Quarterly Report

December 31, 2019

MFS^® North Carolina
Municipal Bond Fund

Portfolio of Investments

12/31/19 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer		Shares/Par	Value ($)
Municipal Bonds – 96.4%
Airport Revenue – 7.1%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4.75%, 7/01/2028	$	1,250,000	$1,271,812
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032		1,245,000	1,430,679
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2036		3,000,000	3,154,560
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2038		3,245,000	4,077,472
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039		1,000,000	1,253,130
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038		1,155,000	1,301,927
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042		1,000,000	1,182,390
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047		2,000,000	2,348,240
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049		2,500,000	3,014,575
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035 (Prerefunded 1/01/2021)		860,000	898,382
Chicago, IL, O'Hare International Airport Rev., Third Lien, Unrefunded Balance, “A”, 5.625%, 1/01/2035		195,000	203,167
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044		440,000	481,554
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045		305,000	324,276
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 7/01/2037		2,185,000	2,327,134
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036		3,440,000	3,479,354
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036		2,000,000	2,389,100
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037		2,000,000	2,382,560
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046		1,445,000	1,666,620
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044		175,000	198,982
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039		195,000	225,572
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039		150,000	169,731
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044		240,000	269,902
			$34,051,119
General Obligations - General Purpose – 4.2%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036	$	1,030,000	$1,041,917
Chicago, IL, “A”, 5.5%, 1/01/2033		1,215,000	1,377,725
Chicago, IL, “B”, 7.375%, 1/01/2033		1,201,000	1,438,654
Chicago, IL, “D”, 5.5%, 1/01/2040		85,000	95,319
Chicago, IL, General Obligation, “A”, 6%, 1/01/2038		5,000	6,002
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035		915,000	972,499
Durham County, NC, 4%, 6/01/2037		450,000	520,268
Durham County, NC, 4%, 6/01/2039		650,000	746,622
Durham County, NC, General Obligation Refunding, 4%, 6/01/2036		500,000	580,170
Gaston County, NC, Rev., 5%, 4/01/2033		675,000	856,285
Gaston County, NC, Rev., 5%, 4/01/2035		610,000	769,832
Granville County, NC, 5%, 10/01/2034		675,000	841,765
Granville County, NC, 5%, 10/01/2035		690,000	858,015
Lee County, NC, Limited Obligation, 3.25%, 5/01/2035		1,000,000	1,059,950
Lee County, NC, Limited Obligation, 4%, 5/01/2036		500,000	566,135
Lee County, NC, Limited Obligation, 4%, 5/01/2037		855,000	964,372
New Hanover County, NC, Public Improvement, “A”, 5%, 8/01/2030 (Prerefunded 8/01/2020)		2,000,000	2,045,600
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035		625,000	660,119
Randolph County, NC, 4%, 10/01/2037		1,045,000	1,204,571
Randolph County, NC, 4%, 10/01/2038		500,000	574,465
Randolph County, NC, 4%, 10/01/2039		500,000	572,365
State of Illinois, 5%, 11/01/2027		2,310,000	2,673,871
			$20,426,521
General Obligations - Schools – 1.1%
Grossmont, CA, Union High School District, “B-2”, 4%, 8/01/2043	$	1,855,000	$2,106,464
Wake County, NC, Limited Obligation, “A”, 4%, 8/01/2037		3,000,000	3,423,300
			$5,529,764

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 13.9%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044	$	720,000	$770,602
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036		3,000,000	3,693,540
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040		3,000,000	3,451,890
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044		55,000	58,950
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044		40,000	47,140
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049		20,000	23,350
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044		245,000	262,593
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049		195,000	207,332
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031		360,000	372,020
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041		525,000	540,351
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., 6%, 8/01/2030 (Prerefunded 8/01/2020)		225,000	231,145
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030		85,000	87,136
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036		1,500,000	1,736,775
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047		2,425,000	2,755,236
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046		320,000	359,629
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Appalachian Regional Healthcare System, Inc.), “A”, 6.375%, 7/01/2026 (Prerefunded 7/01/2021)		2,000,000	2,152,520
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Appalachian Regional Healthcare System, Inc.), “A”, 6.5%, 7/01/2031 (Prerefunded 7/01/2021)		1,000,000	1,077,960
North Carolina Medical Care Commission, Health Care Facilities Rev. (Cleveland County HealthCare System), 5.75%, 1/01/2035 (Prerefunded 1/01/2021)		800,000	835,872
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	1,645,353
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2042		2,420,000	2,604,162
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligation Group), “A”, 5.25%, 11/01/2040		3,000,000	3,094,170
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2030		5,250,000	5,334,682
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031		2,800,000	3,256,400
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033		3,000,000	3,468,720
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045		2,500,000	2,834,225
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033		1,000,000	1,227,350
North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2031		4,355,000	4,739,677
North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2038		1,825,000	1,971,894
North Carolina Medical Care Commission, Hospital Rev. (North Carolina Baptist Hospitals, Inc.), 5.25%, 6/01/2029		2,215,000	2,251,193
North Carolina Medical Care Commission, Hospital Rev. (North Carolina Baptist Hospitals, Inc.), 5%, 6/01/2034		2,000,000	2,029,720
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., 5%, 10/01/2035		1,515,000	1,723,343
Northern Hospital District, Surry County, NC, Health Care Facilities Rev., 5%, 10/01/2038		1,065,000	1,201,277
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043		1,580,000	1,686,129
University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2037		405,000	456,905
University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2038		1,040,000	1,168,409
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046		6,500,000	7,489,040
			$66,846,690
Healthcare Revenue - Long Term Care – 5.0%
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037	$	2,750,000	$3,197,590
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031		1,000,000	1,152,540
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036		800,000	914,600
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035		1,500,000	1,602,225
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045		1,000,000	1,071,290
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047		1,000,000	1,092,620
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047		2,000,000	2,148,000
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039		1,225,000	1,408,382
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037		1,500,000	1,641,990
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049		2,000,000	2,271,120

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031	$	800,000	$886,376
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037		2,200,000	2,405,656
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037		1,500,000	1,602,585
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2033		1,590,000	1,733,927
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035		1,000,000	1,153,810
			$24,282,711
Human Services – 0.2%
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034	$	1,000,000	$1,167,530
Industrial Revenue - Other – 0.3%
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032	$	615,000	$674,852
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044		830,000	953,969
			$1,628,821
Industrial Revenue - Paper – 0.2%
Columbus County, NC, Industrial Facilities & Pollution Control, Financing Authority Rev. (International Paper Co.), 5.7%, 5/01/2034	$	1,000,000	$1,013,910
Miscellaneous Revenue - Other – 1.2%
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025	$	1,000,000	$1,178,590
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040		420,000	459,988
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044		640,000	699,853
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040		3,145,000	3,383,391
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040		85,000	88,636
			$5,810,458
Multi-Family Housing Revenue – 0.1%
Mecklenburg County, NC (Little Rock Apartments), FNMA, 5.15%, 1/01/2022	$	255,000	$258,078
Port Revenue – 0.2%
North Carolina Ports Authority Facilities Rev., “A”, 5.25%, 2/01/2040	$	1,000,000	$1,002,670
Sales & Excise Tax Revenue – 2.9%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030	$	1,675,000	$1,712,687
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036		1,140,000	1,199,109
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031		2,385,000	2,686,130
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040		105,000	108,709
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053		1,599,000	1,669,388
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058		2,144,000	2,274,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		957,000	970,130
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		348,000	352,775
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		9,000	9,197
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058		154,000	159,951
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024		16,000	14,043
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027		174,000	138,937
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029		31,000	23,003
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031		1,584,000	1,087,527
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033		1,515,000	963,813
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046		718,000	192,359
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2051		906,000	176,824
			$13,739,430
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056	$	430,000	$456,763

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Single Family Housing - State – 1.2%
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044	$	1,995,000	$2,092,835
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043		1,000,000	991,500
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037		2,405,000	2,511,229
			$5,595,564
State & Local Agencies – 16.5%
Asheville, NC, Limited Obligation, 5%, 4/01/2028 (Prerefunded 4/01/2022)	$	400,000	$434,952
Buncombe County, NC, Limited Obligation, 4%, 6/01/2034		1,700,000	1,955,476
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035		1,465,000	1,680,648
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034		1,000,000	1,130,060
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2037		1,320,000	1,516,429
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049		2,500,000	2,791,625
Charlotte, NC, COP, 5%, 12/01/2034		1,000,000	1,259,250
Charlotte, NC, COP, 5%, 12/01/2035		2,000,000	2,509,140
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2038		2,015,000	2,306,208
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2039		1,250,000	1,426,700
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2037		2,080,000	2,389,525
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2038		4,500,000	5,150,340
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039		4,750,000	4,856,020
Charlotte, NC, Transit Projects, COP, 5%, 6/01/2033		3,000,000	3,008,820
Charlotte, NC, Transit Projects/Phase II, COP, “B”, 5%, 6/01/2026		1,250,000	1,494,312
Chatham County, NC, Limited Obligation, 4%, 11/01/2037		1,750,000	1,993,792
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032		115,000	140,544
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033		100,000	121,874
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034		45,000	54,681
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.028% (LIBOR - 3mo. + 0.75%), 6/01/2037		2,310,000	2,149,570
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034		2,000,000	2,309,440
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035		1,240,000	1,427,662
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036		1,375,000	1,578,555
Durham, NC, Limited Obligation, 4%, 4/01/2035		1,270,000	1,454,226
Durham, NC, Limited Obligation, 4%, 4/01/2037		3,000,000	3,405,480
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047		1,530,000	1,832,098
Nash County, NC, Limited Obligation, ASSD GTY, 5%, 10/01/2030 (Prerefunded 10/01/2020)		2,000,000	2,057,780
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2039		1,030,000	1,200,208
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2044		1,710,000	1,968,313
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034		2,555,000	2,924,427
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2042		3,500,000	1,822,870
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043		3,500,000	1,757,630
Orange County, NC, Public Facilities Co., Limited Obligation, 5%, 10/01/2024 (Prerefunded 10/01/2021)		750,000	801,068
Pitt County, NC, Limited Obligation, “A”, ASSD GTY, 5%, 4/01/2035 (Prerefunded 4/01/2020)		2,000,000	2,019,340
Scotland County, NC, Limited Obligation, 5%, 12/01/2033		210,000	262,179
Scotland County, NC, Limited Obligation, 5%, 12/01/2034		1,000,000	1,244,370
State of North Carolina, “A”, 5%, 5/01/2032		3,000,000	3,841,410
State Public School Building Authority, PA, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033		2,530,000	2,966,982
Wake County, NC, 5%, 9/01/2036		5,000,000	6,371,350
			$79,615,354
Tax - Other – 1.2%
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029	$	290,000	$354,966
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031		2,415,000	2,468,178
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024		760,000	828,309
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027		1,990,000	2,211,507
			$5,862,960
Tax Assessment – 0.2%
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040	$	1,000,000	$1,022,730

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tobacco – 0.7%
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037	$	1,295,000	$1,336,078
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)		1,975,000	2,109,833
			$3,445,911
Toll Roads – 4.5%
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047	$	2,000,000	$2,261,740
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040		2,000,000	2,398,840
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038		3,000,000	3,654,750
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036		1,235,000	1,515,049
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032		1,150,000	1,367,085
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039		2,600,000	3,050,268
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049		4,000,000	4,832,480
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	508,711
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	404,908
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037		595,000	655,535
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042		1,160,000	1,257,127
			$21,906,493
Transportation - Special Tax – 4.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2028	$	2,185,000	$2,493,937
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036		930,000	1,051,449
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032		435,000	445,209
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029		65,000	66,705
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038		3,660,000	3,985,667
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035		970,000	1,052,217
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031		1,640,000	1,797,276
Metropolitan Transportation Authority Rev., NY, Green Transportation Rev., Bidding Group 1 (Climate Bond Certified), “C”, BAM, 5%, 11/15/2043		3,225,000	3,931,952
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2029		1,670,000	1,299,210
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2036		3,000,000	3,155,010
			$19,278,632
Universities - Colleges – 18.3%
Appalachian State University Rev., 4%, 10/01/2048	$	1,415,000	$1,564,452
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044		3,000,000	3,585,150
East Carolina University, NC, General Rev., “A”, 4%, 10/01/2045		2,195,000	2,393,340
Elizabeth City State University Rev., AGM, 5%, 4/01/2040		3,155,000	3,870,049
North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035		3,075,000	3,586,526
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 4%, 10/01/2039		3,265,000	3,622,615
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044		4,955,000	5,895,360
North Carolina Capital Facilities Finance Agency Rev. (Davidson College), 5%, 3/01/2045		1,500,000	1,600,545
North Carolina Capital Facilities Finance Agency Rev. (Wake Forest University), 4%, 1/01/2048		3,000,000	3,327,510
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (High Point University), 5.25%, 3/01/2033		1,000,000	1,040,190
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034		1,370,000	1,486,286
North Carolina Central University Rev., 5%, 4/01/2044		3,265,000	3,917,086
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041		450,000	473,058
Puerto Rico Industrial Tourist Authority (University Plaza), “A”, NATL, 5%, 7/01/2020		2,180,000	2,210,062
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	172,749
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	279,252
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031		115,000	115,616
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042		140,000	141,263
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046		735,000	834,159
University of North Carolina Board of Governors Rev., 4%, 4/01/2049		5,000,000	5,510,050

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of North Carolina, Ashville, Rev., 4%, 6/01/2039	$	1,450,000	$1,619,853
University of North Carolina, Ashville, Rev., 4%, 6/01/2040		1,525,000	1,698,972
University of North Carolina, Charlotte, Rev., 5%, 4/01/2043		1,715,000	1,932,736
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2040		6,310,000	6,993,310
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036		1,750,000	1,972,775
University of North Carolina, Greensboro, Rev., 5%, 4/01/2026 (Prerefunded 4/01/2021)		3,000,000	3,146,070
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034		1,000,000	1,135,010
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035		1,000,000	1,132,100
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039		2,000,000	2,267,040
University of North Carolina, Raleigh, Rev., “A”, 5%, 10/01/2029		5,000,000	5,677,300
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 4/01/2024		1,615,000	1,630,795
University of North Carolina, Systems Pool Rev., “B-1”, 5.25%, 4/01/2025		1,705,000	1,721,556
University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2039		1,000,000	1,136,320
University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2044		1,405,000	1,575,932
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035		195,000	213,759
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043		3,700,000	4,462,348
Winston-Salem State University, NC, General Rev., 5%, 4/01/2033		1,000,000	1,070,470
Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042		2,470,000	2,952,169
			$87,963,833
Universities - Dormitories – 2.6%
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051	$	3,045,000	$3,632,045
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028		3,045,000	3,579,763
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032		500,000	560,375
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033		400,000	445,516
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034		500,000	554,930
University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2049		1,600,000	1,783,072
Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029		1,550,000	1,728,684
			$12,284,385
Utilities - Municipal Owned – 3.0%
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029	$	1,695,000	$2,041,136
Greenville, NC, Greenville Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044		300,000	371,997
North Carolina Municipal Power Agency No. 1, Catawba Electric Refunding Rev., “A”, 5%, 1/01/2032 (w)		5,655,000	7,252,537
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		1,085,000	821,887
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		175,000	132,563
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		305,000	231,800
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)		380,000	287,850
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)		720,000	545,400
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		190,000	143,925
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		585,000	443,138
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033		240,000	259,308
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2029		340,000	370,212
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030		420,000	457,876
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032		775,000	846,393
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2034		50,000	54,581
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)		265,000	196,100
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		305,000	231,800
			$14,688,503
Utilities - Other – 1.1%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039	$	1,695,000	$2,649,810
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026		1,290,000	1,543,085
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021		805,000	834,471
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 12/15/2031		255,000	277,851
			$5,305,217

6

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 6.6%
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 8/01/2036 (Prerefunded 8/01/2021)	$	4,410,000	$4,678,260
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040		1,250,000	1,453,475
Charlotte, NC, Water & Sewer Systems Rev., 4%, 7/01/2047		4,000,000	4,465,280
Durham County, NC, Enterprise Systems Rev., 5%, 6/01/2029 (Prerefunded 6/01/2021)		1,590,000	1,677,720
Greensboro, NC, Enterprise Systems Rev., “A”, 4%, 6/01/2047		2,000,000	2,201,340
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036		220,000	251,572
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036		380,000	442,149
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037		480,000	556,848
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040		1,325,000	1,525,976
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		1,000,000	1,123,720
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	107,900
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	129,889
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	68,125
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	158,083
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025		2,010,000	2,382,473
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028		500,000	618,375
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029		1,400,000	1,649,718
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031		1,600,000	1,871,584
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.625%, 6/01/2030 (Prerefunded 6/01/2020)		500,000	509,415
Oak Island, NC, Enterprise System Rev., ASSD GTY, 5.75%, 6/01/2036 (Prerefunded 6/01/2020)		800,000	815,472
Raleigh, NC, Combined Enterprise Systems Rev., “A”, 5%, 3/01/2029		3,145,000	3,529,162
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034		700,000	796,712
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035		500,000	566,605
			$31,579,853
Total Municipal Bonds			$464,763,900
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)	$	1,700,000	$496,676
Investment Companies (h) – 1.0%
Money Market Funds – 1.0%
MFS Institutional Money Market Portfolio, 1.7% (v)		4,512,026	$4,512,026
Other Assets, Less Liabilities – 2.5%			12,170,851
Net Assets – 100.0%			$481,943,453

(a)	Non-income producing security.
(d)	In default.
(h)	An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $4,512,026 and $465,260,576, respectively.
(n)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $496,676, representing 0.1% of net assets.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(w)	When-issued security.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
ASSD GTY	Assured Guaranty Insurance Co.
BAM	Build America Mutual

7

Portfolio of Investments (unaudited) – continued

COP	Certificate of Participation
FLR	Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA	Federal National Mortgage Assn.
GNMA	Government National Mortgage Assn.
LIBOR	London Interbank Offered Rate
NATL	National Public Finance Guarantee Corp.

Derivative Contracts at 12/31/19
Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Asset Derivatives
Interest Rate Futures
U.S. Treasury Bond	Short	USD	100	$15,590,625	March – 2020	$404,511

At December 31, 2019, the fund had cash collateral of $270,000 to cover any collateral or margin obligations for certain derivative contracts.

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

8

Supplemental Information

12/31/19 (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. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, 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 halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of December 31, 2019 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$464,763,900	$—	$464,763,900
U.S. Corporate Bonds	—	496,676	—	496,676
Mutual Funds	4,512,026	—	—	4,512,026
Total	$4,512,026	$465,260,576	$—	$469,772,602
Other Financial Instruments
Futures Contracts – Assets	$404,511	$—	$—	$404,511

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

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$8,877,352	$118,513,753	$122,880,455	$1,959	$(583)	$4,512,026

9

Supplemental Information (unaudited) – continued

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$138,548	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2019, are as follows:

North Carolina	74.3%
Puerto Rico	7.2%
California	2.1%
Illinois	2.1%
New York	2.0%
Pennsylvania	1.8%
Guam	1.6%
New Jersey	1.0%
Virginia	1.0%
Texas	0.6%
Colorado	0.5%
Tennessee	0.5%
Georgia	0.4%
Maryland	0.4%
South Carolina	0.4%
Alabama	0.3%
Michigan	0.3%
Ohio	0.3%
Florida	0.2%
Indiana	0.2%
Louisiana	0.2%
Washington DC	0.1%

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

10