NPORT-EX 3 edgar.htm
Quarterly Report
December 31, 2021
MFS®  Mississippi
Municipal Bond Fund
MMP-Q3
Portfolio of Investments
12/31/21 (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 – 97.8%
Airport Revenue – 1.1%
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044    $ 115,000 $119,295
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024      80,000 88,616
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025      110,000 126,154
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026      165,000 194,948
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027      205,000 248,217
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      45,000 50,461
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      230,000 258,267
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      35,000 39,086
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      60,000 67,005
        $1,192,049
General Obligations - General Purpose – 24.1%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036    $ 220,000 $235,341
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037      45,000 51,048
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033      65,000 73,860
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      50,000 62,674
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040      20,000 22,688
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      135,000 153,016
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)     1,025,000 909,687
Jackson, MS, General Obligation Refunding, 5%, 3/01/2027      700,000 849,559
Jackson, MS, General Obligation Refunding, 5%, 3/01/2028      550,000 685,086
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037      500,000 585,445
Mississippi Development Bank Special Obligation (City of Jackson, Mississippi General Obligation Capital City Convention Center Refunding Project), 5%, 3/01/2025      1,000,000 1,127,483
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2039      520,000 599,409
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2041      500,000 574,593
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034      1,000,000 1,348,497
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2044      115,000 132,889
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045      500,000 585,081
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049      750,000 948,719
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032      500,000 604,220
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042      500,000 570,396
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2028      300,000 373,073
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2029      200,000 246,774
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2031      200,000 245,556
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031      1,000,000 1,205,801
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032      1,000,000 1,206,330
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048      1,000,000 1,221,759
Mississippi Development Bank Special Obligation (Warren County Public Improvement General Obligation), “B”, 5%, 9/01/2031      375,000 499,800
Mississippi General Obligation, “A”, 5%, 6/01/2031      1,000,000 1,306,047
Mississippi General Obligation, “B”, 3%, 10/01/2035      875,000 977,207
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035      150,000 154,496
State of Illinois, General Obligation, 5.5%, 5/01/2039      150,000 191,656
State of Illinois, General Obligation, “A”, 5%, 3/01/2030      130,000 164,394
State of Illinois, General Obligation, “A”, 5%, 3/01/2031      190,000 244,777
State of Mississippi, “A”, 5%, 10/01/2033      1,000,000 1,240,758
State of Mississippi, “A”, 5%, 11/01/2036      1,000,000 1,209,073
State of Mississippi, “B”, 5%, 12/01/2033      1,000,000 1,212,140
State of Mississippi, “B”, 4%, 10/01/2036      1,000,000 1,203,460
State of Mississippi, “B”, 4%, 10/01/2038      1,000,000 1,195,880
State of Mississippi, “C”, 4%, 10/01/2041      1,000,000 1,176,792
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - General Purpose – continued
State of Mississippi, “D”, 4%, 12/01/2030    $ 1,000,000 $1,178,994
        $26,574,458
General Obligations - Schools – 12.5%
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036    $ 20,000 $23,905
Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023)      1,095,000 1,180,154
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031      1,000,000 1,161,306
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036      500,000 587,496
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037      500,000 586,387
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024)      500,000 551,566
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024)      500,000 551,566
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043      450,000 552,022
Mississippi Development Bank Special Obligation (Jackson Public School District General Obligation), BAM, 4%, 10/01/2035      250,000 290,759
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023      530,000 559,582
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037      1,000,000 1,254,487
Mississippi Development Bank Special Obligation (Lafayette County School District General Obligation Bond Project), BAM, 5%, 4/01/2030      100,000 127,024
Mississippi Development Bank Special Obligation (Mississippi Gulf Coast Community College District Facilities Construction and Refinancing Project), 5%, 12/01/2026      515,000 617,620
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043      750,000 859,942
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048      1,500,000 1,850,143
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025      470,000 530,792
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2026      145,000 168,765
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2030      1,245,000 1,576,904
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035      1,020,000 797,934
        $13,828,354
Healthcare Revenue - Hospitals – 7.8%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049    $ 5,000 $6,102
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044      50,000 57,411
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027      500,000 579,266
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030      465,000 570,770
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041      535,000 611,484
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028      575,000 700,028
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022      1,000,000 1,029,215
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025)      500,000 563,847
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040      1,000,000 1,148,086
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2026      585,000 701,557
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037      1,500,000 1,870,495
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      655,000 744,663
        $8,582,924
Industrial Revenue - Other – 0.7%
Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n)   $ 500,000 $496,861
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n)     290,000 319,965
        $816,826
Industrial Revenue - Paper – 1.6%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022    $ 750,000 $761,464
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025)      1,000,000 1,030,927
        $1,792,391
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 1.8%
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2029    $ 280,000 $357,937
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030      720,000 940,001
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2031      505,000 656,384
        $1,954,322
Sales & Excise Tax Revenue – 6.2%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029    $ 5,000 $6,132
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      5,000 6,225
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      5,000 6,361
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036      30,000 34,553
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      40,000 45,083
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      270,000 305,911
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026      40,000 46,611
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027      80,000 95,993
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028      80,000 98,434
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029      15,000 18,895
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030      35,000 44,988
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036      35,000 44,387
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037      45,000 57,893
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038      35,000 41,167
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039      30,000 35,222
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029      750,000 981,221
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2030      1,650,000 2,136,472
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      20,000 22,802
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      929,000 1,075,371
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      203,000 228,740
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      71,000 80,003
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 1,130
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      33,000 37,772
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      1,000 965
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      38,000 35,135
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      7,000 6,143
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      346,000 281,487
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      330,000 250,138
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      1,891,000 642,618
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n)     115,000 122,662
        $6,790,514
Single Family Housing - State – 4.9%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047    $ 310,000 $332,090
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047      315,000 337,070
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049      265,000 291,408
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050      1,475,000 1,584,640
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043      1,000,000 1,046,108
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051      1,000,000 1,079,324
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037      345,000 360,545
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050      355,000 389,910
        $5,421,095
State & Local Agencies – 5.9%
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032    $ 25,000 $30,542
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033      25,000 30,465
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034      10,000 12,163
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028)    $ 115,000 $144,012
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047      225,000 273,521
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2026 (Prerefunded 1/01/2023)      1,105,000 1,157,729
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2029 (Prerefunded 1/01/2023)      500,000 523,860
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2030 (Prerefunded 1/01/2023)      500,000 523,860
Mississippi Development Bank Special Obligation (Laurel Highway Refunding Project), “B”, 4%, 1/01/2022      735,000 735,000
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036      500,000 501,905
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049      1,500,000 1,876,062
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026      100,000 118,077
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039      210,000 259,508
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      280,000 315,902
        $6,502,606
Student Loan Revenue – 0.2%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 45,000 $47,417
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044      110,000 113,224
        $160,641
Tax - Other – 3.9%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043    $ 455,000 $539,753
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031      510,000 520,188
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038      1,000,000 1,150,231
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030      1,305,000 1,507,380
Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051      545,000 579,007
        $4,296,559
Tobacco – 0.3%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 70,000 $87,971
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057      1,285,000 212,685
        $300,656
Toll Roads – 0.6%
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038    $ 110,000 $121,715
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043      85,000 93,657
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037      160,000 164,332
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042      310,000 317,399
        $697,103
Transportation - Special Tax – 1.6%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029    $ 10,000 $10,138
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029      555,000 574,159
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022      255,000 262,926
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w)     30,000 34,986
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w)     65,000 75,580
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w)     60,000 69,591
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w)     55,000 63,594
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w)     30,000 37,218
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w)     25,000 31,608
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w)     40,000 51,524
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w)     30,000 39,389
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w)     40,000 52,165
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w)     35,000 45,391
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – continued
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w)   $ 35,000 $45,128
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w)     35,000 44,889
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w)     20,000 25,534
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045      60,000 74,512
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050      40,000 49,437
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027      165,000 194,781
        $1,782,550
Universities - Colleges – 10.3%
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051    $ 370,000 $427,130
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028      920,000 1,156,665
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), “B”, AAC, 5.5%, 12/01/2023      320,000 342,721
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043      600,000 688,132
Mississippi State University, Educational Building Corp. Rev. (Campus Improvement Project), 5%, 11/01/2031      500,000 578,622
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023)      1,000,000 1,078,492
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047      1,000,000 1,131,483
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047      1,250,000 1,484,849
University of Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 10/01/2028      115,000 144,643
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), 5%, 9/01/2034      1,480,000 1,749,483
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028      745,000 842,583
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035      1,515,000 1,787,784
        $11,412,587
Utilities - Cogeneration – 0.1%
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022    $ 120,000 $123,000
Utilities - Investor Owned – 0.4%
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044    $ 500,000 $480,945
Utilities - Municipal Owned – 2.8%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033    $ 315,000 $346,590
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039      75,000 82,204
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      85,000 92,839
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035      500,000 582,308
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     240,000 239,100
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     35,000 34,869
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     20,000 19,625
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 10,000
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     90,000 90,000
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)     10,000 9,763
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     90,000 87,862
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)     150,000 149,437
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      15,000 15,160
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      80,000 80,855
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)     50,000 49,188
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      10,000 10,119
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 39,050
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     40,000 39,850
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     5,000 4,981
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     120,000 119,550
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024      500,000 524,982
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      60,000 60,642
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      105,000 111,992
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      10,000 10,683
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)   $ 10,000 $10,013
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 15,000
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     60,000 58,575
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     65,000 65,000
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     20,000 20,000
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     60,000 60,000
        $3,040,237
Utilities - Other – 0.1%
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022    $ 95,000 $97,957
Water & Sewer Utility Revenue – 10.9%
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036    $ 30,000 $34,256
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      145,000 164,272
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      30,000 32,664
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      30,000 32,468
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      120,000 146,754
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040      2,000,000 2,290,780
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032      25,000 27,673
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036      30,000 33,113
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035      15,000 16,588
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037      35,000 38,641
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2033      200,000 243,083
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2035      405,000 490,351
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2037      545,000 656,810
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      750,000 831,197
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023      1,220,000 1,224,084
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045      1,305,000 1,537,714
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050      1,500,000 1,759,110
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2043 (Prerefunded 1/01/2028)      1,000,000 1,241,595
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028)      1,000,000 1,241,595
        $12,042,748
Total Municipal Bonds   $107,890,522
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 161,000 $144,356
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     300,000 97,616
Total Bonds   $241,972
Investment Companies (h) – 1.2%
Money Market Funds – 1.2%  
MFS Institutional Money Market Portfolio, 0.07% (v)     1,368,078 $1,368,078
 
Other Assets, Less Liabilities – 0.8%   874,245
Net Assets – 100.0% $110,374,817
(a) Non-income producing security.      
(d) In default.      
6
Portfolio of Investments (unaudited) – continued
(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 $1,368,078 and $108,132,494, 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 $1,181,460, representing 1.1% of net assets.      
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.      
(w) When-issued security.      
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
BAM Build America Mutual
GNMA Government National Mortgage Assn.
NPFG National Public Finance Guarantee Corp.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
7
Supplemental Information
12/31/21 (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 December 31, 2021 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $107,890,522 $— $107,890,522
U.S. Corporate Bonds — 241,972 — 241,972
Mutual Funds 1,368,078 — — 1,368,078
Total $1,368,078 $108,132,494 $— $109,500,572
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 $38,650 $19,889,447 $18,560,019 $— $— $1,368,078
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $1,005 $—
8
Supplemental Information (unaudited) – continued
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2021, are as follows:
Mississippi 77.4%
Puerto Rico 6.3%
Massachusetts 2.9%
Illinois 1.5%
Guam 1.2%
New Jersey 1.2%
South Carolina 1.0%
Tennessee 1.0%
Alabama 0.8%
New York 0.8%
California 0.7%
Virginia 0.7%
Maryland 0.6%
Utah 0.6%
Iowa 0.5%
Michigan 0.5%
Pennsylvania 0.4%
Connecticut 0.3%
Ohio 0.3%
Texas 0.3%
Colorado 0.1%
Wisconsin 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. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
9