Quarterly Report

June 30, 2020

MFS^® Alabama
Municipal Bond Fund

Portfolio of Investments

6/30/20 (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 – 98.0%
Airport Revenue – 4.0%
Birmingham, AL, Airport Authority Rev., AGM, 5.25%, 7/01/2030	$	1,000,000	$1,005,270
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2031 (w)		325,000	418,350
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2032 (w)		325,000	415,002
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2033 (w)		325,000	412,237
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044		70,000	75,094
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045		45,000	46,936
Metropolitan Nashville, TN, Airport Authority Rev., “B”, 5%, 7/01/2038		670,000	831,979
			$3,204,868
General Obligations - General Purpose – 11.4%
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043	$	245,000	$300,287
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036		160,000	153,253
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033		55,000	59,088
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035		40,000	45,002
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040		15,000	15,924
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042		110,000	116,443
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)		850,000	510,000
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035		150,000	151,726
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2021		145,000	145,000
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030		20,000	20,141
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031		40,000	40,170
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047		750,000	915,435
Jasper, AL, General Obligation Warrants, 5%, 3/01/2032		500,000	584,565
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2038		250,000	315,487
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2039		250,000	314,630
Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036		500,000	611,775
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2033		420,000	479,279
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034		655,000	744,715
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035		250,000	282,940
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035		115,000	122,073
State of Illinois, 5%, 6/01/2021		475,000	485,174
State of Illinois, 5.5%, 5/01/2039		120,000	135,025
State of Illinois, “A”, 4%, 12/01/2033		30,000	29,646
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041		750,000	859,290
Vestavia Hills, AL, 4%, 8/01/2048		500,000	571,495
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038		1,000,000	1,164,360
			$9,172,923
General Obligations - Schools – 4.3%
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040	$	445,000	$515,955
Huntsville, AL, “A”, 5%, 5/01/2039		1,000,000	1,286,340
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2029 (Prerefunded 11/01/2023)		200,000	230,982
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023)		1,000,000	1,154,910
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046		270,000	294,573
			$3,482,760
Healthcare Revenue - Hospitals – 9.3%
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), “C”, 5%, 11/15/2046	$	500,000	$580,710
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025		865,000	928,664
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031		750,000	864,300
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044		5,000	5,388
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044		5,000	5,869
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049		5,000	5,830

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044	$	40,000	$43,105
DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033		500,000	565,360
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048		500,000	529,750
Escambia County, FL, Health Facilities Authority Rev. (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036		435,000	437,001
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2033		35,000	44,424
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2034		55,000	69,638
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2035		45,000	56,703
Knox County, IN, Health Educational & Housing Facility Rev. (University Health System, Inc.), “A”, 5%, 9/01/2030		360,000	433,350
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046		50,000	53,986
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043		425,000	459,425
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035		1,000,000	1,184,490
UAB Medicine Finance Authority Rev., “B2”, 5%, 9/01/2041		1,000,000	1,181,660
			$7,449,653
Healthcare Revenue - Long Term Care – 1.7%
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045	$	250,000	$250,233
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039		1,050,000	1,094,551
			$1,344,784
Industrial Revenue - Airlines – 0.2%
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2020	$	145,000	$145,532
Industrial Revenue - Environmental Services – 0.4%
Muscle Shoals Sheffield & Tuscumbia, AL, Solid Water Disposal Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (n)	$	300,000	$301,962
Industrial Revenue - Other – 0.8%
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)	$	100,000	$97,409
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)		200,000	190,668
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044		305,000	332,874
			$620,951
Industrial Revenue - Paper – 0.4%
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.375%, 12/01/2035	$	300,000	$314,169
Miscellaneous Revenue - Other – 1.1%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040	$	65,000	$69,216
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044		260,000	269,472
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040		495,000	524,358
			$863,046
Port Revenue – 2.1%
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035	$	1,000,000	$1,205,440
Alabama Port Authority Docks Facilities Rev., 6%, 10/01/2040 (Prerefunded 10/01/2020)		500,000	507,075
			$1,712,515
Sales & Excise Tax Revenue – 8.3%
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048	$	1,000,000	$1,205,880
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041		325,000	325,546
Elmore County, AL, Board of Education School Tax Warrants, 4%, 8/01/2038		745,000	871,881
Jefferson County, AL, Board of Education, 4%, 2/01/2042		805,000	893,808
Jefferson County, AL, Limited Obligation Warrants, 5%, 9/15/2033		500,000	609,255
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040		16,000	16,312
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058		650,000	679,608
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		164,000	164,759
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		58,000	58,269

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058	$	25,000	$25,776
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024		1,000	901
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027		26,000	21,399
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029		4,000	3,053
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031		247,000	173,900
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033		237,000	153,204
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046		1,837,000	518,126
Tuscaloosa County, AL, Board of Education, School Tax Warrants, 5%, 2/01/2037		750,000	900,150
			$6,621,827
Single Family Housing - Local – 0.6%
Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049	$	410,000	$455,104
Single Family Housing - State – 0.9%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C1”, 4%, 11/15/2047	$	310,000	$333,653
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049		370,000	410,363
			$744,016
State & Local Agencies – 5.0%
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030	$	280,000	$332,864
Alabama Public School & College Authority Rev., “B”, 5%, 6/01/2025		800,000	901,152
Anniston, AL, Public Building Authority Rev. (Judicial Center Project), AGM, 5%, 3/01/2032		500,000	513,770
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, ASSD GTY, 5%, 7/01/2030		210,000	210,741
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043		315,000	357,884
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030		35,000	38,949
Huntsville, AL, Public Building Authority Lease Refunding Rev., 5%, 10/01/2033		500,000	623,400
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047		230,000	272,116
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029		10,000	11,655
New Jersey Economic Development Authority Rev., School Facilities Construction, “AAA”, 5%, 6/15/2026		75,000	84,691
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042		185,000	204,954
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033		350,000	414,463
			$3,966,639
Student Loan Revenue – 0.2%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039	$	35,000	$34,132
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044		90,000	85,253
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038		60,000	58,767
			$178,152
Tax - Other – 7.6%
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043	$	750,000	$763,448
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043		500,000	491,375
Cullman, AL, Board of Education, 4%, 3/01/2047		1,000,000	1,142,610
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035		55,000	60,477
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036		30,000	32,804
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046		85,000	91,883
Lauderdale County, AL, Agriculture Center Authority Special Tax Rev., 5%, 7/01/2049		1,000,000	1,098,720
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031		70,000	70,020
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024		105,000	113,618
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026		265,000	289,134
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027		190,000	207,440
Shelby County, AL, Board of Education Capital Outlay School Warrants (Ten Mill County Tax), 5%, 2/01/2031		500,000	512,045
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036		1,000,000	1,196,090
			$6,069,664

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tobacco – 1.0%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036	$	55,000	$70,013
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2038		35,000	40,113
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048		90,000	97,266
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055		445,000	468,580
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057		1,040,000	144,373
			$820,345
Toll Roads – 0.5%
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (LBJ Infrastructure Group IH-635 Managed Lanes Project), 7%, 6/30/2040	$	100,000	$100,550
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037		90,000	95,508
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042		180,000	188,438
			$384,496
Transportation - Special Tax – 4.1%
Alabama Federal Aid Highway Finance Authority Special Obligation, “A”, 5%, 9/01/2035	$	500,000	$602,925
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036		145,000	158,159
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032		125,000	125,786
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038		325,000	337,165
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, ASSD GTY, 5.25%, 7/01/2041		225,000	243,776
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035		120,000	122,359
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029		330,000	359,793
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031		240,000	253,457
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036		5,000	5,453
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032		35,000	35,707
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 4.75%, 11/15/2045		100,000	110,881
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 5%, 11/15/2050		120,000	136,086
Metropolitan Transportation Authority Rev., NY, “E”, 4%, 9/01/2020		115,000	115,202
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “B-2”, 5%, 5/15/2021		265,000	270,539
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022		200,000	210,160
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027		105,000	118,649
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5%, 12/15/2039		45,000	50,083
New Jersey Transportation Trust Fund Authority, Transportation System, “BB”, 5%, 6/15/2044		50,000	54,678
			$3,310,858
Universities - Colleges – 19.6%
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044	$	300,000	$339,495
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049		1,000,000	1,124,260
Alabama Community College System Board of Trustees Rev. (Snead State Community College), BAM, 4%, 9/01/2038		680,000	780,232
Alabama State University Board of Education Rev. (Chattahoochee Valley Community College), ASSD GTY, 5%, 6/01/2034		1,300,000	1,304,420
Auburn University, General Fee Rev., “A”, 5%, 6/01/2038		500,000	594,980
Auburn University, General Fee Rev., “A”, 5%, 6/01/2048		1,500,000	1,833,225
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034		500,000	575,885
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036		600,000	685,038
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033		65,000	65,172
Troy University, Facilities Rev., “A”, BAM, 5%, 11/01/2028		500,000	587,885
University of Alabama at Birmingham, Rev., “B”, 4%, 10/01/2037		1,000,000	1,182,690
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035		755,000	947,970
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036		475,000	592,938
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039		1,000,000	1,222,750
University of North Alabama, General Fee Rev., “C”, BAM, 4%, 11/01/2038		500,000	574,900
University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036		500,000	599,610
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049		750,000	904,260
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2036		355,000	399,751
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2038		500,000	558,935

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040	$	770,000	$855,763
			$15,730,159
Utilities - Cogeneration – 0.2%
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022	$	185,000	$189,625
Utilities - Municipal Owned – 2.6%
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), “A”, ASSD GTY, 5%, 8/01/2037	$	1,000,000	$1,003,000
Guam Power Authority Rev., “A”, 5.5%, 10/01/2040 (Prerefunded 10/01/2020)		230,000	232,953
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		180,000	125,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		30,000	20,850
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)		15,000	10,463
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)		5,000	3,488
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		65,000	45,337
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)		70,000	48,650
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)		5,000	3,475
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)		115,000	79,925
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023		10,000	10,004
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024		50,000	50,012
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)		40,000	27,750
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030		10,000	10,002
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)		40,000	27,800
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		30,000	20,850
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)		5,000	3,475
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		95,000	66,025
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027		70,000	70,024
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033		35,000	35,720
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032		70,000	71,415
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2034		15,000	15,313
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)		5,000	3,494
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)		15,000	10,463
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)		40,000	27,700
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		50,000	34,812
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)		15,000	10,462
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)		55,000	38,362
			$2,106,924
Utilities - Other – 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036	$	40,000	$52,317
Water & Sewer Utility Revenue – 11.6%
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036	$	1,000,000	$1,217,130
Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036		750,000	934,845
Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2030		500,000	600,925
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028		10,000	10,067
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035		1,000,000	1,128,150
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033		1,000,000	1,144,580
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036		45,000	51,260
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		120,000	134,443
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029		45,000	50,357
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035		45,000	49,556
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		95,000	113,355
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044		750,000	829,905
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021		300,000	314,820
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	17,245
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	22,708

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
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	$11,255
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	22,419
Prichard, AL, Waterworks & Sewer Board Rev., 4%, 11/01/2044		700,000	763,581
Scottsboro, AL, Waterworks Sewer & Gas Board Rev., 5%, 8/01/2032		500,000	548,155
Warrior River, AL, Water Authority Rev., BAM, 4%, 8/01/2039		1,180,000	1,364,363
			$9,329,119
Total Municipal Bonds			$78,572,408
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)	$	200,000	$59,624
Investment Companies (h) – 1.9%
Money Market Funds – 1.9%
MFS Institutional Money Market Portfolio, 0.17% (v)		1,557,543	$1,557,698
Other Assets, Less Liabilities – (0.0)%			(36,129)
Net Assets – 100.0%			$80,153,601

(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 $1,557,698 and $78,632,032, 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 $649,663, representing 0.8% 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
ETM	Escrowed to Maturity
NATL	National Public Finance Guarantee Corp.

Derivative Contracts at 6/30/20
Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Liability Derivatives
Interest Rate Futures
U.S. Treasury Bond	Short	USD	6	$1,071,375	September – 2020	$(5,835)

At June 30, 2020, the fund had cash collateral of $191,600 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.

6

Supplemental Information

6/30/20 (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 June 30, 2020 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$78,572,408	$—	$78,572,408
U.S. Corporate Bonds	—	59,624	—	59,624
Mutual Funds	1,557,698	—	—	1,557,698
Total	$1,557,698	$78,632,032	$—	$80,189,730
Other Financial Instruments
Futures Contracts – Liabilities	$(5,835)	$—	$—	$(5,835)

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	$2,877,210	$4,003,712	$5,323,141	$(155)	$72	$1,557,698

7

Supplemental Information (unaudited) – continued

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$1,804	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of June 30, 2020, are as follows:

Alabama	76.1%
Puerto Rico	7.9%
New York	2.2%
Tennessee	1.6%
Maryland	1.4%
Illinois	1.3%
Ohio	1.2%
California	1.1%
Guam	1.0%
Colorado	0.9%
South Carolina	0.8%
Florida	0.6%
Texas	0.6%
New Jersey	0.5%
Pennsylvania	0.5%
Connecticut	0.4%
Virginia	0.4%
Indiana	0.1%
Iowa	0.1%
Michigan	0.1%
Minnesota	0.1%
Nebraska	0.1%
U.S. Treasury Securities	(1.3)%

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

(4) Impacts of COVID-19

The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may have adversely impacted the prices and liquidity of the fund's investments and the fund's performance.

8