426,237
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044     640,000 662,611
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040     3,145,000 3,510,481
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040     100,000 108,316
        $ 5,895,385
2

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – 0.2%
Mecklenburg County, NC (Little Rock Apartments), FNMA, 5.15%, 1/01/2022   $ 585,000 $ 597,817
Port Revenue – 0.3%
North Carolina Ports Authority Facilities Rev., “A”, 5.25%, 2/01/2040   $ 1,000,000 $ 1,078,410
Sales & Excise Tax Revenue – 2.1%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030   $ 1,675,000 $ 1,891,611
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036     1,140,000 1,210,931
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     2,385,000 2,576,396
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)     15,000 16,512
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “C”, 5%, 8/01/2040     940,000 665,717
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054     1,145,000 120,099
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042     725,000 173,188
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045     195,000 38,571
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046     4,015,000 745,024
        $ 7,438,049
Single Family Housing - State – 0.2%
North Carolina Housing Finance Agency Rev., “31-A”, 5.25%, 7/01/2038   $ 860,000 $ 865,848
State & Local Agencies – 14.1%
Asheville, NC, Limited Obligation, 5%, 4/01/2028   $ 400,000 $ 443,312
Charlotte, NC, COP (NASCAR Hall of Fame), “C”, 5%, 6/01/2039     5,130,000 5,444,725
Charlotte, NC, COP (Transit Projects), 5%, 6/01/2033     3,000,000 3,125,250
Charlotte, NC, COP (Transit Projects/Phase II), “B”, 5%, 6/01/2026     1,250,000 1,465,475
Charlotte, NC, COP, “E”, 5%, 6/01/2026     760,000 820,481
Charlotte, NC, COP, “E”, 5%, 6/01/2034     2,000,000 2,122,700
Chatham County, NC, Limited Obligation Bond, 5%, 11/01/2028     2,345,000 2,745,479
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037     2,310,000 1,869,575
Harnett County, NC, COP, ASSD GTY, 5%, 6/01/2029 (Prerefunded 6/01/2019)     400,000 433,784
Iredell County, NC, Public Facilities (School Projects), AGM, 5.125%, 6/01/2027     3,230,000 3,409,588
Mecklenburg County, NC, COP, “A”, 5%, 2/01/2028 (Prerefunded 2/01/2019)     350,000 376,520
Mooresville, NC, COP, 5%, 9/01/2032 (Prerefunded 9/01/2017)     3,120,000 3,203,647
Nash County, NC, Limited Obligation, ASSD GTY, 5%, 10/01/2030     2,000,000 2,188,860
New York Dormitory Authority Rev., State Personal Income Tax, “A”, (Group C), 5%, 2/15/2041     1,580,000 1,805,498
North Carolina Capital Improvement Obligation, “A”, 5%, 5/01/2026 (Prerefunded 5/01/2019)     1,450,000 1,568,161
Orange County, NC, Public Facilities Co., Limited Obligation, 5%, 10/01/2024     750,000 850,230
Pitt County, NC, Limited Obligation, “A”, 5%, 4/01/2035 (Prerefunded 4/01/2020)     2,000,000 2,211,960
Salisbury, NC, COP, ASSD GTY, 5.625%, 3/01/2026     1,000,000 1,067,610
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., “A”, AGM, 5%, 6/01/2033     2,530,000 2,750,515
Wake County, NC, Annual Appropriation Ltd., Obligation Bonds, “2009”, 5%, 6/01/2032 (Prerefunded 6/01/2019)     3,000,000 3,253,380
Wake County, NC, Annual Appropriation Ltd., Obligation Bonds, “2010”, 5%, 1/01/2033 (Prerefunded 1/01/2020)     6,000,000 6,592,020
Wilmington, NC, COP, “A”, 5%, 6/01/2038     2,650,000 2,792,702
        $ 50,541,472
Tax - Other – 1.6%
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)   $ 420,000 $ 464,276
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)     145,000 161,315
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031     2,240,000 2,192,535
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024     660,000 688,314
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027     1,990,000 2,080,127
        $ 5,586,567
Tax Assessment – 0.3%
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040   $ 1,000,000 $ 972,430
3

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 1.6%
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037   $ 1,295,000 $ 1,170,343
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028     1,975,000 2,252,270
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/2023     860,000 865,470
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034     540,000 465,755
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041     920,000 800,382
        $ 5,554,220
Toll Roads – 0.9%
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056   $ 375,000 $ 426,199
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     435,000 494,447
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     350,000 402,738
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037     595,000 667,602
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     1,160,000 1,240,631
        $ 3,231,617
Transportation - Special Tax – 5.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2028   $ 1,715,000 $ 1,921,726
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036     850,000 912,662
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032     435,000 439,337
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     65,000 65,047
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038     2,945,000 2,941,230
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     230,000 237,450
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ETM, AGM, 6%, 7/01/2018     5,810,000 5,956,819
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027     665,000 720,055
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2028     2,300,000 2,540,373
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2036     3,000,000 3,308,820
Virgin Islands Public Finance Authority Rev. (Federal Highway Grant Anticipation Loan Note), 5%, 9/01/2033     625,000 668,013
        $ 19,711,532
Universities - Colleges – 17.8%
East Carolina University, NC, General Rev., “A”, 4%, 10/01/2045   $ 2,195,000 $ 2,235,739
Florida State University Board of Governors, System Improvement Rev., 6.25%, 7/01/2030     1,000,000 1,077,600
Illinois Finance Authority Rev. (Roosevelt University Project), 6.25%, 4/01/2029     2,000,000 2,045,820
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, ETM, 6%, 12/01/2017     885,000 921,993
North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035     3,075,000 3,447,075
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (High Point University), 5.25%, 3/01/2033     1,000,000 1,077,350
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 6%, 6/01/2031     3,145,000 3,273,725
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034     1,370,000 1,344,655
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College) ETM, 6%, 6/01/2031 (Prerefunded 6/01/2018)     95,000 101,407
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 1/01/2028 (Prerefunded 1/01/2019)     980,000 1,051,452
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 1/01/2029 (Prerefunded 1/01/2019)     865,000 928,067
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 1/01/2031 (Prerefunded 1/01/2019)     2,000,000 2,145,820
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 5%, 1/01/2038 (Prerefunded 1/01/2019)     1,000,000 1,072,910
North Carolina Capital Facilities, Finance Agency Rev. (Davidson College), 5%, 3/01/2045     1,500,000 1,659,255
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “A”, 5%, 10/01/2038 (Prerefunded 4/01/2019)     2,500,000 2,700,325
North Carolina Capital Facilities, Finance Agency Rev. (Duke University), “B”, 5%, 10/01/2044     1,940,000 2,218,235
Pennsylvania Higher Educational Facilities Authority Rev. , BAM, 3%, 6/15/2045     1,785,000 1,464,378
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041     450,000 501,966
Puerto Rico Industrial Tourist Authority (University Plaza), “A”, NATL, 5%, 7/01/2020     2,180,000 2,219,175
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     170,000 150,892
4

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042   $ 275,000 $ 237,446
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 4.375%, 10/01/2031     115,000 77,137
Puerto Rico Industrial, Tourist, Medical, & Environmental Central Facilities (University of Sacred Heart), 5%, 10/01/2042     55,000 35,902
University of North Carolina, Chapel Hill, 5%, 12/01/2031 (Prerefunded 12/01/2017)     3,250,000 3,369,568
University of North Carolina, Chapel Hill, “A”, ASSD GTY, 5%, 4/01/2034 (Prerefunded 4/01/2019)     200,000 216,026
University of North Carolina, Charlotte, Rev., 5%, 4/01/2043     1,715,000 1,902,775
University of North Carolina, Greensboro, Rev., 5%, 4/01/2026     3,000,000 3,345,000
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039     2,000,000 2,223,060
University of North Carolina, Raleigh, Rev., “A”, 5%, 10/01/2029     5,000,000 5,786,400
University of North Carolina, Systems Pool Rev. (General Trust Indenture), “C”, 5.5%, 10/01/2034 (Prerefunded 10/01/2019)     1,890,000 2,093,610
University of North Carolina, Systems Pool Rev., “B” ETM, (Prerefunded 10/1/2019 ), 5.125%, 10/01/2034 (Prerefunded 10/01/2019)     2,000,000 2,195,880
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 4/01/2024     1,615,000 1,792,795
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 4/01/2025     1,705,000 1,891,561
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2031     500,000 527,300
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032     500,000 524,405
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033     400,000 416,900
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034     500,000 518,275
University of North Carolina, Wilmington, Limited Obligation, Refunding Student Housing Projects, 5%, 6/01/2028     3,045,000 3,492,432
Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2035     195,000 196,997
Winston-Salem State University, NC, General Rev., 5%, 4/01/2033     1,000,000 1,082,830
        $ 63,564,138
Universities - Dormitories – 0.5%
Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029   $ 1,550,000 $ 1,693,236
Utilities - Cogeneration – 0.1%
California Pollution Control Financing Authority, Water Furnishing Rev. (San Diego County Water Desalination Project Pipeline), 5%, 11/21/2045   $ 450,000 $ 450,225
Utilities - Municipal Owned – 5.9%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2020   $ 1,000,000 $ 1,093,290
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2021     1,000,000 1,108,020
Long Island, NY, Power Authority, Electric Systems Rev., “A”, 6%, 5/01/2033 (Prerefunded 5/01/2019)     520,000 574,907
North Carolina Eastern Municipal Power Agency, ETM, AMBAC, 6%, 1/01/2018     14,245,000 14,940,726
North Carolina Municipal Power Agency No. 1, Catawba Electric Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2019)     1,780,000 1,906,860
North Carolina Municipal Power Agency No. 1, Catawba Electric Rev., “A”, 5%, 1/01/2030     720,000 761,760
Puerto Rico Electric Power Authority Rev., “VV”, 5.25%, 7/01/2029     245,000 258,343
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030     370,000 389,418
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     40,000 41,863
        $ 21,075,187
Utilities - Other – 1.7%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039   $ 1,695,000 $ 2,239,790
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2019     1,055,000 1,140,233
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     1,290,000 1,501,379
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021     805,000 874,858
Texas Gas Acquisition & Supply Corp III., Gas Supply Rev., 5%, 12/15/2031     255,000 268,949
        $ 6,025,209
Water & Sewer Utility Revenue – 10.4%
Asheville, NC, Water & Sewer Systems Rev., 5%, 8/01/2032 (Prerefunded 8/01/2017)   $ 1,000,000 $ 1,023,780
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 8/01/2035 (Prerefunded 8/01/2018)     3,000,000 3,179,910
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 8/01/2036     4,410,000 4,888,353
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040     1,250,000 1,401,912
Chicago, IL, Wastewater Transmission Rev., Second Lien, “C”, 5%, 1/01/2030     495,000 538,867
Durham County, NC, Enterprise Systems Rev., 5%, 6/01/2029 (Prerefunded 6/01/2021)     1,590,000 1,805,556
Fayetteville, NC, Public Works Commission Rev., “B”, 5%, 3/01/2035 (Prerefunded 3/01/2019)     1,750,000 1,886,115
5

Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., “A”, AGM, 5%, 11/01/2033 (Prerefunded 11/01/2018)   $ 2,400,000 $ 2,563,872
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036     220,000 232,789
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     1,000,000 1,040,670
High Point, NC, Combined Enterprise System Rev., AGM, 5%, 11/01/2033 (Prerefunded 11/01/2018)     2,000,000 2,136,560
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032     95,000 105,256
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036     115,000 125,582
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035     60,000 66,185
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     140,000 153,558
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025     2,010,000 2,363,378
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029     1,400,000 1,611,344
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031     1,600,000 1,830,096
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.625%, 6/01/2030     500,000 552,710
Oak Island, NC, Enterprise System Rev., ASSD GTY, 6%, 6/01/2034 (Prerefunded 6/01/2019)     1,000,000 1,108,660
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.75%, 6/01/2036     800,000 886,192
Raleigh, NC, Combined Enterprise Systems Rev., “A”, 5%, 3/01/2029     3,145,000 3,634,991
Winston-Salem, NC, Water & Sewer Systems Rev., 5%, 6/01/2034 (Prerefunded 6/01/2019)     2,000,000 2,169,420
Winston-Salem, NC, Water & Sewer Systems Rev., “A”, 5%, 6/01/2031     750,000 876,240
Winston-Salem, NC, Water & Sewer Systems Rev., “A”, 5%, 6/01/2032     750,000 872,933
        $ 37,054,929
Total Municipal Bonds   $352,203,571
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 0.51% (v)     643,388 $ 643,388
Total Investments $352,846,959
Other Assets, Less Liabilities – 1.2%   4,408,735
Net assets – 100.0%   $357,255,694
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
The following abbreviations are used in this report and are defined:
AGM Assured Guaranty Municipal
AMBAC AMBAC Indemnity Corp.
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
COP Certificate of Participation
ETM Escrowed to Maturity
FNMA Federal National Mortgage Assn.
FRN Floating Rate Note. Interest rate resets periodically and the current rate may not be the rate reported at period end.
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.
6

Supplemental Information
12/31/16 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service.  Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund's assets or liabilities:
Investments at Value Level 1 Level 2 Level 3 Total
Municipal Bonds $— $352,203,571 $— $352,203,571
Mutual Funds 643,388 — — 643,388
Total Investments $643,388 $352,203,571 $— $352,846,959
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 $336,441,906
Gross unrealized appreciation 18,560,836
Gross unrealized depreciation (2,155,783)
Net unrealized appreciation (depreciation) $16,405,053
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
7

Supplemental Information (unaudited) – continued
(3) Transactions in Underlying Affiliated 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 an affiliated issuer:
Underlying Affiliated Fund Beginning
Shares/Par
Amount 		Acquisitions
Shares/Par
Amount 		Dispositions
Shares/Par
Amount 		Ending
Shares/Par
Amount
MFS Institutional Money Market Portfolio 245,672 58,866,800 (58,469,084) 643,388
Underlying Affiliated Fund Realized
Gain (Loss) 		Capital Gain
Distributions 		Dividend
Income 		Ending
Value
MFS Institutional Money Market Portfolio $(141) $— $14,364 $643,388
(4) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2016, are as follows:
North Carolina 74.2%
Puerto Rico 6.9%
Guam 2.4%
New York 2.4%
Illinois 2.3%
Pennsylvania 1.7%
Michigan 1.5%
New Jersey 1.2%
California 1.2%
Tennessee 1.0%
Wisconsin 0.8%
Florida 0.7%
Texas 0.6%
Virginia 0.6%
New Hampshire 0.6%
Colorado 0.5%
Ohio 0.4%
Washington 0.3%
Louisiana 0.3%
Indiana 0.3%
U.S. Virgin Islands 0.2%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8

QUARTERLY REPORT

December 31, 2016

 

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MFS® MUNICIPAL INCOME FUND

 

LOGO

PORTFOLIO OF INVESTMENTS

12/31/16 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - 96.9%                 
Alabama - 0.8%                 
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025    $ 930,000      $ 943,809   
Birmingham, AL, Waterworks Board Subordinate Rev., “B”, 5%, 1/01/2043      5,000,000        5,534,900   
Cullman County, AL, Health Care Authority (Cullman Regional Medical Center), “A”, 6.75%, 2/01/2029      3,550,000        3,700,201   
DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033      785,000        866,593   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2025      95,000        67,836   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026      1,175,000        797,073   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029      1,655,000        915,976   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034      2,370,000        915,507   
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035      4,495,000        1,621,436   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2017      250,000        255,350   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2018      265,000        275,285   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021      295,000        314,871   
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023      435,000        465,407   
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.8%, 5/01/2034      3,565,000        3,954,868   
    

 

 

  
      $ 20,629,112   
Arizona - 1.2%                 
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2034    $ 7,000,000      $ 7,911,260   
Maricopa County, AZ, Pollution Control Rev. (El Paso Electric), “B”, 7.25%, 4/01/2040      1,710,000        1,896,920   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035      470,000        475,189   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035      140,000        141,546   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045      570,000        570,000   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046      340,000        339,374   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036      700,000        733,572   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041      560,000        580,804   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046      895,000        925,045   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035      840,000        825,082   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045      925,000        880,517   
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046      610,000        579,579   
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038      8,000,000        9,254,000   
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2037      4,000,000        4,436,480   
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 1.6%, 3/01/2028 (Put Date 3/01/2018)      1,595,000        1,596,547   
    

 

 

  
      $ 31,145,915   
Arkansas - 0.3%                 
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035    $ 435,000      $ 475,786   
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AMBAC, 0%, 7/01/2046      4,995,000        1,324,574   
Arkansas Federal Highway Grant Anticipation & Tax Rev., 5%, 4/01/2020      3,970,000        4,396,060   
Pulaski County, AR, Public Facilities Board Healthcare Rev. (Baptist Health), 5%, 12/01/2042      1,520,000        1,612,720   
    

 

 

  
      $ 7,809,140   
California - 12.1%                 
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, 5%, 10/01/2037    $ 770,000      $ 837,467   
Alameda, CA, Corridor Transportation Authority Senior Lien Rev., “A”, AGM, 5%, 10/01/2028      985,000        1,133,459   
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, 5%, 6/01/2025      3,960,000        4,647,773   
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, 5%, 6/01/2026      4,145,000        4,896,364   
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/2031      1,550,000        1,703,900   
California Educational Facilities Authority Rev. (Stanford University), “U-7”, 5%, 6/01/2046      7,840,000        10,040,218   
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2036      925,000        1,079,873   
California Educational Facilities Authority Rev. (University of Southern California), “A”, 5.25%, 10/01/2038 (Prerefunded 10/01/2018)      4,610,000        4,934,037   

 

1

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
California - continued                 
California Health Facilities Financing Authority Rev. (St. Joseph Health System), “A”, 5.75%, 7/01/2039    $ 2,580,000      $ 2,809,749   
California Health Facilities Financing Authority Rev. (Sutter Health), “D”, 5.25%, 8/15/2031      5,000,000        5,735,750   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 4.95%, 8/01/2023      6,180,000        6,196,253   
California Housing Finance Agency Rev. (Home Mortgage), “G”, 5.5%, 8/01/2042      80,000        80,294   
California Housing Finance Agency Rev. (Home Mortgage), “L”, 5.45%, 8/01/2033      5,265,000        5,433,111   
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034      595,000        814,513   
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039      1,185,000        1,565,871   
California Municipal Finance Authority Rev. (Biola University), 5.8%, 10/01/2028      1,785,000        1,871,358   
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036      1,510,000        1,605,039   
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041      1,390,000        1,465,060   
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047      235,000        246,741   
California Municipal Finance Authority Rev. (University of La Verne), “A”, 6.25%, 6/01/2040      850,000        954,542   
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “B”, 5.25%, 6/01/2023 (Put Date 12/01/2017)      950,000        977,579   
California Public Works Board Lease Rev. (Various Capital Projects), “G-1”, 5.75%, 10/01/2030      2,950,000        3,241,637   
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038      9,180,000        10,204,855   
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033      9,250,000        10,522,245   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024      560,000        559,642   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025      585,000        579,179   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030      505,000        519,438   
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045      1,340,000        1,340,000   
California Statewide Communities Development Authority Environmental Facilities Rev. (Microgy Holdings Project), 9%, 12/01/2038 (a)(d)      126,224        631   
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 6.25%, 10/01/2039      1,050,000        1,150,244   
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5.4%, 11/01/2027      245,000        251,358   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 5.625%, 6/01/2033      1,460,000        1,517,539   
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), 7.5%, 6/01/2042      880,000        995,949   
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.125%, 11/01/2023      125,000        129,064   
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033      190,000        194,034   
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034      645,000        672,322   
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044      2,475,000        2,539,350   
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046      890,000        899,959   
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056      990,000        1,013,602   
California Statewide Communities Development Authority Rev. (Los Angeles Jewish Home for The Aging-Fountainview at Gonda), “B”, CALHF, 3%, 8/01/2021      2,020,000        2,021,798   
California Statewide Communities Development Authority Rev. (Los Angeles Jewish Home for The Aging-Fountainview at Gonda), “C”, CALHF, 2.5%, 8/01/2020      1,355,000        1,355,894   
California Statewide Communities Development Authority Rev. (Los Angeles Jewish Home for The Aging-Fountainview at Gonda), “D”, 4.75%, 8/01/2020      575,000        575,190   
California Statewide Communities Development Authority Rev. (Student Housing, SUCI East Campus), 6%, 5/15/2040 (Prerefunded 5/15/2018)      1,655,000        1,764,776   
California Statewide Communities Development Authority School Facility Rev. (Aspire Public Schools), 6.125%, 7/01/2046 (Prerefunded 1/01/2019)      5,025,000        5,492,325   
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/2034      1,840,000        2,001,865   
District of Southern CA, Water Replenishment Financing Authority Assessment Rev., 5%, 8/01/2036      1,175,000        1,349,770   
District of Southern CA, Water Replenishment Financing Authority Assessment Rev., 5%, 8/01/2037      1,250,000        1,432,875   
District of Southern CA, Water Replenishment Financing Authority Assessment Rev., 5%, 8/01/2041      2,705,000        3,081,022   
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2030      4,495,000        2,691,786   
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2031      4,015,000        2,302,081   
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2033      2,785,000        1,434,776   
Foothill-De Anza, CA, Community College District, Capital Appreciation, NATL, 0%, 8/01/2034      21,410,000        10,892,338   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034      3,000,000        3,348,810   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, AGM, 4.55%, 6/01/2022      3,415,000        3,545,248   

 

2

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
California - continued                 
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A”, AGM, 5%, 6/01/2040    $ 7,805,000      $ 8,628,193   
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Enhanced, “A-1”, AMBAC, 4.6%, 6/01/2023      995,000        1,033,387   
Hartnell , CA, Community College District (Monterey and San Benito Counties), Election of 2002 General Obligation, Capital Appreciation, “D”, 0%, 8/01/2039 (Prerefunded 8/01/2019)      9,645,000        2,149,099   
Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044      2,620,000        2,870,655   
La Verne, CA, COP (Brethren Hillcrest Homes), 5%, 5/15/2036      640,000        666,982   
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035      480,000        520,248   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/2034      480,000        537,653   
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/2044      820,000        910,036   
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2029      2,990,000        3,287,475   
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038      4,040,000        4,632,143   
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041      6,435,000        7,356,492   
Los Angeles, CA, Municipal Improvement Corp. Lease Rev. (Real Property), “E”, 6%, 9/01/2039      2,580,000        2,880,673   
Los Angeles, CA, Unified School District, “D”, 5%, 1/01/2034      825,000        887,651   
Madera, CA, Irrigation Financing Authority Water Rev., 6.5%, 1/01/2040 (Prerefunded 1/01/2020)      3,595,000        4,112,860   
Merced, CA, Union High School District, Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2030      580,000        355,569   
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041      6,500,000        6,974,110   
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046      2,000,000        2,139,420   
Mt. San Antonio, CA, Community College District, Convertible Capital Appreciation, 0% to 8/01/2023, 5.875% to 8/01/2028      1,860,000        1,674,967   
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2024      2,900,000        2,291,551   
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2027      1,930,000        1,334,634   
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2029      3,915,000        2,466,920   
Oceanside, CA, Unified School District, Capital Appreciation, ASSD GTY, 0%, 8/01/2030      4,335,000        2,613,311   
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030      1,640,000        1,862,532   
Palomar Pomerado Health Care District, CA, COP, 6.75%, 11/01/2039 (Prerefunded 11/01/2019)      2,210,000        2,516,770   
Port of Oakland, CA, Rev., “P”, 5%, 5/01/2033      11,790,000        12,913,823   
Riverside County, CA, Public Financing Authority Tax Allocation Rev. (Project Area No. 1 Desert Communities & Interstate 215 Corridor Projects), BAM, 4%, 10/01/2037      735,000        751,876   
Riverside County, CA, Successor Agency to the Redevelopment Agency Tax Allocation Rev. (Jurupa Valley Redevelopment Project Area), “B”, BAM, 4%, 10/01/2036      730,000        748,965   
Riverside County, CA, Successor Agency to the Redevelopment Agency Tax Allocation Rev. (Mid-County Redevelopment Project Area), “C”, BAM, 4%, 10/01/2036      220,000        225,716   
Riverside County, CA, Successor Agency to the Redevelopment Agency Tax Allocation Rev. (Mid-County Redevelopment Project Area), “C”, BAM, 4%, 10/01/2037      115,000        117,640   
Riverside County, CA, Transportation Commission, Sales Tax Rev. (Limited Tax), “A”, 5.25%, 6/01/2039      4,655,000        5,332,489   
Riverside County, CA, Transportation Commission, Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029      2,015,000        1,801,873   
Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041      10,000,000        11,160,900   
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041      9,000,000        10,006,470   
Sacramento, CA, Municipal Utility District Electricity Rev., “X”, 5%, 8/15/2028 (Prerefunded 8/15/2021)      835,000        954,054   
Sacramento, CA, Municipal Utility District Electricity Rev., “X”, 5%, 8/15/2028      2,435,000        2,734,115   
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2040      9,315,000        10,080,041   
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2024      500,000        571,530   
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2025      1,500,000        1,709,790   
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2028      6,000,000        6,693,960   
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043      340,000        372,290   
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034      7,570,000        8,343,503   
San Jose, CA, Airport Rev., “C”, 5%, 3/01/2030      1,115,000        1,263,997   
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NATL, 0%, 9/01/2026      5,100,000        3,826,479   
State of California, 5%, 4/01/2024      4,365,000        4,963,616   
State of California, 5.25%, 10/01/2028      2,965,000        3,391,337   
State of California, 6.5%, 4/01/2033      4,000,000        4,424,840   
State of California, 5%, 9/01/2034      9,000,000        10,427,040   
State of California, 6%, 11/01/2039      3,000,000        3,334,410   

 

3

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
California - continued                 
Upland, CA, COP (San Antonio Community Hospital), 6.375%, 1/01/2032    $ 2,075,000      $ 2,332,300   
Upland, CA, COP (San Antonio Community Hospital), 6.5%, 1/01/2041      915,000        1,019,951   
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, ASSD GTY, 0%, 8/01/2029      3,440,000        2,104,317   
Whittier, CA, Union High School District, Capital Appreciation, 0%, 8/01/2034      2,005,000        742,010   
    

 

 

  
      $ 315,703,216   
Colorado - 4.2%                 
Colorado Educational & Cultural Facilities Authority Rev. (Academy of Charter Schools Project), 5.625%, 5/01/2040    $ 1,815,000      $ 1,895,223   
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029      195,000        212,458   
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039      740,000        782,217   
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044      605,000        638,003   
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037      545,000        571,013   
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030      490,000        534,002   
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034      495,000        530,259   
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029      700,000        761,495   
Colorado Educational & Cultural Facilities Authority Rev. (The Classical Academy Project), 5%, 12/01/2031      1,725,000        1,876,438   
Colorado Educational & Cultural Facilities Authority Rev. (The Classical Academy Project), “A”, 5%, 12/01/2038      1,020,000        1,085,770   
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031      1,855,000        2,017,034   
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 7%, 11/15/2038 (Prerefunded 11/15/2018)      4,330,000        4,787,118   
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041      10,000,000        11,164,200   
Colorado Health Facilities Authority Rev. (Covenant Retirement Communities, Inc. Project), “A”, 5%, 12/01/2035      1,985,000        2,113,965   
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043      1,195,000        1,263,043   
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044      4,620,000        5,047,119   
Colorado Housing & Finance Authority, Solid Waste Rev. (Waste Management, Inc.), 5.7%, 7/01/2018      4,840,000        5,138,725   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030      6,150,000        6,945,318   
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034      5,000,000        5,551,900   
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2025      3,000,000        3,561,660   
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2041      1,500,000        1,688,325   
Denver, CO, City & County Airport Rev. (United Airlines), 5.25%, 10/01/2032      3,975,000        3,995,670   
Denver, CO, City & County Airport Rev. (United Airlines), 5.75%, 10/01/2032      615,000        618,192   
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028      1,930,000        2,113,311   
Denver, CO, City & County Airport Systems Rev., “A”, NATL, 5%, 11/15/2030      6,000,000        6,154,620   
Denver, CO, City & County School District No. 1, 5%, 12/01/2024      10,000,000        11,418,000   
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035      965,000        1,033,544   
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036      615,000        657,650   
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040      1,635,000        1,737,433   
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045      1,210,000        1,281,838   
Denver, CO, Single Family Mortgage Rev., GNMA, 7.3%, 11/01/2031      5,000        5,014   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2045      5,280,000        5,697,331   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2030      1,470,000        1,653,412   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2031      1,660,000        1,859,731   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2032      1,755,000        1,956,825   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2033      1,760,000        1,951,558   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2034      1,445,000        1,593,430   
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2035      1,630,000        1,790,343   
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028      1,215,000        1,461,123   
University of Colorado, Enterprise Rev., 5%, 6/01/2029 (Prerefunded 6/01/2021)      4,220,000        4,797,887   
    

 

 

  
      $ 109,942,197   
Connecticut - 1.3%                 
Connecticut Health & Educational Facilities Authority Rev. (Church Home of Hartford, Inc. Project), “B-2”, 2.875%, 9/01/2020    $ 475,000      $ 463,505   
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2037      1,270,000        1,293,076   
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043      4,230,000        4,261,810   
Connecticut Housing Finance Authority Rev., (Housing Mortgage Finance Program), “B-2”, 4%, 11/15/2032      2,295,000        2,425,287   

 

4

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Connecticut - continued                 
Connecticut Housing Finance Authority Rev., (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045    $ 3,465,000      $ 3,587,349   
Connecticut Housing Finance Authority Rev., (Housing Mortgage Finance Program), “D-1”, 4%, 11/15/2044      2,830,000        2,928,993   
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)      2,320,000        2,373,870   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2028      4,595,000        5,145,757   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2029      4,595,000        5,145,757   
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2030      4,615,000        5,147,525   
University of Connecticut, General Obligation, “A”, 5%, 3/15/2028      1,335,000        1,567,837   
    

 

 

  
      $ 34,340,766   
Delaware - 0.0%                 
Delaware Economic Development Authority (Newark Charter School, Inc.), 5%, 9/01/2036    $ 235,000      $ 241,148   
Delaware Economic Development Authority (Newark Charter School, Inc.), 5%, 9/01/2046      250,000        253,623   
    

 

 

  
      $ 494,771   
District of Columbia - 0.9%                 
District of Columbia Rev. (Friendship Public Charter School), “A”, 5%, 6/01/2036    $ 2,355,000      $ 2,407,469   
District of Columbia Rev. (Friendship Public Charter School), “A”, 5%, 6/01/2046      630,000        637,384   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/2033      560,000        648,547   
District of Columbia Rev. (Kipp, D.C. Charter School), “A”, 6%, 7/01/2043      1,450,000        1,661,004   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), 4.5%, 1/01/2025      230,000        225,683   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.125%, 1/01/2035      230,000        220,425   
District of Columbia Rev. (Methodist Home of the District of Columbia Issue), “A”, 5.25%, 1/01/2039      150,000        143,570   
District of Columbia Student Dormitory Rev. (Provident Group-Howard Properties LLC), 5%, 10/01/2030      3,235,000        3,046,723   
District of Columbia Student Dormitory Rev. (Provident Group-Howard Properties LLC), 5%, 10/01/2035      4,080,000        3,687,871   
District of Columbia University Rev. (Georgetown University), Convertible Capital Appreciation, BHAC, 0% to 4/01/2018, 5% to 4/01/2040      11,570,000        11,751,071   
    

 

 

  
      $ 24,429,747   
Florida - 3.9%                 
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036    $ 20,000      $ 21,770   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.375%, 5/01/2030      1,045,000        1,086,507   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.5%, 5/01/2033      485,000        502,135   
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.6%, 5/01/2034      1,405,000        1,458,980   
Capital Region Community Development District, FL, Capital Improvement Rev., “A”, 7%, 5/01/2039      845,000        845,558   
Capital Trust Agency Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029      3,385,000        3,572,394   
Citizens Property Insurance Corp., “A-1”, 5.25%, 6/01/2017      750,000        762,990   
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/2043      5,850,000        6,501,983   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 6.25%, 5/15/2035      100,000        97,551   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “A”, 6.5%, 5/15/2049      180,000        174,575   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “B”, 5.25%, 5/15/2022      520,000        514,582   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “B-1”, 6.875%, 5/15/2021      820,000        820,845   
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (The Arlington of Naples Project), “B-2”, 6.5%, 5/15/2020      180,000        180,216   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2026      1,510,000        1,746,179   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029      1,350,000        1,536,543   
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030      1,420,000        1,601,717   
Florida Board of Education, Capital Outlay, “E”, 5%, 6/01/2023      250,000        272,675   
Florida Board of Education, Lottery Rev., “A”, 5%, 7/01/2020      7,855,000        8,718,657   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 9/15/2030      2,425,000        2,493,555   
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 9/15/2040      5,130,000        5,242,039   

 

5

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Florida - continued                 
Florida Housing Finance Corp, Homeowner Mortgage Rev. (Special Program), “A”, FHLMC, 3.5%, 7/01/2046    $ 1,805,000      $ 1,865,197   
Florida Housing Finance Corp, Homeowner Mortgage Rev. (Special Program), “B”, FHLMC, 3%, 7/01/2045      3,020,000        3,076,021   
Florida Municipal Power Agency Rev., 5%, 10/01/2031 (Prerefunded 10/01/2018)      850,000        904,230   
Florida Municipal Power Agency Rev., 5%, 10/01/2031      150,000        157,238   
Florida Municipal Power Agency Rev., All Requirements, “A”, 6.25%, 10/01/2031 (Prerefunded 10/01/2019)      400,000        450,688   
Florida State University Board of Governors, System Improvement Rev., 6.25%, 7/01/2030      2,685,000        2,893,356   
Heritage Harbour North Community Development District, FL, Capital Improvement Rev., 6.375%, 5/01/2038      740,000        745,180   
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), “A”, 5.625%, 8/15/2029 (Prerefunded 8/15/2018)      300,000        321,108   
Hillsborough County, FL, Industrial Development Authority Rev. (University Community Hospital), ETM, NATL, 6.5%, 8/15/2019      635,000        685,813   
Hillsborough County, FL, Industrial Development Authority, Pollution Control Rev. (Tampa Electric Co.), “A”, 5.65%, 5/15/2018      500,000        527,290   
Homestead 50, FL, Community Development District, Special Assessment, “A”, 6%, 5/01/2037      1,415,000        1,267,232   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2033      2,225,000        2,449,681   
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034      1,935,000        2,113,697   
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025      390,000        386,740   
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035      135,000        132,663   
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045      205,000        197,696   
Main Street, FL, Community Development District Rev., “A”, 6.8%, 5/01/2038 (Prerefunded 5/01/2018)      220,000        236,287   
Main Street, FL, Community Development District Rev., “A”, 6.8%, 5/01/2038      270,000        266,973   
Marshall Creek Community Development District, FL, Capital Improvement and Special Assessment, “A”, 3.5%, 5/01/2020      1,990,000        1,968,747   
Miami-Dade County, FL, Aviation Rev., “B”, AGM, 5%, 10/01/2035      5,885,000        6,377,339   
Miami-Dade County, FL, Health Facilities Authority Hospital Rev. (Miami Children’s Hospital), “A”, 6.125%, 8/01/2042      2,240,000        2,496,435   
Miami-Dade County, FL, School Board, COP, “B”, ASSD GTY, 5%, 5/01/2033      500,000        525,330   
Miami-Dade County, FL, Water & Sewer Rev., AGM, 5%, 10/01/2039      1,000,000        1,088,890   
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021)      6,920,000        8,583,845   
Middle Village Community Development District, FL, Special Assessment, “A”, 5.8%, 5/01/2022      40,000        35,333   
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029      280,000        288,842   
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037      135,000        138,139   
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037      230,000        235,348   
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2037      1,915,000        2,089,284   
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Regional Healthcare), “C”, 5.25%, 10/01/2035 (Prerefunded 10/01/2018)      1,000,000        1,068,120   
Palm Beach County, FL, Health Facilities Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049      430,000        502,584   
Palm Beach County, FL, Solid Waste Authority Rev. Improvement, BHAC, 5%, 10/01/2027 (Prerefunded 10/01/2019)      295,000        322,482   
Parkway Center Community Development District, FL, Special Assessment, “B”, 7%, 5/01/2023      275,000        271,260   
Pinellas County, FL, Sewer Rev., AGM, 5%, 10/01/2032      330,000        330,901   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.75%, 10/01/2022 (n)      2,850,000        2,918,942   
Seminole Tribe, FL, Special Obligation Rev., “A”, 5.5%, 10/01/2024 (n)      4,275,000        4,370,504   
South Broward, FL, Hospital District Rev., 5%, 5/01/2036 (Prerefunded 5/01/2018)      500,000        525,125   
South Lake County, FL, Hospital District Rev. (South Lake Hospital), “A”, 6%, 4/01/2029      1,025,000        1,110,526   
St. John’s County, FL, Industrial Development Authority Rev. (Bayview Project), “A”, 5.2%, 10/01/2027      150,000        136,439   
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/2045 (Prerefunded 8/01/2020)      6,795,000        7,771,442   
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d)      55,000        38,490   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026      245,000        276,571   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029      225,000        249,858   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034      485,000        528,543   
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044      1,455,000        1,571,575   
Tuscany Reserve Community Development District, FL, Special Assessment, “B”, 5.25%, 5/01/2021      105,000        102,328   
Watergrass Community Development District, FL, Special Assessment, “B”, 6.96%, 11/01/2017      10,000        9,942   
    

 

 

  
      $ 102,761,705   

 

6

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Georgia - 2.8%                 
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/2033    $ 965,000      $ 1,053,722   
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/2043      965,000        1,053,365   
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2025      1,415,000        1,595,993   
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2026      800,000        899,112   
Atlanta, GA, Water & Wastewater Rev., “A”, 6%, 11/01/2022 (Prerefunded 11/01/2019)      2,770,000        3,118,051   
Clayton County, GA, Development Authority Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/2029      1,295,000        1,534,769   
Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030      650,000        702,715   
Cobb County, GA, Development Authority Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033      1,140,000        1,217,520   
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc.), 6.125%, 9/01/2040      4,850,000        5,316,085   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028      5,285,000        6,043,133   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029      1,415,000        1,613,157   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030      4,345,000        4,913,065   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2031      235,000        265,158   
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041      3,910,000        4,389,327   
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc.), “A”, 5%, 7/01/2046      9,100,000        10,002,265   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/2026      3,680,000        4,080,200   
Fulton County, GA, Water & Sewer Rev., 5%, 1/01/2027      2,285,000        2,531,643   
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 3%, 6/01/2043      150,000        150,845   
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044      2,010,000        2,087,023   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 3/15/2022      4,545,000        4,950,323   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026      845,000        977,766   
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028      1,740,000        2,042,569   
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026      3,065,000        3,500,659   
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Unrefunded Balance, 5.625%, 8/01/2034      130,000        136,462   
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc.), “A”, 5.5%, 8/15/2054      4,215,000        4,841,602   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/2030      540,000        557,447   
Marietta, GA, Development Facilities Authority Rev. (Life University), 7%, 6/15/2039      645,000        663,731   
Metropolitan Atlanta, GA, Rapid Transit Authority Rev., 6.25%, 7/01/2018      1,370,000        1,434,527   
Rockdale County, GA, Development Authority Project Rev. (Visy Paper Project), “A”, 6.125%, 1/01/2034      2,055,000        2,058,822   
    

 

 

  
      $ 73,731,056   
Guam - 0.1%                 
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036    $ 545,000      $ 578,910   
Guam Government, “A”, 7%, 11/15/2039 (Prerefunded 11/15/2019)      910,000        1,047,101   
Guam International Airport Authority Rev., “C”, 5%, 10/01/2017      600,000        610,992   
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2020      130,000        142,468   
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2021      370,000        408,758   
    

 

 

  
      $ 2,788,229   
Hawaii - 1.2%                 
Hawaii Housing & Community Development Corp., HI, Rental Housing System Rev., “A”, 4.65%, 1/01/2029    $ 7,795,000      $ 7,832,104   
Hawaii Housing & Community Development Corp., HI, Rental Housing System Rev., “A”, 4.75%, 1/01/2033      9,390,000        9,436,762   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 8.75%, 11/15/2029      355,000        419,780   
Hawaii Department of Budget & Finance, Special Purpose Rev. (15 Craigside Project), “A”, 9%, 11/15/2044      1,100,000        1,324,521   
Hawaii Department of Budget & Finance, Special Purpose Rev. (Hawaiian Electric Co. & Subsidiary), 6.5%, 7/01/2039      3,655,000        3,966,187   
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021)      1,380,000        1,584,875   
State of Hawaii, “DZ”, 5%, 12/01/2031      850,000        948,498   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2022)      3,695,000        4,246,811   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2031      1,380,000        1,546,124   
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2032      920,000        1,028,910   
    

 

 

  
      $ 32,334,572   

 

7

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Illinois - 8.3%                 
Chicago, IL (Modern Schools Program), “A”, AMBAC, 5%, 12/01/2024    $ 2,685,000      $ 2,692,706   
Chicago, IL (Modern Schools Program), “G”, AMBAC, 5%, 12/01/2023      650,000        651,866   
Chicago, IL (Modern Schools Program), “H”, AMBAC, 5%, 12/01/2020      1,635,000        1,639,611   
Chicago, IL (Modern Schools Program), “H”, AMBAC, 5%, 12/01/2021      1,030,000        1,032,915   
Chicago, IL, “A”, 5.25%, 1/01/2028      345,000        336,561   
Chicago, IL, “A”, 5%, 1/01/2036      1,110,000        1,014,518   
Chicago, IL, “A”, AGM, 5%, 1/01/2017      50,000        50,006   
Chicago, IL, “A”, AGM, 5%, 1/01/2022      30,000        30,092   
Chicago, IL, “A”, AGM, 5%, 1/01/2022      550,000        554,224   
Chicago, IL, “A”, AGM, 5%, 1/01/2023      15,000        15,121   
Chicago, IL, “A”, AGM, 5%, 1/01/2023      350,000        352,688   
Chicago, IL, “A”, AGM, 5%, 1/01/2024      15,000        15,046   
Chicago, IL, “A”, AGM, 5%, 1/01/2025      50,000        50,384   
Chicago, IL, “A”, AGM, 5%, 1/01/2026      30,000        30,152   
Chicago, IL, “A”, AGM, 5%, 1/01/2027      205,000        205,547   
Chicago, IL, “A”, AGM, 5%, 1/01/2028      7,700,000        8,143,597   
Chicago, IL, “A”, AGM, 4.75%, 1/01/2030      570,000        571,368   
Chicago, IL, “A”, AGM, 5%, 1/01/2034      2,000,000        2,005,260   
Chicago, IL, “A”, AGM, 5%, 1/01/2037      3,430,000        3,438,575   
Chicago, IL, “A”, AMBAC, 5%, 1/01/2022      2,880,000        2,885,875   
Chicago, IL, “A”, Capital Appreciation, NATL, 0%, 1/01/2027      1,490,000        931,652   
Chicago, IL, “C”, NATL, 5%, 1/01/2023      390,000        400,967   
Chicago, IL, “C”, NATL, 5%, 1/01/2028      185,000        190,165   
Chicago, IL, “C”, NATL, 5%, 1/01/2029      3,445,000        3,541,184   
Chicago, IL, “D”, 5.5%, 1/01/2033      935,000        899,414   
Chicago, IL, “D”, AMBAC, 5%, 12/01/2022      2,710,000        2,717,859   
Chicago, IL, Board of Education, “B”, AMBAC, 5%, 12/01/2020      3,150,000        3,146,535   
Chicago, IL, Board of Education, “B”, AGM, 5%, 12/01/2027      2,470,000        2,523,327   
Chicago, IL, Board of Education, “B”, AGM, 5%, 12/01/2035      3,955,000        4,040,388   
Chicago, IL, Board of Education, “B”, AMBAC, 5%, 12/01/2021      1,550,000        1,550,884   
Chicago, IL, Board of Education, “C”, AGM, 5%, 12/01/2032      8,315,000        8,522,293   
Chicago, IL, Board of Education, “C”, ASSD GTY, 5.25%, 12/01/2025      5,855,000        6,115,548   
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, AMBAC, 5%, 12/01/2021      4,110,000        4,138,112   
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, AMBAC, 5%, 12/01/2023      975,000        980,002   
Chicago, IL, Capital Appreciation, NATL, 0%, 1/01/2026      9,690,000        6,394,916   
Chicago, IL, Capital Appreciation, NATL, 0%, 1/01/2027      1,820,000        1,137,991   
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2029      9,145,000        10,071,480   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032      945,000        1,065,431   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033      470,000        529,070   
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043      1,890,000        2,111,489   
Chicago, IL, O’Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030      2,735,000        3,053,573   
Chicago, IL, O’Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035      7,125,000        7,945,088   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029      1,755,000        1,834,326   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031      655,000        708,527   
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2040      4,685,000        4,995,709   
Chicago, IL, Wastewater Transmission Rev., “C”, 5%, 1/01/2035      405,000        431,933   
Chicago, IL, Wastewater Transmission Rev., “C”, 5%, 1/01/2039      610,000        646,283   
Illinois Finance Authority Rev., 6.125%, 5/15/2025 (Prerefunded 5/15/2019)      235,000        260,780   
Illinois Finance Authority Rev., 7.75%, 8/15/2034 (Prerefunded 8/15/2019)      35,000        40,545   
Illinois Finance Authority Rev. (Christian Homes, Inc.), 5%, 5/15/2036      640,000        648,570   
Illinois Finance Authority Rev. (Christian Homes, Inc.), 5%, 5/15/2040      585,000        588,721   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.5%, 5/15/2037      3,285,000        3,305,893   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/2033      2,180,000        2,156,652   
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/2043      1,500,000        1,480,680   
Illinois Finance Authority Rev. (KishHealth Systems Obligated Group), 5.75%, 10/01/2028 (Prerefunded 10/01/2018)      2,990,000        3,222,203   

 

8

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Illinois - continued                 
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046    $ 9,235,000      $ 9,745,696   
Illinois Finance Authority Rev. (OSF Healthcare), “A”, 7%, 11/15/2029 (Prerefunded 5/15/2019)      2,975,000        3,357,466   
Illinois Finance Authority Rev. (OSF Healthcare), “A”, 7.125%, 11/15/2037 (Prerefunded 5/15/2019)      2,445,000        2,766,420   
Illinois Finance Authority Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 11/01/2030      610,000        689,355   
Illinois Finance Authority Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 11/01/2031      450,000        506,142   
Illinois Finance Authority Rev. (Presbyterian Homes Obligated Group), “B”, FRN, 1.782%, 5/01/2036 (Put Date 5/01/2021)      885,000        886,053   
Illinois Finance Authority Rev. (Presence Health Network), “A”, 7.75%, 8/15/2034 (Prerefunded 8/15/2019)      3,650,000        4,235,497   
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036      1,035,000        1,055,555   
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041      3,130,000        2,601,813   
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041      1,535,000        1,553,159   
Illinois Finance Authority Rev. (Presence Health Obligated Group), 6.125%, 5/15/2025 (Prerefunded 5/15/2019)      205,000        227,183   
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043      6,315,000        7,198,532   
Illinois Finance Authority Rev. (Resurrection Health Care Corp.), 6.125%, 5/15/2025 (Prerefunded 5/15/2019)      6,460,000        7,168,662   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 6.875%, 8/15/2038 (Prerefunded 8/15/2019)      1,500,000        1,705,695   
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)      2,455,000        2,794,085   
Illinois Finance Authority Student Housing Rev. (Illinois State University), 6.75%, 4/01/2031      2,730,000        2,994,974   
Illinois Finance Authority Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031      4,210,000        4,628,264   
Illinois Railsplitter Tobacco Settlement Authority, 5.5%, 6/01/2023      4,455,000        5,010,850   
Illinois Railsplitter Tobacco Settlement Authority, 6.25%, 6/01/2024      2,610,000        2,624,407   
Illinois Railsplitter Tobacco Settlement Authority, 6%, 6/01/2028      10,615,000        12,105,240   
Illinois Sales Tax Rev., “P”, ETM, 6.5%, 6/15/2022      3,635,000        4,086,831   
Illinois Toll Highway Authority Rev., “A”, 5%, 12/01/2022      5,000,000        5,737,050   
Illinois Toll Highway Authority Rev., “B”, 5.5%, 1/01/2033 (Prerefunded 1/01/2018)      5,645,000        5,892,590   
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042      1,690,000        1,796,690   
State of Illinois, “A”, AGM, 5%, 4/01/2024      5,000,000        5,343,800   
State of Illinois, “B”, 5.25%, 6/15/2034 (Prerefunded 6/15/2019)      1,275,000        1,390,069   
    

 

 

  
      $ 216,146,380   
Indiana - 1.2%                 
Indiana Finance Authority Hospital Rev. (Deaconess Hospital, Inc.), “A”, 6.75%, 3/01/2039 (Prerefunded 3/01/2019)    $ 3,000,000      $ 3,343,830   
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041      2,840,000        3,149,503   
Indiana Finance Authority Rev. (I-69 Section 5 Project), 5.25%, 9/01/2034      1,710,000        1,706,170   
Indiana Finance Authority Rev. (I-69 Section 5 Project), 5.25%, 9/01/2040      2,445,000        2,506,052   
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030      530,000        566,978   
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039      1,340,000        1,380,682   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035      2,190,000        2,242,451   
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044      1,595,000        1,651,351   
Indiana Finance Authority Rev. (State Revolving Fund Program), “A”, 5%, 2/01/2029      4,000,000        4,481,840   
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042      1,170,000        1,200,865   
Richmond, IN, Hospital Authority Rev. (Reid Hospital & Health Center Services), “A”, 6.625%, 1/01/2039 (Prerefunded 1/01/2019)      4,715,000        5,196,920   
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026      1,000,000        1,326,600   
University of Southern Indiana Rev. (Student Fee), “J”, ASSD GTY, 5.75%, 10/01/2028      1,875,000        2,068,444   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034      330,000        389,809   
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044      755,000        900,791   
    

 

 

  
      $ 32,112,286   
Iowa - 0.7%                 
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2030    $ 1,200,000      $ 1,341,468   
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2031      2,230,000        2,482,347   
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), “C”, 5%, 2/15/2032      1,085,000        1,202,679   
Iowa Finance Authority Rev. (Iowa Health System Obligated Group), “A”, 5.25%, 2/15/2044      3,000,000        3,278,400   
Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.625%, 12/01/2019      1,565,000        1,624,846   
Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.875%, 12/01/2020      285,000        295,870   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.5%, 12/01/2025      1,275,000        1,364,939   

 

9

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Iowa - continued                 
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.6%, 12/01/2026    $ 1,270,000      $ 1,359,954   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.7%, 12/01/2027      110,000        117,183   
Iowa Student Loan Liquidity Corp. Rev., “A-2”, 5.75%, 12/01/2028      2,160,000        2,299,903   
Iowa Tobacco Settlement Authority, Tobacco Settlement Rev., Asset Backed, “B”, 5.6%, 6/01/2034      3,070,000        3,037,888   
    

 

 

  
      $ 18,405,477   
Kansas - 0.3%                 
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2038    $ 3,800,000      $ 3,945,274   
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2042      1,500,000        1,552,650   
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036      675,000        699,550   
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041      680,000        698,714   
    

 

 

  
      $ 6,896,188   
Kentucky - 1.0%                 
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc.-The Meadow Project and Grove Pointe Project), “A”, 2.5%, 5/15/2022    $ 9,480,000      $ 8,914,423   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.375%, 8/15/2024      2,305,000        2,431,014   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Baptist Healthcare System), “A”, 5.625%, 8/15/2027      770,000        810,872   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6%, 6/01/2030      640,000        690,266   
Kentucky Economic Development Finance Authority, Hospital Facilities Rev. (Owensboro Medical Health System), “A”, 6.375%, 6/01/2040      5,500,000        5,929,770   
Kentucky Turnpike Authority, Economic Development Road Rev. (Revitalization Projects), “A”, 5%, 7/01/2032      2,000,000        2,271,380   
Louisville & Jefferson County, KY, Metro Government College Rev. (Bellarmine University, Inc. Project), 6.125%, 5/01/2039      3,000,000        3,178,230   
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “B”, 5.625%, 9/01/2039      1,670,000        1,786,900   
    

 

 

  
      $ 26,012,855   
Louisiana - 1.7%                 
Jefferson Parish, LA, Hospital Service District No. 1 Hospital Rev. (West Jefferson Medical Center), AGM, 5.25%, 1/01/2028 (Prerefunded 1/01/2020)    $ 1,980,000      $ 2,222,550   
Jefferson Parish, LA, Hospital Service District No. 2 (East Jefferson General Hospital), 6.25%, 7/01/2031      3,355,000        3,581,362   
Louisiana Citizens Property Insurance Corp. Rev., AGM, 5%, 6/01/2021      1,835,000        2,057,751   
Louisiana Citizens Property Insurance Corp. Rev., AGM, 5%, 6/01/2022      1,470,000        1,673,404   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045      2,500,000        2,451,225   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035      580,000        593,160   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045      2,240,000        2,310,538   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), 6.75%, 11/01/2032      1,800,000        1,859,922   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A”, 6.5%, 8/01/2029      1,400,000        1,569,932   
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westlake Chemical), “A-2”, 6.5%, 11/01/2035      6,000,000        6,732,840   
Louisiana Public Facilities Authority Hospital Rev. (Lake Charles Memorial Hospital), 6.375%, 12/01/2034      2,745,000        2,903,112   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2020      665,000        728,621   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2021      830,000        923,832   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2022      500,000        564,035   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2023      1,325,000        1,505,664   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2024      1,270,000        1,435,062   
Louisiana Stadium & Exposition District Rev., “A”, 5%, 7/01/2025      1,000,000        1,123,660   
New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 5%, 1/01/2040      3,105,000        3,331,230   

 

10

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Louisiana - continued                 
New Orleans, LA, Aviation Board Gulf Opportunity Zone CFC Rev. (Consolidated Rental Car), “A”, 6.25%, 1/01/2030    $ 1,810,000      $ 1,935,560   
New Orleans, LA, Sewerage Service Rev., 5%, 6/01/2040      600,000        650,994   
New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2040      800,000        875,192   
New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2045      1,000,000        1,088,450   
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)      2,000,000        2,093,500   
    

 

 

  
      $ 44,211,596   
Maine - 0.2%                 
Maine Housing Authority Mortgage, “C-1”, 3.5%, 11/15/2044    $ 4,455,000      $ 4,607,673   
Maryland - 1.3%                 
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 7%, 9/01/2038    $ 1,285,000      $ 1,326,595   
Maryland Community Development Administration, Department of Housing & Community Development, “C”, 4%, 9/01/2044      4,585,000        4,850,655   
Maryland Economic Development Corp. Adjustable Mode Rev. Refunding (Constellation Energy Group, Inc. Project), “B”, 2.55%, 12/01/2025 (Put Date 6/01/2020)      3,385,000        3,356,464   
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 6/01/2025      795,000        857,789   
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035      695,000        789,367   
Maryland Health & Higher Educational Facilities Authority Rev. (Anne Arundel Health System), “A”, 6.75%, 7/01/2039 (Prerefunded 7/01/2019)      1,510,000        1,706,013   
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), 6.25%, 1/01/2041 (Prerefunded 1/01/2021)      2,225,000        2,606,677   
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), 5.5%, 1/01/2036      5,090,000        5,599,713   
Maryland Health & Higher Educational Facilities Authority Rev. (Lifebridge Health), 5%, 7/01/2047      3,000,000        3,276,990   
State of Maryland, “B”, 4%, 8/01/2027      2,570,000        2,765,731   
State of Maryland, “C”, 5%, 11/01/2019      6,890,000        7,570,319   
    

 

 

  
      $ 34,706,313   
Massachusetts - 6.1%                 
Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), “A”, 5%, 6/01/2023    $ 2,645,000      $ 3,125,332   
Commonwealth of Massachusetts, “A”, AMBAC, 5.5%, 8/01/2030      5,000,000        6,418,550   
Commonwealth of Massachusetts, “H”, 5%, 12/01/2026      10,000,000        12,221,700   
Commonwealth of Massachusetts, “J”, 5%, 12/01/2036      19,615,000        22,812,441   
Massachusetts Bay Transportation Authority Rev., “A”, 7%, 3/01/2021      3,245,000        3,677,753   
Massachusetts Bay Transportation Authority Rev., “A”, 5.25%, 7/01/2034 (Prerefunded 7/01/2018)      580,000        614,881   
Massachusetts Bay Transportation Authority Rev., “A”, 5.25%, 7/01/2034 (Prerefunded 7/01/2018)      1,420,000        1,505,399   
Massachusetts Bay Transportation Authority Rev., “A”, ETM, 7%, 3/01/2021      1,980,000        1,999,067   
Massachusetts Bay Transportation Authority Sales Tax Rev., “A-2”, 0%, 7/01/2028      6,930,000        4,104,085   
Massachusetts Bay Transportation Authority Sales Tax Rev., “A”, 5%, 7/01/2024      9,445,000        11,232,655   
Massachusetts College Building Authority Rev., “A”, 5%, 5/01/2031      2,395,000        2,730,204   
Massachusetts Development Finance Agency Lease Rev. (University of Massachusetts at Dartmouth, College of Visual & Performing Arts Project), 6%, 8/01/2021      1,000,000        1,110,380   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2021      730,000        790,700   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2022      730,000        799,489   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2023      550,000        605,891   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2024      1,340,000        1,484,934   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2029      1,550,000        1,697,467   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2030      3,225,000        3,482,968   
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031      895,000        960,845   
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042      250,000        268,723   
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5%, 1/01/2047      5,500,000        5,746,620   
Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), “F”, 5%, 8/15/2030      1,000,000        1,134,700   
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043      460,000        505,646   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033      275,000        286,831   
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043      435,000        454,706   
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “L”, 5%, 7/01/2031      2,780,000        3,108,151   

 

11

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Massachusetts - continued                 
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “L”, 5%, 7/01/2036    $ 1,670,000      $ 1,852,765   
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 4%, 4/15/2020      90,000        92,314   
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025      185,000        197,935   
Massachusetts Development Finance Agency Rev. (Simmons College), “H”, SYNCORA, 5.25%, 10/01/2033      420,000        481,954   
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036      1,440,000        1,550,549   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “A”, 4.875%, 11/01/2027      2,380,000        2,384,284   
Massachusetts Development Finance Agency, Resource Recovery Rev. (Covanta Energy Project), “C”, 5.25%, 11/01/2042      1,150,000        1,155,566   
Massachusetts Development Finance Agency, Solid Waste Disposal Rev. (Dominion Energy Brayton), 5.75%, 12/01/2042 (Prerefunded 5/01/2019)      670,000        735,935   
Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/2030      2,180,000        2,244,114   
Massachusetts Educational Financing Authority, Education Loan Rev, “A”, 4.25%, 1/01/2031      1,475,000        1,508,158   
Massachusetts Educational Financing Authority, Education Loan Rev., “H”, ASSD GTY, 6.35%, 1/01/2030      1,180,000        1,232,852   
Massachusetts Educational Financing Authority, Education Loan Rev., “I-A”, 5.5%, 1/01/2022      225,000        243,866   
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 5%, 7/01/2021      1,255,000        1,362,190   
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.7%, 7/01/2026      1,650,000        1,714,169   
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.9%, 7/01/2028      1,710,000        1,781,837   
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033      1,880,000        1,678,878   
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)      15,000,000        13,333,350   
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029      3,175,000        3,433,572   
Massachusetts Health & Educational Facilities Authority Rev. (Suffolk University), “A”, 6.25%, 7/01/2030      4,055,000        4,441,888   
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037      470,000        512,126   
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041      465,000        503,070   
Massachusetts Port Authority Special Facilities Rev. (Delta Air Lines Project, Inc.), “A”, AMBAC, 5%, 1/01/2027      1,925,000        1,931,911   
Massachusetts School Building Authority, Sales Tax Rev., “A”, 5%, 8/15/2026      12,500,000        14,370,750   
Massachusetts Water Resources Authority, “B”, AGM, 5.25%, 8/01/2029      4,215,000        5,319,752   
Massachusetts Water Resources Authority, ETM, 6.5%, 7/15/2019      2,490,000        2,639,051   
    

 

 

  
      $ 159,582,954   
Michigan - 3.1%                 
Detroit, MI, Distributable State Aid, 5.25%, 11/01/2035 (Prerefunded 3/01/2017)    $ 5,000,000      $ 5,186,350   
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5%, 7/01/2019      1,730,000        1,858,280   
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5%, 7/01/2020      1,725,000        1,886,978   
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039      5,920,000        6,391,410   
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036      295,000        312,783   
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041      410,000        433,140   
Genesee County, MI, Water Supply System Rev., “B”, BAM, 5%, 2/01/2046      775,000        850,865   
Great Lakes Water Authority, Water Supply System Rev., “B”, BAM, 5%, 7/01/2046      5,745,000        6,247,573   
Great Lakes Water Authority, Water Supply System Rev., “D”, 5%, 7/01/2036      3,155,000        3,389,480   
Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023      685,000        706,338   
Michigan Finance Authority (City of Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024      860,000        888,053   
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 4%, 11/15/2046      11,815,000        11,259,695   
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033      800,000        869,800   
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034      1,790,000        1,936,708   
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035      1,155,000        1,245,321   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Senior Lien Local Project), “C-7”, NATL, 5%, 7/01/2032      580,000        642,617   
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044      450,000        478,193   
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-2”, 5%, 7/01/2034      800,000        865,568   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035      240,000        264,739   

 

12

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Michigan - continued                 
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037    $ 570,000      $ 625,199   
Michigan Finance Authority Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-6”, NATL, 5%, 7/01/2036      485,000        529,630   
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 12/01/2035      3,195,000        3,598,784   
Michigan Hospital Finance Authority Rev. (Henry Ford Health System), 5.75%, 11/15/2039 (Prerefunded 11/15/2019)      7,165,000        8,015,414   
Michigan Housing Development Authority, “A”, 4%, 6/01/2046      1,870,000        1,969,690   
Michigan Strategic Fund (Waste Management, Inc.), 1.5%, 8/01/2027 (Put Date 8/01/2017)      5,495,000        5,498,297   
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020      985,000        1,098,482   
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), “V”, 8.25%, 9/01/2039 (Prerefunded 9/01/2018)      2,325,000        2,590,771   
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      1,000,000        1,082,800   
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      610,000        668,377   
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      470,000        502,604   
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      1,020,000        1,087,901   
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040      7,105,000        7,801,077   
    

 

 

  
      $ 80,782,917   
Minnesota - 0.6%                 
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2041    $ 2,500,000      $ 2,848,150   
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2046      3,000,000        3,404,130   
Minnesota Housing Finance Agency, Residential Housing, “A”, 4%, 1/01/2041      1,775,000        1,862,383   
St. Louis Park, MN, Health Care Facilities Rev. (Nicollet Health Services), 5.75%, 7/01/2039 (Prerefunded 7/01/2019)      6,445,000        7,122,047   
University of Minnesota, “A”, 5%, 12/01/2025      710,000        801,434   
    

 

 

  
      $ 16,038,144   
Mississippi - 1.3%                 
Alcorn State University Educational Building Corp., Student Housing Rev., “A”, 5.125%, 9/01/2034 (Prerefunded 9/01/2019)    $ 2,500,000      $ 2,738,275   
Alcorn State University Educational Building Corp., Student Housing Rev., “A”, 5.25%, 9/01/2039 (Prerefunded 9/01/2019)      1,625,000        1,785,176   
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022      1,320,000        1,537,932   
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      495,000        624,591   
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034      2,455,000        3,041,426   
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022      1,445,000        1,607,852   
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023      3,765,000        4,226,589   
Mississippi State University, Educational Building Corp. Rev., 5.25%, 8/01/2038      1,250,000        1,421,725   
State of Mississippi, “B”, 5%, 12/01/2025      585,000        705,762   
State of Mississippi, “B”, 5%, 12/01/2032      2,500,000        2,944,975   
State of Mississippi, “B”, 5%, 12/01/2033      2,500,000        2,930,875   
State of Mississippi, “B”, 5%, 12/01/2034      5,000,000        5,833,700   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Improvements Project), 5.25%, 9/01/2032 (Prerefunded 9/01/2019)      1,665,000        1,828,653   
University of Southern Mississippi Educational Building Corp. Rev. (Campus Facilities Improvements Project), 5.375%, 9/01/2036 (Prerefunded 9/01/2019)      610,000        671,946   
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project) “A”, 5%, 3/01/2028      1,080,000        1,235,574   
    

 

 

  
      $ 33,135,051   
Missouri - 0.5%                 
Grundy County, MO, Industrial Development Authority Health Facilities Rev. (Wright Memorial Hospital), 6.125%, 9/01/2025    $ 625,000      $ 653,219   
Grundy County, MO, Industrial Development Authority Health Facilities Rev. (Wright Memorial Hospital), 6.75%, 9/01/2034      1,410,000        1,482,686   
Metropolitan St. Louis, MO, Sewer District Wastewater System Improvement Rev., “C”, 5%, 5/01/2046      2,250,000        2,574,540   
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039      730,000        800,372   
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031      2,615,000        2,932,801   
Missouri Health & Educational Facilities Authority, Senior Living Facilities Rev. (Lutheran Senior Services Project), “A”, 5%, 2/01/2036      430,000        446,847   
Missouri Health & Educational Facilities Authority, Senior Living Facilities Rev. (Lutheran Senior Services Project), “A”, 5%, 2/01/2044      1,035,000        1,074,972   

 

13

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Missouri - continued                 
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, GNMA, 3.75%, 5/01/2038    $ 1,410,000      $ 1,470,433   
Missouri Housing Development Commission, Single Family Mortgage Rev. (Special Home Ownership Loan Program), “B”, GNMA, 4%, 11/01/2040      1,470,000        1,540,413   
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030      140,000        140,186   
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035      95,000        92,768   
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045      260,000        250,172   
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “B-2”, 3.85%, 8/15/2020      55,000        53,843   
St. Louis County, MO, Industrial Development Authority Senior Living Facilities Rev. (St. Andrews Resources for Seniors Obligated Group), “B”, 3.125%, 12/01/2019      630,000        616,039   
    

 

 

  
      $ 14,129,291   
Montana - 0.1%                 
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A-2”, 3%, 12/01/2043    $ 1,900,000      $ 1,927,512   
Nebraska - 0.5%                 
Douglas County, NE, Educational Facilities Rev. (Creighton University), “A”, 5.875%, 7/01/2040    $ 6,355,000      $ 7,075,721   
Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 3%, 3/01/2044      1,155,000        1,174,785   
Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 4%, 9/01/2044      2,680,000        2,794,436   
Nebraska Investment Finance Authority, Single Family Housing Rev., “E”, 3%, 3/01/2043      760,000        770,708   
    

 

 

  
      $ 11,815,650   
Nevada - 0.1%                 
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035    $ 630,000      $ 611,951   
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045      760,000        725,808   
    

 

 

  
      $ 1,337,759   
New Hampshire - 0.4%                 
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)    $ 4,610,000      $ 5,163,246   
New Hampshire Business Finance Authority Rev. (Huggins Hospital), 6.875%, 10/01/2039      465,000        484,325   
New Hampshire Business Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4%, 4/01/2029 (Put Date 10/01/2019)      185,000        182,149   
New Hampshire Health & Educational Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031      1,600,000        1,728,064   
New Hampshire Health & Educational Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036      1,595,000        1,691,147   
    

 

 

  
      $ 9,248,931   
New Jersey - 4.1%                 
Middlesex County, NJ, New Brunswick City Guaranteed Parking Rev., “A”, BAM, 5%, 9/01/2039    $ 900,000      $ 1,010,682   
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2027      170,000        187,396   
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2028      505,000        554,177   
New Jersey Building Authority Rev., “A”, BAM, 5%, 6/15/2029      590,000        643,714   
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2029      555,000        597,335   
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2030      850,000        912,662   
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031      555,000        591,991   
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032      555,000        590,070   
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030      1,095,000        1,147,188   
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035      1,570,000        1,616,943   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5.5%, 1/01/2027      470,000        529,178   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), 5%, 1/01/2028      470,000        513,757   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031      1,415,000        1,549,496   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039      870,000        948,109   
New Jersey Economic Development Authority Rev. (The Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042      435,000        472,654   

 

14

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
New Jersey - continued                 
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 4.875%, 9/15/2019    $ 870,000      $ 905,870   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029      6,250,000        6,580,500   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030      400,000        434,332   
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/2030      370,000        401,757   
New Jersey Economic Development Authority, Water Facilities Rev. (New Jersey American Water Co.), “A”, 5.7%, 10/01/2039      5,000,000        5,425,300   
New Jersey Educational Facilities Authority Rev. (Stockton University), “A”, AGM, 4%, 7/01/2036      810,000        810,000   
New Jersey Educational Facilities Authority Rev. (University of Medicine & Dentistry), “B”, 7.5%, 12/01/2032 (Prerefunded 6/01/2019)      4,195,000        4,793,459   
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046      5,485,000        5,872,954   
New Jersey Higher Education Assistance Authority Senior Student Loan Rev., “1A”, 2.75%, 12/01/2027      6,015,000        5,566,822   
New Jersey Higher Education Assistance Authority Senior Student Loan Rev., “1A”, 3.5%, 12/01/2029      3,655,000        3,658,253   
New Jersey Higher Education Assistance Authority Student Loan Rev., “A”, ASSD GTY, 6.125%, 6/01/2030      1,445,000        1,507,583   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 6/01/2023      26,110,000        26,276,060   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.75%, 6/01/2034      7,960,000        6,865,580   
New Jersey Tobacco Settlement Financing Corp., “1-A”, 5%, 6/01/2041      5,000,000        4,349,900   
New Jersey Tobacco Settlement Financing Corp., Capital Appreciation, “1-C”, 0%, 6/01/2041      365,000        93,944   
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      3,985,000        4,314,918   
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2030      8,585,000        8,821,860   
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2031      6,865,000        7,048,501   
Newark, NJ, Housing Authority, Secured Police Facility Rev. (South Ward Police Facility), AGM, 5%, 12/01/2038      1,345,000        1,470,327   
    

 

 

  
      $ 107,063,272   
New Mexico - 0.9%                 
Farmington, NM, Pollution Control Rev. (Public Service New Mexico), “D”, 5.9%, 6/01/2040    $ 9,975,000      $ 10,874,246   
New Mexico Municipal Energy Acquisition Authority, Gas Supply Rev., “A”, 5%, 11/01/2039 (Put Date 8/01/2019)      11,435,000        12,378,044   
    

 

 

  
      $ 23,252,290   
New York - 4.7%                 
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/2030 (Prerefunded 1/15/2020)    $ 2,015,000      $ 2,276,789   
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045      4,385,000        4,640,119   
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 5%, 1/01/2035      1,455,000        1,524,447   
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045      1,610,000        290,460   
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “C”, 0%, 1/01/2055      1,610,000        1,100,564   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2025      1,450,000        1,600,235   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2026      1,080,000        1,190,452   
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2028      275,000        302,140   
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047      3,950,000        4,461,446   
Metropolitan Transportation Authority (Hudson Rail Yards Trust), “A”, 5%, 11/15/2046      13,870,000        14,761,286   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.5%, 8/15/2030      1,475,000        1,607,529   
New York Dormitory Authority Rev., Non-State Supported Debt (Bronx-Lebanon Hospital Center), LOC, 6.25%, 2/15/2035      1,395,000        1,508,288   
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 5%, 12/15/2025      5,000,000        5,775,250   
New York Energy Research & Development Authority Pollution Control Rev. (New York Electric & Gas Corp. Project), “C”, 2%, 6/01/2029 (Put Date 5/01/2020)      3,485,000        3,432,446   
New York Environmental Facilities Corp., Municipal Water Finance Authority Project, 5%, 6/15/2025      2,300,000        2,599,667   
New York Environmental Facilities, “C”, 5%, 5/15/2041      2,745,000        3,056,201   
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035      13,080,000        15,645,511   
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040      3,190,000        3,401,274   
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2031      2,300,000        2,568,019   
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5%, 5/01/2019      3,325,000        3,585,547   
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056      2,080,000        2,363,982   
New York Transportation Development Corp., Special Facility Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026      1,440,000        1,485,072   
New York Transportation Development Corp., Special Facility Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031      740,000        754,719   

 

15

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
New York - continued                 
New York Transportation Development Corp., Special Facility Rev. (LaGuardia Airport Terminal B Project), “A”, 5.25%, 1/01/2050    $ 5,000,000      $ 5,239,450   
New York, NY, “B-1”, 5%, 12/01/2041      3,500,000        3,996,580   
New York, NY, “J-4”, FRN, 1.27%, 8/01/2025 (Put Date 1/01/1900)      1,715,000        1,715,617   
New York, NY, City Housing Development Corp., Multifamily Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048      574,420        585,397   
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      1,570,000        1,665,566   
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2046      10,000,000        11,362,700   
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 5.25%, 11/01/2042      1,170,000        1,179,009   
Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5%, 7/01/2025 (Prerefunded 7/01/2019)      110,000        119,649   
Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5.125%, 7/01/2031 (Prerefunded 7/01/2019)      110,000        119,986   
Port Authority of NY & NJ, (170th Series), 5%, 12/01/2017      1,795,000        1,856,120   
Port Authority of NY & NJ, (170th Series), 5%, 12/01/2019      1,765,000        1,921,644   
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2036      2,315,000        2,617,339   
Seneca Nation of Indians, NY, Capital Improvements Authority, Special Obligation, 5%, 12/01/2023 (n)      3,995,000        4,010,660   
Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2026      7,845,000        7,795,812   
    

 

 

  
      $ 124,116,972   
North Carolina - 0.6%                 
North Carolina Eastern Municipal Power Agency, “A”, ETM, NATL, 6.5%, 1/01/2018    $ 9,250,000      $ 9,747,743   
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037      100,000        102,197   
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2030      285,000        317,308   
North Carolina Medical Care Commission Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2031      100,000        110,902   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025      200,000        208,184   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030      250,000        251,898   
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035      275,000        271,032   
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046      5,065,000        5,618,098   
    

 

 

  
      $ 16,627,362   
North Dakota - 0.0%                 
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 4%, 7/01/2034    $ 1,140,000      $ 1,196,510   
Ohio - 2.0%                 
American Municipal Power, Inc. Rev. (AMP Fremont Energy Center Project), “B”, 5%, 2/15/2024    $ 1,500,000      $ 1,698,405   
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6.5%, 6/01/2047      5,000,000        4,636,450   
Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Euclid Avenue Development Corp. Project), 5%, 8/01/2044      1,225,000        1,281,436   
Cleveland-Cuyahoga County, OH, Port Authority Rev. (Flats East Development Project), 7%, 5/15/2040      1,070,000        1,173,362   
Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.375%, 4/01/2030      1,915,000        2,061,363   
Montgomery County, OH, Health Care & Multifamily Housing Rev. (St. Leonard), 6.625%, 4/01/2040      2,770,000        2,974,204   
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041      3,000,000        3,244,350   
Ohio Solid Waste Rev. (Republic Services, Inc. Project), 0.9%, 11/01/2035 (Put Date 3/01/2017)      5,000,000        5,000,000   
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035      7,740,000        8,421,043   
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.625%, 2/15/2031 (Prerefunded 2/15/2018)      1,095,000        1,149,914   
Scioto County, OH, Hospital Facilities Rev. (Southern Ohio Medical Center), 5.75%, 2/15/2038 (Prerefunded 2/15/2018)      4,195,000        4,411,252   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2029      130,000        138,130   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2035      720,000        731,736   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2043      925,000        933,390   
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2043      1,130,000        1,206,094   

 

16

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Ohio - continued                 
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040    $ 410,000      $ 444,096   
The Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2038 (u)      3,355,000        3,778,703   
The Ohio State University, Special Purpose Rev., “A”, 5%, 6/01/2043 (u)      8,150,000        9,093,281   
    

 

 

  
      $ 52,377,209   
Oklahoma - 0.7%                 
Oklahoma County, OK, Home Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 5.4%, 10/01/2038    $ 295,000      $ 304,080   
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042      1,495,000        1,521,940   
Oklahoma Industrial Authority Rev. (Oklahoma Medical Research Foundation), 5.5%, 7/01/2029 (Prerefunded 7/01/2018)      4,400,000        4,678,916   
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045      755,000        806,529   
Tulsa, OK, Industrial Authority Rev. (University of Tulsa), 6%, 10/01/2027      4,670,000        5,180,338   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), 5%, 6/01/2035 (Put Date 6/01/2025)      255,000        266,756   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/2035      3,365,000        3,522,045   
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/2035      1,440,000        1,524,398   
    

 

 

  
      $ 17,805,002   
Oregon - 0.8%                 
Forest Grove, OR, Student Housing Rev. (Oak Tree Foundation, Inc.), 5.5%, 3/01/2037    $ 2,380,000      $ 2,386,259   
Oregon Facilities Authority Rev. (Legacy Health), “A”, 5%, 6/01/2046      9,000,000        9,766,530   
Oregon Health & Sciences University Rev., “B”, 5%, 7/01/2034      7,500,000        8,519,700   
    

 

 

  
      $ 20,672,489   
Pennsylvania - 4.7%                 
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 5.9%, 10/15/2028 (Prerefunded 10/15/2018)    $ 1,195,000      $ 1,275,603   
Clarion County, PA, Industrial Development Authority, Student Housing Rev. (Clarion University Foundation, Inc.), 5%, 7/01/2034      490,000        507,346   
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028      1,870,000        1,984,070   
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/2030      715,000        748,076   
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 6%, 1/01/2040      1,910,000        1,990,182   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 5%, 1/01/2021      730,000        803,197   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 5%, 1/01/2022      1,275,000        1,415,786   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 5%, 1/01/2023      915,000        1,028,204   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/2029 (Prerefunded 1/01/2019)      745,000        815,060   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.125%, 1/01/2029      85,000        92,007   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039 (Prerefunded 1/01/2019)      4,540,000        4,989,278   
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), 6.375%, 1/01/2039      505,000        548,056   
Dallas, PA, Area Municipal Authority Rev. (Misericordia University Project), 5%, 5/01/2029      1,440,000        1,515,715   
Delaware County, PA, Authority College Rev. (Neumann University), 6%, 10/01/2025 (Prerefunded 10/01/2018)      490,000        530,170   
Delaware County, PA, Industrial Development Authority, Resource Recovery Facilities Rev. (American Ref-Fuel Co.), “A”, 6.2%, 7/01/2019      730,000        732,365   
Delaware Valley, PA, Regional Finance Authority, 5.75%, 7/01/2017      3,255,000        3,328,530   
Delaware Valley, PA, Regional Finance Authority, AMBAC, 5.5%, 8/01/2018      9,640,000        10,185,431   
Delaware Valley, PA, Regional Finance Authority, “C”, FRN, 1.374%, 6/01/2037      7,315,000        5,920,322   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/2039      485,000        499,050   
East Hempfield, PA, Industrial Development Authority Rev. (Millersville University Student Services), 5%, 7/01/2046      265,000        271,323   
East Hempfield, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030      365,000        385,163   
East Hempfield, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035      470,000        487,122   
Lancaster County, PA, Hospital Authority Health System Rev. (Masonic Villages Project), 5%, 11/01/2027      670,000        773,495   
Lancaster County, PA, Hospital Authority Health System Rev. (Masonic Villages Project), 5%, 11/01/2035      250,000        275,000   
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/2043      9,610,000        10,513,532   

 

17

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Pennsylvania - continued                 
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036    $ 12,095,000      $ 5,399,450   
Luzerne County, PA, “A”, AGM, 5%, 11/15/2029      5,835,000        6,421,009   
Montgomery County, PA, Industrial Development Authority Pollution Control Rev. (Peco Energy Company Project), “A”, 2.55%, 6/01/2029 (Put Date 6/01/2020)      1,095,000        1,083,481   
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050      1,015,000        961,144   
Northeastern, PA, Hospital & Education Authority Rev. (Wilkes University), “B”, 5.25%, 3/01/2031      1,140,000        1,252,324   
Northeastern, PA, Hospital & Education Authority Rev. (Wilkes University), “B”, 5.25%, 3/01/2037      1,780,000        1,908,160   
Pennsylvania Economic Development Finance Authority Rev, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 0.85%, 8/01/2045 (Put Date 2/01/2017)      3,335,000        3,335,000   
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2026      445,000        488,561   
Pennsylvania Economic Development Financing Authority Rev. (The Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030      2,375,000        2,563,124   
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032      3,110,000        3,317,468   
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/2030 (Prerefunded 7/01/2020)      510,000        580,625   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), 6%, 8/01/2035      415,000        476,038   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.25%, 8/01/2046      2,090,000        2,066,028   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051      1,530,000        1,509,804   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 5.625%, 8/01/2036      315,000        312,215   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 5.75%, 8/01/2046      1,700,000        1,681,113   
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051      1,180,000        1,183,339   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/2033      2,425,000        2,510,360   
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043      1,175,000        1,219,897   
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 6.75%, 6/15/2033      150,000        165,506   
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043      355,000        394,593   
Philadelphia, PA, Gas Works Rev., 5%, 10/01/2034      510,000        561,643   
Philadelphia, PA, Municipal Authority Rev., 6.5%, 4/01/2034      1,020,000        1,105,405   
Philadelphia, PA, Redevelopment Authority Rev., BAM, 5%, 4/15/2024      1,900,000        2,116,885   
Philadelphia, PA, School District, “F”, 5%, 9/01/2037      1,020,000        1,080,078   
Philadelphia, PA, School District, “F”, 5%, 9/01/2038      255,000        269,400   
Reading, PA, School District, “A”, 5%, 4/01/2020      1,000,000        1,070,800   
State Public School Building Authority, PA, School Lease Rev. (The School District of Philadelphia Project)., “A”, 5%, 6/01/2033      22,255,000        24,194,746   
Washington County, PA, Redevelopment Authority (Victory Centre Project), “A”, 5.45%, 7/01/2035      250,000        249,683   
West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/2030      445,000        481,472   
West Shore, PA, Area Authority Rev. (Messiah Village Project) “A”, 5%, 7/01/2035      775,000        815,548   
    

 

 

  
             $ 122,388,982   
Puerto Rico - 4.5%                 
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028    $ 1,235,000      $ 1,259,169   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “BB”, AMBAC, 5.25%, 7/01/2017      80,000        80,291   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “BB”, AMBAC, 5.25%, 7/01/2018      790,000        798,398   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2029      70,000        78,275   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2032      625,000        679,100   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033      1,630,000        1,767,344   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036      1,680,000        1,803,850   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      5,005,000        5,054,900   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029      365,000        365,266   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AMBAC, 5.25%, 7/01/2038      11,530,000        11,515,242   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035      2,150,000        2,219,639   

 

18

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Puerto Rico - continued                 
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “M”, ASSD GTY, 5%, 7/01/2032    $ 660,000      $ 665,155   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.25%, 7/01/2030      2,650,000        2,685,855   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AMBAC, 5.25%, 7/01/2031      1,800,000        1,807,254   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2034      3,560,000        3,849,499   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036      4,375,000        4,697,525   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033      1,790,000        1,864,464   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “A”, AMBAC, 0%, 7/01/2017      235,000        232,128   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “A”, AMBAC, 0%, 7/01/2018      100,000        94,640   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AMBAC, 0%, 7/01/2019      500,000        455,605   
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Capital Appreciation, “N”, AMBAC, 0%, 7/01/2020      880,000        761,033   
Commonwealth of Puerto Rico Infrastructure Financing Authority Rev., “C”, AMBAC, 5.5%, 7/01/2017      1,510,000        1,517,308   
Commonwealth of Puerto Rico Infrastructure Financing Authority Rev., “C”, AMBAC, 5.5%, 7/01/2025      565,000        589,860   
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020      2,890,000        3,066,261   
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2021      570,000        604,867   
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035      3,725,000        3,789,480   
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030      785,000        803,173   
Commonwealth of Puerto Rico, Public Improvement, “C”, AGM, 5.25%, 7/01/2027      285,000        285,539   
Commonwealth of Puerto Rico, Public Improvement, “C-7”, NATL, 6%, 7/01/2027      2,470,000        2,557,364   
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2020      510,000        510,122   
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AMBAC, 5%, 7/01/2031      5,735,000        5,613,475   
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      445,000        441,311   
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      1,915,000        1,898,876   
Puerto Rico Electric Power Authority Rev., “LL”, NATL, 5.5%, 7/01/2017      120,000        122,146   
Puerto Rico Electric Power Authority Rev., “MM”, NATL, 5%, 7/01/2020      50,000        52,268   
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/2022      1,505,000        1,589,491   
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 4.75%, 7/01/2033      225,000        225,095   
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2024      160,000        160,218   
Puerto Rico Electric Power Authority Rev., “RR”, ASSD GTY, 5%, 7/01/2028      110,000        111,238   
Puerto Rico Electric Power Authority Rev., “SS”, NATL, 5%, 7/01/2019      4,730,000        4,783,213   
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030      230,000        228,724   
Puerto Rico Electric Power Authority Rev., “TT”, NATL, 5%, 7/01/2026      35,000        35,250   
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022      360,000        363,935   
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027      1,385,000        1,390,886   
Puerto Rico Electric Power Authority Rev., “UU”, NATL, 4.5%, 7/01/2018      135,000        137,913   
Puerto Rico Electric Power Authority Rev., “UU”, NATL, 5%, 7/01/2019      730,000        757,441   
Puerto Rico Electric Power Authority Rev., “V”, AGM, 5.25%, 7/01/2027      90,000        97,403   
Puerto Rico Electric Power Authority Rev., “VV”, 5.25%, 7/01/2029      1,505,000        1,586,962   
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2025      280,000        297,343   
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030      2,630,000        2,768,022   
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032      285,000        298,275   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033      2,805,000        2,854,845   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2017      465,000        465,033   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2018      305,000        304,976   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 4%, 4/01/2020      150,000        144,885   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2021      65,000        64,251   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2021      520,000        514,868   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021      345,000        344,986   

 

19

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Puerto Rico - continued                 
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022    $ 600,000      $ 589,638   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027      1,180,000        1,092,208   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031      690,000        638,326   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032      735,000        652,386   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036      710,000        602,442   
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042      545,000        470,575   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2018      480,000        486,586   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2023      2,610,000        2,716,645   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2024      5,030,000        5,245,787   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2027      4,970,000        5,195,091   
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AMBAC, 5.5%, 7/01/2028      755,000        786,914   
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027      190,000        196,680   
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2027      1,600,000        1,656,592   
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2028      345,000        356,537   
Puerto Rico Public Buildings Authority Government Facilities Rev., “N”, ASSD GTY, 5%, 7/01/2032      400,000        403,012   
Puerto Rico Public Buildings Authority Rev., “M-2”, AMBAC, 5.5%, 7/01/2035 (Put Date 7/01/2017)      4,660,000        4,682,461   
Puerto Rico Public Buildings Authority Rev., Guaranteed (Government Facilities), “I”, ASSD GTY, 5%, 7/01/2036      425,000        425,434   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., “A”, 5.5%, 8/01/2028 (Prerefunded 8/01/2019)      45,000        49,536   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, AMBAC, 0%, 8/01/2054      7,140,000        748,915   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042      4,525,000        1,080,932   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2045      1,225,000        242,305   
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2046      25,085,000        4,654,773   
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025      350,000        350,368   
    

 

 

  
             $ 117,436,078   
Rhode Island - 0.8%                 
Providence, RI, “A”, 5%, 1/15/2025    $ 1,345,000      $ 1,489,184   
Rhode Island Health & Educational Building Corp. Rev., Hospital Financing (Lifespan Obligated Group), “A”, ASSD GTY, 7%, 5/15/2039 (Prerefunded 5/15/2019)      7,645,000        8,589,540   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3%, 12/01/2021      4,890,000        4,811,369   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2021      1,120,000        1,226,086   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.25%, 12/01/2022      1,500,000        1,476,465   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2022      700,000        772,863   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.375%, 12/01/2023      2,500,000        2,461,100   
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.625%, 12/01/2025      1,380,000        1,357,561   
    

 

 

  
      $ 22,184,168   
South Carolina - 1.9%                 
Chesterfield County, SC, School District, 5%, 3/01/2025    $ 2,250,000      $ 2,569,028   
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (Greenwood School District No. 50), BAM, 5%, 12/01/2028      2,000,000        2,309,040   
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 1/01/2021      4,150,000        4,817,860   
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023      5,750,000        5,979,713   
South Carolina Economic Development Authority Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047      8,000,000        8,659,120   
South Carolina Ports Authority, 5.25%, 7/01/2050      3,075,000        3,322,138   
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5%, 12/01/2037      6,925,000        7,752,053   
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043      2,745,000        3,056,805   
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043      6,550,000        7,315,499   
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/2036      2,920,000        3,211,825   
    

 

 

  
      $ 48,993,081   

 

20

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
South Dakota - 0.1%                 
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2024    $ 1,000,000      $ 1,114,630   
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2025      1,000,000        1,107,870   
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., “B”, 5%, 6/01/2026      1,400,000        1,542,534   
    

 

 

  
      $ 3,765,034   
Tennessee - 2.2%                 
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045    $ 10,310,000      $ 11,059,949   
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 10/01/2040      3,000,000        3,165,300   
Hardeman County, TN, Correctional Facilities Corp. (Corrections Corp. of America), 7.375%, 8/01/2017      95,000        95,173   
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2042      9,315,000        10,124,753   
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2047      3,940,000        4,268,951   
Metropolitan Government of Nashville & Davidson County, TN, Electric Rev., “A”, 5%, 5/15/2029      4,765,000        5,298,108   
Metropolitan Government of Nashville & Davidson County, TN, Electric Rev., “A”, 5%, 5/15/2030      2,500,000        2,775,300   
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035      2,685,000        2,951,218   
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2040      1,450,000        1,573,250   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2017      1,575,000        1,611,698   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2019      1,500,000        1,621,185   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022      1,665,000        1,887,677   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023      2,385,000        2,711,721   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2024      2,215,000        2,536,131   
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026      2,805,000        3,264,627   
Tennessee Housing Development Agency, Residential Financing Program Rev., “2-C”, 4%, 1/01/2045      2,190,000        2,285,156   
Tennessee School Board Authority, Higher Education Facilities Rev., 5.125%, 5/01/2033 (Prerefunded 5/01/2018)      270,000        284,162   
Tennessee School Board Authority, Higher Education Facilities Rev., 5.125%, 5/01/2033 (Prerefunded 5/01/2018)      1,230,000        1,294,514   
    

 

 

  
      $ 58,808,873   
Texas - 7.0%                 
Alamo, TX, Regional Mobility Authority Vehicle Registration Fee Rev., 5%, 6/15/2041    $ 1,745,000      $ 1,967,854   
Alamo, TX, Regional Mobility Authority Vehicle Registration Fee Rev., 5%, 6/15/2046      3,410,000        3,824,076   
Arlington Higher Education Finance Corp., SYNCORA, 5%, 2/15/2041      6,000,000        6,732,480   
Arlington Higher Education Finance Corp., SYNCORA, 5%, 2/15/2046      6,000,000        6,702,600   
Austin, TX, (Travis, Williamson and Hays Counties) Water and Wastewater System Rev., 5%, 11/15/2045      1,540,000        1,754,861   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/2017      995,000        995,080   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/2019      1,375,000        1,376,911   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/2020      1,120,000        1,121,938   
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, SYNCORA, 5.25%, 1/01/2024      2,230,000        2,232,453   
Austin, TX, Water & Wastewater System Rev., 5%, 11/15/2027      3,000,000        3,411,750   
Bell County, TX, Health Facility Development Corp. (Advanced Living Technologies, Inc.), 8%, 12/15/2036 (a)(d)      1,595,000        16   
Brazos River, TX, Brazoria County Environmental Rev. (Dow Chemical, Co.), “A-3”, 5.125%, 5/15/2033      2,100,000        2,159,703   
Brazos River, TX, Harbor Navigation District (Dow Chemical Co.), “A”, 5.95%, 5/15/2033      7,310,000        7,756,349   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), “A”, SYNCORA, 5%, 8/15/2039      3,190,000        3,611,463   
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), “A”, SYNCORA, 5%, 8/15/2046      3,250,000        3,648,158   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/2040      2,355,000        2,592,196   
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/2045      1,425,000        1,571,704   
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045      1,875,000        2,015,963   
Dallas, TX, Waterworks & Sewer System Rev., 5%, 10/01/2039 (Prerefunded 10/01/2020)      1,750,000        1,957,690   
Dallas, TX, Waterworks & Sewer System Rev., 5%, 10/01/2039      8,250,000        9,051,653   
Dallas, TX, Waterworks & Sewer System Rev., “A”, 4%, 10/01/2041      1,810,000        1,857,024   
Decatur Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044      415,000        431,019   
El Paso, TX, Water & Sewer Rev., 5%, 3/01/2028      455,000        516,407   
Fort Worth, TX, Independent School District, Unlimited Tax School Building, SYNCORA, 5%, 2/15/2039      3,685,000        4,129,411   
Gregg County, TX, Health Facilities Development Corp. Hospital Rev., (Good Shepherd Obligated Group), “A”, FRN, 4.332%, 10/01/2029 (Put Date 3/01/2017)      2,475,000        2,465,669   

 

21

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Texas - continued                 
Gulf Coast, TX, Industrial Development Authority Rev. (Microgy Holdings Project), 7%, 12/01/2036 (a)(d)    $ 116,013      $ 580   
Harris County, TX, Cultural Education Facilities Finance Corp., Medical Facilities Rev. (Baylor College of Medicine), “D”, 5.625%, 11/15/2032 (Prerefunded 11/15/2018)      8,235,000        8,895,282   
Harris County, TX, Cultural Education Facilities Financial Corp., Thermal Utilities Rev. (Teco Project), “A”, 5.25%, 11/15/2035      1,560,000        1,692,397   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7%, 12/01/2027 (Prerefunded 12/01/2018)      1,795,000        1,985,108   
Harris County, TX, Health Facilities Development Corp., Hospital Rev. (Memorial Hermann Healthcare Systems), “B”, 7.25%, 12/01/2035 (Prerefunded 12/01/2018)      2,050,000        2,276,792   
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032      225,000        249,026   
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033      545,000        600,824   
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041      900,000        296,811   
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046      2,250,000        574,763   
Houston, TX, Airport System Rev., “B”, 5%, 7/01/2026      1,855,000        2,066,414   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.5%, 7/01/2020      855,000        876,144   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024      2,465,000        2,572,918   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029      2,135,000        2,224,414   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030      725,000        758,836   
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2020      3,215,000        3,355,753   
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031      2,310,000        2,496,486   
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023      160,000        160,091   
Katy, TX, Independent School District Rev. (Fort Bend, Harris, & Waller Counties), “D”, SYNCORA, 5%, 2/15/2032      1,000,000        1,181,150   
La Vernia, TX, Higher Education Finance Corp. Rev. (KIPP, Inc.), “A”, 6.25%, 8/15/2039 (Prerefunded 8/15/2019)      1,470,000        1,646,826   
La Vernia, TX, Higher Education Finance Corp. Rev. (Lifeschool of Dallas), “A”, 7.5%, 8/15/2041 (Prerefunded 8/15/2019)      4,230,000        4,869,576   
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 6.3%, 11/01/2029      2,520,000        2,766,380   
Mesquite, TX, Health Facilities Development Corp., Retirement Facility Rev. (Christian Care Centers, Inc.), 5%, 2/15/2030      770,000        803,202   
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Allied Waste N.A., Inc.), “A”, FRN, 1%, 1/01/2020 (Put Date 4/03/2017)      19,360,000        19,360,000   
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Republic Services, Inc. Project), 0.9%, 1/01/2026 (Put Date 2/01/2017)      5,000,000        5,000,000   
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living- The Langford Project), “B-1”, 3.25%, 11/15/2022      205,000        197,378   
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living- The Langford Project), “B-2”, 3%, 11/15/2021      120,000        116,203   
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2031      450,000        478,737   
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 4%, 11/01/2036      665,000        605,336   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036      955,000        944,791   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2046      1,910,000        2,033,329   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2051      1,910,000        2,028,325   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031      190,000        210,281   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4%, 7/01/2031      310,000        306,302   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4.25%, 7/01/2036      470,000        463,862   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 5%, 7/01/2046      1,250,000        1,305,763   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “B”, 4.75%, 7/01/2051      1,090,000        1,099,025   
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (MRC Crestview Project), 5%, 11/15/2031      115,000        115,260   

 

22

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Texas - continued                 
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (MRC Crestview Project), 5%, 11/15/2036    $ 75,000      $ 73,698   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2030      355,000        374,106   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2035      355,000        367,595   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III, L.L.C. - Tarleton State University Project), 5%, 4/01/2047      895,000        914,967   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Corpus Christi II LLC - Texas A&M University - Corpus Christi Project), 5%, 4/01/2031      225,000        238,313   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Corpus Christi II LLC - Texas A&M University - Corpus Christi Project), 5%, 4/01/2036      245,000        254,736   
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), “A”, AGM, 5%, 4/01/2046      1,585,000        1,690,006   
San Juan, TX, Higher Education Finance Authority Education Rev. (Idea Public Schools), “A”, 6.7%, 8/15/2040 (Prerefunded 8/15/2020)      2,795,000        3,261,150   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Air Force Village Obligated Group Project), 6.125%, 11/15/2029 (Prerefunded 11/15/2019)      395,000        444,012   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Air Force Village Obligated Group Project), 6.375%, 11/15/2044 (Prerefunded 11/15/2019)      3,100,000        3,506,286   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035      710,000        750,605   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040      810,000        848,993   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), 3.875%, 11/15/2020      730,000        731,854   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 8.25%, 11/15/2044      4,500,000        4,732,965   
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044      785,000        799,075   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      1,495,000        1,699,307   
Texas Private Activity Surface Transportation Corp. Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      1,195,000        1,375,063   
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028      1,000,000        1,133,310   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)      590,000        691,704   
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)      2,575,000        3,030,621   
Travis County, TX, Health Facilities Development Corp. Rev., Unrefunded Balance, (Westminster Manor Health), 7%, 11/01/2030      145,000        164,621   
University of Texas, System Rev., “J”, 5%, 8/15/2028      5,000,000        6,013,200   
    

 

 

  
             $ 183,594,980   
Utah - 0.1%                 
Intermountain Power Agency, UT, Power Supply Rev., “A”, 5%, 7/01/2022    $ 1,250,000      $ 1,316,500   
Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy), 5%, 4/15/2030      150,000        150,305   
Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy), 6%, 4/15/2045      345,000        355,850   
    

 

 

  
      $ 1,822,655   
Vermont - 0.2%                 
Burlington, VT, Airport Rev., “A”, 5%, 7/01/2022    $ 315,000      $ 343,353   
Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028      2,020,000        2,055,976   
Burlington, VT, Airport Rev., “A”, AGM, 5%, 7/01/2024      135,000        152,897   
Burlington, VT, Airport Rev., “A”, AGM, 5%, 7/01/2030      230,000        254,753   
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.75%, 4/01/2036 (Put Date 4/02/2018)      1,805,000        1,790,704   

 

23

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Vermont - continued                 
Vermont Housing Finance Agency, Multi-Purpose Rev., “C”, 4%, 11/01/2043    $ 945,000      $ 991,409   
    

 

 

  
      $ 5,589,092   
Virginia - 0.7%                 
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 5%, 5/15/2020    $ 4,870,000      $ 5,417,826   
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043      2,135,000        2,297,303   
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 5%, 5/15/2030      2,360,000        2,732,715   
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 5%, 5/15/2031      690,000        794,714   
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, FRN, AGM, 10.479%, 8/23/2027 (p)      4,100,000        5,042,262   
Manassas Park, VA, Economic Development Authority Lease Rev., “A”, 6%, 7/15/2035 (Prerefunded 7/15/2020)      845,000        963,283   
Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2030      800,000        821,520   
Virginia College Building Authority, Educational Facilities Rev. (Marymount University), “B”, 5.25%, 7/01/2035      715,000        722,322   
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029      625,000        721,719   
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), “A”, 6.375%, 3/01/2019 (a)(d)      529,028        53   
    

 

 

  
      $ 19,513,717   
Washington - 3.8%                 
Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., “S-1”, 5%, 11/01/2041    $ 13,000,000      $ 14,901,640   
Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., “S-1”, 5%, 11/01/2046      9,000,000        11,428,020   
FYI Properties Lease Rev. (Washington State Project), 5.5%, 6/01/2034      2,255,000        2,430,755   
Seattle, WA, Port Rev., “B”, 5%, 8/01/2024      3,000,000        3,365,400   
Skagit County, WA, Public Hospital District No. 001 Rev. (Skagit Valley Hospital), 5.625%, 12/01/2025 (Prerefunded 12/01/2017)      1,000,000        1,041,940   
Snohomish County, WA, Public Hospital District No.3, 5%, 12/01/2031 (Prerefunded 12/01/2017)      5,655,000        5,862,086   
State of Washington, “A”, 5%, 7/01/2033 (Prerefunded 7/01/2018)      5,000,000        5,282,150   
University of Washington, “A”, 5.25%, 12/01/2046      8,675,000        10,184,103   
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 6.75%, 7/01/2029 (Prerefunded 7/01/2019)      1,450,000        1,633,251   
Washington Health Care Facilities Authority Rev. (Central Washington Health Services), 7%, 7/01/2039 (Prerefunded 7/01/2019)      3,690,000        4,178,888   
Washington Health Care Facilities Authority Rev. (Highline Medical Center), FHA, 6.25%, 8/01/2036 (Prerefunded 8/01/2018)      5,285,000        5,684,599   
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), “A”, 6.25%, 8/15/2042      3,955,000        4,052,491   
Washington Higher Education Facilities Authority Rev. (Whitworth University), 5.875%, 10/01/2034      2,165,000        2,417,569   
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036      825,000        820,496   
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046      615,000        592,669   
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051      665,000        634,217   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “A”, 7%, 7/01/2045      300,000        297,948   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “A”, 7%, 7/01/2050      290,000        286,018   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “B-1”, 5.5%, 1/01/2024      765,000        762,453   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “B-2”, 4.875%, 1/01/2022      405,000        403,048   
Washington Housing Finance Community Nonprofit Housing Rev. (Heron’s Key Senior Living), “B-3”, 4.375%, 1/01/2021      1,365,000        1,359,704   
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2037      12,000,000        13,415,880   
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2039      7,985,000        8,900,321   
    

 

 

  
      $ 99,935,646   
West Virginia - 0.2%                 
Monongalia County, WV, Board of Education, 5%, 5/01/2029    $ 1,445,000      $ 1,625,928   
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2029      395,000        446,781   
West Virginia Hospital Finance Authority Hospital Rev. (Thomas Health System), 6.5%, 10/01/2038      2,110,000        2,167,265   
West Virginia Water Development Authority Rev., “A-II”, 5%, 11/01/2033      675,000        758,018   
    

 

 

  
      $ 4,997,992   

 

24

Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
Municipal Bonds - continued                 
Wisconsin - 0.7%                 
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2026    $ 2,215,000      $ 2,449,037   
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2028      665,000        730,669   
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.25%, 9/15/2029 (Prerefunded 9/15/2019)      430,000        493,326   
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 7.625%, 9/15/2039 (Prerefunded 9/15/2019)      1,390,000        1,608,452   
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “B”, 5%, 9/15/2037      260,000        270,176   
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “B”, 5%, 9/15/2045      400,000        413,196   
Wisconsin Public Finance Authority Education Rev. (North Carolina Charter), “A”, 5%, 6/15/2036      1,850,000        1,647,000   
Wisconsin Public Finance Authority Education Rev. (North Carolina Charter), “A”, 5%, 6/15/2046      825,000        702,537   
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030      120,000        121,682   
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035      120,000        122,225   
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.5%, 3/01/2045      320,000        327,152   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 4%, 9/01/2020      115,000        118,278   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025      100,000        106,355   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030      165,000        170,183   
Wisconsin Public Finance Authority Healthcare Facility (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038      220,000        222,640   
Wisconsin Public Finance Authority Rev. (Celanese Corp.), “B”, 5%, 12/01/2025      620,000        666,928   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029      490,000        504,930   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034      455,000        475,657   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044      375,000        394,346   
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049      740,000        789,639   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022      1,155,000        1,232,986   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028      1,260,000        1,348,981   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042      1,600,000        1,624,112   
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “C”, 5%, 7/01/2042      1,630,000        1,688,452   
    

 

 

  
             $ 18,228,939   
Total Municipal Bonds            $ 2,537,577,746   
Floating Rate Demand Notes - 0.1%                 
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “B”, 0.66%, due 1/03/2017      580,000      $ 580,000   
Lincoln County, WY, Pollution Control Rev. (Exxon Mobil Corp.), “C”, 0.66%, due 1/03/2017      910,000        910,000   
Total Floating Rate Demand Notes      $ 1,490,000   
Money Market Funds - 4.0%                 
MFS Institutional Money Market Portfolio, 0.51% (v)      104,084,511      $ 104,084,511   
Total Investments      $ 2,643,152,257   
Other Assets, Less Liabilities - (1.0)%        (25,969,926 ) 
Net Assets - 100.0%      $ 2,617,182,331   

 

(a) Non-income producing security.
(d) In default.
(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 $13,673,976 representing 0.5% of net assets.
(p) Primary market inverse floater.
(u) Underlying security deposited into special purpose trust (“the trust”) upon creation of self-deposited inverse floaters.
(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

 

25

Portfolio of Investments (unaudited) – continued

 

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 the current rate may not be the rate reported at period end.
LOC   Letter of Credit

 

Insurers    Inverse Floaters
AGM    Assured Guaranty Municipal    RIBS    Residual Interest Bonds
AMBAC    AMBAC Indemnity Corp.      
ASSD GTY    Assured Guaranty Insurance Co.      
BAM    Build America Mutual      
BHAC    Berkshire Hathaway Assurance Corp.      
CALHF    California Health Facility Construction Loan Insurance Program      
FGIC    Financial Guaranty Insurance Co.      
FHA    Federal Housing Administration      
FHLMC    Federal Home Loan Mortgage Corp.      
FNMA    Federal National Mortgage Assn.      
GNMA    Government National Mortgage Assn.      
NATL    National Public Finance Guarantee Corp.      
PSF    Permanent School Fund      
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.

 

26

Supplemental Information

12/31/16 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

(1) Investment Valuations

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. 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. 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. The following is a summary of the levels used as of December 31, 2016 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
Municipal Bonds      $—         $2,537,577,746         $—         $2,537,577,746   
Short-Term Securities      —         1,490,000         —         1,490,000   
Mutual Funds      104,084,511         —         —         104,084,511   
Total Investments      $104,084,511         $2,539,067,746         $—         $2,643,152,257   

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      $2,525,095,500   
Gross unrealized appreciation      125,389,431   
Gross unrealized depreciation      (20,598,557 ) 
Net unrealized appreciation (depreciation)      $104,790,874   

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

 

27

Supplemental Information (unaudited) – continued

 

(3) Transactions in Underlying Affiliated 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 an affiliated issuer:

 

Underlying Affiliated Fund    Beginning
Shares/Par
Amount		      Acquisitions
Shares/Par
Amount		      Dispositions
Shares/Par
Amount		      Ending
Shares/Par
Amount		  
     40,581,488         575,373,089         (511,870,066 )       104,084,511   
Underlying Affiliated Fund    Realized
Gain (Loss)		      Capital Gain
Distributions		      Dividend
Income		      Ending
Value		  
     $(4,506 )       $—         $211,216         $104,084,511   

 

28

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)*   DAVID L. DILORENZO             
  David L. DiLorenzo, President

Date: February 15, 2017

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)*   DAVID L. DILORENZO             
  David L. DiLorenzo, President
  (Principal Executive Officer)

Date: February 15, 2017

 

By (Signature and Title)*   JAMES O. YOST            
  James O. Yost, Treasurer
  (Principal Financial Officer
  and Accounting Officer)

Date: February 15, 2017

 

* Print name and title of each signing officer under his or her signature.