NPORT-EX 4 edgar.htm
Quarterly Report
June 30, 2020
MFS®  Pennsylvania
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 – 97.5%
Airport Revenue – 3.3%
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030    $ 215,000 $246,446
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035 (Prerefunded 1/01/2021)      270,000 277,206
Chicago, IL, O'Hare International Airport Rev., Third Lien, Unrefunded Balance, “A”, 5.625%, 1/01/2035      65,000 66,323
Metropolitan Nashville, TN, Airport Authority Rev., “B”, 5%, 7/01/2038      1,375,000 1,707,420
Philadelphia, PA, Airport Rev., “A”, AGM, 5%, 6/15/2040      2,000,000 2,012,520
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034      750,000 876,300
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      55,000 61,278
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      65,000 72,885
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      45,000 49,957
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      80,000 88,247
        $5,458,582
General Obligations - General Purpose – 6.8%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036    $ 350,000 $335,240
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043      1,000,000 1,084,060
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      220,000 234,570
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026      65,000 70,006
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      70,000 76,055
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)     1,650,000 990,000
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035      315,000 318,626
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2021      325,000 325,000
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031      100,000 100,424
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2031      1,205,000 1,403,114
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2034      955,000 1,091,231
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2035      500,000 569,320
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032      595,000 468,842
Philadelphia, PA, “B”, 5%, 2/01/2035      1,000,000 1,264,290
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, ASSD GTY, 5%, 7/01/2036      25,000 25,099
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AAC, 5.45%, 7/01/2030      165,000 165,129
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030      1,000,000 1,231,030
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031      1,000,000 1,224,270
State of Illinois, 5.5%, 5/01/2039      125,000 140,651
State of Illinois, 5.75%, 5/01/2045      115,000 130,717
State of Illinois, “A”, 4%, 12/01/2033      60,000 59,292
        $11,306,966
General Obligations - Schools – 10.6%
Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041    $ 1,000,000 $1,121,990
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038      1,000,000 1,189,810
Carlisle, PA, School District, 5%, 9/01/2026 (Prerefunded 3/01/2022)      1,000,000 1,076,900
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031      1,150,000 930,385
Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033      1,150,000 1,343,131
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054      765,000 858,835
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059      1,500,000 1,813,560
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046      545,000 594,600
Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037      1,500,000 1,649,025
Northampton County, PA, Area School District, “A”, 5%, 10/01/2033      1,000,000 1,097,280
Philadelphia School District, PA, General Obligation, “A”, 5%, 9/01/2044      1,500,000 1,815,165
Philadelphia, PA, School District, “F”, 5%, 9/01/2038      1,500,000 1,766,130
Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034      1,000,000 1,225,970
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039      1,000,000 1,096,410
        $17,579,191
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 19.7%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2047    $ 580,000 $671,878
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038      1,000,000 1,228,850
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040      1,500,000 1,541,490
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044      1,000,000 1,080,750
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048      1,000,000 1,205,880
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041      850,000 963,288
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 6.25%, 11/15/2041 (Prerefunded 11/15/2021)      500,000 540,770
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 4%, 9/01/2041      1,500,000 1,725,885
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052      1,750,000 2,060,555
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc. Project), 6.125%, 9/01/2040 (Prerefunded 9/01/2020)      305,000 307,897
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049      1,000,000 1,105,540
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043      1,000,000 1,160,310
Escambia County, FL, Health Facilities Authority Rev. (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036      705,000 708,243
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040      500,000 516,950
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2033      70,000 88,848
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2034      125,000 158,269
Hamilton County, OH, Hospital Facilities Improvement Refunding Rev. (Trihealth, Inc. Obligated Group Project), “A”, 5%, 8/15/2035      90,000 113,406
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031      165,000 167,490
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041      150,000 152,135
Knox County, IN, Health Educational & Housing Facility Rev. (University Health System, Inc.), “A”, 5%, 9/01/2030      735,000 884,756
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036      1,000,000 1,180,540
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040      500,000 503,460
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045      500,000 500,315
Lehigh County, PA, Hospital Authority, General Purpose Refunding Rev. (Health Network), “A”, 4%, 7/01/2039      1,000,000 1,128,080
Massachusetts Development Finance Agency Rev., “J-2”, 5%, 7/01/2048      715,000 831,595
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., 6%, 8/01/2030 (Prerefunded 8/01/2020)      80,000 80,359
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030      25,000 25,093
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039      1,000,000 1,148,690
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045      1,000,000 1,172,950
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048      500,000 581,755
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036      1,000,000 1,166,840
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042      1,000,000 1,152,160
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Children's Hospital of Philadelphia), “C”, 5%, 7/01/2025      1,000,000 1,042,220
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034      500,000 564,255
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039      810,000 893,495
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044      1,000,000 1,136,180
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044      1,000,000 1,104,380
St. Mary Hospital Authority, PA, Health System Rev. (Catholic Health East), “A”, 5%, 11/15/2033 (Prerefunded 11/15/2020)      500,000 508,480
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), “B”, 5.625%, 1/01/2032      500,000 539,665
Westmoreland County, PA, Industrial Development Authority Rev. (Excela Health Project), 5.125%, 7/01/2030      1,000,000 1,002,570
        $32,646,272
Healthcare Revenue - Long Term Care – 4.4%
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045    $ 500,000 $485,635
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), “A”, 5%, 1/01/2039      1,000,000 1,058,040
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039      750,000 822,067
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045      500,000 490,210
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035      500,000 546,520
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036      260,000 294,713
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037      250,000 282,850
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037      500,000 493,580
Lancaster County, PA, Hospital Authority Rev. (Masonic Homes), “D”, VRDN, 0.11%, 7/01/2034      1,835,000 1,835,000
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050    $ 400,000 $393,316
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049      500,000 451,940
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)      55,000 56,188
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)      105,000 107,311
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), Unrefunded Balance, 7%, 11/01/2030      5,000 5,065
        $7,322,435
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    $ 295,000 $296,083
Industrial Revenue - Environmental Services – 0.5%
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037    $ 250,000 $272,115
Delaware County, PA, Industrial Development Authority Rev. (Covanta Project), “A”, 5%, 7/01/2043      500,000 500,690
        $772,805
Industrial Revenue - Other – 1.4%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031    $ 1,000,000 $1,352,490
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     390,000 371,803
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032      115,000 123,575
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044      400,000 436,556
        $2,284,424
Miscellaneous Revenue - Other – 0.6%
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040    $ 145,000 $154,405
Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034      750,000 823,410
        $977,815
Multi-Family Housing Revenue – 1.5%
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035    $ 979,946 $1,083,360
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058      1,250,000 1,420,450
        $2,503,810
Sales & Excise Tax Revenue – 3.6%
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030    $ 580,000 $581,206
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026      60,000 69,475
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      130,000 153,136
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      125,000 149,989
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029      25,000 30,484
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030      60,000 73,958
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      35,000 41,638
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      70,000 84,120
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      55,000 58,803
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040      35,000 38,010
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, AGM, 4%, 6/15/2050      900,000 931,878
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      35,000 35,683
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      1,446,000 1,511,865
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      367,000 368,699
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      116,000 116,537
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 1,013
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      69,000 71,142
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      6,000 5,406
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027    $ 55,000 $45,268
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      9,000 6,870
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      524,000 368,922
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      509,000 329,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      2,990,000 843,330
        $5,916,465
Secondary Schools – 3.2%
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046    $ 500,000 $539,205
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047      500,000 535,665
Montgomery County, PA, Industrial Development Authority Rev. (Haverford School Project), 4%, 3/01/2049      1,000,000 1,096,420
Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2037      500,000 510,370
Philadelphia, PA, Authority for Industrial Development Rev. (Global Leadership Academy Charter School), 6.375%, 11/15/2040      500,000 503,525
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), 6%, 8/01/2035 (Prerefunded 8/01/2020)      665,000 668,039
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051      500,000 531,295
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043      400,000 400,816
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043      400,000 429,524
        $5,214,859
Single Family Housing - Local – 0.6%
Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049    $ 825,000 $915,758
Single Family Housing - State – 2.7%
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049    $ 745,000 $826,272
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “2019-128A”, 3.65%, 10/01/2032      1,000,000 1,084,390
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “A”, 4%, 4/01/2039      595,000 627,642
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037      1,245,000 1,370,334
Texas Department of Housing & Community Affairs Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049      450,000 506,457
        $4,415,095
State & Local Agencies – 7.1%
California Municipal Finance Authority, Lease Rev. (Orange County Civic Center Infrastructure Improvement Program - Phase II), “A”, 5%, 6/01/2043    $ 1,000,000 $1,201,030
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043      655,000 744,172
Commonwealth Financing Authority Rev., “A-2”, 5%, 6/01/2036      1,500,000 1,632,015
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      1,000,000 1,219,330
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.984% (LIBOR - 3mo. + 0.75%), 6/01/2037      745,000 657,015
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2039      340,000 378,886
New Jersey Economic Development Authority Rev., School Facilities Construction Rev., “LLL”, 5%, 6/15/2044      570,000 627,285
New Jersey Economic Development Authority Rev., School Facilities Construction, “AAA”, 5%, 6/15/2026      155,000 175,027
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,255,000 1,486,146
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037      250,000 290,430
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038      1,000,000 1,158,640
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028      1,000,000 1,145,940
Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024      1,000,000 1,078,040
        $11,793,956
Student Loan Revenue – 0.2%
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029    $ 325,000 $389,616
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – 2.0%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042    $ 300,000 $309,357
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042      500,000 513,645
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035      750,000 783,150
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035      115,000 126,453
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036      60,000 65,609
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046      185,000 199,979
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031      155,000 155,043
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026      655,000 714,651
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027      430,000 469,470
        $3,337,357
Tax Assessment – 0.3%
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035    $ 500,000 $501,240
Tobacco – 1.4%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 110,000 $140,026
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      185,000 199,935
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      855,000 900,307
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057      2,055,000 285,275
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)      755,000 794,101
        $2,319,644
Toll Roads – 2.1%
Delaware River Port Authority Rev., 5%, 1/01/2029    $ 1,145,000 $1,290,415
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049      1,500,000 1,647,720
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (LBJ Infrastructure Group IH-635 Managed Lanes Project), 7%, 6/30/2040      205,000 206,127
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038      140,000 160,425
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      110,000 125,030
        $3,429,717
Transportation - Special Tax – 3.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ASSD GTY, 5.25%, 7/01/2041    $ 110,000 $119,180
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026      145,000 145,892
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      270,000 271,698
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038      765,000 793,634
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035      240,000 244,718
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      755,000 823,161
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030      75,000 79,870
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032      90,000 91,819
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033      55,000 56,131
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038      20,000 20,051
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 4.75%, 11/15/2045      205,000 227,306
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 5%, 11/15/2050      250,000 283,513
Metropolitan Transportation Authority Rev., NY, “E”, 4%, 9/01/2020      235,000 235,414
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “B-2”, 5%, 5/15/2021      545,000 556,390
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022      395,000 415,066
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      215,000 242,948
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5%, 12/15/2039      85,000 94,602
New Jersey Transportation Trust Fund Authority, Transportation System, “BB”, 5%, 6/15/2044      85,000 92,952
Pennsylvania Turnpike Commission (Motor License Fund), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2021)      1,000,000 1,066,850
        $5,861,195
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – 7.2%
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032    $ 500,000 $603,335
Allegheny County, PA, Higher Education Building Authority Rev. (Robert Morris University), “A”, 5.75%, 10/15/2040      500,000 502,970
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2039      1,200,000 1,314,648
Delaware County, PA, Authority University Rev. (Neumann University), 5.25%, 10/01/2031      565,000 565,073
Erie, PA, Higher Education Building Authority Rev. (Gannon University), “A”, 5.5%, 5/01/2040      1,000,000 1,001,270
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038      1,000,000 1,143,350
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049      1,000,000 1,065,560
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 4%, 3/01/2037      750,000 815,318
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039      750,000 871,995
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Francis University Project), “JJ2”, 6.25%, 11/01/2041 (Prerefunded 11/01/2021)      500,000 539,265
Pennsylvania Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033      1,000,000 1,132,380
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042      95,000 93,256
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025      25,000 25,202
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), 5%, 11/01/2035 (Prerefunded 11/01/2020)      1,000,000 1,013,320
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026      1,000,000 1,145,720
        $11,832,662
Universities - Dormitories – 1.6%
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051    $ 1,025,000 $1,174,476
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046      1,000,000 984,270
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services, Inc. Housing Project), 6.25%, 10/01/2043 (Prerefunded 10/01/2021)      500,000 535,500
        $2,694,246
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    $ 365,000 $374,125
Utilities - Investor Owned – 0.2%
Michigan Strategic Fund Ltd. Obligation Rev. (Detroit Edison Co.), 5.625%, 7/01/2020    $ 415,000 $415,000
Utilities - Municipal Owned – 2.2%
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030 (Prerefunded 10/01/2020)    $ 315,000 $319,045
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039      95,000 103,165
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      105,000 113,310
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031      500,000 575,415
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “9”, 5.25%, 8/01/2040 (Prerefunded 8/01/2020)      390,000 391,583
Philadelphia, PA, Gas Works Rev., Unrefunded Balance, (1998 General Ordinance), “9”, 5.25%, 8/01/2040      610,000 612,336
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     390,000 271,050
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     55,000 38,225
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     25,000 17,437
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     15,000 10,463
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     140,000 97,650
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     150,000 104,250
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     15,000 10,425
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)     245,000 170,275
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)     80,000 55,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     65,000 45,175
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     65,000 45,175
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 6,950
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     200,000 139,000
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033      75,000 76,543
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032      155,000 158,133
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)     10,000 6,988
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)   $ 30,000 $20,925
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)     95,000 65,787
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     105,000 73,106
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     30,000 20,925
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     95,000 66,262
        $3,630,411
Utilities - Other – 0.7%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036    $ 75,000 $98,094
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038      280,000 420,415
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022      235,000 252,907
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2021      255,000 259,942
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 12/15/2031      75,000 79,688
        $1,111,046
Water & Sewer Utility Revenue – 9.7%
Allegheny County, PA, Sanitation Authority Sewer Rev., AGM, 5%, 6/01/2040    $ 1,000,000 $1,017,990
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030      500,000 597,115
Bucks County, PA, Water & Sewer Authority, Water System Rev., 5%, 12/01/2033 (Prerefunded 12/01/2021)      1,000,000 1,066,850
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040      1,000,000 1,174,190
Capital Region Water Sewer System Rev., 5%, 7/15/2042      1,000,000 1,187,860
Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042      500,000 536,850
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5%, 7/01/2028      45,000 45,299
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 7/01/2047      110,000 110,020
Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043      1,000,000 1,240,560
Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050      995,000 1,121,574
Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041      1,500,000 1,711,950
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2020      45,000 45,000
Guam Waterworks Authority Rev. (Water and Wastewater System), 5.25%, 7/01/2021      120,000 124,669
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      205,000 244,608
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032      475,000 483,811
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2037      1,000,000 1,217,090
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2038      1,000,000 1,237,230
Pittsburgh, PA, Water and Sewer System Authority Subordinate Refunding Rev., “B”, AGM, 4%, 9/01/2034      2,500,000 2,957,250
        $16,119,916
Total Municipal Bonds   $161,420,691
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)   $ 500,000 $149,059
Investment Companies (h) – 0.1%
Money Market Funds – 0.1%  
MFS Institutional Money Market Portfolio, 0.17% (v)     134,307 $134,320
 
Other Assets, Less Liabilities – 2.3%   3,759,578
Net Assets – 100.0% $165,463,648
(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 $134,320 and $161,569,750, 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 $520,862, representing 0.3% of net assets.      
7
Portfolio of Investments (unaudited) – continued
(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.      
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
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 $— $161,420,691 $— $161,420,691
U.S. Corporate Bonds — 149,059 — 149,059
Mutual Funds 134,320 — — 134,320
Total $134,320 $161,569,750 $— $161,704,070
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 $2,584,086 $14,958,666 $17,408,170 $(573) $311 $134,320
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $3,236 $—
9
Supplemental Information (unaudited) – continued
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2020, are as follows:
Pennsylvania 75.0%
Puerto Rico 7.2%
Illinois 2.5%
Tennessee 1.9%
California 1.8%
New York 1.2%
Colorado 1.1%
Maryland 1.1%
Ohio 1.1%
Michigan 1.0%
New Jersey 1.0%
Texas 1.0%
Guam 0.8%
Florida 0.5%
Massachusetts 0.5%
Alabama 0.3%
Georgia 0.2%
Louisiana 0.2%
Indiana 0.1%
Nebraska 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