NPORT-EX 4 edgar.htm NPORT PART F
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