NPORT-EX 3 edgar.htm
Quarterly Report
June 30, 2020
MFS®  South Carolina
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 – 98.4%
Airport Revenue – 4.0%
Charleston County, SC, Airport District Rev., 5%, 7/01/2038    $ 750,000 $923,895
Charleston County, SC, Airport District Rev., 5%, 7/01/2039      450,000 552,834
Charleston County, SC, Airport District Rev., 5%, 7/01/2043      1,250,000 1,520,775
Charleston County, SC, Airport District Rev., 5%, 7/01/2048      1,500,000 1,811,535
Charleston County, SC, Airport District Rev., “A”, 5.25%, 7/01/2021      2,000,000 2,086,180
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044      220,000 236,009
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045      155,000 161,668
Horry County, SC, Airport Rev. (Myrtle Beach International Airport), “A”, 5%, 7/01/2040      2,250,000 2,257,425
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      90,000 100,274
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      10,000 11,213
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      75,000 83,261
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      120,000 132,371
        $9,877,440
General Obligations - General Purpose – 3.6%
Aiken County, SC, County Administration Building Project, 5%, 3/01/2025    $ 910,000 $980,771
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036      475,000 454,969
Charleston County, SC, School District General Obligation (Sales Tax Projects - Phase IV), “B”, 5%, 5/12/2021      3,000,000 3,124,500
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      105,000 111,979
Chicago, IL, General Obligation Refunding Project, “A”, 5.25%, 1/01/2030      70,000 73,764
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      325,000 346,525
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026      95,000 102,316
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      105,000 114,082
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2033      405,000 428,822
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)     2,435,000 1,461,000
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035      45,000 45,518
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030      65,000 65,459
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031      145,000 145,615
Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039      725,000 786,248
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035      105,000 111,458
State of Illinois, 5.5%, 5/01/2039      190,000 213,790
State of Illinois, 5.75%, 5/01/2045      175,000 198,917
State of Illinois, “A”, 4%, 12/01/2033      90,000 88,938
        $8,854,671
General Obligations - Schools – 9.8%
Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035    $ 275,000 $328,930
Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041      1,400,000 1,490,356
Aiken County, SC, Consolidated School District Special Obligation, “A”, SCSDE, 4%, 4/01/2036      2,000,000 2,403,920
Anderson County, SC, School District, “A”, 5%, 3/01/2026      1,240,000 1,538,914
Chesterfield County, SC, School District, 5%, 3/01/2025      1,000,000 1,075,710
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      1,295,000 1,501,488
Lexington County, SC, School District No. 1, “A”, 5%, 3/01/2023      1,030,000 1,157,463
Richland County, SC, School District No. 1, “A”, 5%, 3/01/2025      2,000,000 2,110,100
Richland County, SC, School District No. 1, “A”, 5%, 3/01/2029      3,000,000 3,165,150
Richland County, SC, School District No. 2, General Obligation Refunding, SCSDE, 5%, 3/01/2023      2,825,000 3,174,594
Spartanburg County, SC, School District No. 7, General Obligation, “B”, SCSDE, 5%, 3/01/2048      2,000,000 2,505,460
Spartanburg County, SC, School District No. 7, General Obligation, “D”, SCSDE, 5%, 3/01/2042      3,000,000 3,793,860
        $24,245,945
Healthcare Revenue - Hospitals – 16.4%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 340,000 $367,601
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044      15,000 16,164
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044      20,000 23,477
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049      10,000 11,660
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      115,000 123,925
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc. Project), 6.125%, 9/01/2040 (Prerefunded 9/01/2020)    $ 400,000 $403,800
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045      30,000 31,436
Escambia County, FL, Health Facilities Authority Rev. (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036      925,000 929,255
Florence County, SC, Hospital Rev. (McLeod Regional Medical Center), “A”, 5%, 11/01/2037      3,000,000 3,031,650
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036      1,500,000 1,690,680
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), “B”, 5%, 10/01/2031      1,950,000 2,062,671
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2033      105,000 133,272
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2034      185,000 234,238
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2035      140,000 176,410
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031      155,000 157,339
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041      180,000 182,561
Knox County, IN, Health Educational & Housing Facility Rev. (University Health System, Inc.), “A”, 5%, 9/01/2030      1,115,000 1,342,181
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031      1,000,000 1,134,330
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032      1,000,000 1,127,570
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035      1,000,000 1,157,670
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036      1,000,000 1,154,580
Lexington County, SC, Health Services District, Inc., Hospital Rev., Refunding & Improvement, 5%, 11/01/2026      500,000 524,480
New Hampshire Health & Education Facilities Authority Rev. (Dartmouth-Hitchcock Obligated Group), “A”, 5%, 8/01/2059      110,000 157,733
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046      2,000,000 2,451,280
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038      1,500,000 1,723,215
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5%, 7/01/2037      1,250,000 1,364,538
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047      2,000,000 2,290,180
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037      500,000 562,345
South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048      2,000,000 2,171,540
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030 (Prerefunded 8/01/2023)      1,000,000 1,147,670
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, AGM, 6.5%, 8/01/2039 (Prerefunded 8/01/2021)      2,000,000 2,128,460
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037      2,000,000 2,321,900
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037 (Prerefunded 4/15/2022)      30,000 32,414
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037      1,970,000 2,068,756
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      3,340,000 3,610,540
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2034 (w)     1,000,000 1,258,270
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036 (w)     450,000 516,690
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037 (w)     550,000 629,129
        $40,451,610
Healthcare Revenue - Long Term Care – 2.0%
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049    $ 1,250,000 $1,319,687
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043      750,000 651,488
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048      250,000 217,525
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042      750,000 656,025
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036      1,000,000 1,013,300
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047      1,000,000 962,820
        $4,820,845
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    $ 445,000 $446,633
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Industrial Revenue - Other – 0.5%
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)     410,000 390,869
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032      285,000 306,253
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044      395,000 431,099
        $1,225,630
Industrial Revenue - Paper – 0.5%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023    $ 1,000,000 $1,074,600
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044      100,000 106,905
        $1,181,505
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 $45,640
Port Revenue – 4.4%
South Carolina Port Authority Rev., 5%, 7/01/2028    $ 300,000 $345,255
South Carolina Port Authority Rev., 5%, 7/01/2029      450,000 516,357
South Carolina Port Authority Rev., 5%, 7/01/2033      500,000 607,870
South Carolina Port Authority Rev., 5%, 7/01/2036      3,000,000 3,567,180
South Carolina Port Authority Rev., 4%, 7/01/2055      2,000,000 2,145,380
South Carolina Ports Authority Rev. (tax-exempt), “B”, 5%, 7/01/2044      3,000,000 3,554,670
        $10,736,712
Sales & Excise Tax Revenue – 3.6%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041    $ 725,000 $726,218
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026      95,000 110,002
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      185,000 217,924
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      185,000 221,983
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029      35,000 42,677
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030      85,000 104,774
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      55,000 65,431
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      105,000 126,180
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      40,000 42,766
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      45,000 47,966
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      50,000 54,300
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, AGM, 4%, 6/15/2050      1,355,000 1,402,994
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      49,000 49,956
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      2,318,000 2,423,585
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      450,000 452,083
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      163,000 163,755
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      4,000 4,053
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      71,000 73,205
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      7,000 6,307
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      79,000 65,021
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      14,000 10,687
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      725,000 510,436
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      695,000 449,269
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      5,158,000 1,454,814
        $8,826,386
Secondary Schools – 0.2%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049    $ 250,000 $254,818
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042      220,000 238,561
        $493,379
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – 2.9%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C1”, 4%, 11/15/2047    $ 890,000 $957,907
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049      1,135,000 1,258,817
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037      1,135,000 1,249,261
South Carolina Housing, Finance & Development Authority Rev., “A”, 3.75%, 7/01/2043      770,000 829,459
South Carolina Housing, Finance & Development Authority Rev., “A”, 3.8%, 1/01/2049      770,000 826,395
Tennessee Housing Development Agency Residential Finance Program, “1”, 4.25%, 1/01/2050      1,115,000 1,235,598
Texas Department of Housing & Community Affairs Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049      690,000 776,567
        $7,134,004
State & Local Agencies – 10.6%
Berkeley County, SC, School District Special Obligation, 5%, 12/01/2021    $ 1,000,000 $1,067,140
Charleston County, SC, Special Source Rev., “C”, 5%, 12/01/2021      1,000,000 1,066,850
Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030      3,595,000 4,055,915
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032      55,000 67,715
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      45,000 55,057
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      25,000 30,483
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.984% (LIBOR - 3mo. + 0.75%), 6/01/2037      1,330,000 1,172,927
Dillon County, SC, School Facilities Corp., 5%, 12/01/2032      1,625,000 2,002,357
Dillon County, SC, School Facilities Corp., 5%, 12/01/2033      1,705,000 2,085,846
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (Greenwood School District No. 50), BAM, 5%, 12/01/2028      3,000,000 3,516,930
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      705,000 834,093
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029      35,000 40,793
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2039      490,000 546,041
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2044      815,000 896,908
New Jersey Economic Development Authority Rev., School Facilities Construction, “AAA”, 5%, 6/15/2026      230,000 259,718
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      2,000,000 2,215,720
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,115,000 1,320,361
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028      2,000,000 2,350,600
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026      1,000,000 1,196,700
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027      1,195,000 1,420,604
        $26,202,758
Tax - Other – 4.3%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043    $ 940,000 $923,785
Greenville County, SC, Hospitality Tax Rev., AGM, 5%, 4/01/2022      1,025,000 1,060,608
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035      180,000 197,926
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036      95,000 103,881
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046      285,000 308,076
Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029      1,260,000 1,503,382
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030      1,000,000 1,208,290
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040      2,000,000 2,368,480
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031      405,000 405,113
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024      440,000 476,115
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025      50,000 54,429
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026      1,245,000 1,358,382
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027      635,000 693,287
        $10,661,754
Tax Assessment – 0.4%
Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049    $ 1,000,000 $976,670
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029      20,000 20,012
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      20,000 20,614
        $1,017,296
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 1.3%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 150,000 $190,944
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      280,000 302,604
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      1,265,000 1,332,032
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057      3,020,000 419,237
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)      850,000 894,022
        $3,138,839
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    $ 305,000 $306,677
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037      275,000 291,830
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042      535,000 560,081
        $1,158,588
Transportation - Special Tax – 9.0%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026    $ 755,000 $759,643
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036      470,000 512,653
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029      20,000 20,081
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038      1,340,000 1,390,156
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035      480,000 489,437
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      1,125,000 1,226,565
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      90,000 95,046
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036      15,000 16,360
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032      435,000 443,791
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033      350,000 357,200
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 4.75%, 11/15/2045      315,000 349,275
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 5%, 11/15/2050      375,000 425,269
Metropolitan Transportation Authority Rev., NY, “E”, 4%, 9/01/2020      350,000 350,616
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “B-2”, 5%, 5/15/2021      820,000 837,138
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022      600,000 630,480
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      350,000 395,497
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5.25%, 12/15/2021      130,000 135,522
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5%, 12/15/2039      125,000 139,120
New Jersey Transportation Trust Fund Authority, Transportation System, “BB”, 5%, 6/15/2044      125,000 136,694
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036      1,205,000 1,421,032
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, AGM, 5%, 10/01/2035      2,000,000 2,441,100
South Carolina Transportation Infrastructure Bank Refunding Rev., “B”, 0.566%, 10/01/2031 (Put Date 10/01/2022)      5,000,000 4,935,950
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2030      2,000,000 2,472,020
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040      2,000,000 2,336,440
        $22,317,085
Universities - Colleges – 5.2%
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, 5%, 4/01/2022    $ 1,205,000 $1,285,651
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041      200,000 205,222
Private Colleges & Universities, GA, Authority Refunding Rev. (Agnes Scott College), “A”, 5%, 6/01/2027      420,000 507,205
Private Colleges & Universities, GA, Authority Refunding Rev. (Agnes Scott College), “A”, 5%, 6/01/2028      495,000 610,374
Private Colleges & Universities, GA, Authority Refunding Rev. (Agnes Scott College), “A”, 5%, 6/01/2029      400,000 501,680
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032      75,000 73,989
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042      125,000 122,705
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      55,000 50,968
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      70,000 63,000
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      390,000 424,180
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028      700,000 814,555
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035      1,565,000 1,756,462
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049    $ 2,000,000 $2,285,660
South Carolina Private Nonprofit Institutions Higher Learning Educational Facilities Authority Rev. (Furman University), “B”, VRDN, 0.16%, 10/01/2039      3,000,000 3,000,000
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025      30,000 30,242
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2035      170,000 170,530
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2040      335,000 335,985
University of South Carolina, Higher Education Facilities Refunding Rev., “A”, 5%, 5/01/2040      575,000 690,052
        $12,928,460
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    $ 535,000 $548,375
Utilities - Investor Owned – 0.3%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020    $ 800,000 $800,000
Utilities - Municipal Owned – 3.3%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 145,000 $157,463
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      170,000 183,454
Piedmont, SC, Municipal Power Agency, FGIC, 6.25%, 1/01/2021      2,700,000 2,777,841
Piedmont, SC, Municipal Power Agency, “C”, AGM, 5%, 1/01/2030      1,000,000 1,036,700
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     525,000 364,875
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     80,000 55,600
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     40,000 27,900
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     20,000 13,950
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     190,000 132,525
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     205,000 142,475
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     20,000 13,900
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)     330,000 229,350
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)     115,000 79,781
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     100,000 69,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     90,000 62,550
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     15,000 10,425
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     270,000 187,650
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033      115,000 117,366
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032      245,000 249,951
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2034      25,000 25,521
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     15,000 10,481
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     40,000 27,900
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)     120,000 83,100
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     140,000 97,475
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     45,000 31,388
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     145,000 101,137
Rock Hill, SC, Combined Utility System Rev., “A”, 4%, 1/01/2049      650,000 729,703
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041      1,000,000 1,151,950
        $8,171,911
Utilities - Other – 1.1%
Nebraska Central Plains Energy Project, Gas Project Rev., “3”, 5%, 9/01/2042    $ 790,000 $845,142
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028      130,000 162,728
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021      270,000 281,210
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022      290,000 312,098
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026      570,000 673,199
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021      330,000 336,395
        $2,610,772
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 14.1%
Charleston, SC, Waterworks & Sewer System Rev., Capital Improvement, 5%, 1/01/2035 (Prerefunded 1/01/2021)    $ 1,000,000 $1,023,840
Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038      755,000 946,423
Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043      2,000,000 2,275,920
Columbia, SC, Waterworks & Sewer System Rev., “A”, 5%, 2/01/2025 (Prerefunded 2/01/2021)      580,000 596,112
Columbia, SC, Waterworks & Sewer System Rev., “A”, 5%, 2/01/2036      3,000,000 3,083,340
Columbia, SC, Waterworks & Sewer System Rev., “A”, 4%, 2/01/2044      3,990,000 4,596,081
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028      35,000 35,232
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036      90,000 102,519
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      410,000 459,348
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      300,000 357,963
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2030      500,000 606,580
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2035      500,000 595,515
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., “A”, 4%, 6/01/2040      1,235,000 1,447,963
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., “A”, 4%, 6/01/2043      1,260,000 1,460,743
Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041      2,000,000 2,294,700
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 57,484
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 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%, 7/01/2035      30,000 33,764
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 78,466
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2036      1,000,000 1,233,900
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2037      1,000,000 1,230,620
North Charleston, SC, Sewer District, 5%, 7/01/2039      3,425,000 3,880,114
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2033      1,000,000 1,122,900
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2034      2,000,000 2,317,920
Spartanburg, SC, Water System Refunding & Improvement Rev., “B”, 5%, 6/01/2039      4,000,000 4,870,640
        $34,776,212
Total Municipal Bonds   $242,672,450
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)   $ 800,000 $238,494
Investment Companies (h) – 1.0%
Money Market Funds – 1.0%  
MFS Institutional Money Market Portfolio, 0.17% (v)     2,432,690 $2,432,933
 
Other Assets, Less Liabilities – 0.5%   1,343,971
Net Assets – 100.0% $246,687,848
(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 $2,432,933 and $242,910,944, 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 $726,772, representing 0.3% of net assets.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
(w) When-issued security.      
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
7
Portfolio of Investments (unaudited) – continued
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
FGIC Financial Guaranty Insurance Co.
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.
LIBOR London Interbank Offered Rate
NATL National Public Finance Guarantee Corp.
VRDN Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate.
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
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. 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. 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 $— $242,672,450 $— $242,672,450
U.S. Corporate Bonds — 238,494 — 238,494
Mutual Funds 2,432,933 — — 2,432,933
Total $2,432,933 $242,910,944 $— $245,343,877
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 $4,914,196 $20,809,769 $23,290,716 $(1,171) $855 $2,432,933
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $4,983 $—
9
Supplemental Information (unaudited) – continued
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2020, are as follows:
South Carolina 74.2%
Puerto Rico 7.8%
Illinois 2.8%
Pennsylvania 1.7%
Tennessee 1.7%
New York 1.2%
Ohio 1.2%
Texas 1.1%
New Jersey 1.0%
Maryland 0.9%
Georgia 0.8%
Guam 0.8%
Alabama 0.7%
California 0.6%
Michigan 0.6%
Florida 0.5%
Virginia 0.5%
Colorado 0.4%
Connecticut 0.4%
Nebraska 0.3%
Louisiana 0.1%
New Hampshire 0.1%
Washington DC 0.1%
Indiana (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.
(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.
10