Quarterly Report

June 30, 2024

MFS^® Georgia
Municipal Bond Fund

MGA-Q1

Portfolio of Investments

6/30/24 (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 – 99.4%
Airport Revenue – 4.9%
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038	$	1,000,000	$1,000,250
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052		1,000,000	1,034,620
Atlanta, GA, Airport General Rev., “C”, 5%, 7/01/2053		500,000	522,582
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044		1,000,000	1,029,383
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038		520,000	520,097
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039		530,000	521,789
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.25%, 6/30/2060		500,000	523,492
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044		30,000	30,048
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039		35,000	35,108
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039		25,000	25,040
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044		40,000	40,026
			$5,282,435
General Obligations - General Purpose – 4.7%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036	$	220,000	$197,294
Cartersville, GA, General Obligation, 2%, 10/01/2040		1,000,000	703,471
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042		165,000	165,355
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029		50,258	53,902
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031		150,816	167,472
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033		46,290	46,359
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035		85,068	83,508
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037		35,711	34,377
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041		48,553	45,252
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046		171,495	155,145
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024		7,530	7,530
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033		59,571	39,749
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048		500,000	496,184
State of Georgia, General Obligation, “A”, 5%, 7/01/2024		1,000,000	1,000,000
State of Illinois, General Obligation, 5.5%, 5/01/2039		180,000	197,041
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047		85,000	92,493
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036		500,000	541,078
Washington County, GA, Hospital Authority Rev. Anticipation Certificates (Medical Center Project), 4%, 2/01/2044		1,000,000	982,166
			$5,008,376
General Obligations - Schools – 6.5%
Bryan County, GA, School District General Obligation, 4%, 8/01/2032	$	500,000	$503,491
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047		370,000	324,443
Dalton, GA, General Obligation, 5%, 2/01/2036		500,000	532,261
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029		1,000,000	1,008,223
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2039		1,500,000	1,611,389
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048		930,000	732,954
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043		1,000,000	1,106,798
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044		1,000,000	1,103,209
			$6,922,768
Healthcare Revenue - Hospitals – 13.0%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044	$	210,000	$198,022
Cedartown, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026)		500,000	516,601
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041		430,000	428,286
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049		25,000	23,712
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053		1,000,000	1,117,451
Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), “A”, AGM, 5%, 4/01/2048		1,000,000	1,047,583
Columbus, GA, Hospital Authority Refunding Rev., Anticipation Certificates, 5%, 7/01/2024		670,000	670,000
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048		250,000	241,671

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049	$	15,000	$14,562
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032		500,000	511,414
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039		400,000	395,970
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049		1,000,000	937,088
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034		1,000,000	1,032,721
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042		750,000	762,887
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028		400,000	401,924
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042		1,000,000	1,016,028
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052		645,000	615,571
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052		695,000	695,390
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049		765,000	730,254
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036		1,000,000	994,806
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043		1,000,000	974,723
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049		550,000	525,312
			$13,851,976
Healthcare Revenue - Long Term Care – 1.0%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036	$	500,000	$504,541
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033		500,000	513,352
			$1,017,893
Industrial Revenue - Environmental Services – 0.2%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 2.15%, 7/01/2041 (Put Date 7/01/2027)	$	195,000	$195,000
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 2.875%, 1/01/2041 (n)	$	130,000	$99,319
Industrial Revenue - Paper – 0.1%
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n)	$	150,000	$147,845
Miscellaneous Revenue - Other – 6.0%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054	$	1,250,000	$1,099,125
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n)		1,000,000	926,582
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), ”A“, 4.625%, 5/01/2043		1,000,000	1,041,950
Director of the State of Nevada, Department of Business & Industry Rev. (Brightline West Passenger Rail Project), ”A“, 4%, 1/01/2050 (Put Date 1/30/2025)		100,000	100,024
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034		500,000	530,059
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036		500,000	509,875
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044		660,000	683,422
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052		1,000,000	1,014,302
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026		45,000	45,985
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)		280,000	280,266
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028		220,000	219,396
			$6,450,986
Multi-Family Housing Revenue – 3.1%
Atlanta, GA, Urban Residential Finance Authority Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043	$	1,000,000	$1,025,634
DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034		1,000,000	984,458
DeKalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), ”A“, 4%, 12/01/2033		1,000,000	989,334
National Finance Authority, NH, Municipal Certificates, ”1-A“, 4.375%, 9/20/2036		321,612	319,591
			$3,319,017

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Port Revenue – 2.7%
Georgia Ports Authority Rev., 4%, 7/01/2047	$	1,000,000	$981,803
Georgia Ports Authority Rev., 4%, 7/01/2052		1,000,000	970,140
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055		1,000,000	918,825
			$2,870,768
Sales & Excise Tax Revenue – 6.0%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, ”B-1“, AGM, 0%, 6/15/2044	$	1,205,000	$489,087
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031		10,000	10,663
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042		90,000	86,560
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., ”A“, 5%, 7/01/2039		1,000,000	1,137,059
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025)		1,000,000	1,017,122
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040		1,000,000	879,393
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040		24,000	24,090
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053		82,000	80,806
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058		1,127,000	1,122,613
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040		196,000	193,372
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040		83,000	81,887
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058		578,000	568,837
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024		1,000	1,000
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029		6,000	4,951
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031		326,000	247,459
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033		316,000	219,694
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046		145,000	46,630
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)		245,000	191,100
			$6,402,323
Secondary Schools – 0.7%
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), ”A“, 5%, 6/01/2055	$	500,000	$497,933
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n)		250,000	242,709
			$740,642
Single Family Housing - State – 7.1%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047	$	130,000	$129,246
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.15%, 12/01/2038		1,000,000	1,011,809
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.85%, 12/01/2041		1,465,000	1,317,522
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044		1,000,000	904,671
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048		405,000	382,685
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.6%, 12/01/2049 (w)		1,000,000	990,156
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.7%, 12/01/2054 (w)		1,000,000	1,003,809
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”B“, 4.875%, 12/01/2038		1,000,000	1,058,094
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043		595,000	595,381
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.5%, 9/01/2046		195,000	193,841
			$7,587,214
State & Local Agencies – 1.5%
Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054	$	1,000,000	$1,080,279
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024)		500,000	501,165
			$1,581,444
Student Loan Revenue – 0.7%
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039	$	5,000	$4,687
Iowa Student Loan Liquidity Corp. Rev., ”C“, 3.5%, 12/01/2044		130,000	106,612
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038		55,000	47,416

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Student Loan Revenue – continued
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041	$	585,000	$560,758
			$719,473
Tax - Other – 1.2%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035	$	435,000	$458,435
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045		70,000	74,377
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048		185,000	205,803
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2024		320,000	321,111
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036		35,000	35,670
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046		100,000	100,276
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050		100,000	99,634
			$1,295,306
Tax Assessment – 0.4%
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)	$	410,000	$419,763
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029		10,000	9,738
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036		9,000	9,140
			$438,641
Tobacco – 0.7%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055	$	560,000	$516,241
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050		305,000	286,052
			$802,293
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041	$	375,000	$307,315
Transportation - Special Tax – 0.1%
New Jersey Transportation Trust Fund Authority, ”A“, 5%, 12/15/2039	$	70,000	$74,163
Universities - Colleges – 15.9%
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035	$	500,000	$491,897
Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048		750,000	806,795
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038		600,000	627,685
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037		560,000	563,896
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044		1,000,000	931,031
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038		815,000	853,167
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027)		200,000	209,159
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038		800,000	837,678
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing LLC Project), 5%, 7/01/2038		750,000	794,877
Clemson University, SC, Athletic Facilities Rev., ”A“, 3%, 5/01/2048		1,000,000	780,254
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034		500,000	527,535
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036		1,000,000	1,044,117
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034		300,000	317,495
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049		500,000	472,961
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052		1,000,000	1,038,608
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028		500,000	506,130
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036		750,000	755,359
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040		350,000	352,088
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051		1,000,000	1,059,265
Gwinnett County, GA, Development Authority Rev. (Student Housing), ”A“, 5%, 7/01/2040		1,000,000	1,031,667
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051		500,000	421,571
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048		870,000	896,957

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033	$	65,000	$64,684
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031		50,000	50,056
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032		325,000	326,434
South Regional, GA, Joint Development Authority Refunding Rev. (VSU ASRE Georgia ,Reade, Hopper, LLC Project), 5%, 8/01/2024		755,000	755,565
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035		500,000	510,365
			$17,027,296
Universities - Dormitories – 0.4%
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030	$	390,000	$391,373
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030 (Prerefunded 7/15/2025)		10,000	10,167
			$401,540
Utilities - Investor Owned – 0.7%
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028)	$	750,000	$761,986
Utilities - Municipal Owned – 9.0%
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029	$	1,195,000	$1,237,009
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032		1,000,000	1,068,610
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035		500,000	500,912
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036		500,000	500,881
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, 4.5%, 7/01/2063		1,000,000	986,126
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2048		1,000,000	1,060,430
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2055		1,000,000	1,047,469
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), ”A“, 5%, 1/01/2039		750,000	783,314
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037		1,000,000	1,084,477
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038		125,000	131,744
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039		50,000	50,118
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044		60,000	60,085
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)		10,000	5,013
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)		155,000	77,694
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)		245,000	122,806
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)		20,000	10,025
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)		10,000	5,013
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)		95,000	47,619
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028		490,000	489,123
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)		45,000	22,556
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)		45,000	22,556
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)		10,000	5,012
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)		125,000	62,656
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030		70,000	69,081
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034		10,000	9,893
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)		10,000	5,013
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)		20,000	10,025
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)		70,000	35,087
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)		25,000	12,531
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)		75,000	37,594
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)		60,000	30,075
			$9,590,547

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Utilities - Other – 3.0%
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031)	$	585,000	$616,514
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”A“, 5%, 6/01/2053 (Put Date 6/01/2030)		1,000,000	1,057,120
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”C“, 5%, 9/01/2053 (Put Date 9/01/2030)		750,000	796,261
Southeast Alabama Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031)		715,000	769,819
			$3,239,714
Water & Sewer Utility Revenue – 9.4%
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036	$	750,000	$787,111
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037		1,000,000	1,047,623
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038		1,000,000	1,045,178
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038		500,000	500,762
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038		500,000	504,117
Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053		1,000,000	966,747
Coweta County, GA, Water & Sewerage Authority Rev., 5%, 6/01/2054		1,000,000	1,085,610
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052		1,000,000	1,073,904
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		125,000	127,005
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050		155,000	159,231
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027		1,000,000	1,052,416
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		15,000	15,011
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		20,000	20,015
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037		20,000	20,015
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026)		500,000	513,754
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053		1,000,000	1,071,387
			$9,989,886
Total Municipal Bonds			$106,126,166
Bonds – 0.3%
Transportation - Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)	$	204,000	$195,561
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		363,682	108,341
Total Bonds			$303,902
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	205,186	$125,676
Investment Companies (h) – 0.9%
Money Market Funds – 0.9%
MFS Institutional Money Market Portfolio, 5.39% (v)		994,935	$995,035
Other Assets, Less Liabilities – (0.7)%			(752,981)
Net Assets – 100.0%			$106,797,798

(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 $995,035 and $106,555,744, 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 $2,191,723, representing 2.1% 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.

6

Portfolio of Investments (unaudited) – continued

(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
BHAC	Berkshire Hathaway Assurance Corp.
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

6/30/24 (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

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.

Under the fund's valuation policy and procedures, 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.

Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. 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, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the 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 significant 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, 2024 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$106,251,842	$—	$106,251,842
U.S. Corporate Bonds	—	303,902	—	303,902
Mutual Funds	995,035	—	—	995,035
Total	$995,035	$106,555,744	$—	$107,550,779

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	$1,809,049	$6,223,008	$7,036,625	$(100)	$(297)	$995,035

8

Supplemental Information (unaudited) – continued

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$15,040	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of June 30, 2024, are as follows:

Georgia	81.9%
Puerto Rico	4.3%
New York	2.5%
Illinois	2.1%
Virginia	1.1%
California	0.9%
Guam	0.9%
Maryland	0.8%
Alabama	0.7%
Arkansas	0.7%
North Carolina	0.7%
South Carolina	0.7%
Texas	0.7%
New Jersey	0.6%
Ohio	0.5%
Massachusetts	0.4%
Pennsylvania	0.4%
New Hampshire	0.3%
Wisconsin	0.3%
Michigan	0.2%
Washington DC	0.2%
Connecticut	0.1%
Iowa	0.1%
Nevada	0.1%
Colorado (o)	0.0%
Minnesota (o)	0.0%
U.S. Virgin Islands (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.

9