N-CSR 1 f38766d1.htm MFS MUNICIPAL SERIES TRUST N-CSR MFS MUNICIPAL SERIES TRUST N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04096

MFS MUNICIPAL SERIES TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111Huntington Avenue Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant's telephone number, including area code: (617) 954-5000

Date of fiscal year end: March 31

Date of reporting period: March 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

Item 1(a):


Annual Report
March 31, 2024
MFS® Municipal Series Trust
For the states of:
Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts
MSTA-ANN
MFS® Municipal Series Trust
For the states of: Alabama, Arkansas, California, Georgia, Maryland, and Massachusetts
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition 
MFS Alabama Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Water & Sewer Utility Revenue 16.8%
General Obligations - General Purpose 13.5%
Universities - Colleges 13.0%
Healthcare Revenue - Hospitals 9.8%
Sales & Excise Tax Revenue 9.3%
Composition including fixed income credit quality (a)(i)
AAA 4.0%
AA 37.4%
A 39.0%
BBB 11.1%
BB 1.3%
CC 0.1%
Not Rated 7.5%
Cash & Cash Equivalents (0.4)%
Portfolio facts
Average Duration (d) 7.9
Average Effective Maturity (m) 17.7 yrs.
Jurisdiction (i)
Alabama 80.7%
Puerto Rico 4.3%
Illinois 2.3%
Kentucky 1.5%
Texas 1.2%
Guam 1.0%
New York 1.0%
California 1.0%
Pennsylvania 1.0%
Maryland 0.8%
North Carolina 0.7%
Arkansas 0.7%
New Jersey 0.7%
Virginia 0.6%
Louisiana 0.6%
Massachusetts 0.4%
New Hampshire 0.3%
New Mexico 0.3%
Ohio 0.3%
Colorado 0.2%
Connecticut 0.2%
Nevada 0.1%
Iowa 0.1%
Wisconsin 0.1%
Michigan 0.1%
U.S. Virgin Islands 0.1%
Minnesota 0.1%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
1
Portfolio Composition - continued
MFS Arkansas Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Sales & Excise Tax Revenue 20.9%
Water & Sewer Utility Revenue 16.9%
Universities - Colleges 13.6%
Healthcare Revenue - Hospitals 12.6%
General Obligations - Schools 8.5%
Composition including fixed income credit quality (a)(i)
AA 53.8%
A 28.3%
BBB 9.9%
BB 0.9%
CCC (o) 0.0%
Not Rated 7.8%
Cash & Cash Equivalents (0.7)%
Portfolio facts
Average Duration (d) 6.7
Average Effective Maturity (m) 16.7 yrs.
Jurisdiction (i)
Arkansas 79.0%
Puerto Rico 4.1%
New Jersey 2.0%
Illinois 1.8%
Texas 1.4%
New York 1.4%
Alabama 1.3%
Guam 1.2%
Massachusetts 1.2%
Maryland 1.0%
California 0.9%
Washington DC 0.8%
North Carolina 0.7%
Ohio 0.6%
Connecticut 0.6%
Virginia 0.5%
Tennessee 0.5%
Pennsylvania 0.4%
Michigan 0.4%
Wisconsin 0.3%
New Hampshire 0.3%
Iowa 0.1%
Indiana 0.1%
U.S. Virgin Islands 0.1%
Colorado (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS California Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
General Obligations - Schools 12.3%
Healthcare Revenue - Hospitals 11.3%
Multi-Family Housing Revenue 9.5%
Airport Revenue 7.4%
Tax Assessment 6.5%
Composition including fixed income credit quality (a)(i)
AAA 8.2%
AA 32.8%
A 23.8%
BBB 16.9%
BB 3.1%
B 0.3%
CCC (o) 0.0%
Not Rated 13.2%
Cash & Cash Equivalents 1.7%
Portfolio facts
Average Duration (d) 7.4
Average Effective Maturity (m) 17.8 yrs.
Jurisdiction (i)
California 89.9%
Puerto Rico 3.1%
Alabama 1.2%
Illinois 1.1%
Virginia 0.6%
Texas 0.5%
Guam 0.4%
South Carolina 0.4%
Tennessee 0.3%
Wisconsin 0.3%
Ohio 0.2%
New Hampshire 0.2%
New Jersey 0.1%
Minnesota (o) 0.0%
U.S. Virgin Islands (o) 0.0%
Pennsylvania (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS Georgia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 16.2%
Healthcare Revenue - Hospitals 13.8%
Utilities - Municipal Owned 8.9%
Water & Sewer Utility Revenue 8.6%
General Obligations - Schools 7.9%
Composition including fixed income credit quality (a)(i)
AAA 9.5%
AA 34.5%
A 37.9%
BBB 9.9%
BB 1.2%
CCC (o) 0.0%
CC 0.1%
Not Rated 7.0%
Cash & Cash Equivalents (0.1)%
Portfolio facts
Average Duration (d) 7.3  
Average Effective Maturity (m) 17.0 yrs.  
Jurisdiction (i)
Georgia 80.9%
Puerto Rico 4.1%
Illinois 2.2%
New York 2.0%
California 1.2%
Virginia 1.1%
Guam 1.0%
Alabama 1.0%
Maryland 0.8%
South Carolina 0.7%
Arkansas 0.7%
North Carolina 0.7%
Texas 0.6%
New Jersey 0.6%
Ohio 0.5%
Massachusetts 0.4%
New Hampshire 0.3%
Wisconsin 0.3%
Washington DC 0.2%
Pennsylvania 0.2%
Michigan 0.2%
Connecticut 0.2%
Iowa 0.1%
Nevada 0.1%
Minnesota (o) 0.0%
U.S. Virgin Islands (o) 0.0%
Colorado (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS Maryland Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 17.1%
General Obligations - General Purpose 11.7%
State & Local Agencies 11.6%
Multi-Family Housing Revenue 9.5%
Single Family Housing - State 9.4%
Composition including fixed income credit quality (a)(i)
AAA 12.7%
AA 32.5%
A 28.0%
BBB 13.0%
BB 1.0%
B 0.2%
CCC (o) 0.0%
Not Rated 9.6%
Cash & Cash Equivalents 3.0%
Portfolio facts
Average Duration (d) 6.8
Average Effective Maturity (m) 16.0 yrs.
Jurisdiction (i)
Maryland 73.7%
Washington DC 5.2%
New York 4.1%
Puerto Rico 3.4%
Virginia 1.6%
California 1.3%
Illinois 1.1%
Alabama 1.0%
Texas 1.0%
South Carolina 0.9%
Ohio 0.7%
Guam 0.6%
New Jersey 0.5%
Pennsylvania 0.4%
Tennessee 0.4%
Massachusetts 0.3%
New Hampshire 0.2%
Wisconsin 0.2%
Colorado 0.1%
Indiana 0.1%
Iowa 0.1%
Michigan 0.1%
Mississippi (o) 0.0%
U.S. Virgin Islands (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Massachusetts Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 18.8%
Healthcare Revenue - Hospitals 18.6%
General Obligations - General Purpose 13.1%
Student Loan Revenue 5.9%
Airport Revenue 5.7%
Composition including fixed income credit quality (a)(i)
AAA 3.3%
AA 46.5%
A 19.0%
BBB 21.0%
BB 1.4%
B 0.5%
CC 0.1%
Not Rated 5.5%
Cash & Cash Equivalents 2.7%
Portfolio facts
Average Duration (d) 6.6
Average Effective Maturity (m) 16.4 yrs.
Jurisdiction (i)
Massachusetts 80.3%
Puerto Rico 3.7%
California 2.5%
Illinois 1.7%
Alabama 1.5%
Tennessee 1.5%
Texas 0.9%
New York 0.9%
Connecticut 0.7%
Ohio 0.6%
Guam 0.5%
New Jersey 0.5%
Pennsylvania 0.4%
South Carolina 0.4%
New Hampshire 0.3%
Wisconsin 0.3%
Virginia 0.3%
Colorado 0.1%
Washington DC 0.1%
Nevada 0.1%
Minnesota (o) 0.0%
U.S. Virgin Islands (o) 0.0%
Maryland (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
6
Management Review 
Summary of Results
For the twelve months ended March 31, 2024, the total return for the Class A shares, at net asset value, of the municipal bond funds of Alabama, California, Georgia, Maryland, and Massachusetts outperformed the return of the Bloomberg Municipal Bond Index, while the municipal bond fund of Arkansas underperformed the same benchmark. The performance of the individual funds and the benchmark are set forth in the Performance Summary.
Market Environment
In response to the strongest inflationary episode in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work remains to be done before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense as the US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East has resulted in trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have telegraphed their intentions to begin cutting rates in the months ahead. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
Amid this eventful backdrop, the investment grade municipal market generated positive returns over the period. Securities in the lower-rated investment grade credit quality tiers and longer duration assets outperformed. Yields rose across the tax-exempt municipal curve, most notably in the short (within two years) segment. A positive for income-oriented investors, the yield (yield-to-worst) on the investment grade municipal index ended the period at 3.49%, well above its 5 and 10-year average.
Factors Affecting Performance
Across all funds, exposure to the state sector contributed to performance relative to the Bloomberg Municipal Bond Index. From a quality perspective, the fund’s exposure to non-rated(r) securities, which are not held in the benchmark, strengthened relative results. Favorable bond selection within “AA” rated debt issuers, across all funds except the municipal bond fund of Maryland, also benefited relative returns.
Conversely, exposure to the power sector, most notably within “D” and “CC” rated securities, for which the benchmark has no exposure, weakened relative performance across all funds. Within the Arkansas municipal bond fund, a higher exposure to poor performing power sector bonds was the primary driver of negative relative results.
Respectfully,
Portfolio Manager(s)
Michael Dawson
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
7
Performance Summary THROUGH 3/31/24
The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Each fund's results have been compared to the Bloomberg Municipal Bond Index, a market capitalization-weighted index that measures the performance of the tax-exempt bond market. However, while this index is considered the benchmark for the performance of municipal bond funds, it is comprised of municipal bonds issued within the 50 states and the District of Columbia as well as U.S. territories and possessions such as Guam, Puerto Rico, and the Virgin Islands, while each of the funds invests a large percentage of its assets in municipal issuers of the state that is in the fund’s name. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Alabama Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 2/01/1990 3.50% 0.89% 2.23% N/A
B 9/07/1993 2.84% 0.17% 1.48% N/A
I 4/01/2016 3.78% 1.16% N/A 1.66%
R6 8/01/2017 3.85% 1.23% N/A 1.69%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(0.90)% 0.02% 1.78% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.16)% (0.21)% 1.48% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
8
Performance Summary  - continued
MFS Arkansas Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 2/03/1992 2.77% 1.14% 2.27% N/A
B 9/07/1993 2.01% 0.39% 1.50% N/A
I 4/01/2016 2.98% 1.24% N/A 1.63%
R6 8/01/2017 2.94% 1.29% N/A 1.70%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.60)% 0.26% 1.82% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.97)% 0.02% 1.50% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
9
Performance Summary  - continued
MFS California Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/18/1985 4.49% 1.28% 2.97% N/A
B 9/07/1993 3.72% 0.53% 2.20% N/A
C 1/03/1994 3.56% 0.38% 2.05% N/A
I 4/01/2016 4.70% 1.40% N/A 2.00%
R6 8/01/2017 4.65% 1.47% N/A 1.99%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		0.05% 0.41% 2.52% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(0.28)% 0.17% 2.20% N/A
C
With CDSC (1% for 12 months) (v) 		2.56% 0.38% 2.05% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
10
Performance Summary  - continued
MFS Georgia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/06/1988 3.32% 0.93% 2.19% N/A
B 9/07/1993 2.55% 0.20% 1.43% N/A
I 4/01/2016 3.73% 1.20% N/A 1.65%
R6 8/01/2017 3.66% 1.25% N/A 1.63%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.07)% 0.06% 1.74% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.45)% (0.18)% 1.43% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
11
Performance Summary  - continued
MFS Maryland Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 10/31/1984 3.65% 1.18% 2.31% N/A
B 9/07/1993 2.78% 0.43% 1.54% N/A
I 4/01/2016 3.71% 1.42% N/A 1.88%
R6 8/01/2017 3.90% 1.51% N/A 1.88%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(0.76)% 0.30% 1.86% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.22)% 0.06% 1.54% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
12
Performance Summary  - continued
MFS Massachusetts Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 4/09/1985 3.48% 1.00% 2.38% N/A
B 9/07/1993 2.81% 0.25% 1.61% N/A
I 4/01/2016 3.79% 1.25% N/A 1.78%
R6 8/01/2017 3.87% 1.31% N/A 1.78%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.58% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(0.92)% 0.12% 1.94% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.19)% (0.12)% 1.61% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods.
13
Performance Summary  - continued
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
A portion of the fund’s monthly distributions may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.
14
Expense Tables 
Fund expenses borne by the shareholders during the period, October 1, 2023 through March 31, 2024
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2023 through March 31, 2024.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
MFS ALABAMA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.90% $1,000.00 $1,086.89 $4.70
Hypothetical (h) 0.90% $1,000.00 $1,020.50 $4.55
B Actual 1.65% $1,000.00 $1,083.99 $8.60
Hypothetical (h) 1.65% $1,000.00 $1,016.75 $8.32
I Actual 0.65% $1,000.00 $1,089.38 $3.40
Hypothetical (h) 0.65% $1,000.00 $1,021.75 $3.29
R6 Actual 0.58% $1,000.00 $1,089.74 $3.03
Hypothetical (h) 0.58% $1,000.00 $1,022.10 $2.93
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
15
Expense Tables - continued
MFS ARKANSAS MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.70% $1,000.00 $1,084.90 $3.65
Hypothetical (h) 0.70% $1,000.00 $1,021.50 $3.54
B Actual 1.45% $1,000.00 $1,080.86 $7.54
Hypothetical (h) 1.45% $1,000.00 $1,017.75 $7.31
I Actual 0.60% $1,000.00 $1,085.91 $3.13
Hypothetical (h) 0.60% $1,000.00 $1,022.00 $3.03
R6 Actual 0.53% $1,000.00 $1,085.10 $2.76
Hypothetical (h) 0.53% $1,000.00 $1,022.35 $2.68
MFS CALIFORNIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.69% $1,000.00 $1,085.85 $3.60
Hypothetical (h) 0.69% $1,000.00 $1,021.55 $3.49
B Actual 1.44% $1,000.00 $1,081.86 $7.49
Hypothetical (h) 1.44% $1,000.00 $1,017.80 $7.26
C Actual 1.59% $1,000.00 $1,082.83 $8.28
Hypothetical (h) 1.59% $1,000.00 $1,017.05 $8.02
I Actual 0.59% $1,000.00 $1,087.65 $3.08
Hypothetical (h) 0.59% $1,000.00 $1,022.05 $2.98
R6 Actual 0.53% $1,000.00 $1,088.02 $2.77
Hypothetical (h) 0.53% $1,000.00 $1,022.35 $2.68
MFS GEORGIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.90% $1,000.00 $1,082.58 $4.69
Hypothetical (h) 0.90% $1,000.00 $1,020.50 $4.55
B Actual 1.65% $1,000.00 $1,078.26 $8.57
Hypothetical (h) 1.65% $1,000.00 $1,016.75 $8.32
I Actual 0.65% $1,000.00 $1,084.91 $3.39
Hypothetical (h) 0.65% $1,000.00 $1,021.75 $3.29
R6 Actual 0.60% $1,000.00 $1,083.89 $3.13
Hypothetical (h) 0.60% $1,000.00 $1,022.00 $3.03
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
16
Expense Tables - continued
MFS MARYLAND MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.83% $1,000.00 $1,081.16 $4.32
Hypothetical (h) 0.83% $1,000.00 $1,020.85 $4.19
B Actual 1.58% $1,000.00 $1,076.10 $8.20
Hypothetical (h) 1.58% $1,000.00 $1,017.10 $7.97
I Actual 0.58% $1,000.00 $1,081.07 $3.02
Hypothetical (h) 0.58% $1,000.00 $1,022.10 $2.93
R6 Actual 0.52% $1,000.00 $1,082.66 $2.71
Hypothetical (h) 0.52% $1,000.00 $1,022.40 $2.63
MFS MASSACHUSETTS MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.82% $1,000.00 $1,080.23 $4.26
Hypothetical (h) 0.82% $1,000.00 $1,020.90 $4.14
B Actual 1.57% $1,000.00 $1,076.10 $8.15
Hypothetical (h) 1.57% $1,000.00 $1,017.15 $7.92
I Actual 0.57% $1,000.00 $1,081.01 $2.97
Hypothetical (h) 0.57% $1,000.00 $1,022.15 $2.88
R6 Actual 0.50% $1,000.00 $1,081.38 $2.60
Hypothetical (h) 0.50% $1,000.00 $1,022.50 $2.53
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
17
Portfolio of Investments 
3/31/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Alabama Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.9%
Airport Revenue – 0.2%
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047    $ 55,000 $53,103
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      50,000 46,743
        $99,846
General Obligations - General Purpose – 13.2%
Arab, AL, General Obligation Warrants, “A”, AGM, 3%, 12/01/2046    $ 1,120,000 $878,028
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043      245,000 256,057
Birmingham-Jefferson, AL, Civic Center Authority Rev., “A”, 5.25%, 6/01/2053      750,000 801,912
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      160,000 142,455
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      40,000 43,337
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      270,000 296,192
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      110,000 110,466
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      34,176 37,388
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      115,194 129,766
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      31,477 31,355
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      57,199 56,078
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      24,283 23,433
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      33,016 31,048
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      121,336 111,257
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      5,121 5,070
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      40,508 26,576
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047      750,000 768,582
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034      655,000 657,597
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035      250,000 251,894
Oxford, AL, General Obligation Warrants, “A”, 5%, 7/01/2052      1,000,000 1,066,739
Pike Road, AL, General Obligation, 5%, 3/01/2048      500,000 544,088
Pike Road, AL, General Obligation, 5%, 3/01/2052      500,000 540,688
State of Illinois, General Obligation, 5.5%, 5/01/2039      120,000 132,044
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      55,000 60,104
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      70,000 70,438
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      30,000 29,995
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041      750,000 749,241
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038      1,000,000 1,017,892
        $8,869,720
General Obligations - Schools – 4.0%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047    $ 255,000 $227,770
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      625,000 490,901
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039      1,000,000 1,012,701
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, “B”, BAM, 4.125%, 3/01/2047      1,000,000 977,463
        $2,708,835
Healthcare Revenue - Hospitals – 9.7%
Alabama DCH Health Care Authority, “A”, 4%, 6/01/2046    $ 1,000,000 $918,331
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033      500,000 506,534
Alabama Health Care Authority (Baptist Health), “A”, 5%, 11/15/2037      875,000 939,361
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025      50,000 52,077
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031      750,000 762,535
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      15,000 13,948
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048      500,000 465,524
18
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052    $ 430,000 $401,960
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040      1,000,000 951,683
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      520,000 490,556
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035      1,000,000 1,030,961
        $6,533,470
Healthcare Revenue - Long Term Care – 1.8%
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045    $ 250,000 $224,874
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038      1,000,000 963,747
        $1,188,621
Industrial Revenue - Environmental Services – 0.5%
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (z)   $ 300,000 $321,983
Industrial Revenue - Other – 0.8%
Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n)   $ 500,000 $453,473
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)     100,000 86,851
        $540,324
Miscellaneous Revenue - Other – 1.3%
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036    $ 215,000 $194,641
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 99,673
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      35,000 36,027
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     260,000 260,080
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      275,000 289,919
        $880,340
Multi-Family Housing Revenue – 2.7%
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025)    $ 1,000,000 $997,832
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036      218,949 214,772
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025)      75,000 75,756
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025)      120,000 120,490
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      585,000 412,923
        $1,821,773
Port Revenue – 2.5%
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2025    $ 630,000 $638,762
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035      1,000,000 1,032,817
        $1,671,579
Sales & Excise Tax Revenue – 9.3%
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048    $ 1,000,000 $1,040,689
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044      820,000 338,039
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      5,000 5,355
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      5,000 5,400
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      60,000 57,104
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052      810,000 845,158
Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042      1,000,000 987,883
Lawrence County, AL, Board of Education Special Tax School Warrants, AGM, 4%, 2/01/2042      1,000,000 993,139
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      16,000 16,140
19
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053    $ 57,000 $56,728
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      796,000 798,354
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      142,000 142,041
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      58,000 58,017
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      401,000 397,996
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      26,000 23,001
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      4,000 3,276
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      247,000 186,469
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      237,000 164,023
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      110,000 35,060
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     100,000 78,000
        $6,231,872
Single Family Housing - State – 0.9%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 110,000 $109,176
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043      385,000 384,931
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046      130,000 130,475
        $624,582
State & Local Agencies – 1.3%
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030    $ 280,000 $284,289
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030      210,000 210,146
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      350,000 362,161
        $856,596
Student Loan Revenue – 0.8%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 5,000 $4,765
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044      90,000 73,284
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038      40,000 35,292
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041      415,000 403,762
        $517,103
Tax - Other – 9.0%
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043    $ 750,000 $725,854
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      45,000 47,518
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      125,000 139,294
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2024      200,000 200,820
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      30,000 30,560
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      85,000 84,171
Jefferson County, AL, Board of Education, 4%, 2/01/2042      805,000 797,459
Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2042      350,000 384,347
Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2043      250,000 273,416
Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2044      325,000 354,367
Marshall County, AL, Board of Education Special Tax School Warrants, BAM, 4%, 3/01/2044 (w)     500,000 490,910
Marshall County, AL, Board of Education Special Tax School Warrants, BAM, 4.125%, 3/01/2049 (w)     500,000 487,073
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.125%, 2/01/2048      500,000 494,890
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052      500,000 501,088
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026)      1,000,000 1,044,149
        $6,055,916
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055    $ 185,000 $174,949
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      250,000 233,964
        $408,913
20
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 250,000 $202,924
Transportation - Special Tax – 3.4%
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2035    $ 1,000,000 $1,122,462
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2036      1,000,000 1,114,834
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050      40,000 44,304
        $2,281,600
Universities - Colleges – 12.8%
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044    $ 225,000 $217,435
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049      1,000,000 928,925
Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2048      500,000 531,762
Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2053      500,000 526,640
Auburn University, AL, General Fee Rev., “A”, 5%, 6/01/2048      1,500,000 1,572,161
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034      500,000 519,459
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036      580,000 596,545
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2048      750,000 813,096
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      345,000 294,497
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      60,000 59,019
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039      1,000,000 1,070,329
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049      750,000 773,549
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040      720,000 714,117
        $8,617,534
Utilities - Investor Owned – 0.7%
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026)    $ 500,000 $500,241
Utilities - Municipal Owned – 1.8%
Huntville, AL, Electric Rev. Warrants , 5%, 12/01/2043    $ 750,000 $840,482
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     5,000 1,313
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     70,000 18,375
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     115,000 30,187
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     180,000 47,250
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     15,000 3,937
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     5,000 1,313
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      50,000 49,829
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      15,000 14,527
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     5,000 1,313
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      70,000 68,504
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,835
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     5,000 1,313
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 3,937
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     15,000 3,937
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     55,000 14,437
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     40,000 10,500
        $1,217,863
21
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Other – 4.7%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 180,000 $178,109
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)      210,000 211,677
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      425,000 449,257
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      410,000 432,044
Public Energy Authority of Kentucky, Gas Supply Rev., “A-1”, 4%, 8/01/2052 (Put Date 8/01/2030)      1,000,000 999,427
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      360,000 382,292
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030)      500,000 528,879
        $3,181,685
Water & Sewer Utility Revenue – 16.6%
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025)    $ 1,000,000 $1,022,783
Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.25%, 12/01/2048      500,000 487,072
Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.375%, 12/01/2053      500,000 484,519
Birmingham, AL, Water Rev., 5%, 1/01/2038      500,000 566,974
Birmingham, AL, Water Rev., 5%, 1/01/2039      250,000 280,819
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035      1,000,000 1,006,353
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033      1,000,000 1,018,917
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      120,000 122,360
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      45,000 45,118
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      45,000 45,118
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      95,000 99,114
Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053      1,000,000 1,088,184
Limestone County, AL, Water & Sewer Authority Rev., 5%, 12/01/2045      1,000,000 1,072,543
Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050      1,000,000 762,458
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 15,027
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 20,026
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 20,030
Montgomery, AL, Water Works and Sanitary Sewer Board, Water and Sewer Rev., 5%, 9/01/2048      500,000 548,045
Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047      1,000,000 966,232
Prattville, AL Water Works Board Rev., 5.125%, 8/01/2053      750,000 806,278
Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044      700,000 478,597
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058      200,000 216,099
        $11,172,666
Total Municipal Bonds (Identified Cost, $68,404,234)   $66,505,986
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 136,000 $128,477
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     181,841 56,825
Total Bonds (Identified Cost, $201,676)   $185,302
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $83,866)   $ 139,526 $80,646
Investment Companies (h) – 1.3%
Money Market Funds – 1.3%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $873,711)     873,694 $873,869
Other Assets, Less Liabilities – (0.6)%   (371,354)
Net Assets – 100.0% $67,274,449
See Portfolio Footnotes and Notes to Financial Statements
22
Portfolio of Investments – continued
MFS Arkansas Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 99.2%
Airport Revenue – 0.9%
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060    $ 840,000 $878,577
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      95,000 95,330
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      105,000 105,612
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      80,000 80,279
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      125,000 125,190
        $1,284,988
General Obligations - General Purpose – 3.9%
Arkansas Higher Education, General Obligation, 4%, 6/01/2029    $ 2,000,000 $2,001,186
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      375,000 333,879
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      80,000 86,675
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      550,000 603,355
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      225,000 225,952
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      65,135 71,256
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      63,265 71,268
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      59,992 59,760
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      111,025 108,850
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      46,282 44,661
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      62,925 59,175
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      216,442 198,462
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      9,759 9,662
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      77,204 50,651
Little Rock, AR, Library Construction Refunding, 4%, 3/01/2036      1,375,000 1,413,740
State of Illinois, General Obligation, 5.5%, 5/01/2039      120,000 132,044
State of Illinois, General Obligation, 5.75%, 5/01/2045      115,000 125,829
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      115,000 125,672
        $5,722,077
General Obligations - Schools – 8.4%
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047    $ 1,000,000 $956,815
Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046      1,000,000 666,771
Crittenden County, AR, Community College District, 4.6%, 2/01/2035      285,000 283,130
Crittenden County, AR, Community College District, 4.7%, 2/01/2040      625,000 620,462
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048      1,000,000 974,002
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045      1,370,000 1,050,599
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041      1,100,000 1,065,215
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042      1,000,000 949,067
Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024      350,000 338,579
Little Rock, AR, School District & Construction of Pulaski County, 3%, 2/01/2030      1,030,000 995,194
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      755,000 593,009
North Little Rock, AR, School District No. 1, 2%, 2/01/2027      2,000,000 1,895,829
North Little Rock, AR, School District No. 1, 2%, 2/01/2038      865,000 628,711
Union County, AR, El Dorado School District No. 15 Refunding & Construction, “A”, 5%, 2/01/2044      1,250,000 1,307,396
        $12,324,779
Healthcare Revenue - Hospitals – 12.5%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047    $ 2,000,000 $2,087,761
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029      1,000,000 1,025,177
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034      740,000 778,899
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044      2,000,000 1,986,079
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041      750,000 666,489
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052      1,250,000 902,419
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038      1,900,000 1,925,941
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042      990,000 896,774
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033      1,645,000 1,655,235
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027      500,000 515,792
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      30,000 27,897
23
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038    $ 1,000,000 $946,583
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045      20,000 16,397
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      810,000 757,181
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045      300,000 305,278
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048      1,000,000 979,299
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040      2,820,000 2,879,031
        $18,352,232
Industrial Revenue - Other – 0.3%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)   $ 170,000 $122,160
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     390,000 308,109
        $430,269
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044    $ 100,000 $100,207
Miscellaneous Revenue - Other – 2.7%
Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050    $ 1,000,000 $976,979
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034      2,000,000 2,016,753
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      60,000 61,761
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     375,000 375,115
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      560,000 590,380
        $4,020,988
Multi-Family Housing Revenue – 0.3%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 431,047 $422,824
Sales & Excise Tax Revenue – 20.7%
Alma, AR, Sales & Use Tax, AGM, 4.125%, 3/01/2039    $ 1,000,000 $1,021,773
Batesville, AK, Sales & Use Tax Rev., “B”, BAM, 4%, 2/01/2047      2,250,000 2,182,747
Batesville, AK, Sales & Use Tax Rev., “B”, BAM, 4%, 2/01/2049      750,000 732,172
Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2038      1,000,000 1,028,877
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034      1,000,000 946,692
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035      1,000,000 936,660
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036      200,000 185,370
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2029      250,000 261,413
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044      1,585,000 653,404
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030      850,000 850,689
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035      1,150,000 1,150,822
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2032      350,000 335,291
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2033      370,000 353,440
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2034      380,000 361,973
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2036      400,000 371,928
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      10,000 10,711
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      10,000 10,800
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      110,000 104,690
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      415,000 422,694
Madison County, AR, Sales & Use Tax, 4.375%, 12/01/2043      1,000,000 1,020,589
Madison County, AR, Sales & Use Tax, 4.625%, 12/01/2048      500,000 525,653
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029      1,000,000 1,134,301
Mississippi County, AR, Sales and Use Tax, 4%, 6/01/2036      650,000 650,362
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031      335,000 323,566
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034      415,000 395,676
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035      425,000 401,097
Osceola, AR, Sales & Use Tax Rev. Improvement, BAM, 4%, 6/01/2044 (w)     1,300,000 1,271,252
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038      1,170,000 1,170,089
24
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040    $ 36,000 $36,316
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      122,000 121,418
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      2,898,000 2,906,569
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      235,000 235,068
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      120,000 120,035
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      2,000 1,923
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      62,000 61,536
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      3,000 2,972
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      66,000 58,387
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      12,000 9,829
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      593,000 447,677
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      568,000 393,102
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      270,000 86,055
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2032      1,060,000 1,073,072
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2033      1,495,000 1,509,698
Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036      2,000,000 2,070,928
Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, “B”, BAM, 4.125%, 8/01/2050      2,000,000 1,963,071
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(n)     280,000 218,400
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n)     200,000 156,000
        $30,286,787
Secondary Schools – 0.7%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039    $ 750,000 $713,345
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n)     250,000 249,194
        $962,539
Single Family Housing - State – 0.8%
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043    $ 825,000 $824,852
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046      275,000 276,006
        $1,100,858
State & Local Agencies – 2.5%
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034    $ 2,605,000 $2,607,137
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044      2,360,000 982,987
        $3,590,124
Student Loan Revenue – 0.1%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 10,000 $9,530
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044      185,000 150,639
        $160,169
Tax - Other – 4.2%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045    $ 90,000 $95,035
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      260,000 289,731
Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037      2,000,000 2,014,090
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034      3,000,000 3,008,463
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      890,000 696,116
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 97,503
        $6,200,938
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029    $ 15,000 $14,745
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      13,000 13,287
        $28,032
25
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – 2.7%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027    $ 2,470,000 $2,197,193
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028      500,000 429,550
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      185,000 171,706
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      750,000 709,251
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      490,000 458,570
        $3,966,270
Toll Roads – 0.9%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052    $ 1,000,000 $952,074
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      500,000 405,848
        $1,357,922
Transportation - Special Tax – 2.0%
New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044    $ 1,015,000 $992,607
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039      125,000 134,122
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044      1,775,000 1,736,429
        $2,863,158
Universities - Colleges – 13.4%
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031    $ 2,500,000 $2,502,394
Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027      420,000 420,331
Arkansas Technology University Student Fee Rev., “A”, BAM, 5%, 12/01/2042      500,000 526,594
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2047      500,000 502,196
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2052      1,000,000 990,785
Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2047      2,000,000 2,152,200
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), “A”, 5%, 12/01/2045      1,705,000 1,844,886
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2040      500,000 556,867
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2047      2,000,000 2,165,548
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2052      500,000 536,419
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047      1,000,000 1,071,242
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052      1,000,000 937,079
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), “M”, 3%, 7/01/2047      1,120,000 841,585
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      620,000 529,241
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      60,000 60,050
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      65,000 65,128
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030      1,000,000 1,017,335
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      340,000 342,499
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043      1,500,000 1,578,792
University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038      500,000 516,845
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048      550,000 505,198
        $19,663,214
Utilities - Municipal Owned – 1.7%
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030    $ 1,000,000 $1,023,720
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035      1,000,000 1,020,243
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     155,000 40,687
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     260,000 68,250
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     410,000 107,625
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     145,000 38,062
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     60,000 15,750
26
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)   $ 70,000 $18,375
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     210,000 55,125
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,835
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     110,000 28,875
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     35,000 9,188
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     80,000 21,000
        $2,556,235
Utilities - Other – 3.7%
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)    $ 815,000 $858,820
Osceola, AR, Utility & Improvement Refunding Rev., “A”, BAM, 4.25%, 8/01/2053      1,500,000 1,481,715
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      755,000 801,750
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031)      1,005,000 1,088,338
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)      725,000 748,543
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033      625,000 511,733
        $5,490,899
Water & Sewer Utility Revenue – 16.7%
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052    $ 500,000 $476,037
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4%, 5/01/2044 (w)     645,000 632,359
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4.25%, 5/01/2049 (w)     1,620,000 1,594,208
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4.375%, 5/01/2054 (w)     1,885,000 1,850,222
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039      525,000 521,432
Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035      3,850,000 4,164,020
Fort Smith, AR, Water and Sewer Refunding Rev., BAM, 5%, 10/01/2028      1,370,000 1,428,370
Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029      1,000,000 1,041,873
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      500,000 509,833
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      245,000 245,642
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      245,000 245,642
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      200,000 208,661
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047      1,000,000 743,209
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050      1,000,000 720,100
Hot Springs, AR, Wastewater Rev., “C”, BAM, 4.5%, 12/01/2052      2,000,000 2,010,117
Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047      1,500,000 1,501,959
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035      1,125,000 1,171,012
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039      1,000,000 1,012,880
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041      500,000 501,518
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043      1,750,000 1,702,533
Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043      750,000 702,923
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      50,000 50,091
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      65,000 65,085
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      75,000 75,113
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2040      550,000 556,249
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2043      685,000 683,970
        $24,415,058
Total Municipal Bonds (Identified Cost, $150,354,220)   $145,300,567
27
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 245,000 $231,448
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     454,602 142,063
Total Bonds (Identified Cost, $411,759)   $373,511
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $159,839)   $ 265,920 $153,702
Investment Companies (h) – 1.3%
Money Market Funds – 1.3%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $1,958,005)     1,958,004 $1,958,395
Other Assets, Less Liabilities – (0.9)%   (1,285,096)
Net Assets – 100.0% $146,501,079
See Portfolio Footnotes and Notes to Financial Statements
28
Portfolio of Investments – continued
MFS California Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 96.9%
Airport Revenue – 7.3%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047    $ 2,190,000 $2,168,770
Fresno, CA, Airport Revenue, “A”, BAM, 4.25%, 7/01/2044      1,000,000 999,310
Fresno, CA, Airport Revenue, “A”, BAM, 5%, 7/01/2053      1,000,000 1,053,956
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042      1,000,000 1,073,763
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047      1,500,000 1,620,724
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042      2,000,000 2,204,788
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043      500,000 498,597
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047      3,000,000 2,907,312
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049      5,000,000 4,781,991
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038      1,935,000 2,009,238
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037      1,305,000 1,384,744
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038      1,305,000 1,378,241
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038      2,000,000 2,085,784
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039      1,000,000 1,040,540
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047      665,000 675,094
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044      2,605,000 2,704,835
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2052      2,500,000 2,355,169
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      3,000,000 3,032,788
San Francisco, CA, City & County Airports Commission, Refunding Rev., “C”, 5.75%, 5/01/2048      5,000,000 5,594,760
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035      1,000,000 1,037,791
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047      2,000,000 2,027,486
        $42,635,681
General Obligations - General Purpose – 3.3%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 1,080,000 $961,571
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      810,000 817,381
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      238,428 260,835
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      497,583 560,529
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      219,601 218,750
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      383,721 376,203
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      169,415 163,483
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      230,339 216,612
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      765,550 701,956
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      35,723 35,368
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      282,606 185,407
Oakland, CA, General Obligation, “D”, 5.5%, 7/15/2053      5,000,000 5,741,288
San Francisco, CA, City & County General Obligation Refunding Bonds, 2021-R2, 5%, 6/15/2024      2,440,000 2,447,184
State of California, Various Purpose General Obligation, 4%, 3/01/2036      2,200,000 2,322,080
State of California, Various Purpose General Obligation, 5.25%, 10/01/2050      3,000,000 3,379,172
State of Illinois, General Obligation, 5.5%, 5/01/2039      440,000 484,163
State of Illinois, General Obligation, 5.75%, 5/01/2045      410,000 448,606
        $19,320,588
General Obligations - Schools – 12.2%
Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048    $ 1,000,000 $995,267
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029      4,335,000 3,740,018
Conejo Valley, CA, Unified School District (Election of 2014), General Obligation, Capital Appreciation, “E”, 0%, 8/01/2037      4,240,000 2,513,302
Garden Grove, CA, Unified School District (Election 2016), General Obligation, BAM, 4%, 8/01/2046      3,000,000 2,994,556
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031      2,120,000 1,664,807
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034      500,000 333,947
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033      1,260,000 861,862
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045      1,590,000 1,308,539
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049      875,000 882,300
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045      1,750,000 1,425,109
Los Angeles, CA, Unified School District, General Obligation Refunding, “A”, 5%, 7/01/2024      845,000 848,036
Los Angeles, CA, Unified School District, General Obligation Refunding, “C”, 5%, 7/01/2024      1,970,000 1,977,078
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047      2,595,000 2,563,325
29
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032    $ 1,570,000 $1,206,132
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046      170,000 138,399
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050      105,000 82,223
Modesto, CA, High School District (Election of 2022), General Obligation, “A”, 5%, 8/01/2024      1,005,000 1,009,729
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033      500,000 366,258
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028      1,440,000 1,257,799
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 5.5% to 8/01/2019, 6% to 8/01/2030      3,000,000 3,096,639
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043      5,000,000 4,918,576
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029      3,385,000 2,864,199
Oakland, CA, Unified School District Rev., “A”, AGM, 5.25%, 8/01/2048      7,000,000 8,001,271
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048      90,000 70,566
San Diego, CA, La Mesa-Spring Valley School District, General Obligation, “B”, 4%, 8/01/2051      2,000,000 1,991,571
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045      1,850,000 1,830,241
San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047      2,145,000 2,142,128
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049      2,235,000 2,187,933
Santa Clara County, CA, Mountain View Whisman School District General Obligation, Election of 2020, “B”, 4.25%, 9/01/2045      5,750,000 5,929,424
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042      1,000,000 1,003,093
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044      1,250,000 1,250,311
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049      2,480,000 2,446,956
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046      2,775,000 999,513
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047      3,035,000 1,038,152
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043      2,000,000 2,003,913
West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046      3,365,000 2,777,249
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043      1,250,000 1,055,903
        $71,776,324
Healthcare Revenue - Hospitals – 11.1%
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051    $ 5,000,000 $5,403,588
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042      2,550,000 2,595,374
California Health Facilities Financing Authority Rev. (Commonspirit Health), “A”, 5.25%, 12/01/2049      2,000,000 2,208,029
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037      1,000,000 1,047,954
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038      1,000,000 1,054,395
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n)     175,000 179,682
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n)     750,000 734,773
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036      1,275,000 1,320,203
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037      850,000 877,296
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042      425,000 433,920
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042      2,000,000 2,034,351
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047      1,000,000 1,008,563
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047      1,685,000 1,480,082
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028      205,000 205,315
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029      165,000 165,284
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030      85,000 85,160
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044      415,000 391,815
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047      1,500,000 1,503,869
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052      4,000,000 4,461,629
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047      2,545,000 2,546,140
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051      2,000,000 1,975,541
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039      1,600,000 1,579,919
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040      650,000 634,531
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057      5,000,000 5,452,255
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053      1,000,000 1,029,231
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057      2,000,000 2,052,519
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 (n)     1,405,000 1,419,598
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)     200,000 201,608
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054      1,650,000 1,658,872
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)     1,955,000 1,976,057
30
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036    $ 635,000 $659,297
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037      455,000 469,660
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038      430,000 441,117
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046      1,925,000 1,958,562
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038      1,500,000 1,552,352
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029)      5,000 5,499
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049      65,000 61,093
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047      2,000,000 2,061,320
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024      235,000 234,657
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025      290,000 289,923
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026      300,000 301,346
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028      665,000 703,802
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029      635,000 679,885
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053      5,000,000 4,941,252
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042      1,000,000 916,659
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047      1,000,000 1,018,028
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031      325,000 346,993
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042      1,000,000 1,000,099
        $65,359,097
Healthcare Revenue - Long Term Care – 3.6%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035    $ 1,270,000 $1,270,017
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “A”, 3.85%, 11/15/2027      1,800,000 1,800,191
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5%, 11/15/2043      750,000 802,187
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2048      1,000,000 1,075,543
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2053      1,250,000 1,323,861
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2058      2,000,000 2,108,421
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039      1,000,000 1,018,543
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040      650,000 688,414
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050      1,000,000 1,034,822
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055      1,000,000 1,028,479
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)     775,000 727,931
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n)     1,250,000 1,127,720
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n)     1,405,000 1,273,625
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039      500,000 501,145
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040      500,000 496,770
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2042      735,000 718,922
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 5%, 4/01/2047      1,835,000 1,875,933
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038      435,000 441,123
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039      430,000 434,859
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040      435,000 438,250
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043      980,000 974,916
        $21,161,672
Industrial Revenue - Environmental Services – 4.2%
California Municipal Finance Authority, Environmental Improvement Rev. (Aymium Williams Project), 4%, 12/15/2042 (Put Date 6/26/2024)    $ 5,000,000 $4,990,245
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%, 3/01/2054 (Put Date 3/01/2034)      4,000,000 4,007,843
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025)      3,000,000 3,012,350
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029)      3,000,000 2,857,987
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.25%, 12/01/2044 (Put Date 12/02/2024)      3,000,000 3,007,100
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “B”, 4.8%, 11/01/2041 (Put Date 6/02/2025)      4,000,000 4,010,726
31
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – continued
California Pollution Control Financing Authority, Solid Waste Refunding Rev. (Republic Services, Inc. Project), “B”, 3.7%, 8/01/2024 (Put Date 5/01/2024) (n)   $ 3,000,000 $2,998,515
        $24,884,766
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 500,000 $434,254
Miscellaneous Revenue - Other – 2.5%
California Infrastructure & Economic Development Bank Rev. (Academy of Sciences), “A”, 3.25%, 8/01/2029    $ 1,000,000 $1,003,573
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail Project), “A”, 3.95%, 1/01/2050 (Put Date 1/30/2025)      5,000,000 4,987,278
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031      1,335,000 1,349,970
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      205,000 211,018
San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040      1,510,000 1,578,911
San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053      5,000,000 5,555,515
        $14,686,265
Multi-Family Housing Revenue – 9.5%
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)   $ 2,200,000 $1,983,799
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n)     2,900,000 2,665,057
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n)     3,000,000 2,144,677
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033      2,791,326 2,761,105
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036      1,988,963 1,955,118
California Housing Finance Agency, Affordable Housing Rev., “A-1”, 4.125%, 8/01/2038      800,000 784,268
California Housing Finance Agency, Multi-Family Housing Rev. (Symphony at Del Sur), “V”, 5%, 5/01/2054 (Put Date 11/01/2026)      1,350,000 1,392,814
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)     4,000,000 3,754,330
California Municipal Finance Authority, Multi-Family Housing Rev. (Terracine at Westpark Apartments), “A”, 3.2%, 9/01/2045      2,500,000 2,488,438
California Municipal Finance Authority, Multi-Family Tax-Exempt Mortgage-Backed (Greenfield Commons I), “A”, 5.28%, 9/01/2046      3,300,000 3,541,521
California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n)     2,900,000 2,488,778
California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n)     2,000,000 1,479,569
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     3,000,000 2,625,516
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire - Long Beach), “A-2”, 4%, 9/01/2056 (n)     1,260,000 924,401
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)     2,000,000 1,476,087
Carlsbad, CA, Multi-Family Housing Rev. (Mariposa Apartments), “A”, 4.6%, 2/01/2036      1,750,000 1,736,195
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA - Building 156 & 157 Apartments), “C”, 3.75%, 12/01/2046 (Put Date 12/01/2026)      2,750,000 2,745,761
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 Apartments), 3.375%, 1/01/2046 (Put Date 7/01/2026)      3,600,000 3,564,644
Los Angeles, CA, Housing Authority, Multi-Family Housing Rev., “A”, 3.75%, 4/01/2034      5,250,000 5,246,604
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036      1,330,734 1,305,348
Sacramento County, CA, Multi-Family Housing Authority (Albert Einstein Residence Center), “A”, 4.125%, 5/01/2040      2,500,000 2,522,851
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), 4.6%, 2/01/2036      243,000 241,681
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), “C”, 4.6%, 2/01/2036      1,860,000 1,848,230
San Jose, CA, Multi-Family Housing Rev. (Parkmoor) “F-2”, 5%, 6/01/2027 (Put Date 6/01/2026)      2,000,000 2,059,652
Virginia Housing Development Authority, Rental Housing, “F”, 5.15%, 11/01/2048      2,000,000 2,086,852
        $55,823,296
Parking – 0.3%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047    $ 1,625,000 $1,636,495
Port Revenue – 1.6%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053    $ 12,000,000 $2,790,097
Los Angeles, CA, Harbor Department Refunding Rev., “A”, 5%, 8/01/2025      6,750,000 6,888,468
        $9,678,565
Sales & Excise Tax Revenue – 2.6%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 30,000 $32,132
32
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031    $ 40,000 $43,199
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      390,000 371,175
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      114,000 115,001
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      382,000 380,178
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      6,276,000 6,294,558
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      944,000 944,272
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      385,000 385,111
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      9,000 8,655
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      2,826,000 2,804,832
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      6,000 5,943
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      171,000 151,276
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      31,000 25,391
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,566,000 1,182,230
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,524,000 1,054,732
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     960,000 748,800
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     555,000 432,900
        $14,980,385
Secondary Schools – 4.1%
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)    $ 1,000,000 $948,635
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4%, 11/01/2050      500,000 470,811
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4.125%, 11/01/2052      3,075,000 2,928,728
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n)     970,000 971,653
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046      750,000 738,850
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n)     50,000 51,157
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n)     450,000 451,993
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.25%, 8/01/2038      500,000 513,322
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2043      550,000 569,021
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2047      525,000 537,656
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n)     415,000 417,224
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n)     415,000 415,919
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n)     525,000 533,638
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n)     1,000,000 1,000,955
California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (n)     1,000,000 961,079
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n)     1,125,000 1,130,744
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n)     625,000 609,937
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n)     1,100,000 1,124,120
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n)     2,120,000 2,065,504
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)     1,245,000 1,258,989
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n)     870,000 888,618
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n)     870,000 865,947
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2034      530,000 531,254
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n)     505,000 518,311
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5.125%, 7/01/2044      470,000 470,483
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2047 (n)     745,000 750,042
California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), “A”, 5%, 7/01/2049 (n)     1,050,000 1,057,873
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047      1,270,000 1,271,320
        $24,053,783
33
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - Other – 0.2%
California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052    $ 970,000 $1,027,135
State & Local Agencies – 3.3%
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037    $ 800,000 $842,591
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047      3,735,000 4,146,913
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047      4,425,000 4,957,563
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2037      300,000 346,311
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2038      500,000 573,532
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039      700,000 796,842
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040      900,000 1,015,357
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039      5,270,000 4,719,008
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2034      500,000 578,359
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2035      725,000 836,609
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2036      590,000 677,325
        $19,490,410
Student Loan Revenue – 0.0%
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038    $ 275,000 $242,629
Tax - Other – 2.0%
California Municipal Finance Authority, Special Tax Rev., “B”, 5.5%, 9/01/2043    $ 625,000 $655,090
California Municipal Finance Authority, Special Tax Rev., “B”, 5.75%, 9/01/2053      1,850,000 1,933,824
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035      2,195,000 2,336,943
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      315,000 332,624
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      735,000 819,047
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)      515,000 520,346
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      170,000 173,173
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      500,000 495,126
Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058      4,000,000 3,942,986
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)     100,000 94,981
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      305,000 297,383
        $11,601,523
Tax Assessment – 6.4%
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048    $ 940,000 $968,122
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039      1,000,000 1,061,124
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044      1,000,000 1,055,976
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050      505,000 434,431
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040      1,975,000 1,799,754
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044      500,000 512,733
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049      500,000 508,398
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031      1,000,000 1,001,068
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035      920,000 934,031
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035      1,000,000 1,001,706
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 4.125%, 9/02/2038      575,000 581,625
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 5%, 9/02/2043      650,000 691,842
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028      650,000 653,543
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029      1,350,000 1,357,590
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033      1,000,000 1,001,228
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032      2,625,000 2,642,427
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 4.25%, 9/01/2047      5,000,000 5,030,087
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042      1,000,000 1,010,931
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047      2,550,000 2,610,201
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030      890,000 916,113
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031      1,095,000 1,125,853
34
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034    $ 1,385,000 $1,397,071
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n)     100,000 99,574
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2051 (n)     1,600,000 1,335,843
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay South Public Improvements), AGM, 5.25%, 8/01/2041      1,500,000 1,727,484
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay South Public Improvements), AGM, 5.25%, 8/01/2042      1,250,000 1,431,133
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay South Public Improvements), AGM, 5.25%, 8/01/2043      1,000,000 1,138,563
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043      750,000 751,467
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4%, 10/01/2048      835,000 828,028
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4.125%, 10/01/2053      1,000,000 987,894
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033      300,000 318,185
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034      300,000 317,930
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038      575,000 593,840
        $37,825,795
Tobacco – 2.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055    $ 1,365,000 $1,290,837
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055      5,000,000 1,148,600
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049      3,515,000 3,411,590
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049      535,000 553,302
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049      465,000 482,023
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055      10,000,000 2,297,200
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051      4,000,000 4,191,534
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      1,590,000 1,488,012
        $14,863,098
Transportation - Special Tax – 1.2%
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039    $ 500,000 $536,489
Orange County, CA, Transportation Authority, Anticipation Notes (I-405 Improvement Project), ETM, 5%, 10/15/2024      6,325,000 6,381,675
        $6,918,164
Universities - Colleges – 4.3%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036    $ 2,060,000 $2,179,141
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047      1,000,000 966,375
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036      425,000 443,398
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037      1,265,000 1,314,699
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038      630,000 668,928
California Educational Facilities Authority Rev. (Saint Mary's College), “A”, 5.5%, 10/01/2053      1,250,000 1,316,477
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036      1,000,000 1,021,205
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037      1,000,000 1,018,641
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038      500,000 508,229
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038      1,000,000 1,061,791
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033      625,000 654,389
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035      1,195,000 1,246,505
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039      1,000,000 1,029,959
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042      4,310,000 4,375,226
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043      1,500,000 1,547,861
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039      500,000 478,786
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048      2,500,000 2,243,764
California State University Systemwide Rev., “A”, 3%, 11/01/2052      2,000,000 1,550,922
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043      1,500,000 1,501,296
35
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051    $ 200,000 $153,491
        $25,281,083
Universities - Dormitories – 3.0%
California Community College Financing Authority, Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n)   $ 2,250,000 $2,289,660
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties L.L.C. Project), “A”, 5%, 1/15/2039      650,000 714,767
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties L.L.C. Project), “A”, 5%, 1/15/2045      1,000,000 1,070,144
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045      600,000 617,630
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050      650,000 667,567
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055      825,000 839,844
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057      450,000 456,864
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035      225,000 228,270
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037      2,605,000 2,740,854
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n)     375,000 388,424
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n)     475,000 481,654
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n)     1,440,000 1,406,437
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n)     1,740,000 1,774,190
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)     3,000,000 2,655,249
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)     3,250,000 1,290,087
        $17,621,641
Utilities - Cogeneration – 0.5%
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039 (n)   $ 1,000,000 $1,040,155
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 (n)     1,610,000 1,646,718
        $2,686,873
Utilities - Investor Owned – 0.9%
California Statewide Communities Development Authority, Pollution Control Rev. (Southern California Edison Co.), “D”, 4.5%, 11/01/2033    $ 5,000,000 $5,455,398
Utilities - Municipal Owned – 0.7%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 280,000 $281,485
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      315,000 316,096
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     475,000 124,687
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     765,000 200,812
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     1,200,000 315,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     180,000 47,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     455,000 119,437
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     235,000 61,688
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     200,000 52,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     620,000 162,750
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      55,000 54,395
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     45,000 11,813
36
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)   $ 95,000 $24,938
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     290,000 76,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     325,000 85,312
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     115,000 30,188
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     355,000 93,187
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     280,000 73,500
Truckee Donner Public Utility District, CA, Electric System Rev., “A”, 5%, 11/15/2037      1,250,000 1,383,972
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041      420,000 444,667
        $4,022,802
Utilities - Other – 5.5%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 1,195,000 $1,182,443
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      2,735,000 2,891,102
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028)      4,000,000 4,017,804
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 5%, 12/01/2053 (Put Date 8/01/2029)      5,000,000 5,280,980
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      5,000,000 5,268,834
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)      3,000,000 3,307,564
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034      1,750,000 2,203,001
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)      1,900,000 2,058,758
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      2,540,000 2,697,280
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033      1,655,000 1,778,765
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      1,520,000 1,624,283
        $32,310,814
Water & Sewer Utility Revenue – 4.0%
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047    $ 1,000,000 $1,031,931
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052      1,100,000 1,139,875
East Bay, CA, Municipal Utility District Wastewater System Rev., “A”, 5%, 6/01/2049      1,000,000 1,117,108
East Bay, CA, Municipal Utility District Wastewater System Rev., “A”, 5%, 6/01/2054      1,000,000 1,108,634
East Bay, CA, Municipal Utility District Water System Refunding Rev., “A”, 5%, 6/01/2054      2,000,000 2,217,269
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      720,000 751,179
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031      415,000 415,581
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048      3,500,000 3,521,862
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053      1,500,000 1,480,173
San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, “A”, 5%, 11/01/2053      3,500,000 3,878,954
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036      2,000,000 2,114,791
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058      1,560,000 1,685,570
Truckee Donner Public Utility District, CA, Water System Rev., “A”, 5%, 11/15/2042      2,070,000 2,324,454
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035      830,000 854,715
        $23,642,096
Total Municipal Bonds (Identified Cost, $573,404,167)   $569,420,632
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 902,000 $852,105
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,727,489 539,840
Total Bonds (Identified Cost, $1,536,342)   $1,391,945
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $585,092)   $ 973,401 $562,626
37
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 1.0%
Money Market Funds – 1.0%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $6,018,199)     6,018,243 $6,019,447
Other Assets, Less Liabilities – 1.7%   10,244,342
Net Assets – 100.0% $587,638,992
See Portfolio Footnotes and Notes to Financial Statements
38
Portfolio of Investments – continued
MFS Georgia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.5%
Airport Revenue – 4.7%
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038    $ 1,000,000 $995,327
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052      1,000,000 1,053,822
Atlanta, GA, Airport General Rev., “C”, 5%, 7/01/2053      500,000 528,543
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044      1,000,000 1,039,423
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038      520,000 516,457
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039      530,000 523,879
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      265,000 267,896
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      30,000 30,104
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      35,000 35,204
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      25,000 25,087
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      40,000 40,061
        $5,055,803
General Obligations - General Purpose – 4.8%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 220,000 $195,876
Cartersville, GA, General Obligation, 2%, 10/01/2040      1,000,000 712,093
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      60,000 65,006
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      165,000 165,698
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      50,258 54,981
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      150,816 169,895
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      46,290 46,111
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      85,068 83,401
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      35,711 34,461
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      48,553 45,660
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      171,495 157,249
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      7,530 7,455
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      59,571 39,082
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048      500,000 498,232
State of Georgia, General Obligation, “A”, 5%, 7/01/2024      1,000,000 1,002,746
State of Illinois, General Obligation, 5.5%, 5/01/2039      180,000 198,066
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      85,000 92,888
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036      500,000 548,573
Washington County, GA, Hospital Authority Rev. Anticipation Certificates (Medical Center Project), 4%, 2/01/2044 (w)     1,000,000 984,414
        $5,101,887
General Obligations - Schools – 7.9%
Ben Hill County, GA, School District Rev., 4%, 4/01/2037    $ 750,000 $768,256
Bryan County, GA, School District General Obligation, 4%, 8/01/2032      500,000 506,757
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047      370,000 330,490
Dalton, GA, General Obligation, 5%, 2/01/2036      500,000 539,433
Evans County, GA, School District, 4%, 6/01/2035      660,000 690,754
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029      1,000,000 1,014,495
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2039      1,500,000 1,630,240
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      930,000 730,461
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043      1,000,000 1,119,990
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044      1,000,000 1,116,847
        $8,447,723
Healthcare Revenue - Hospitals – 13.6%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 210,000 $199,842
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026)      500,000 520,581
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041      485,000 483,916
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      25,000 23,247
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053      1,000,000 1,126,603
Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), “A”, AGM, 5%, 4/01/2048      1,000,000 1,077,824
Columbus, GA, Hospital Authority Refunding Rev., Anticipation Certificates, 5%, 7/01/2024      670,000 672,074
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048      250,000 242,360
39
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049    $ 15,000 $14,098
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032      500,000 516,537
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035      500,000 502,833
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039      500,000 499,476
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049      1,000,000 934,665
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034      1,000,000 1,048,621
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042      750,000 769,395
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028      400,000 404,172
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042      1,000,000 1,024,177
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      645,000 602,940
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      695,000 673,688
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      765,000 721,683
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036      1,000,000 1,003,609
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043      1,000,000 983,316
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049      550,000 522,498
        $14,568,155
Healthcare Revenue - Long Term Care – 0.9%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036    $ 500,000 $501,647
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033      500,000 517,836
        $1,019,483
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 $93,416
Industrial Revenue - Paper – 0.1%
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n)   $ 150,000 $145,661
Miscellaneous Revenue - Other – 6.1%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054    $ 1,250,000 $1,116,521
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n)     1,000,000 903,182
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), ”A“, 4.625%, 5/01/2043      1,000,000 1,048,670
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 99,673
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034      500,000 539,660
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036      500,000 513,809
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044      660,000 690,743
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052      1,000,000 1,022,635
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      45,000 46,321
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     280,000 280,086
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      270,000 270,027
        $6,531,327
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 $989,427
DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034      1,000,000 991,037
DeKalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), ”A“, 4%, 12/01/2033      1,000,000 1,002,674
National Finance Authority, NH, Municipal Certificates, ”1-A“, 4.375%, 9/20/2036      322,712 316,556
        $3,299,694
Port Revenue – 2.7%
Georgia Ports Authority Rev., 4%, 7/01/2047    $ 1,000,000 $986,515
Georgia Ports Authority Rev., 4%, 7/01/2052      1,000,000 968,733
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055      1,000,000 918,449
        $2,873,697
40
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
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 $496,752
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030      5,000 5,355
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      10,000 10,800
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      90,000 85,656
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., ”A“, 5%, 7/01/2039      1,000,000 1,148,906
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025)      1,000,000 1,020,213
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040      1,000,000 890,156
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      24,000 24,211
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      82,000 81,609
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      1,127,000 1,130,332
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      196,000 196,056
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      83,000 83,024
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      578,000 573,670
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      1,000 991
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      35,000 30,963
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      6,000 4,914
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      326,000 246,109
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      316,000 218,698
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      145,000 46,215
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
        $6,485,730
Secondary Schools – 0.7%
DeKalb County, GA Development Authority Rev. (The Global Academy, Inc. Project), ”A“, 5%, 6/01/2055    $ 500,000 $500,929
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n)     250,000 233,702
        $734,631
Single Family Housing - State – 5.3%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047    $ 160,000 $158,801
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.15%, 12/01/2038      1,000,000 1,005,481
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.85%, 12/01/2041      1,465,000 1,342,435
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044      1,000,000 911,620
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048      405,000 391,229
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”B“, 4.875%, 12/01/2038      1,000,000 1,070,890
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043      595,000 594,893
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.5%, 9/01/2046      195,000 195,714
        $5,671,063
State & Local Agencies – 1.5%
Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054 (w)   $ 1,000,000 $1,077,449
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024)      500,000 502,811
        $1,580,260
Student Loan Revenue – 0.7%
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039    $ 5,000 $4,765
Iowa Student Loan Liquidity Corp. Rev., ”C“, 3.5%, 12/01/2044      130,000 105,854
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038      55,000 48,526
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      585,000 569,159
        $728,304
Tax - Other – 1.2%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 435,000 $463,130
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      65,000 68,636
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      185,000 206,155
41
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax - Other – continued
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2024    $ 320,000 $321,312
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036      35,000 35,653
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046      100,000 99,025
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 97,503
        $1,291,414
Tax Assessment – 0.4%
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)    $ 410,000 $422,080
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029      10,000 9,830
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      9,000 9,198
        $441,108
Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055    $ 560,000 $529,574
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      365,000 341,588
        $871,162
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 375,000 $304,386
Transportation - Special Tax – 0.1%
New Jersey Transportation Trust Fund Authority, ”A“, 5%, 12/15/2039    $ 70,000 $75,109
Universities - Colleges – 16.0%
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035    $ 500,000 $501,745
Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048      750,000 816,160
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038      600,000 632,508
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037      560,000 568,249
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044      1,000,000 957,856
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038      815,000 859,752
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027)      200,000 211,536
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038      800,000 844,151
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing LLC Project), 5%, 7/01/2038      750,000 801,866
Clemson University, SC, Athletic Facilities Rev., ”A“, 3%, 5/01/2048      1,000,000 774,874
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034      500,000 534,917
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036      1,000,000 1,054,052
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034      300,000 322,544
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049      500,000 471,803
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052      1,000,000 1,034,366
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028      500,000 507,630
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036      750,000 769,254
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040      350,000 353,985
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051      1,000,000 1,068,572
Gwinnett County, GA, Development Authority Rev. (Student Housing), ”A“, 5%, 7/01/2040      1,000,000 1,038,282
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      500,000 426,808
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048      870,000 918,209
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      70,000 68,856
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 50,065
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032      325,000 327,178
South Regional, GA, Joint Development Authority Refunding Rev. (VSU ASRE Georgia ,Reade, Hopper, LLC Project), 5%, 8/01/2024      755,000 757,131
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035      500,000 513,436
        $17,185,785
42
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
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 $393,493
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 10,208
        $403,701
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 $759,127
Utilities - Municipal Owned – 8.8%
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029    $ 1,195,000 $1,252,478
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032      1,000,000 1,091,286
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035      500,000 506,017
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036      500,000 505,341
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, 4.5%, 7/01/2063      1,000,000 985,915
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2048      1,000,000 1,063,801
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2055      1,000,000 1,055,951
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), ”A“, 5%, 1/01/2039      750,000 784,885
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037      1,000,000 1,093,745
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038      125,000 132,029
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039      50,000 50,265
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044      60,000 60,209
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     155,000 40,687
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     245,000 64,312
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028      490,000 489,406
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     45,000 11,813
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     45,000 11,813
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     125,000 32,812
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030      70,000 69,043
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      10,000 9,890
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     70,000 18,375
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     75,000 19,688
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     60,000 15,750
        $9,470,511
Utilities - Other – 3.2%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), ”A“, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 250,000 $247,373
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031)      585,000 616,454
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”A“, 5%, 6/01/2053 (Put Date 6/01/2030)      1,000,000 1,053,391
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”C“, 5%, 9/01/2053 (Put Date 9/01/2030)      750,000 796,690
Southeast Alabama Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031)      715,000 774,290
        $3,488,198
Water & Sewer Utility Revenue – 8.4%
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036    $ 750,000 $794,325
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037      1,000,000 1,054,925
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038      1,000,000 1,051,774
43
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038    $ 500,000 $502,480
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038      500,000 504,059
Cherokee County, GA, Water and Sewerage Authority Rev., 4%, 8/01/2053      1,000,000 965,384
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052      1,000,000 1,080,449
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      125,000 127,458
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029      45,000 45,118
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035      45,000 45,118
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      155,000 161,712
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027      1,000,000 1,063,444
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 15,027
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 20,026
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 20,030
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026)      500,000 516,964
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053      1,000,000 1,080,780
        $9,049,073
Total Municipal Bonds (Identified Cost, $107,695,859)   $105,676,408
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 204,000 $192,715
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     363,682 113,651
Total Bonds (Identified Cost, $337,109)   $306,366
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $123,333)   $ 205,186 $118,597
Investment Companies (h) – 1.7%
Money Market Funds – 1.7%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $1,808,690)     1,808,687 $1,809,049
Other Assets, Less Liabilities – (0.6)%   (646,581)
Net Assets – 100.0% $107,263,839
See Portfolio Footnotes and Notes to Financial Statements
44
Portfolio of Investments – continued
MFS Maryland Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 95.5%
Airport Revenue – 2.0%
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047    $ 70,000 $67,585
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053      65,000 60,766
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2025      1,525,000 1,555,551
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060      655,000 685,081
        $2,368,983
General Obligations - General Purpose – 11.4%
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 4/01/2033    $ 1,895,000 $1,932,087
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2045      1,315,000 1,472,479
Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045      1,500,000 1,489,241
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      225,000 200,327
Cheverly, MD, Public Improvement, 4.5%, 11/01/2047      490,000 502,989
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.625%, 7/01/2029      45,031 49,263
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.75%, 7/01/2031      121,739 137,139
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2033      41,476 41,315
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2035      75,390 73,913
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2037      31,997 30,877
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2041      43,504 40,912
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2046      150,243 137,762
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2024      6,747 6,680
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2033      53,375 35,017
Howard County, MD, Metropolitan District Project, ”B“, 3%, 8/15/2051      1,155,000 890,916
Howard County, MD, Metropolitan District Project, ”C“, 4%, 2/15/2048      1,500,000 1,469,869
Maryland Community Development Administration, Local Government Infrastructure, ”A-2“, 4%, 6/01/2036      1,210,000 1,253,435
Maryland State & Local Facilities Loan, General Obligation Refunding, ”A“, 5%, 8/01/2025      2,055,000 2,104,171
Montgomery County, MD, General Obligation, Consolidated Public Improvement, ”A“, 5%, 8/01/2035      1,000,000 1,171,197
State of Illinois, General Obligation, 5.5%, 5/01/2039      160,000 176,059
State of Illinois, General Obligation, ”C“, 4%, 10/01/2040      205,000 200,916
State of Illinois, General Obligation, ”C“, 4%, 10/01/2041      95,000 92,147
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      130,000 130,813
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      50,000 49,991
        $13,689,515
General Obligations - Schools – 0.6%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047    $ 325,000 $290,295
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048      405,000 399,372
        $689,667
Healthcare Revenue - Hospitals – 16.8%
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 7/01/2045 (Prerefunded 7/01/2029)    $ 5,000 $5,258
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 7/01/2045      10,000 8,198
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052      540,000 504,787
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036      750,000 776,935
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034      750,000 772,503
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045      1,000,000 958,302
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2039      1,145,000 1,153,453
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2041      1,000,000 990,417
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025)      750,000 766,083
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042      1,000,000 973,378
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), ”A“, AGM, 5.25%, 8/15/2038      1,155,000 1,334,492
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033      1,030,000 1,043,246
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 8/15/2041      505,000 505,131
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 5/15/2042      750,000 772,788
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), ”A“, 5%, 7/01/2032      600,000 614,683
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027      500,000 507,046
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2033      1,205,000 1,300,264
45
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2035    $ 500,000 $539,984
Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), ”MD“, 5%, 12/01/2046      1,000,000 1,024,566
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”B“, 5%, 7/01/2034      1,000,000 1,052,252
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”D“, 4%, 7/01/2048      1,250,000 1,184,574
Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), ”B“, 4%, 4/15/2045      995,000 961,556
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045      1,240,000 1,261,815
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052      590,000 571,908
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043      635,000 611,357
        $20,194,976
Healthcare Revenue - Long Term Care – 3.1%
Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045    $ 1,000,000 $915,145
Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038      450,000 446,859
Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036      500,000 460,078
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), ”A“, 5%, 1/01/2045      500,000 506,522
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042      350,000 327,842
Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), ”B“, 5%, 1/01/2032      575,000 629,008
Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040      400,000 401,170
        $3,686,624
Healthcare Revenue - Other – 0.3%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029    $ 315,000 $315,085
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044    $ 100,000 $100,207
Miscellaneous Revenue - Other – 2.4%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025    $ 20,000 $19,963
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034      85,000 84,382
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042      70,000 67,117
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039      1,100,000 1,054,727
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      40,000 41,174
Montgomery County, MD, Transportation Fund Lease Authority Rev., ”A“, 5%, 11/01/2036      415,000 423,916
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     240,000 240,074
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      390,000 390,039
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      490,000 516,582
        $2,837,974
Multi-Family Housing Revenue – 9.4%
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), ”A“, 5%, 6/01/2044    $ 500,000 $500,532
Howard County, MD, Housing Commission Rev. (Orchard Meadows Apartments), 5%, 12/01/2043      500,000 530,429
Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037      750,000 788,493
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, FHA, 4%, 7/01/2048      500,000 443,113
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 3.65%, 7/01/2049      505,000 448,130
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”D“, 3.35%, 7/01/2049      1,765,000 1,436,369
Maryland Department of Housing & Community Development, ”G“, 3.62%, 12/01/2038 (Put Date 4/11/2024)      870,000 870,000
Montgomery County, MD, Housing Opportunities Commission Multiple Purpose Rev., ”C“, 5.5%, 1/01/2048      1,000,000 1,098,420
Montgomery County, MD, Housing Opportunities Commission Multiple Purpose Rev., ”C“, 5.125%, 1/01/2053      500,000 532,129
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A“, 4.85%, 7/01/2053      500,000 506,029
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A-1“, FHA, 3.05%, 7/01/2044      1,000,000 795,619
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”C“, 5.125%, 7/01/2037      1,000,000 1,017,087
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036      1,065,000 959,456
National Finance Authority, NH, Municipal Certificates, ”1-A“, 4.375%, 9/20/2036      281,467 276,098
46
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045    $ 765,000 $539,976
Virginia Housing Development Authority, Rental Housing, ”F“, HUD Section 8, 5.15%, 11/01/2048      500,000 521,713
        $11,263,593
Parking – 1.2%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034    $ 1,385,000 $1,394,488
Port Revenue – 1.3%
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2044    $ 500,000 $513,352
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2049      250,000 254,939
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2031      650,000 681,730
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044      190,000 145,383
        $1,595,404
Sales & Excise Tax Revenue – 2.6%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030    $ 5,000 $5,355
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      10,000 10,800
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      75,000 71,380
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      21,000 21,184
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      81,000 80,614
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      1,817,000 1,822,373
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      160,000 160,046
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      75,000 75,022
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      267,000 265,000
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      1,000 990
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      36,000 31,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      6,000 4,914
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      338,000 255,168
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      332,000 229,771
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      151,000 48,127
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     120,000 93,600
        $3,176,192
Secondary Schools – 0.2%
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2039 (n)   $ 250,000 $249,194
Single Family Housing - Local – 1.1%
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), ”D“, 3.67%, 1/01/2049    $ 250,000 $250,000
Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., ”A“, FHA, 5.75%, 7/01/2054      1,000,000 1,081,739
        $1,331,739
Single Family Housing - State – 9.3%
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 2.1%, 9/01/2041    $ 1,500,000 $1,052,493
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043      500,000 499,910
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 5.5%, 9/01/2053      975,000 1,040,008
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 2.1%, 3/01/2033      250,000 213,971
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 3%, 9/01/2051      885,000 853,047
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 5.05%, 3/01/2047      1,000,000 1,020,547
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 6%, 3/01/2053      960,000 1,022,784
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”E“, GNMA, 5.1%, 3/01/2048      1,000,000 1,035,725
47
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”E“, GNMA, 6.25%, 3/01/2054    $ 1,000,000 $1,090,921
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2039      1,000,000 864,764
Maryland Department of Housing & Community Development, ”G“, 3.7%, 9/01/2040      2,500,000 2,500,000
        $11,194,170
State & Local Agencies – 11.4%
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026)    $ 500,000 $519,815
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, ”A“, 5%, 5/01/2035      1,725,000 1,849,597
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, ”A“, 5%, 5/01/2038      500,000 529,647
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, ”C“, 0%, 5/01/2054      2,000,000 462,533
Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046      1,405,000 1,378,115
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2036      1,000,000 1,038,084
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2041      1,500,000 1,511,613
Maryland Stadium Authority, Sport Entertainment Facilities Rev. (Hagerstown Project), ”A“, 5.25%, 6/15/2052      1,000,000 1,093,814
Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038      1,000,000 905,748
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037      1,000,000 1,072,916
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048      1,500,000 1,566,563
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 5%, 7/15/2040      1,500,000 1,696,651
        $13,625,096
Student Loan Revenue – 0.5%
Iowa Student Loan Liquidity Corp. Rev., ”C“, 3.5%, 12/01/2044    $ 115,000 $93,641
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      490,000 476,731
        $570,372
Tax - Other – 1.9%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045    $ 85,000 $89,755
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      225,000 250,728
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045      850,000 833,856
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), ”A“, BAM, 4.125%, 2/01/2048      500,000 494,890
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      600,000 469,292
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 97,503
        $2,236,024
Tax Assessment – 3.4%
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038    $ 500,000 $496,243
Baltimore, MD, Special Obligation Rev. (Harbor Point Project), ”B“, 3.875%, 6/01/2046 (n)     300,000 251,482
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      500,000 511,024
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n)     250,000 243,310
Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039      500,000 446,118
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”B“, 4%, 7/01/2040      180,000 167,431
Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), ”A“, 5%, 7/01/2026      820,000 844,745
Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), ”A“, 5%, 7/01/2043 (n)     250,000 247,855
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044      230,000 230,066
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n)     300,000 278,712
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n)     500,000 411,577
        $4,128,563
Tobacco – 1.0%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048    $ 410,000 $380,538
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055      500,000 472,834
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      360,000 336,909
        $1,190,281
48
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – 1.2%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), ”A“, AGM, 4%, 10/01/2052    $ 500,000 $476,037
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035      915,000 993,550
        $1,469,587
Transportation - Special Tax – 5.2%
Maryland Department of Transportation, Consolidated Transportation, 4%, 12/15/2029    $ 1,500,000 $1,500,201
Maryland Department of Transportation, Consolidated Transportation Refunding Rev., 5%, 7/01/2043      1,000,000 1,122,125
Maryland Department of Transportation, Consolidated Transportation, ”A“, 3%, 10/01/2033      500,000 483,907
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), ”E“, 4%, 11/15/2045      1,000,000 958,003
New Jersey Transportation Trust Fund Authority, ”CC“, 5.5%, 6/15/2050      75,000 83,071
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037      440,000 460,553
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038      440,000 459,066
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043      1,140,000 1,179,197
        $6,246,123
Universities - Colleges – 3.3%
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2044    $ 500,000 $500,485
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032      500,000 503,464
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049      1,000,000 1,044,425
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033      450,000 460,201
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046      750,000 650,857
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051      250,000 211,160
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      420,000 358,518
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      75,000 75,098
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n)     110,000 110,531
        $3,914,739
Universities - Dormitories – 2.1%
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035    $ 750,000 $775,463
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050      1,000,000 1,014,739
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027      410,000 410,051
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030      300,000 300,038
        $2,500,291
Utilities - Municipal Owned – 0.3%
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)   $ 10,000 $2,625
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     160,000 42,000
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     250,000 65,625
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     45,000 11,813
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     125,000 32,812
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      10,000 9,890
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     65,000 17,063
49
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)   $ 50,000 $13,125
        $323,577
Utilities - Other – 2.3%
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031)    $ 720,000 $758,712
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., ”B-1“, 5.25%, 2/01/2054 (Put Date 3/01/2031)      400,000 433,423
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), ”A“, 5.25%, 1/01/2054 (Put Date 7/01/2029)      665,000 706,178
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030)      410,000 438,129
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033      555,000 454,419
        $2,790,861
Water & Sewer Utility Revenue – 1.1%
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 4%, 7/01/2038    $ 550,000 $562,402
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      105,000 107,065
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029      205,000 205,538
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035      205,000 205,538
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050      130,000 135,629
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 25,046
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 30,039
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 35,052
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      50,000 50,172
        $1,356,481
Total Municipal Bonds (Identified Cost, $116,672,313)   $114,439,806
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 165,000 $155,873
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     363,682 113,650
Total Bonds (Identified Cost, $299,117)   $269,523
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $110,506)   $ 183,846 $106,263
Investment Companies (h) – 2.5%
Money Market Funds – 2.5%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $3,005,530)     3,005,544 $3,006,145
Other Assets, Less Liabilities – 1.7%   2,014,129
Net Assets – 100.0% $119,835,866
See Portfolio Footnotes and Notes to Financial Statements
50
Portfolio of Investments – continued
MFS Massachusetts Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 95.7%
Airport Revenue – 5.7%
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047    $ 265,000 $255,859
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053      250,000 233,714
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038      2,000,000 2,113,769
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2040      2,755,000 2,890,018
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042      3,000,000 3,065,183
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042      3,455,000 3,681,957
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2047      1,500,000 1,521,863
Massachusetts Port Authority Rev., ”C“, 5%, 7/01/2044      3,000,000 3,111,107
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2051      3,055,000 3,167,889
        $20,041,359
General Obligations - General Purpose – 12.9%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 705,000 $627,692
Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052      1,790,000 1,728,191
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2028      2,225,000 2,463,844
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”C“, 5%, 5/01/2029      1,410,000 1,410,480
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”F“, 5%, 11/01/2042      3,000,000 3,141,465
Commonwealth of Massachusetts, General Obligation, ”B“, 5%, 11/01/2024      4,000,000 4,035,288
Commonwealth of Massachusetts, General Obligation, ”B“, 4%, 5/01/2045      2,000,000 1,960,554
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.625%, 7/01/2029      156,003 170,664
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.75%, 7/01/2031      343,525 386,982
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2033      143,685 143,128
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2035      282,284 276,753
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2037      110,848 106,967
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2041      150,711 141,730
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2046      516,737 473,812
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2024      23,374 23,142
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2033      184,909 121,312
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041      1,095,000 1,213,192
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042      1,130,000 1,244,534
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2034      1,125,000 1,222,708
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044      1,665,000 1,666,501
Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049      3,000,000 2,328,976
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2039      1,090,000 1,156,210
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2040      1,125,000 1,180,974
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2041      1,000,000 1,045,577
New Bedford, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 9/01/2047      4,245,000 4,162,503
Norton, MA, General Obligation Municipal Purpose Loan, 5%, 10/15/2025      350,000 360,147
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2041      685,000 697,303
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2042      790,000 801,225
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2043      730,000 734,953
Provincetown, MA, General Obligation Municipal Purpose Loan, Taxable, 3%, 6/15/2028      755,000 749,930
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2038      675,000 768,566
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2039      740,000 837,442
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2040      785,000 882,723
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2041      620,000 694,207
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2042      600,000 667,409
State of Illinois, General Obligation, 5.5%, 5/01/2039      280,000 308,103
State of Illinois, General Obligation, 5.75%, 5/01/2045      255,000 279,011
State of Illinois, General Obligation, ”C“, 4%, 10/01/2040      630,000 617,449
State of Illinois, General Obligation, ”C“, 4%, 10/01/2041      280,000 271,589
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      395,000 397,469
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      160,000 159,972
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052      5,000,000 3,909,111
        $45,569,788
General Obligations - Schools – 0.7%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047    $ 1,270,000 $1,134,386
51
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048    $ 1,285,000 $1,267,142
        $2,401,528
Healthcare Revenue - Hospitals – 18.4%
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), ”A“, 5%, 8/15/2051    $ 2,405,000 $2,599,126
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052      1,960,000 1,832,191
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 4%, 6/01/2049 (Prerefunded 6/01/2029)      1,500,000 1,598,007
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), ”N“, 5%, 7/01/2044      2,000,000 2,002,987
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”J-2“, 5%, 7/01/2043      2,855,000 2,966,321
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”J-2“, 5%, 7/01/2048      3,115,000 3,193,614
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2036      635,000 688,132
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2037      850,000 915,029
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2038      700,000 749,704
Massachusetts Development Finance Agency Rev. (Boston Medical Center), ”G“, 5.25%, 7/01/2048      2,000,000 2,163,736
Massachusetts Development Finance Agency Rev. (CareGroup), ”I“, 5%, 7/01/2037      1,000,000 1,027,785
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2036      1,000,000 1,065,111
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2037      1,000,000 1,060,500
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”P“, 5%, 10/01/2032 (Prerefunded 10/01/2024)      1,000,000 1,007,095
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”T“, 4%, 3/01/2054      2,500,000 2,412,864
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”T“, 5.25%, 3/01/2054      3,000,000 3,302,449
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”U-2“, 4.5%, 3/01/2048      5,400,000 5,400,000
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”N“, 5%, 12/01/2041      1,690,000 1,740,292
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2034      400,000 438,446
Massachusetts Development Finance Agency Rev. (Lahey Health System), ”F“, 5%, 8/15/2030      2,000,000 2,033,269
Massachusetts Development Finance Agency Rev. (Mass General Brigham), ”D“, 5%, 7/01/2054      3,000,000 3,190,836
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043      1,000,000 999,960
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”G“, 5%, 7/15/2046 (n)     1,000,000 967,007
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2041      1,810,000 1,851,851
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2047      1,500,000 1,524,783
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 4%, 7/01/2041      1,500,000 1,457,103
Massachusetts Development Finance Agency Rev. (South Shore Hospital), ”I“, 5%, 7/01/2041      2,300,000 2,315,469
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2041      1,850,000 1,873,072
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038      2,000,000 2,038,742
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”L“, 5%, 7/01/2044      1,000,000 1,011,125
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044      2,080,000 1,842,492
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044      2,000,000 1,963,701
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 4%, 10/01/2045      4,075,000 3,936,813
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052      2,120,000 2,054,991
        $65,224,603
Healthcare Revenue - Long Term Care – 1.4%
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031    $ 1,250,000 $1,262,813
Massachusetts Development Finance Agency Rev. (Adventcare), ”A“, 6.75%, 10/15/2037 (d)     415,361 4,154
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042      485,000 436,712
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042      525,000 531,405
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n)     500,000 503,553
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051      900,000 781,133
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)     1,250,000 1,277,723
        $4,797,493
Industrial Revenue - Environmental Services – 0.3%
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 4.25%, 12/01/2044 (Put Date 12/02/2024)    $ 1,165,000 $1,167,757
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n)   $ 500,000 $434,254
52
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 2.6%
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)    $ 180,000 $179,412
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037      1,000,000 1,063,385
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038      1,000,000 1,057,353
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043      1,000,000 1,047,475
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038      1,180,000 1,243,104
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2039      2,000,000 2,101,217
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026      140,000 144,110
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     950,000 950,291
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      1,495,000 1,576,103
        $9,362,450
Multi-Family Housing Revenue – 5.4%
Massachusetts Housing Finance Agency, ”A“, 3.7%, 12/01/2038    $ 1,000,000 $965,519
Massachusetts Housing Finance Agency, ”A“, 3.8%, 12/01/2043      2,025,000 1,901,330
Massachusetts Housing Finance Agency, ”C“, 5.35%, 12/01/2049      1,035,000 1,035,286
Massachusetts Housing Finance Agency, ”C-1“, 5.1%, 12/01/2048      1,000,000 1,036,570
Massachusetts Housing Finance Agency, ”C-1“, 5.2%, 12/01/2053      1,000,000 1,040,510
Massachusetts Housing Finance Agency, ”C-1“, HUD Section 8, 4.85%, 12/01/2043      1,000,000 1,020,067
Massachusetts Housing Finance Agency, ”C-1“, HUD Section 8, 5.125%, 12/01/2057      3,000,000 3,118,992
Massachusetts Housing Finance Agency, “A-3”, 3.05%, 12/01/2027      3,000,000 2,958,144
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039      1,000,000 837,300
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044      2,000,000 1,593,488
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.75%, 12/01/2030      1,425,000 1,425,852
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.875%, 12/01/2032      1,190,000 1,190,689
National Finance Authority, NH, Municipal Certificates, ”1-A“, 4.375%, 9/20/2036      1,099,140 1,078,173
        $19,201,920
Sales & Excise Tax Revenue – 5.3%
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030    $ 20,000 $21,421
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031      25,000 26,999
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042      255,000 242,691
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2024      2,590,000 2,597,758
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2029      1,850,000 2,098,457
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”A“, 5%, 2/15/2044      4,000,000 4,256,244
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040      73,000 73,641
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053      239,000 237,860
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058      3,806,000 3,817,254
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      597,000 597,172
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040      256,000 256,074
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053      5,000 4,808
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058      2,179,000 2,162,678
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024      4,000 3,962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027      117,000 103,505
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029      22,000 18,019
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031      1,059,000 799,478
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033      1,011,000 699,694
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046      475,000 151,393
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(n)     585,000 456,300
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n)     360,000 280,800
        $18,906,208
Secondary Schools – 2.0%
Collegiate Charter School of Lowell, MA, Rev., 5%, 6/15/2054    $ 1,000,000 $960,795
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n)     290,000 260,990
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039      1,000,000 1,004,892
53
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Secondary Schools – continued
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030    $ 500,000 $508,020
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031      1,015,000 1,031,284
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”B“, 5%, 7/01/2037      1,000,000 1,009,396
Massachusetts Development Finance Agency Rev. (Roxbury Latin School), ”A“, 3.5%, 7/01/2044      265,000 243,440
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033      2,000,000 2,008,898
        $7,027,715
Single Family Housing - State – 3.6%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047    $ 490,000 $486,328
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.3%, 6/01/2034      365,000 354,009
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.45%, 12/01/2036      485,000 466,645
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”215“, GNMA, 4%, 12/01/2050      2,145,000 2,126,503
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 1.35%, 12/01/2029      400,000 338,468
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”222“, GNMA, 3%, 6/01/2051      880,000 846,502
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”225“, 5.5%, 12/01/2052      3,925,000 4,131,116
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”230“, 4.3%, 6/01/2025      475,000 476,640
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”230“, 4.35%, 12/01/2025      525,000 528,660
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”230“, 4.45%, 6/01/2026      315,000 318,786
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044      1,865,000 1,493,554
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, ”231“, 4.7%, 12/01/2033      500,000 537,852
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, ”231“, 4.75%, 12/01/2034      560,000 603,929
        $12,708,992
Student Loan Revenue – 5.9%
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2029    $ 1,400,000 $1,477,657
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2030      1,300,000 1,388,060
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037      2,615,000 2,269,906
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033      635,000 609,262
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, ”B“, 4.25%, 7/01/2044      3,000,000 2,959,995
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, ”B“, 5%, 7/01/2031      1,000,000 1,077,774
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 4.125%, 7/01/2046      2,250,000 1,989,462
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3.75%, 7/01/2047      4,000,000 3,283,484
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051      2,000,000 1,369,840
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 4.125%, 7/01/2052      3,000,000 2,533,085
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038      180,000 158,812
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041      1,710,000 1,663,694
        $20,781,031
Tax - Other – 1.0%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 1,670,000 $1,777,993
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      255,000 269,267
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      710,000 791,188
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036      120,000 122,240
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046      370,000 366,393
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      225,000 219,381
        $3,546,462
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029    $ 25,000 $24,575
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      32,000 32,706
        $57,281
Tobacco – 0.9%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048    $ 1,290,000 $1,197,303
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055      800,000 756,534
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050      1,320,000 1,235,331
        $3,189,168
54
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – 0.3%
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037    $ 1,000,000 $1,090,569
Transportation - Special Tax – 4.5%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036    $ 2,850,000 $2,966,624
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2042      3,000,000 3,131,327
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), ”B“, 5%, 6/01/2049      3,000,000 3,258,125
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 4.4%, 3/01/2030      6,435,000 6,435,000
        $15,791,076
Universities - Colleges – 18.5%
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), ”M“, 3%, 7/01/2047    $ 2,830,000 $2,126,506
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2038      3,015,000 3,272,780
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2040      2,665,000 2,867,412
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 5%, 11/01/2040      850,000 947,138
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 5%, 11/01/2042      950,000 1,046,206
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 4.125%, 11/01/2043      1,250,000 1,251,361
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035      970,000 1,016,620
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036      850,000 873,986
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037      625,000 646,137
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038      340,000 349,876
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039      3,055,000 2,864,412
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040      1,500,000 1,543,339
Massachusetts Development Finance Agency Rev. (Brandeis University), ”R“, 5%, 10/01/2038      835,000 895,030
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043      725,000 734,675
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048      2,845,000 2,861,872
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042      2,000,000 2,041,112
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043      2,000,000 2,015,099
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046      1,375,000 1,207,038
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045      250,000 209,687
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047      1,000,000 1,009,438
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2052      2,300,000 2,340,336
Massachusetts Development Finance Agency Rev. (Merrimack College), ”B“, 4%, 7/01/2042      475,000 444,835
Massachusetts Development Finance Agency Rev. (Merrimack College), ”B“, 4%, 7/01/2050      1,825,000 1,619,919
Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044      2,000,000 2,209,825
Massachusetts Development Finance Agency Rev. (Simmons University), ”H“, SYNCORA, 5.25%, 10/01/2026      1,420,000 1,449,506
Massachusetts Development Finance Agency Rev. (Simmons University), ”L“, 5%, 10/01/2035      2,000,000 2,081,125
Massachusetts Development Finance Agency Rev. (Simmons University), ”M“, 5%, 10/01/2045      725,000 728,953
Massachusetts Development Finance Agency Rev. (Springfield College), ”A“, 4%, 6/01/2056      3,000,000 2,498,479
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046      1,000,000 883,495
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051      1,385,000 1,182,257
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046      2,000,000 2,011,064
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031      1,110,000 1,124,550
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038      2,550,000 2,695,878
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039      950,000 1,024,545
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047      1,395,000 1,437,975
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027      1,735,000 1,874,353
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028      1,000,000 1,095,701
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), ”A“, 2.45%, 11/01/2030 (Put Date 4/01/2026)      3,500,000 3,434,902
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), ”I“, 0.7%, 7/01/2033 (Put Date 7/01/2025)      2,400,000 2,281,999
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      265,000 260,669
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      75,000 75,062
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      90,000 90,178
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      470,000 473,455
55
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2040    $ 2,500,000 $2,537,371
        $65,636,156
Utilities - Municipal Owned – 0.5%
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039    $ 200,000 $201,061
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044      235,000 235,818
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     35,000 9,188
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     315,000 82,687
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     510,000 133,875
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     800,000 210,000
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     125,000 32,812
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     65,000 17,063
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     300,000 78,750
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     150,000 39,375
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     135,000 35,437
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     415,000 108,937
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029      385,000 380,285
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034      35,000 34,615
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     65,000 17,063
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     195,000 51,187
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     220,000 57,750
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     75,000 19,688
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     230,000 60,375
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     190,000 49,875
        $1,878,154
Utilities - Other – 3.9%
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031)    $ 2,250,000 $2,370,975
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., ”B-1“, 5.25%, 2/01/2054 (Put Date 3/01/2031)      1,200,000 1,300,268
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), ”A“, 5.25%, 1/01/2054 (Put Date 7/01/2029)      2,065,000 2,192,867
Southeast Alabama Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031)      2,720,000 2,945,551
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030)      1,270,000 1,357,132
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A“, 5.25%, 9/01/2026      1,610,000 1,645,825
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A-1“, 5%, 5/01/2053 (Put Date 5/01/2028)      2,020,000 2,085,595
        $13,898,213
Water & Sewer Utility Revenue – 1.8%
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050    $ 455,000 $474,703
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027      1,280,000 1,385,079
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033      2,000,000 2,463,273
Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032      75,000 75,063
Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2042      430,000 487,018
Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2043      750,000 844,195
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029      595,000 675,959
        $6,405,290
Total Municipal Bonds (Identified Cost, $347,910,402)   $339,117,467
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 581,000 $548,861
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,091,046 340,952
Total Bonds (Identified Cost, $981,357)   $889,813
56
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $382,825)   $ 636,896 $368,126
Investment Companies (h) – 2.6%
Money Market Funds – 2.6%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $9,317,290)     9,317,135 $9,318,999
Other Assets, Less Liabilities – 1.3%   4,527,447
Net Assets – 100.0% $354,221,852
Portfolio Footnotes:
(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 each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows:
  Affiliated Issuers Unaffiliated Issuers
Alabama Fund $873,869 $66,771,934
Arkansas Fund 1,958,395 145,827,780
California Fund 6,019,447 571,375,203
Georgia Fund 1,809,049 106,101,371
Maryland Fund 3,006,145 114,815,592
Massachusetts Fund 9,318,999 340,375,406
(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 and percentage of net assets for each fund is as follows:
  Value Percent of net assets
Alabama Fund $1,063,706 1.6%
Arkansas Fund 1,802,489 1.2%
California Fund 62,766,297 10.7%
Georgia Fund 2,153,513 2.0%
Maryland Fund 2,395,858 2.0%
Massachusetts Fund 6,020,731 1.7%
(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.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The following fund(s) holds the following restricted securities:
Alabama Fund      
Restricted Securities Acquisition Date Cost Value
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), ”A“, 6%, 5/01/2040 6/10/2020 $311,217 $321,983
% of Net assets     0.5%
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.
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
GNMA Government National Mortgage Assn.
NPFG National Public Finance Guarantee Corp.
57
Portfolio of Investments – continued
SYNCORA Syncora Guarantee Inc.
See Notes to Financial Statements
58
Financial Statements
Statements of Assets and Liabilities
At 3/31/24
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  Alabama
Fund 		Arkansas
Fund 		California
Fund
Assets      
Investments in unaffiliated issuers, at value (identified cost, $68,689,776, $150,925,818, and $575,525,601, respectively) $66,771,934 $145,827,780 $571,375,203
Investments in affiliated issuers, at value (identified cost, $873,711, $1,958,005, and $6,018,199, respectively) 873,869 1,958,395 6,019,447
Receivables for      
Investments sold — 2,415,351 2,813,032
Fund shares sold 4,099 204,709 1,991,178
Interest 743,542 1,756,361 6,553,298
Receivable from investment adviser 9,924 9,468 —
Other assets 347 578 1,669
Total assets $68,403,715 $152,172,642 $588,753,827
Liabilities      
Payables for      
Distributions $23,408 $20,470 $126,370
Fund shares reacquired 36,069 138,883 726,675
When-issued investments purchased 978,735 5,398,705 —
Payable to affiliates      
Investment adviser — — 34,962
Administrative services fee 272 426 1,282
Shareholder servicing costs 12,746 27,796 100,526
Distribution and service fees 1,597 1,654 6,542
Payable for independent Trustees' compensation 26 34 3,529
Payable for audit and tax fees 58,346 58,346 58,346
Accrued expenses and other liabilities 18,067 25,249 56,603
Total liabilities $1,129,266 $5,671,563 $1,114,835
Net assets $67,274,449 $146,501,079 $587,638,992
Net assets consist of      
Paid-in capital $74,514,006 $160,522,839 $620,287,886
Total distributable earnings (loss) (7,239,557) (14,021,760) (32,648,894)
Net assets $67,274,449 $146,501,079 $587,638,992
59
Statements of Assets and Liabilities – continued
  Alabama
Fund 		Arkansas
Fund 		California
Fund
Net assets      
Class A $46,629,936 $120,174,107 $370,354,018
Class B 54,186 136,447 226,144
Class C — — 10,808,188
Class I 17,204,144 20,175,378 133,604,488
Class R6 3,386,183 6,015,147 72,646,154
Total net assets $67,274,449 $146,501,079 $587,638,992
Shares of beneficial interest outstanding      
Class A 4,932,658 13,218,912 66,339,966
Class B 5,729 14,995 40,492
Class C — — 1,929,796
Class I 1,909,629 2,235,495 14,703,031
Class R6 375,843 666,587 7,999,625
Total shares of beneficial interest outstanding 7,223,859 16,135,989 91,012,910
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$9.45 $9.09 $5.58
Offering price per share (100 / 95.75 x net asset value per share) $9.87 $9.49 $5.83
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$9.46 $9.10 $5.58
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $— $5.60
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.01 $9.03 $9.09
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.01 $9.02 $9.08
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
60
Statements of Assets and Liabilities – continued
At 3/31/24 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Assets      
Investments in unaffiliated issuers, at value (identified cost, $108,156,301, $117,081,936, and $349,274,584, respectively) $106,101,371 $114,815,592 $340,375,406
Investments in affiliated issuers, at value (identified cost, $1,808,690, $3,005,530, and $9,317,290, respectively) 1,809,049 3,006,145 9,318,999
Cash — — 1,667
Receivables for      
Investments sold — 55,000 —
Fund shares sold 370,308 830,439 844,527
Interest 1,251,022 1,409,906 4,269,335
Receivable from investment adviser 4,007 13,493 2,072
Other assets 445 1,268 1,073
Total assets $109,536,202 $120,131,843 $354,813,079
Liabilities      
Payables for      
Distributions $18,317 $36,658 $107,666
Fund shares reacquired 104,099 149,732 301,783
When-issued investments purchased 2,052,540 — —
Payable to affiliates      
Administrative services fee 350 374 829
Shareholder servicing costs 13,665 23,150 73,036
Distribution and service fees 2,640 2,448 6,323
Payable for independent Trustees' compensation 26 2,137 2,156
Payable for audit and tax fees 58,346 58,346 58,346
Accrued expenses and other liabilities 22,380 23,132 41,088
Total liabilities $2,272,363 $295,977 $591,227
Net assets $107,263,839 $119,835,866 $354,221,852
Net assets consist of      
Paid-in capital $116,536,240 $128,804,293 $385,380,999
Total distributable earnings (loss) (9,272,401) (8,968,427) (31,159,147)
Net assets $107,263,839 $119,835,866 $354,221,852
61
Statements of Assets and Liabilities – continued
  Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Net assets      
Class A $77,276,671 $72,143,747 $184,764,956
Class B 52,106 185,837 152,206
Class I 14,744,315 36,000,375 158,704,430
Class R6 15,190,747 11,505,907 10,600,260
Total net assets $107,263,839 $119,835,866 $354,221,852
Shares of beneficial interest outstanding      
Class A 7,678,353 7,195,755 18,096,054
Class B 5,158 18,545 14,882
Class I 1,615,708 3,980,705 17,758,844
Class R6 1,663,706 1,271,899 1,185,391
Total shares of beneficial interest outstanding 10,962,925 12,466,904 37,055,171
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$10.06 $10.03 $10.21
Offering price per share (100 / 95.75 x net asset value per share) $10.51 $10.48 $10.66
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$10.10 $10.02 $10.23
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.13 $9.04 $8.94
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.13 $9.05 $8.94
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class B shares.
See Notes to Financial Statements
62
Financial Statements
Statements of Operations
Year ended 3/31/24
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  Alabama
Fund 		Arkansas
Fund 		California
Fund
Net investment income (loss)      
Interest $2,484,409 $5,271,580 $20,565,947
Dividends from affiliated issuers 80,126 107,849 561,998
Other 41 67 155
Total investment income $2,564,576 $5,379,496 $21,128,100
Expenses      
Management fee $299,940 $653,344 $2,350,347
Distribution and service fees 113,436 304,988 918,173
Shareholder servicing costs 48,906 106,921 334,227
Administrative services fee 19,872 31,081 84,883
Independent Trustees' compensation 3,333 4,630 11,186
Custodian fee 15,937 25,036 68,658
Shareholder communications 8,064 10,036 17,420
Audit and tax fees 67,566 67,568 67,580
Legal fees 9,072 13,904 48,072
Registration fees 58,751 63,207 85,893
Miscellaneous 28,310 29,619 38,527
Total expenses $673,187 $1,310,334 $4,024,966
Fees paid indirectly (52) (115) (505)
Reduction of expenses by investment adviser and distributor (129,109) (321,203) (551,409)
Net expenses $544,026 $989,016 $3,473,052
Net investment income (loss) $2,020,550 $4,390,480 $17,655,048
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(767,590) $(706,632) $(2,995,343)
Affiliated issuers (614) (1,313) (6,382)
Net realized gain (loss) $(768,204) $(707,945) $(3,001,725)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $869,980 $216,115 $10,568,422
Affiliated issuers (123) 97 (400)
Net unrealized gain (loss) $869,857 $216,212 $10,568,022
Net realized and unrealized gain (loss) $101,653 $(491,733) $7,566,297
Change in net assets from operations $2,122,203 $3,898,747 $25,221,345
See Notes to Financial Statements
63
Statements of Operations – continued
Year ended 3/31/24 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Net investment income (loss)      
Interest $3,723,182 $4,620,628 $13,658,559
Dividends from affiliated issuers 94,520 119,673 318,909
Other — 62 142
Total investment income $3,817,702 $4,740,363 $13,977,610
Expenses      
Management fee $466,758 $544,514 $1,671,963
Distribution and service fees 195,224 204,475 539,019
Shareholder servicing costs 53,003 89,951 289,812
Administrative services fee 25,162 27,633 63,412
Independent Trustees' compensation 3,950 4,542 8,763
Custodian fee 22,441 26,984 47,917
Shareholder communications 9,465 9,634 14,064
Audit and tax fees 67,567 67,568 67,578
Legal fees 10,742 18,177 45,707
Registration fees 59,880 64,254 62,256
Miscellaneous 29,364 28,450 33,658
Total expenses $943,556 $1,086,182 $2,844,149
Fees paid indirectly (62) (205) (286)
Reduction of expenses by investment adviser and distributor (81,846) (186,188) (195,754)
Net expenses $861,648 $899,789 $2,648,109
Net investment income (loss) $2,956,054 $3,840,574 $11,329,501
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(533,664) $(1,146,934) $(4,385,240)
Affiliated issuers (1,131) 536 (3,742)
Net realized gain (loss) $(534,795) $(1,146,398) $(4,388,982)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $999,948 $313,649 $2,438,227
Affiliated issuers (47) 67 774
Net unrealized gain (loss) $999,901 $313,716 $2,439,001
Net realized and unrealized gain (loss) $465,106 $(832,682) $(1,949,981)
Change in net assets from operations $3,421,160 $3,007,892 $9,379,520
See Notes to Financial Statements
64
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 3/31/24 Alabama
Fund 		Arkansas
Fund 		California
Fund
Change in net assets      
From operations      
Net investment income (loss) $2,020,550 $4,390,480 $17,655,048
Net realized gain (loss) (768,204) (707,945) (3,001,725)
Net unrealized gain (loss) 869,857 216,212 10,568,022
Change in net assets from operations $2,122,203 $3,898,747 $25,221,345
Total distributions to shareholders $(2,062,899) $(4,467,612) $(18,372,917)
Change in net assets from fund share transactions $(2,477,568) $(1,217,342) $85,698,568
Total change in net assets $(2,418,264) $(1,786,207) $92,546,996
Net assets      
At beginning of period 69,692,713 148,287,286 495,091,996
At end of period $67,274,449 $146,501,079 $587,638,992
Year ended 3/31/24 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Change in net assets      
From operations      
Net investment income (loss) $2,956,054 $3,840,574 $11,329,501
Net realized gain (loss) (534,795) (1,146,398) (4,388,982)
Net unrealized gain (loss) 999,901 313,716 2,439,001
Change in net assets from operations $3,421,160 $3,007,892 $9,379,520
Total distributions to shareholders $(3,038,662) $(3,942,683) $(11,611,381)
Change in net assets from fund share transactions $1,754,087 $(8,134,735) $(49,746,133)
Total change in net assets $2,136,585 $(9,069,526) $(51,977,994)
Net assets      
At beginning of period 105,127,254 128,905,392 406,199,846
At end of period $107,263,839 $119,835,866 $354,221,852
See Notes to Financial Statements
65
Statements of Changes in Net Assets – continued
Year ended 3/31/23 Alabama
Fund 		Arkansas
Fund 		California
Fund
Change in net assets      
From operations      
Net investment income (loss) $1,900,283 $4,066,652 $15,087,890
Net realized gain (loss) (3,251,665) (2,958,247) (17,308,102)
Net unrealized gain (loss) (1,588,812) (4,537,002) (15,378,465)
Change in net assets from operations $(2,940,194) $(3,428,597) $(17,598,677)
Total distributions to shareholders $(1,949,555) $(4,258,041) $(15,555,001)
Change in net assets from fund share transactions $(23,021,418) $(14,864,563) $(58,558,889)
Total change in net assets $(27,911,167) $(22,551,201) $(91,712,567)
Net assets      
At beginning of period 97,603,880 170,838,487 586,804,563
At end of period $69,692,713 $148,287,286 $495,091,996
Year ended 3/31/23 Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Change in net assets      
From operations      
Net investment income (loss) $2,669,959 $3,086,315 $10,273,856
Net realized gain (loss) (4,548,239) (3,054,181) (9,629,585)
Net unrealized gain (loss) (1,275,352) (1,132,077) (8,711,265)
Change in net assets from operations $(3,153,632) $(1,099,943) $(8,066,994)
Total distributions to shareholders $(2,729,363) $(3,232,520) $(11,284,840)
Change in net assets from fund share transactions $(23,998,632) $15,517,451 $18,426,365
Total change in net assets $(29,881,627) $11,184,988 $(925,469)
Net assets      
At beginning of period 135,008,881 117,720,404 407,125,315
At end of period $105,127,254 $128,905,392 $406,199,846
See Notes to Financial Statements
66
Financial Statements
Financial Highlights
MFS ALABAMA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.41 $9.89 $10.46 $10.18 $10.15
Income (loss) from investment operations          
Net investment income (loss) (d) $0.27 $0.22 $0.16 $0.22 $0.27
Net realized and unrealized gain (loss) 0.05 (0.47) (0.57) 0.28 0.02
Total from investment operations $0.32 $(0.25) $(0.41) $0.50 $0.29
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.23) $(0.16) $(0.22) $(0.26)
Net asset value, end of period (x) $9.45 $9.41 $9.89 $10.46 $10.18
Total return (%) (r)(s)(t)(x) 3.50 (2.52) (4.00) 4.91 2.89
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.09 1.05 0.99 1.01 1.04
Expenses after expense reductions (f) 0.90 0.90 0.90 0.90 0.90
Net investment income (loss) 2.95 2.33 1.52 2.07 2.56
Portfolio turnover 24 30 10 25 30
Net assets at end of period (000 omitted) $46,630 $46,256 $62,260 $61,257 $53,321
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.41 $9.90 $10.47 $10.18 $10.15
Income (loss) from investment operations          
Net investment income (loss) (d) $0.20 $0.15 $0.08 $0.15 $0.19
Net realized and unrealized gain (loss) 0.06 (0.48) (0.57) 0.28 0.03
Total from investment operations $0.26 $(0.33) $(0.49) $0.43 $0.22
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.16) $(0.08) $(0.14) $(0.19)
Net asset value, end of period (x) $9.46 $9.41 $9.90 $10.47 $10.18
Total return (%) (r)(s)(t)(x) 2.84 (3.35) (4.71) 4.24 2.13
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.85 1.80 1.74 1.77 1.80
Expenses after expense reductions (f) 1.65 1.65 1.65 1.65 1.65
Net investment income (loss) 2.20 1.60 0.77 1.44 1.86
Portfolio turnover 24 30 10 25 30
Net assets at end of period (000 omitted) $54 $59 $61 $64 $176
See Notes to Financial Statements
67
Financial Highlights − continued
MFS ALABAMA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.97 $9.43 $9.97 $9.70 $9.67
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.18 $0.23 $0.27
Net realized and unrealized gain (loss) 0.05 (0.45) (0.54) 0.27 0.04
Total from investment operations $0.33 $(0.22) $(0.36) $0.50 $0.31
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.24) $(0.18) $(0.23) $(0.28)
Net asset value, end of period (x) $9.01 $8.97 $9.43 $9.97 $9.70
Total return (%) (r)(s)(t)(x) 3.78 (2.31) (3.73) 5.21 3.15
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.84 0.80 0.74 0.76 0.79
Expenses after expense reductions (f) 0.65 0.65 0.65 0.65 0.65
Net investment income (loss) 3.20 2.57 1.77 2.31 2.77
Portfolio turnover 24 30 10 25 30
Net assets at end of period (000 omitted) $17,204 $20,064 $30,262 $29,971 $22,796
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.97 $9.43 $9.97 $9.70 $9.67
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.24 $0.18 $0.23 $0.28
Net realized and unrealized gain (loss) 0.04 (0.46) (0.54) 0.28 0.03
Total from investment operations $0.33 $(0.22) $(0.36) $0.51 $0.31
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.24) $(0.18) $(0.24) $(0.28)
Net asset value, end of period (x) $9.01 $8.97 $9.43 $9.97 $9.70
Total return (%) (r)(s)(t)(x) 3.85 (2.24) (3.66) 5.28 3.23
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.77 0.73 0.67 0.69 0.71
Expenses after expense reductions (f) 0.58 0.58 0.58 0.58 0.57
Net investment income (loss) 3.27 2.63 1.83 2.35 2.85
Portfolio turnover 24 30 10 25 30
Net assets at end of period (000 omitted) $3,386 $3,314 $5,020 $3,867 $2,100
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
68
Financial Highlights − continued
MFS ARKANSAS MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.12 $9.54 $10.07 $9.75 $9.80
Income (loss) from investment operations          
Net investment income (loss) (d) $0.27 $0.24 $0.22 $0.25 $0.27
Net realized and unrealized gain (loss) (0.03) (0.41) (0.54) 0.32 (0.05)
Total from investment operations $0.24 $(0.17) $(0.32) $0.57 $0.22
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.25) $(0.21) $(0.25) $(0.27)
Net asset value, end of period (x) $9.09 $9.12 $9.54 $10.07 $9.75
Total return (%) (r)(s)(t)(x) 2.77 (1.73) (3.22) 5.85 2.27
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.95 0.93 0.91 0.91 0.92
Expenses after expense reductions (f) 0.70 0.70 0.71 0.75 0.76
Net investment income (loss) 3.01 2.63 2.15 2.47 2.77
Portfolio turnover 16 26 17 22 20
Net assets at end of period (000 omitted) $120,174 $124,509 $128,341 $133,754 $123,979
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.13 $9.55 $10.08 $9.76 $9.81
Income (loss) from investment operations          
Net investment income (loss) (d) $0.20 $0.17 $0.14 $0.18 $0.20
Net realized and unrealized gain (loss) (0.02) (0.41) (0.53) 0.31 (0.05)
Total from investment operations $0.18 $(0.24) $(0.39) $0.49 $0.15
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.18) $(0.14) $(0.17) $(0.20)
Net asset value, end of period (x) $9.10 $9.13 $9.55 $10.08 $9.76
Total return (%) (r)(s)(t)(x) 2.01 (2.46) (3.94) 5.07 1.51
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.70 1.68 1.66 1.66 1.67
Expenses after expense reductions (f) 1.45 1.45 1.46 1.50 1.51
Net investment income (loss) 2.26 1.87 1.41 1.79 2.03
Portfolio turnover 16 26 17 22 20
Net assets at end of period (000 omitted) $136 $295 $480 $610 $1,587
See Notes to Financial Statements
69
Financial Highlights − continued
MFS ARKANSAS MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.05 $9.47 $9.99 $9.68 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.24 $0.22 $0.25 $0.28
Net realized and unrealized gain (loss) (0.02) (0.40) (0.52) 0.31 (0.05)
Total from investment operations $0.26 $(0.16) $(0.30) $0.56 $0.23
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.26) $(0.22) $(0.25) $(0.28)
Net asset value, end of period (x) $9.03 $9.05 $9.47 $9.99 $9.68
Total return (%) (r)(s)(t)(x) 2.98 (1.67) (3.07) 5.88 2.36
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.70 0.68 0.66 0.66 0.67
Expenses after expense reductions (f) 0.60 0.60 0.61 0.65 0.66
Net investment income (loss) 3.10 2.68 2.25 2.56 2.86
Portfolio turnover 16 26 17 22 20
Net assets at end of period (000 omitted) $20,175 $18,194 $36,162 $34,603 $29,078
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.05 $9.47 $9.99 $9.68 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.25 $0.23 $0.26 $0.29
Net realized and unrealized gain (loss) (0.02) (0.41) (0.52) 0.31 (0.05)
Total from investment operations $0.26 $(0.16) $(0.29) $0.57 $0.24
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.26) $(0.23) $(0.26) $(0.29)
Net asset value, end of period (x) $9.02 $9.05 $9.47 $9.99 $9.68
Total return (%) (r)(s)(t)(x) 2.94 (1.60) (3.00) 5.95 2.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.62 0.61 0.58 0.58 0.59
Expenses after expense reductions (f) 0.53 0.53 0.54 0.57 0.58
Net investment income (loss) 3.18 2.79 2.31 2.58 2.92
Portfolio turnover 16 26 17 22 20
Net assets at end of period (000 omitted) $6,015 $5,290 $5,856 $3,971 $1,538
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
70
Financial Highlights − continued
MFS CALIFORNIA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $5.53 $5.87 $6.24 $5.97 $6.04
Income (loss) from investment operations          
Net investment income (loss) (d) $0.18 $0.17 $0.14 $0.15 $0.18
Net realized and unrealized gain (loss) 0.06 (0.34) (0.37) 0.28 (0.07)
Total from investment operations $0.24 $(0.17) $(0.23) $0.43 $0.11
Less distributions declared to shareholders          
From net investment income $(0.19) $(0.17) $(0.14) $(0.16) $(0.18)
Net asset value, end of period (x) $5.58 $5.53 $5.87 $6.24 $5.97
Total return (%) (r)(s)(t)(x) 4.49 (2.83) (3.82) 7.24 1.76
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.85 0.86 0.84 0.84 0.86
Expenses after expense reductions (f) 0.69 0.70 0.68 0.68 0.70
Net investment income (loss) 3.36 3.00 2.22 2.50 2.94
Portfolio turnover 23 36 25 31 22
Net assets at end of period (000 omitted) $370,354 $303,141 $362,465 $396,643 $374,941
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $5.53 $5.87 $6.24 $5.97 $6.04
Income (loss) from investment operations          
Net investment income (loss) (d) $0.14 $0.12 $0.09 $0.11 $0.14
Net realized and unrealized gain (loss) 0.06 (0.33) (0.37) 0.27 (0.08)
Total from investment operations $0.20 $(0.21) $(0.28) $0.38 $0.06
Less distributions declared to shareholders          
From net investment income $(0.15) $(0.13) $(0.09) $(0.11) $(0.13)
Net asset value, end of period (x) $5.58 $5.53 $5.87 $6.24 $5.97
Total return (%) (r)(s)(t)(x) 3.72 (3.55) (4.54) 6.45 1.00
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.61 1.61 1.59 1.59 1.61
Expenses after expense reductions (f) 1.44 1.45 1.43 1.43 1.45
Net investment income (loss) 2.61 2.23 1.48 1.78 2.22
Portfolio turnover 23 36 25 31 22
Net assets at end of period (000 omitted) $226 $247 $451 $627 $1,033
See Notes to Financial Statements
71
Financial Highlights − continued
MFS CALIFORNIA MUNICIPAL BOND FUND − continued
  Year ended
Class C 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $5.55 $5.88 $6.26 $5.99 $6.06
Income (loss) from investment operations          
Net investment income (loss) (d) $0.13 $0.12 $0.08 $0.10 $0.13
Net realized and unrealized gain (loss) 0.06 (0.33) (0.38) 0.27 (0.08)
Total from investment operations $0.19 $(0.21) $(0.30) $0.37 $0.05
Less distributions declared to shareholders          
From net investment income $(0.14) $(0.12) $(0.08) $(0.10) $(0.12)
Net asset value, end of period (x) $5.60 $5.55 $5.88 $6.26 $5.99
Total return (%) (r)(s)(t)(x) 3.56 (3.51) (4.83) 6.27 0.85
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.61 1.61 1.59 1.59 1.61
Expenses after expense reductions (f) 1.59 1.60 1.58 1.58 1.60
Net investment income (loss) 2.45 2.08 1.33 1.62 2.05
Portfolio turnover 23 36 25 31 22
Net assets at end of period (000 omitted) $10,808 $11,377 $16,767 $21,410 $25,552
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.00 $9.55 $10.16 $9.71 $9.83
Income (loss) from investment operations          
Net investment income (loss) (d) $0.31 $0.28 $0.24 $0.26 $0.31
Net realized and unrealized gain (loss) 0.10 (0.54) (0.61) 0.46 (0.13)
Total from investment operations $0.41 $(0.26) $(0.37) $0.72 $0.18
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.29) $(0.24) $(0.27) $(0.30)
Net asset value, end of period (x) $9.09 $9.00 $9.55 $10.16 $9.71
Total return (%) (r)(s)(t)(x) 4.70 (2.70) (3.80) 7.46 1.79
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.60 0.61 0.59 0.59 0.61
Expenses after expense reductions (f) 0.59 0.59 0.58 0.58 0.60
Net investment income (loss) 3.46 3.08 2.32 2.60 3.04
Portfolio turnover 23 36 25 31 22
Net assets at end of period (000 omitted) $133,604 $124,323 $153,882 $157,366 $128,914
See Notes to Financial Statements
72
Financial Highlights − continued
MFS CALIFORNIA MUNICIPAL BOND FUND − continued
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.00 $9.54 $10.16 $9.71 $9.82
Income (loss) from investment operations          
Net investment income (loss) (d) $0.31 $0.29 $0.24 $0.27 $0.31
Net realized and unrealized gain (loss) 0.10 (0.54) (0.62) 0.45 (0.11)
Total from investment operations $0.41 $(0.25) $(0.38) $0.72 $0.20
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.29) $(0.24) $(0.27) $(0.31)
Net asset value, end of period (x) $9.08 $9.00 $9.54 $10.16 $9.71
Total return (%) (r)(s)(t)(x) 4.65 (2.52) (3.83) 7.54 1.97
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.54 0.53 0.52 0.52 0.53
Expenses after expense reductions (f) 0.52 0.52 0.50 0.51 0.52
Net investment income (loss) 3.52 3.18 2.39 2.66 3.10
Portfolio turnover 23 36 25 31 22
Net assets at end of period (000 omitted) $72,646 $56,005 $53,240 $40,556 $28,396
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
73
Financial Highlights − continued
MFS GEORGIA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.02 $10.45 $11.06 $10.70 $10.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.17 $0.21 $0.26
Net realized and unrealized gain (loss) 0.04 (0.43) (0.61) 0.36 (0.02)
Total from investment operations $0.32 $(0.20) $(0.44) $0.57 $0.24
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.23) $(0.17) $(0.21) $(0.27)
Net asset value, end of period (x) $10.06 $10.02 $10.45 $11.06 $10.70
Total return (%) (r)(s)(t)(x) 3.32 (1.82) (4.08) 5.38 2.17
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.98 0.96 0.91 0.92 0.95
Expenses after expense reductions (f) 0.90 0.90 0.90 0.90 0.90
Net investment income (loss) 2.78 2.29 1.53 1.94 2.39
Portfolio turnover 16 30 12 22 28
Net assets at end of period (000 omitted) $77,277 $80,018 $99,895 $108,346 $95,352
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.06 $10.48 $11.10 $10.74 $10.77
Income (loss) from investment operations          
Net investment income (loss) (d) $0.20 $0.15 $0.09 $0.14 $0.19
Net realized and unrealized gain (loss) 0.05 (0.41) (0.63) 0.35 (0.03)
Total from investment operations $0.25 $(0.26) $(0.54) $0.49 $0.16
Less distributions declared to shareholders          
From net investment income $(0.21) $(0.16) $(0.08) $(0.13) $(0.19)
Net asset value, end of period (x) $10.10 $10.06 $10.48 $11.10 $10.74
Total return (%) (r)(s)(t)(x) 2.55 (2.45) (4.87) 4.61 1.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.73 1.71 1.66 1.68 1.71
Expenses after expense reductions (f) 1.65 1.65 1.65 1.63 1.63
Net investment income (loss) 2.04 1.52 0.77 1.29 1.72
Portfolio turnover 16 30 12 22 28
Net assets at end of period (000 omitted) $52 $30 $40 $66 $261
See Notes to Financial Statements
74
Financial Highlights − continued
MFS GEORGIA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.08 $9.47 $10.03 $9.70 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.27 $0.23 $0.18 $0.21 $0.26
Net realized and unrealized gain (loss) 0.06 (0.39) (0.56) 0.34 (0.02)
Total from investment operations $0.33 $(0.16) $(0.38) $0.55 $0.24
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.23) $(0.18) $(0.22) $(0.27)
Net asset value, end of period (x) $9.13 $9.08 $9.47 $10.03 $9.70
Total return (%) (r)(s)(t)(x) 3.73 (1.58) (3.91) 5.68 2.39
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.73 0.71 0.66 0.67 0.70
Expenses after expense reductions (f) 0.65 0.65 0.65 0.65 0.65
Net investment income (loss) 3.03 2.54 1.78 2.16 2.64
Portfolio turnover 16 30 12 22 28
Net assets at end of period (000 omitted) $14,744 $12,077 $14,154 $15,012 $9,345
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.09 $9.48 $10.03 $9.70 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.18 $0.22 $0.27
Net realized and unrealized gain (loss) 0.04 (0.38) (0.55) 0.33 (0.03)
Total from investment operations $0.32 $(0.15) $(0.37) $0.55 $0.24
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.24) $(0.18) $(0.22) $(0.27)
Net asset value, end of period (x) $9.13 $9.09 $9.48 $10.03 $9.70
Total return (%) (r)(s)(t)(x) 3.66 (1.52) (3.76) 5.72 2.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.68 0.66 0.62 0.62 0.65
Expenses after expense reductions (f) 0.60 0.60 0.60 0.60 0.60
Net investment income (loss) 3.08 2.55 1.82 2.20 2.68
Portfolio turnover 16 30 12 22 28
Net assets at end of period (000 omitted) $15,191 $13,001 $20,920 $17,956 $11,022
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
75
Financial Highlights − continued
MFS MARYLAND MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.00 $10.47 $11.04 $10.62 $10.76
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.25 $0.20 $0.26 $0.31
Net realized and unrealized gain (loss) 0.04(g) (0.46) (0.57) 0.42 (0.14)
Total from investment operations $0.34 $(0.21) $(0.37) $0.68 $0.17
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.26) $(0.20) $(0.26) $(0.31)
Net asset value, end of period (x) $10.03 $10.00 $10.47 $11.04 $10.62
Total return (%) (r)(s)(t)(x) 3.54 (1.96) (3.45) 6.51 1.57
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.98 0.98 0.97 0.98 0.99
Expenses after expense reductions (f) 0.83 0.83 0.83 0.83 0.82
Net investment income (loss) 3.09 2.52 1.79 2.42 2.85
Portfolio turnover 25 41 16 27 27
Net assets at end of period (000 omitted) $72,144 $92,970 $80,515 $82,725 $83,852
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.99 $10.47 $11.04 $10.62 $10.75
Income (loss) from investment operations          
Net investment income (loss) (d) $0.23 $0.17 $0.12 $0.18 $0.23
Net realized and unrealized gain (loss) 0.04(g) (0.46) (0.57) 0.42 (0.13)
Total from investment operations $0.27 $(0.29) $(0.45) $0.60 $0.10
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.19) $(0.12) $(0.18) $(0.23)
Net asset value, end of period (x) $10.02 $9.99 $10.47 $11.04 $10.62
Total return (%) (r)(s)(t)(x) 2.78 (2.78) (4.17) 5.71 0.91
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.74 1.74 1.72 1.73 1.74
Expenses after expense reductions (f) 1.58 1.58 1.58 1.58 1.58
Net investment income (loss) 2.34 1.70 1.04 1.69 2.12
Portfolio turnover 25 41 16 27 27
Net assets at end of period (000 omitted) $186 $257 $576 $656 $1,040
See Notes to Financial Statements
76
Financial Highlights − continued
MFS MARYLAND MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.02 $9.45 $9.96 $9.58 $9.70
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.25 $0.20 $0.26 $0.30
Net realized and unrealized gain (loss) 0.02(g) (0.42) (0.51) 0.38 (0.11)
Total from investment operations $0.32 $(0.17) $(0.31) $0.64 $0.19
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.26) $(0.20) $(0.26) $(0.31)
Net asset value, end of period (x) $9.04 $9.02 $9.45 $9.96 $9.58
Total return (%) (r)(s)(t)(x) 3.71 (1.77) (3.17) 6.78 1.88
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.74 0.73 0.72 0.73 0.74
Expenses after expense reductions (f) 0.58 0.58 0.58 0.58 0.58
Net investment income (loss) 3.34 2.74 2.03 2.64 3.07
Portfolio turnover 25 41 16 27 27
Net assets at end of period (000 omitted) $36,000 $27,697 $27,736 $26,243 $18,140
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.02 $9.45 $9.96 $9.58 $9.70
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.25 $0.21 $0.26 $0.30
Net realized and unrealized gain (loss) 0.04(g) (0.42) (0.51) 0.39 (0.11)
Total from investment operations $0.34 $(0.17) $(0.30) $0.65 $0.19
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.26) $(0.21) $(0.27) $(0.31)
Net asset value, end of period (x) $9.05 $9.02 $9.45 $9.96 $9.58
Total return (%) (r)(s)(t)(x) 3.90 (1.70) (3.10) 6.84 1.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.67 0.66 0.65 0.66 0.68
Expenses after expense reductions (f) 0.51 0.51 0.51 0.52 0.52
Net investment income (loss) 3.41 2.80 2.09 2.67 3.10
Portfolio turnover 25 41 16 27 27
Net assets at end of period (000 omitted) $11,506 $7,982 $8,893 $6,155 $2,837
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
77
Financial Highlights − continued
MFS MASSACHUSETTS MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.17 $10.67 $11.30 $10.90 $11.04
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.24 $0.21 $0.27 $0.33
Net realized and unrealized gain (loss) 0.05(g) (0.47) (0.63) 0.39 (0.15)
Total from investment operations $0.34 $(0.23) $(0.42) $0.66 $0.18
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.27) $(0.21) $(0.26) $(0.32)
Net asset value, end of period (x) $10.21 $10.17 $10.67 $11.30 $10.90
Total return (%) (r)(s)(t)(x) 3.48 (2.11) (3.83) 6.16 1.61
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.87 0.87 0.86 0.86 0.87
Expenses after expense reductions (f) 0.82 0.83 0.85 0.84 0.83
Net investment income (loss) 2.94 2.42 1.87 2.39 2.91
Portfolio turnover 17 36 17 26 29
Net assets at end of period (000 omitted) $184,765 $246,509 $216,458 $216,177 $226,471
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.18 $10.69 $11.32 $10.92 $11.06
Income (loss) from investment operations          
Net investment income (loss) (d) $0.22 $0.17 $0.13 $0.19 $0.25
Net realized and unrealized gain (loss) 0.06(g) (0.49) (0.64) 0.39 (0.15)
Total from investment operations $0.28 $(0.32) $(0.51) $0.58 $0.10
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.19) $(0.12) $(0.18) $(0.24)
Net asset value, end of period (x) $10.23 $10.18 $10.69 $11.32 $10.92
Total return (%) (r)(s)(t)(x) 2.81 (2.91) (4.54) 5.36 0.84
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.62 1.62 1.61 1.61 1.62
Expenses after expense reductions (f) 1.57 1.58 1.60 1.60 1.60
Net investment income (loss) 2.18 1.68 1.12 1.67 2.19
Portfolio turnover 17 36 17 26 29
Net assets at end of period (000 omitted) $152 $267 $347 $470 $1,081
See Notes to Financial Statements
78
Financial Highlights − continued
MFS MASSACHUSETTS MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.90 $9.34 $9.89 $9.54 $9.66
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.24 $0.21 $0.25 $0.30
Net realized and unrealized gain (loss) 0.05(g) (0.42) (0.55) 0.36 (0.12)
Total from investment operations $0.33 $(0.18) $(0.34) $0.61 $0.18
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.26) $(0.21) $(0.26) $(0.30)
Net asset value, end of period (x) $8.94 $8.90 $9.34 $9.89 $9.54
Total return (%) (r)(s)(t)(x) 3.79 (1.89) (3.58) 6.41 1.86
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.62 0.62 0.61 0.61 0.62
Expenses after expense reductions (f) 0.57 0.58 0.60 0.60 0.60
Net investment income (loss) 3.20 2.67 2.11 2.60 3.10
Portfolio turnover 17 36 17 26 29
Net assets at end of period (000 omitted) $158,704 $150,099 $179,551 $168,647 $124,875
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.90 $9.34 $9.90 $9.55 $9.67
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.24 $0.22 $0.26 $0.31
Net realized and unrealized gain (loss) 0.04(g) (0.41) (0.57) 0.35 (0.12)
Total from investment operations $0.33 $(0.17) $(0.35) $0.61 $0.19
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.27) $(0.21) $(0.26) $(0.31)
Net asset value, end of period (x) $8.94 $8.90 $9.34 $9.90 $9.55
Total return (%) (r)(s)(t)(x) 3.87 (1.81) (3.60) 6.48 1.93
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.55 0.54 0.54 0.54 0.55
Expenses after expense reductions (f) 0.50 0.51 0.52 0.53 0.53
Net investment income (loss) 3.27 2.76 2.18 2.67 3.15
Portfolio turnover 17 36 17 26 29
Net assets at end of period (000 omitted) $10,600 $9,326 $10,769 $9,628 $6,636
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(g) The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
79
Notes to Financial Statements 
(1)  Business and Organization
MFS Alabama Municipal Bond Fund (Alabama Fund), MFS Arkansas Municipal Bond Fund (Arkansas Fund), MFS California Municipal Bond Fund (California Fund), MFS Georgia Municipal Bond Fund (Georgia Fund), MFS Maryland Municipal Bond Fund (Maryland Fund), and MFS Massachusetts Municipal Bond Fund (Massachusetts Fund) are each a diversified series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
Each 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.
(2)  Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region or state where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the funds and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the funds could be taxable to shareholders.
Balance Sheet Offsetting — Each fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between each fund and the applicable counterparty. Each fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to each fund, have been included in each fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each 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 each 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 each 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 each 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 each 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
80
Notes to Financial Statements  - continued
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 each 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 each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in determining the value of each 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. Each 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 March 31, 2024 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
Alabama Fund        
Financial Instruments        
Municipal Bonds $— $66,586,632 $— $66,586,632
U.S. Corporate Bonds — 185,302 — 185,302
Mutual Funds 873,869 — — 873,869
Total $873,869 $66,771,934 $— $67,645,803
Arkansas Fund        
Financial Instruments        
Municipal Bonds $— $145,454,269 $— $145,454,269
U.S. Corporate Bonds — 373,511 — 373,511
Mutual Funds 1,958,395 — — 1,958,395
Total $1,958,395 $145,827,780 $— $147,786,175
California Fund        
Financial Instruments        
Municipal Bonds $— $569,983,258 $— $569,983,258
U.S. Corporate Bonds — 1,391,945 — 1,391,945
Mutual Funds 6,019,447 — — 6,019,447
Total $6,019,447 $571,375,203 $— $577,394,650
Georgia Fund        
Financial Instruments        
Municipal Bonds $— $105,795,005 $— $105,795,005
U.S. Corporate Bonds — 306,366 — 306,366
Mutual Funds 1,809,049 — — 1,809,049
Total $1,809,049 $106,101,371 $— $107,910,420
Maryland Fund        
Financial Instruments        
Municipal Bonds $— $114,546,069 $— $114,546,069
U.S. Corporate Bonds — 269,523 — 269,523
Mutual Funds 3,006,145 — — 3,006,145
Total $3,006,145 $114,815,592 $— $117,821,737
81
Notes to Financial Statements  - continued
  Level 1 Level 2 Level 3 Total
Massachusetts Fund        
Financial Instruments        
Municipal Bonds $— $339,485,593 $— $339,485,593
U.S. Corporate Bonds — 889,813 — 889,813
Mutual Funds 9,318,999 — — 9,318,999
Total $9,318,999 $340,375,406 $— $349,694,405
For further information regarding security characteristics, see the Portfolio of Investments.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
Each fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Each fund may purchase or sell securities on a when-issued or delayed delivery basis.  In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statements of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly — Each fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by each fund. The amount of the credit, for the year ended March 31, 2024, is shown as a reduction of total expenses in the Statements of Operations.
Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
82
Notes to Financial Statements  - continued
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, and treating a portion of the proceeds from redemptions as a distribution for tax purposes, as applicable to each fund.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
Year ended 3/31/24 Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Ordinary income (including any short-term capital gains) $6,318 $40,149 $— $— $— $353,464
Tax-exempt income 2,056,581 4,427,463 18,372,917 3,038,662 3,942,683 11,257,917
Total distributions $2,062,899 $4,467,612 $18,372,917 $3,038,662 $3,942,683 $11,611,381
Year ended 3/31/23 Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Ordinary income (including any short-term capital gains) $52,208 $148,830 $502,450 $52,176 $137,919 $318,834
Tax-exempt income 1,897,347 4,109,211 15,052,551 2,677,187 3,094,601 10,966,006
Total distributions $1,949,555 $4,258,041 $15,555,001 $2,729,363 $3,232,520 $11,284,840
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 3/31/24 Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Cost of investments $69,693,067 $153,187,392 $582,596,751 $110,160,296 $120,200,302 $359,491,676
Gross appreciation 800,005 1,706,669 13,668,908 1,461,986 2,251,099 5,087,499
Gross depreciation (2,847,269) (7,107,886) (18,871,009) (3,711,862) (4,629,664) (14,884,770)
Net unrealized appreciation (depreciation) $(2,047,264) $(5,401,217) $(5,202,101) $(2,249,876) $(2,378,565) $(9,797,271)
Undistributed ordinary income 42,533 55,838 425,462 75,068 6,227 197,040
Undistributed tax-exempt income 265,802 630,987 1,831,008 353,351 436,587 913,624
Capital loss carryforwards (5,324,471) (8,926,201) (28,017,829) (7,186,977) (6,701,335) (21,533,879)
Other temporary differences (176,157) (381,167) (1,685,434) (263,967) (331,341) (938,661)
Total distributable earnings (loss) $(7,239,557) $(14,021,760) $(32,648,894) $(9,272,401) $(8,968,427) $(31,159,147)
As of March 31, 2024, each fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Short-Term $(1,208,670) $(3,024,615) $(8,777,054) $(2,280,933) $(2,837,984) $(10,730,435)
Long-Term (4,115,801) (5,901,586) (19,240,775) (4,906,044) (3,863,351) (10,803,444)
Total $(5,324,471) $(8,926,201) $(28,017,829) $(7,186,977) $(6,701,335) $(21,533,879)
Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. Each fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to
83
Notes to Financial Statements  - continued
differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Alabama Fund   Arkansas Fund   California Fund
  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23
Class A $1,358,672   $1,196,317   $3,698,614   $3,343,241   $11,263,989   $9,438,506
Class B 1,217   968   5,309   8,537   6,407   8,132
Class C —   —   —   —   281,913   286,297
Class I 592,871   648,692   584,798   763,784   4,570,255   4,140,478
Class R6 110,139   103,578   178,891   142,479   2,250,353   1,681,588
Total $2,062,899   $1,949,555   $4,467,612   $4,258,041   $18,372,917   $15,555,001
  Georgia Fund   Maryland Fund   Massachusetts Fund
  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23
Class A $2,226,713   $1,985,301   $2,562,005   $2,201,485   $6,468,980   $6,316,825
Class B 1,016   541   5,096   7,611   4,230   5,478
Class I 388,624   334,462   1,040,940   801,276   4,817,523   4,679,152
Class R6 422,309   409,059   334,642   222,148   320,648   283,385
Total $3,038,662   $2,729,363   $3,942,683   $3,232,520   $11,611,381   $11,284,840
(3)  Transactions with Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to each fund. The management fee is computed daily and paid monthly at an annual rate of 0.45% of each fund’s average daily net assets.
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the funds’ Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the funds' Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these management fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:
Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
$8,502 $18,524 $66,687 $13,234 $15,426 $47,356
The management fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.44% of each fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the following funds’ total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of these funds’ average daily net assets:
  Alabama
Fund 		Arkansas
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Class A 0.90% 0.70% 0.90% 0.83% 0.82%
Class B 1.65% 1.45% 1.65% 1.58% 1.57%
Class I 0.65% 0.60% 0.65% 0.58% 0.57%
Class R6 0.59% 0.53% 0.60% 0.53% 0.50%
These written agreements will continue until modified by the funds' Board of Trustees, but such agreements will continue at least until July 31, 2024. For the year ended March 31, 2024,these reductions amounted to $120,607 for the Alabama Fund, $120,718 for the Arkansas Fund, $68,604 for the Georgia Fund, $170,554 for the Maryland Fund, and $148,398 for the Massachusetts Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations.
84
Notes to Financial Statements  - continued
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended March 31, 2024, as its portion of the initial sales charge on sales of Class A shares of each fund:
Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
$2,379 $9,208 $5,355 $3,087 $1,827 $4,500
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
Distribution Plan Fee Table:
  Class A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Alabama Fund — 0.25% 0.25% 0.25% $112,900
Arkansas Fund — 0.25% 0.25% 0.10% 302,692
California Fund — 0.25% 0.25% 0.10% 807,167
Georgia Fund — 0.25% 0.25% 0.25% 194,744
Maryland Fund — 0.25% 0.25% 0.25% 202,374
Massachusetts Fund — 0.25% 0.25% 0.25% 537,145
  Class B
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Alabama Fund 0.75% 0.25% 1.00% 1.00% $536
Arkansas Fund 0.75% 0.25% 1.00% 0.85% 2,296
California Fund 0.75% 0.25% 1.00% 0.85% 2,330
Georgia Fund 0.75% 0.25% 1.00% 1.00% 480
Maryland Fund 0.75% 0.25% 1.00% 1.00% 2,101
Massachusetts Fund 0.75% 0.25% 1.00% 1.00% 1,874
  Class C
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
California Fund 0.75% 0.25% 1.00% 1.00% $108,676
85
Notes to Financial Statements  - continued
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Total Distribution and Service Fees $113,436 $304,988 $918,173 $195,224 $204,475 $539,019
(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended March 31, 2024, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Class A $— $— $69 $8 $208 $—
Arkansas Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these reductions amounted to $181,616 and $345 for Class A and Class B shares, respectively, and are included in the reduction of total expenses in the Statements of Operations.
California Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rate to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these reductions amounted to $484,303 and $350 for Class A and Class B shares, respectively, and are included in the reduction of total expenses in the Statements of Operations.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2024, were as follows:
CDSC Imposed Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Class A $70 $3,105 $15,718 $417 $— $34,505
Class B — — 1 — 552 —
Class C N/A N/A 304 N/A N/A N/A
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended March 31, 2024, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Expenses paid $1,942 $2,193 $14,909 $2,936 $8,945 $18,232
Annual percentage of average daily net assets 0.0029% 0.0015% 0.0029% 0.0028% 0.0074% 0.0049%
MFSC also receives reimbursement from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
$46,964 $104,728 $319,318 $50,067 $81,006 $271,580
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended March 31, 2024 was equivalent to the following annual effective rates of each fund's average daily net assets:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Percentage of average daily net assets 0.0298% 0.0214% 0.0163% 0.0243% 0.0228% 0.0171%
86
Notes to Financial Statements  - continued
Trustees’ and Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The funds do not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Prior to December 31, 2001, each fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The Alabama Fund, the Arkansas Fund, and the Georgia Fund no longer participate in the DB plan. The DB plan resulted in a pension expense for the following funds. These amounts are included in “Independent Trustees’ compensation” in the Statements of Operations for the year ended March 31, 2024:
California
Fund 		Maryland
Fund 		Massachusetts
Fund
$463 $289 $293
The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at March 31, 2024, and is included in “Payable for independent Trustees’ compensation” in the Statements of Assets and Liabilities. The deferred retirement benefits compensation fee is accrued daily and paid monthly:
California
Fund 		Maryland
Fund 		Massachusetts
Fund
$3,516 $2,114 $2,108
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
MFS purchased or redeemed the following fund shares:
Fund Date Transaction Class Shares Amount
Alabama Fund 8/03/2022 Redemption Class I 17 $157
Alabama Fund 6/23/2023 Purchase Class B 1,480 13,850
Alabama Fund 6/23/2023 Redemption Class R6 6,014 53,645
Alabama Fund 2/29/2024 Purchase Class B 4,215 40,000
Arkansas Fund 8/03/2022 Redemption Class I 15 139
California Fund 8/03/2022 Redemption Class I 17 158
California Fund 8/03/2022 Redemption Class R6 21 195
Georgia Fund 8/03/2022 Purchase Class B 1,164 12,000
Georgia Fund 8/03/2022 Redemption Class I 15 140
Georgia Fund 6/23/2023 Purchase Class B 3,011 30,229
Maryland Fund 8/03/2022 Redemption Class I 18 167
Massachusetts Fund 8/03/2022 Redemption Class I 17 156
At March 31, 2024, MFS held 100% of the outstanding shares of Class B of the Alabama Fund.
At March 31, 2024, MFS held approximately 83% of the outstanding shares of Class B of the Georgia Fund.
(4)  Portfolio Securities
For the year ended March 31, 2024, purchases and sales of investments, other than short-term obligations, were as follows:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Purchases $15,870,263 $26,804,063 $186,489,212 $18,546,238 $28,915,211 $61,712,546
Sales $16,842,134 $23,351,466 $115,305,800 $15,538,474 $34,059,275 $112,662,843
87
Notes to Financial Statements  - continued
(5)  Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Alabama Fund   Arkansas Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     988,232 $   9,240,440       720,833 $   6,708,346     1,575,777 $  14,152,344     3,303,159 $  29,808,552
Class B       5,782        54,657            76           702            —           —            —           —
Class I     342,476     3,031,395       613,013     5,470,610       676,851     6,028,212       674,905     6,096,372
Class R6     143,774    1,276,374       143,020    1,275,915       237,127    2,107,654       320,125    2,867,747
    1,480,264   $13,602,866     1,476,942   $13,455,573     2,489,755   $22,288,210     4,298,189   $38,772,671
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     132,933 $   1,231,630       115,455 $   1,076,800       392,617 $   3,508,570       349,867 $   3,157,324
Class B          38           353            28           264           594         5,309           944         8,522
Class I      47,871       422,447        55,624       494,696        59,699       529,968        79,799       715,294
Class R6      12,448      109,867        11,645      103,578        20,078      178,150        15,828      141,901
      193,290    $1,764,297       182,752    $1,675,338       472,988    $4,221,997       446,438    $4,023,041
Shares reacquired                      
Class A  (1,104,043) $ (10,227,567)    (2,213,039) $ (20,790,052)    (2,404,232) $ (21,466,477)    (3,449,128) $ (31,234,404)
Class B      (6,372)       (60,316)            —           —       (17,877)      (160,941)       (18,905)      (170,457)
Class I    (717,970)    (6,231,868)    (1,640,622)  (14,541,559)      (510,896)    (4,542,167)    (2,562,893)  (22,914,159)
Class R6    (149,871)   (1,324,980)      (317,588)   (2,820,718)      (175,067)   (1,557,964)      (369,744)   (3,341,255)
   (1,978,256)  $(17,844,731)    (4,171,249)  $(38,152,329)    (3,108,072)  $(27,727,549)    (6,400,670)  $(57,660,275)
Net change                      
Class A      17,122 $     244,503    (1,376,751) $ (13,004,906)      (435,838) $  (3,805,563)       203,898 $   1,731,472
Class B        (552)        (5,306)           104           966       (17,283)      (155,632)       (17,961)      (161,935)
Class I    (327,623)    (2,778,026)      (971,985)   (8,576,253)       225,654     2,016,013    (1,808,189)  (16,102,493)
Class R6       6,351       61,261      (162,923)   (1,441,225)        82,138      727,840       (33,791)     (331,607)
     (304,702)   $(2,477,568)    (2,511,555)  $(23,021,418)      (145,329)   $(1,217,342)    (1,656,043)  $(14,864,563)
  California Fund   Georgia Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A  22,308,291 $ 120,605,983    16,913,905 $  92,715,220     1,047,490 $  10,439,500     1,092,737 $  10,834,589
Class B          —           —            —           —         3,012        30,229         1,164        12,000
Class C     352,127     1,947,773       251,403     1,391,500            —           —            —           —
Class I   7,574,511    66,397,658    12,846,155   115,742,704       598,567     5,334,277       683,449     6,167,535
Class R6   3,716,252   32,998,198     4,468,708   39,994,888       669,521    6,022,192       450,027    4,101,223
   33,951,181  $221,949,612    34,480,171  $249,844,312     2,318,590   $21,826,198     2,227,377   $21,115,347
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A   1,908,235 $  10,431,586     1,558,072 $   8,561,775       214,010 $   2,112,532       189,813 $   1,880,159
Class B       1,173         6,407         1,367         7,519            94           933            31           306
Class C      48,134       263,726        48,502       267,341            —           —            —           —
Class I     427,680     3,802,165       344,502     3,082,155        32,137       288,096        25,607       229,581
Class R6     252,656    2,245,543       187,809    1,678,050        47,124      422,210        45,483      409,059
    2,637,878   $16,749,427     2,140,252   $13,596,840       293,365    $2,823,771       260,934    $2,519,105
88
Notes to Financial Statements  - continued
  California Fund − continued   Georgia Fund − continued
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares reacquired                      
Class A (12,691,471) $ (69,104,206)   (25,454,457) $(140,562,940)    (1,570,576) $ (15,482,841)    (2,859,001) $ (28,365,428)
Class B      (5,310)       (29,167)       (33,615)     (186,760)          (978)        (9,522)        (1,982)       (20,040)
Class C    (520,893)    (2,847,248)    (1,098,697)   (6,076,143)            —           —            —           —
Class I  (7,109,527)   (61,708,349)   (15,497,036) (139,289,274)      (344,606)    (3,084,624)      (874,048)    (7,800,232)
Class R6  (2,194,778)  (19,311,501)    (4,010,627)  (35,884,924)      (483,520)   (4,318,895)    (1,272,812)  (11,447,384)
  (22,521,979) $(153,000,471)   (46,094,432) $(322,000,041)    (2,399,680)  $(22,895,882)    (5,007,843)  $(47,633,084)
Net change                      
Class A  11,525,055 $  61,933,363    (6,982,480) $ (39,285,945)      (309,076) $  (2,930,809)    (1,576,451) $ (15,650,680)
Class B      (4,137)       (22,760)       (32,248)     (179,241)         2,128        21,640          (787)        (7,734)
Class C    (120,632)      (635,749)      (798,792)   (4,417,302)            —           —            —           —
Class I     892,664     8,491,474    (2,306,379)  (20,464,415)       286,098     2,537,749      (164,992)    (1,403,116)
Class R6   1,774,130   15,932,240       645,890    5,788,014       233,125    2,125,507      (777,302)   (6,937,102)
   14,067,080   $85,698,568    (9,474,009)  $(58,558,889)       212,275    $1,754,087    (2,519,532)  $(23,998,632)
  Maryland Fund   Massachusetts Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   1,184,678 $  11,682,124     5,929,738 $  57,645,267     2,192,665 $  21,964,400    24,299,659 $ 242,110,913
Class B          —           —            —           —            —           —         1,470        14,902
Class I   2,542,332    22,333,249     2,026,526    18,031,427     6,714,329    58,957,282    11,571,924  102,710,711
Class R6     519,351    4,629,071       436,181    3,903,263       389,749    3,425,536       374,602    3,315,322
    4,246,361   $38,644,444     8,392,445   $79,579,957     9,296,743   $84,347,218    36,247,655  $348,151,848
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     237,513 $   2,336,299       196,702 $   1,946,856       592,142 $   5,923,855       583,760 $   5,877,136
Class B         513         5,043           760         7,534           418         4,193           542         5,466
Class I      98,728       877,759        74,108       662,159       470,840     4,127,613       439,024     3,870,082
Class R6      37,650      334,609        24,810      222,148        36,509      320,321        32,123      283,383
      374,404    $3,553,710       296,380    $2,838,697     1,099,909   $10,375,982     1,055,449   $10,036,067
Shares reacquired                      
Class A  (3,528,035) $ (33,839,275)    (4,512,798) $ (44,458,113)    (8,935,772) $ (87,068,846)   (20,925,299) $(208,558,550)
Class B      (7,666)       (74,215)       (30,068)     (295,257)       (11,732)      (117,296)        (8,248)       (83,468)
Class I  (1,732,205)   (14,914,654)    (1,964,610)  (17,545,627)    (6,294,350)   (54,756,928)   (14,371,267) (126,598,269)
Class R6    (170,224)   (1,504,745)      (517,057)   (4,602,206)      (288,221)   (2,526,263)      (511,978)   (4,521,263)
   (5,438,130)  $(50,332,889)    (7,024,533)  $(66,901,203)   (15,530,075) $(144,469,333)   (35,816,792) $(339,761,550)
Net change                      
Class A  (2,105,844) $ (19,820,852)     1,613,642 $  15,134,010    (6,150,965) $ (59,180,591)     3,958,120 $  39,429,499
Class B      (7,153)       (69,172)       (29,308)     (287,723)       (11,314)      (113,103)        (6,236)       (63,100)
Class I     908,855     8,296,354       136,024     1,147,959       890,819     8,327,967    (2,360,319)  (20,017,476)
Class R6     386,777    3,458,935       (56,066)     (476,795)       138,037    1,219,594      (105,253)     (922,558)
     (817,365)   $(8,134,735)     1,664,292   $15,517,451    (5,133,423)  $(49,746,133)     1,486,312   $18,426,365
Effective June 1, 2019, purchases of each fund’s Class B shares were closed to new and existing investors subject to certain exceptions.
89
Notes to Financial Statements  - continued
(6)  Line of Credit
Each fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31, 2024, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
  Alabama
Fund 		Arkansas
Fund 		California
Fund 		Georgia
Fund 		Maryland
Fund 		Massachusetts
Fund
Commitment Fee $321 $752 $2,562 $503 $633 $1,968
Interest Expense — — — — — —
(7)  Investments in Affiliated Issuers
An affiliated issuer of a fund 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, each fund assumes the MFS Institutional Money Market Portfolio to be an affiliated issuer. Each fund’s transactions in the MFS Institutional Money Market Portfolio for the year ended March 31, 2024, are as follows:
  Affiliated Issuer - MFS Institutional Money Market Portfolio
  Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
Alabama Fund $1,420,478 $22,219,132 $22,765,004 $(614) $(123) $873,869
Arkansas Fund 2,404,434 32,345,202 32,790,025 (1,313) 97 1,958,395
California Fund 9,269,803 175,795,540 179,039,114 (6,382) (400) 6,019,447
Georgia Fund 2,287,590 30,317,147 30,794,510 (1,131) (47) 1,809,049
Maryland Fund 2,575,767 41,813,218 41,383,443 536 67 3,006,145
Massachusetts Fund 8,411,492 111,198,642 110,288,167 (3,742) 774 9,318,999
  Dividend
Income 		Capital Gain
Distributions
Alabama Fund $80,126 $—
Arkansas Fund 107,849 —
California Fund 561,998 —
Georgia Fund 94,520 —
Maryland Fund 119,673 —
Massachusetts Fund 318,909 —
90
Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of MFS Municipal Series Trust and the Shareholders of MFS Alabama Municipal Bond Fund, MFS Arkansas Municipal Bond Fund, MFS California Municipal Bond Fund, MFS Georgia Municipal Bond Fund, MFS Maryland Municipal Bond Fund and MFS Massachusetts Municipal Bond Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of MFS Alabama Municipal Bond Fund, MFS Arkansas Municipal Bond Fund, MFS California Municipal Bond Fund, MFS Georgia Municipal Bond Fund, MFS Maryland Municipal Bond Fund and MFS Massachusetts Municipal Bond Fund (the “Funds”), including the portfolios of investments, as of March 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 15, 2024
We have served as the auditor of one or more of the MFS investment companies since 1924.
91
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
92
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
93
Trustees and Officers - continued
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116
Portfolio Manager(s)  
Michael Dawson  
94
Statement Regarding Liquidity Risk Management Program 
Each fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
95
Proxy Voting Policies and Information
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the fiscal year, the following percentages were designated as exempt interest dividends for federal income tax purposes. If each fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder’s alternative minimum tax.
  Exempt Interest
Dividends
Alabama Fund 99.69%
Arkansas Fund 99.10%
California Fund 100.00%
Georgia Fund 100.00%
Maryland Fund 100.00%
Massachusetts Fund 96.96%
The funds intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
96
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
 • Social Security number and account balances
 • Account transactions and transaction history
 • Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
Questions? Call 800-225-2606 or go to mfs.com.
97
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
 • open an account or provide account information
 • direct us to buy securities or direct us to sell your securities
 • make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
 • sharing for affiliates' everyday business purposes – information about your creditworthiness
 • affiliates from using your information to market to you
 • sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
 • MFS doesn't jointly market.
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
98
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Annual Report
March 31, 2024
MFS® Municipal Series Trust
For the states of:
Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia
MSTB-ANN
MFS® Municipal Series Trust
For the states of: Mississippi, New York, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition 
MFS Mississippi Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
General Obligations - General Purpose 18.2%
General Obligations - Schools 13.5%
Universities - Colleges 11.9%
Single Family Housing - State 11.6%
Water & Sewer Utility Revenue 8.8%
Composition including fixed income credit quality (a)(i)
AAA 12.8%
AA 52.6%
A 19.4%
BBB 8.4%
BB 0.9%
Not Rated 6.8%
Cash & Cash Equivalents (0.9)%
Portfolio facts
Average Duration (d) 7.3
Average Effective Maturity (m) 16.3 yrs.
Jurisdiction (i)
Mississippi 76.6%
Puerto Rico 5.3%
New York 3.0%
Massachusetts 2.8%
Illinois 2.0%
California 1.9%
Guam 1.5%
Virginia 1.1%
Alabama 1.0%
Texas 1.0%
South Carolina 0.8%
Arkansas 0.7%
Michigan 0.6%
Ohio 0.5%
New Jersey 0.5%
Pennsylvania 0.4%
Tennessee 0.4%
New Hampshire 0.3%
Colorado 0.2%
Iowa 0.1%
Wisconsin 0.1%
U.S. Virgin Islands 0.1%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
1
Portfolio Composition - continued
MFS New York Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Multi-Family Housing Revenue 16.5%
Healthcare Revenue - Hospitals 11.5%
Transportation - Special Tax 8.6%
Secondary Schools 6.1%
Airport Revenue 6.0%
Composition including fixed income credit quality (a)(i)
AAA 7.0%
AA 28.3%
A 21.2%
BBB 20.9%
BB 8.0%
B 1.2%
CCC 0.8%
C 0.7%
Not Rated 11.2%
Cash & Cash Equivalents 0.7%
Portfolio facts
Average Duration (d) 8.0
Average Effective Maturity (m) 19.6 yrs.
Jurisdiction (i)
New York 84.2%
Puerto Rico 5.3%
California 2.4%
Illinois 1.3%
Guam 1.2%
Alabama 1.1%
Colorado 0.8%
Ohio 0.5%
Wisconsin 0.5%
Tennessee 0.4%
Virginia 0.4%
New Hampshire 0.4%
Texas 0.2%
New Jersey 0.2%
Michigan 0.2%
Mississippi 0.1%
U.S. Virgin Islands 0.1%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
2
Portfolio Composition - continued
MFS North Carolina Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Universities - Colleges 12.7%
State & Local Agencies 12.3%
Healthcare Revenue - Hospitals 12.2%
Water & Sewer Utility Revenue 10.1%
Single Family Housing - State 9.9%
Composition including fixed income credit quality (a)(i)
AAA 4.6%
AA 48.3%
A 22.7%
BBB 12.3%
BB 1.2%
B 0.6%
Not Rated 9.7%
Cash & Cash Equivalents 0.6%
Portfolio facts
Average Duration (d) 7.6
Average Effective Maturity (m) 16.9 yrs.
Jurisdiction (i)
North Carolina 78.7%
Puerto Rico 3.8%
New York 2.7%
Illinois 2.2%
Alabama 1.4%
Texas 1.4%
California 1.3%
Pennsylvania 1.1%
Guam 1.1%
Virginia 1.0%
Maryland 0.7%
Tennessee 0.6%
New Jersey 0.6%
Ohio 0.5%
New Mexico 0.4%
South Carolina 0.4%
Georgia 0.4%
Wisconsin 0.3%
New Hampshire 0.3%
Michigan 0.3%
Connecticut 0.1%
Washington DC 0.1%
U.S. Virgin Islands (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
3
Portfolio Composition - continued
MFS Pennsylvania Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 15.6%
Universities - Colleges 14.0%
Water & Sewer Utility Revenue 8.9%
General Obligations - Schools 8.7%
Single Family Housing - State 7.9%
Composition including fixed income credit quality (a)(i)
AAA 1.8%
AA 29.3%
A 46.2%
BBB 11.1%
BB 3.5%
B 0.1%
CCC 1.2%
CC (o) 0.0%
Not Rated 6.9%
Cash & Cash Equivalents (0.1)%
Portfolio facts
Average Duration (d) 7.4
Average Effective Maturity (m) 16.6 yrs.
Jurisdiction (i)
Pennsylvania 85.1%
Puerto Rico 3.3%
Illinois 1.7%
Alabama 1.5%
New York 1.2%
California 1.1%
South Carolina 1.1%
Tennessee 0.9%
Guam 0.8%
Texas 0.7%
New Jersey 0.6%
Ohio 0.5%
New Mexico 0.4%
New Hampshire 0.3%
Wisconsin 0.3%
Virginia 0.2%
Colorado 0.2%
Michigan 0.1%
Nevada 0.1%
U.S. Virgin Islands (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
4
Portfolio Composition - continued
MFS South Carolina Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Water & Sewer Utility Revenue 15.5%
Healthcare Revenue - Hospitals 11.7%
Single Family Housing - State 9.0%
State & Local Agencies 8.6%
General Obligations - Schools 6.8%
Composition including fixed income credit quality (a)(i)
AAA 10.2%
AA 33.5%
A 39.1%
BBB 5.6%
BB 1.5%
CCC (o) 0.0%
CC (o) 0.0%
Not Rated 8.8%
Cash & Cash Equivalents 1.3%
Portfolio facts
Average Duration (d) 7.5
Average Effective Maturity (m) 17.4 yrs.
Jurisdiction (i)
South Carolina 77.7%
Puerto Rico 4.7%
Illinois 2.4%
New York 1.7%
Alabama 1.4%
Tennessee 1.1%
Pennsylvania 1.1%
Texas 1.0%
Virginia 1.0%
California 0.9%
Guam 0.8%
Maryland 0.8%
Arkansas 0.7%
North Carolina 0.7%
New Jersey 0.6%
Ohio 0.5%
Wisconsin 0.4%
New Hampshire 0.3%
Colorado 0.2%
Michigan 0.2%
Connecticut 0.1%
Washington DC 0.1%
U.S. Virgin Islands 0.1%
Indiana 0.1%
Nevada 0.1%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
5
Portfolio Composition - continued
MFS Virginia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 13.3%
Multi-Family Housing Revenue 12.1%
Universities - Colleges 9.6%
Water & Sewer Utility Revenue 8.9%
State & Local Agencies 8.9%
Composition including fixed income credit quality (a)(i)
AAA 15.5%
AA 48.2%
A 17.2%
BBB 8.6%
BB 2.1%
B 0.3%
CCC (o) 0.0%
CC 0.1%
Not Rated 7.6%
Cash & Cash Equivalents 0.4%
Portfolio facts
Average Duration (d) 7.0
Average Effective Maturity (m) 16.5 yrs.
Jurisdiction (i)
Virginia 75.7%
Washington DC 10.1%
Puerto Rico 4.3%
Illinois 1.7%
Texas 1.2%
Alabama 1.2%
New York 1.1%
Tennessee 0.7%
California 0.6%
New Jersey 0.5%
Guam 0.5%
South Carolina 0.4%
New Mexico 0.4%
Wisconsin 0.3%
New Hampshire 0.3%
Ohio 0.3%
Iowa 0.1%
Michigan 0.1%
Indiana 0.1%
U.S. Virgin Islands (o) 0.0%
Pennsylvania (o) 0.0%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
6
Portfolio Composition - continued
MFS West Virginia Municipal Bond Fund
Portfolio structure (i)
Top five industries (i)
Healthcare Revenue - Hospitals 14.2%
Single Family Housing - State 12.3%
Water & Sewer Utility Revenue 10.8%
State & Local Agencies 9.5%
Universities - Colleges 9.0%
Composition including fixed income credit quality (a)(i)
AAA 13.9%
AA 29.7%
A 34.5%
BBB 10.0%
BB 0.6%
B (o) 0.0%
CCC (o) 0.0%
Not Rated 10.4%
Cash & Cash Equivalents 0.9%
Portfolio facts
Average Duration (d) 6.9
Average Effective Maturity (m) 17.0 yrs.
Jurisdiction (i)
West Virginia 79.6%
Puerto Rico 4.6%
New Jersey 2.8%
Alabama 1.5%
Illinois 1.4%
California 1.3%
U.S. Virgin Islands 1.1%
Virginia 1.1%
Guam 1.0%
New York 0.8%
North Carolina 0.7%
Arkansas 0.7%
Ohio 0.6%
Michigan 0.4%
Tennessee 0.4%
New Hampshire 0.3%
Texas 0.3%
Wisconsin 0.2%
Pennsylvania 0.2%
Mississippi 0.1%
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statements of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
7
Management Review 
Summary of Results
For the twelve months ended March 31, 2024, the total return for the Class A shares, at net asset value, of the municipal bond funds of Mississippi, Pennsylvania, Virginia and West Virginia underperformed the return of the Bloomberg Municipal Bond Index, while the municipal bond funds of North Carolina, New York and South Carolina outperformed the same benchmark. The performance of the individual funds and the benchmark are set forth in the Performance Summary.
Market Environment
In response to the strongest inflationary episode in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work remains to be done before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense as the US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East has resulted in trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have telegraphed their intentions to begin cutting rates in the months ahead. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
Amid this eventful backdrop, the investment grade municipal market generated positive returns over the period. Securities in the lower-rated investment grade credit quality tiers and longer duration assets outperformed. Yields rose across the tax-exempt municipal curve, most notably in the short (within two years) segment. A positive for income-oriented investors, the yield (yield-to-worst) on the investment grade municipal index ended the period at 3.49%, well above its 5 and 10-year average.
Factors Affecting Performance
Across all funds, exposure to the power sector, for which the benchmark has no exposure, most notably within “D” and “CC” rated(r) securities, weakened performance relative to the Bloomberg Municipal Bond Index. A longer duration(d) stance also weighed on relative returns across all funds, as interest rates generally rose over the reporting period.
On the positive side, exposure to both the state and health care sectors contributed to relative performance across all funds. From a quality perspective, exposure to non-rated securities, which are not held in the benchmark, strengthened relative results. Additionally, favorable bond selection within “AA” rated debt issuers, across all funds except the municipal bond fund of Pennsylvania, also benefited relative returns.
Respectfully,
Portfolio Manager(s)
Michael Dawson
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
8
Performance Summary THROUGH 3/31/24
The following charts illustrate a representative class of each fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Each fund's results have been compared to the Bloomberg Municipal Bond Index, a market capitalization-weighted index that measures the performance of the tax-exempt bond market. However, while this index is considered the benchmark for the performance of municipal bond funds, it is comprised of municipal bonds issued within the 50 states and the District of Columbia as well as U.S. territories and possessions such as Guam, Puerto Rico, and the Virgin Islands, while each of the funds invests a large percentage of its assets in municipal issuers of the state that is in the fund’s name. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
MFS Mississippi Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 8/06/1992 2.42% 0.85% 2.08% N/A
B 9/07/1993 1.88% 0.20% 1.42% N/A
I 4/01/2016 2.64% 0.95% N/A 1.38%
R6 8/01/2017 2.70% 1.01% N/A 1.40%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.93)% (0.02)% 1.64% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(2.11)% (0.16)% 1.42% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
9
Performance Summary  - continued
MFS New York Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 6/06/1988 4.41% 1.04% 2.53% N/A
B 9/07/1993 3.64% 0.28% 1.77% N/A
C 12/11/2000 3.64% 0.28% 1.76% N/A
I 4/01/2016 4.66% 1.28% N/A 1.88%
R6 8/01/2017 4.97% 1.37% N/A 1.81%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(0.03)% 0.16% 2.09% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(0.36)% (0.08)% 1.77% N/A
C
With CDSC (1% for 12 months) (v) 		2.64% 0.28% 1.76% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
10
Performance Summary  - continued
MFS North Carolina Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 10/31/1984 3.23% 1.08% 2.22% N/A
B 9/07/1993 2.37% 0.33% 1.46% N/A
C 1/03/1994 2.37% 0.33% 1.45% N/A
I 4/01/2016 3.52% 1.34% N/A 1.73%
R6 8/01/2017 3.59% 1.41% N/A 1.75%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.16)% 0.21% 1.78% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.63)% (0.04)% 1.46% N/A
C
With CDSC (1% for 12 months) (v) 		1.37% 0.33% 1.45% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
11
Performance Summary  - continued
MFS Pennsylvania Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 2/01/1993 3.01% 1.25% 2.69% N/A
B 9/07/1993 2.24% 0.49% 1.91% N/A
I 4/01/2016 3.09% 1.34% N/A 1.95%
R6 8/01/2017 3.16% 1.41% N/A 1.91%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.37)% 0.38% 2.24% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.74)% 0.12% 1.91% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
12
Performance Summary  - continued
MFS South Carolina Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 10/31/1984 3.27% 0.83% 2.12% N/A
B 9/07/1993 2.50% 0.09% 1.37% N/A
I 4/01/2016 3.48% 1.07% N/A 1.55%
R6 8/01/2017 3.54% 1.13% N/A 1.57%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.12)% (0.04)% 1.67% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.50)% (0.29)% 1.37% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
13
Performance Summary  - continued
MFS Virginia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 10/31/1984 2.99% 1.03% 2.26% N/A
B 9/07/1993 2.23% 0.28% 1.49% N/A
C 1/03/1994 2.23% 0.28% 1.49% N/A
I 4/01/2016 3.24% 1.28% N/A 1.72%
R6 8/01/2017 3.33% 1.36% N/A 1.77%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.39)% 0.16% 1.81% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.77)% (0.09)% 1.49% N/A
C
With CDSC (1% for 12 months) (v) 		1.23% 0.28% 1.49% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
14
Performance Summary  - continued
MFS West Virginia Municipal Bond Fund
Growth of a Hypothetical $10,000 Investment
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 10/31/1984 3.08% 1.08% 2.19% N/A
B 9/07/1993 2.31% 0.33% 1.43% N/A
I 4/01/2016 3.22% 1.31% N/A 1.71%
R6 8/01/2017 3.30% 1.40% N/A 1.74%
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(1.30)% 0.21% 1.75% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(1.69)% (0.04)% 1.43% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods.
15
Performance Summary  - continued
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers each fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
A portion of the fund’s monthly distributions may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the funds may receive proceeds from litigation settlements, without which performance would be lower.
16
Expense Tables 
Fund expenses borne by the shareholders during the period, October 1, 2023 through March 31, 2024
As a shareholder of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2023 through March 31, 2024.
Actual Expenses
The first line for each share class in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following tables provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
MFS MISSISSIPPI MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.88% $1,000.00 $1,076.36 $4.57
Hypothetical (h) 0.88% $1,000.00 $1,020.60 $4.45
B Actual 1.53% $1,000.00 $1,072.82 $7.93
Hypothetical (h) 1.53% $1,000.00 $1,017.35 $7.72
I Actual 0.78% $1,000.00 $1,076.97 $4.05
Hypothetical (h) 0.78% $1,000.00 $1,021.10 $3.94
R6 Actual 0.72% $1,000.00 $1,077.27 $3.74
Hypothetical (h) 0.72% $1,000.00 $1,021.40 $3.64
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
17
Expense Tables - continued
MFS NEW YORK MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.83% $1,000.00 $1,096.20 $4.35
Hypothetical (h) 0.83% $1,000.00 $1,020.85 $4.19
B Actual 1.58% $1,000.00 $1,092.39 $8.26
Hypothetical (h) 1.58% $1,000.00 $1,017.10 $7.97
C Actual 1.58% $1,000.00 $1,091.17 $8.26
Hypothetical (h) 1.58% $1,000.00 $1,017.10 $7.97
I Actual 0.58% $1,000.00 $1,098.01 $3.04
Hypothetical (h) 0.58% $1,000.00 $1,022.10 $2.93
R6 Actual 0.52% $1,000.00 $1,098.26 $2.73
Hypothetical (h) 0.52% $1,000.00 $1,022.40 $2.63
MFS NORTH CAROLINA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.84% $1,000.00 $1,080.33 $4.37
Hypothetical (h) 0.84% $1,000.00 $1,020.80 $4.24
B Actual 1.59% $1,000.00 $1,076.49 $8.25
Hypothetical (h) 1.59% $1,000.00 $1,017.05 $8.02
C Actual 1.59% $1,000.00 $1,076.42 $8.25
Hypothetical (h) 1.59% $1,000.00 $1,017.05 $8.02
I Actual 0.59% $1,000.00 $1,082.68 $3.07
Hypothetical (h) 0.59% $1,000.00 $1,022.05 $2.98
R6 Actual 0.52% $1,000.00 $1,083.05 $2.71
Hypothetical (h) 0.52% $1,000.00 $1,022.40 $2.63
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
18
Expense Tables - continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.69% $1,000.00 $1,077.89 $3.58
Hypothetical (h) 0.69% $1,000.00 $1,021.55 $3.49
B Actual 1.44% $1,000.00 $1,073.80 $7.47
Hypothetical (h) 1.44% $1,000.00 $1,017.80 $7.26
I Actual 0.59% $1,000.00 $1,079.10 $3.07
Hypothetical (h) 0.59% $1,000.00 $1,022.05 $2.98
R6 Actual 0.52% $1,000.00 $1,078.18 $2.70
Hypothetical (h) 0.52% $1,000.00 $1,022.40 $2.63
MFS SOUTH CAROLINA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.84% $1,000.00 $1,084.71 $4.38
Hypothetical (h) 0.84% $1,000.00 $1,020.80 $4.24
B Actual 1.59% $1,000.00 $1,081.72 $8.27
Hypothetical (h) 1.59% $1,000.00 $1,017.05 $8.02
I Actual 0.59% $1,000.00 $1,085.38 $3.08
Hypothetical (h) 0.59% $1,000.00 $1,022.05 $2.98
R6 Actual 0.53% $1,000.00 $1,085.72 $2.76
Hypothetical (h) 0.53% $1,000.00 $1,022.35 $2.68
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
19
Expense Tables - continued
MFS VIRGINIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.81% $1,000.00 $1,083.63 $4.22
Hypothetical (h) 0.81% $1,000.00 $1,020.95 $4.09
B Actual 1.56% $1,000.00 $1,079.71 $8.11
Hypothetical (h) 1.56% $1,000.00 $1,017.20 $7.87
C Actual 1.56% $1,000.00 $1,079.65 $8.11
Hypothetical (h) 1.56% $1,000.00 $1,017.20 $7.87
I Actual 0.56% $1,000.00 $1,084.33 $2.92
Hypothetical (h) 0.56% $1,000.00 $1,022.20 $2.83
R6 Actual 0.48% $1,000.00 $1,084.71 $2.50
Hypothetical (h) 0.48% $1,000.00 $1,022.60 $2.43
MFS WEST VIRGINIA MUNICIPAL BOND FUND
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.87% $1,000.00 $1,080.46 $4.53
Hypothetical (h) 0.87% $1,000.00 $1,020.65 $4.39
B Actual 1.62% $1,000.00 $1,076.45 $8.41
Hypothetical (h) 1.62% $1,000.00 $1,016.90 $8.17
I Actual 0.62% $1,000.00 $1,080.94 $3.23
Hypothetical (h) 0.62% $1,000.00 $1,021.90 $3.13
R6 Actual 0.55% $1,000.00 $1,081.32 $2.86
Hypothetical (h) 0.55% $1,000.00 $1,022.25 $2.78
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
20
Portfolio of Investments 
3/31/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
MFS Mississippi Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 99.2%
Airport Revenue – 1.5%
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047    $ 60,000 $57,931
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      55,000 51,417
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034      230,000 230,270
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060      475,000 496,815
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      45,000 45,156
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      230,000 231,341
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      35,000 35,122
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      60,000 60,091
        $1,208,143
General Obligations - General Purpose – 17.9%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 220,000 $195,876
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      50,000 54,172
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      135,000 135,571
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      41,212 45,085
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      40,029 45,093
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      37,958 37,811
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      66,803 65,494
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      29,283 28,258
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      39,814 37,441
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      128,406 117,739
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      6,174 6,113
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      48,848 32,047
Mississippi Development Bank Special Obligation, 5%, 10/01/2024      200,000 201,715
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037      500,000 509,961
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034      1,000,000 1,150,790
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045      500,000 489,519
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049      750,000 787,914
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032      500,000 495,121
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042      500,000 434,226
Mississippi Development Bank Special Obligation (Rankin County General Obligation Bond Project), 5%, 8/01/2034      350,000 388,295
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031      1,000,000 1,057,933
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032      1,000,000 1,057,722
Mississippi Development Bank Special Obligation (Tupelo Public Improvement), 5%, 9/01/2040      640,000 717,760
Mississippi Development Bank Special Obligation (Tupelo Public Improvement), 4%, 9/01/2044      275,000 271,038
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048      1,000,000 1,038,529
Mississippi Development Bank Special Obligation Refunding, Taxable (Clay County Industrial Development Project), BAM, 2.955%, 3/01/2025      335,000 327,815
Pearl, MS, General Obligation Public Improvement, BAM, 4.75%, 9/01/2038      275,000 301,094
State of Illinois, General Obligation, 5.5%, 5/01/2039      150,000 165,055
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      65,000 71,032
State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026)      1,000,000 1,051,196
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026)      1,000,000 1,051,871
State of Mississippi, “B”, 3%, 10/01/2035      875,000 833,402
State of Mississippi, “D”, 4%, 12/01/2030      1,000,000 1,028,071
        $14,230,759
General Obligations - Schools – 13.3%
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048    $ 700,000 $549,809
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 (Prerefunded 12/01/2025)      500,000 514,693
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036      500,000 513,058
21
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037    $ 500,000 $509,868
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043      450,000 467,360
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037      1,000,000 1,077,877
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2038      460,000 493,963
Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM, 4.125%, 4/01/2043      1,000,000 1,004,400
Mississippi Development Bank Special Obligation (Oxford School District), 4%, 4/01/2044      350,000 345,033
Mississippi Development Bank Special Obligation (Petal School District), AGM, 5%, 5/01/2049 (w)     1,000,000 1,069,742
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043      750,000 729,766
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048      1,500,000 1,544,475
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035      1,020,000 721,631
Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038      1,000,000 1,017,658
        $10,559,333
Healthcare Revenue - Hospitals – 7.7%
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049    $ 20,000 $18,598
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027      500,000 502,419
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      470,000 439,352
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Baptist Memorial Health Care Corp.), “A-2”, 4.125%, 9/01/2036 (Put Date 8/28/2024)      1,000,000 998,036
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025)      500,000 504,700
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040      1,000,000 966,686
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037      1,500,000 1,595,860
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      505,000 489,514
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      655,000 630,612
        $6,145,777
Industrial Revenue - Other – 0.7%
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n)   $ 500,000 $465,148
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     100,000 71,859
        $537,007
Industrial Revenue - Paper – 1.2%
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025)    $ 1,000,000 $971,778
Miscellaneous Revenue - Other – 1.7%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026    $ 35,000 $36,028
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030      720,000 804,368
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     210,000 210,064
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      310,000 326,817
        $1,377,277
Multi-Family Housing Revenue – 1.4%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 241,220 $236,618
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      650,000 458,803
Virginia Housing Development Authority, Rental Housing, “F”, 5.15%, 11/01/2048      385,000 401,719
        $1,097,140
Sales & Excise Tax Revenue – 5.3%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044    $ 905,000 $373,079
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      5,000 5,355
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      5,000 5,400
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      70,000 66,621
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      270,000 275,006
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029      750,000 850,726
22
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040    $ 20,000 $20,175
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      71,000 70,661
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      1,425,000 1,429,214
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      162,000 162,047
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      71,000 71,020
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      234,000 232,247
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      1,000 991
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      38,000 33,617
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      7,000 5,733
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      346,000 261,208
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      330,000 228,387
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      150,000 47,808
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     115,000 89,700
        $4,229,957
Single Family Housing - State – 11.4%
Mississippi Home Corp., Homeownership Mortgage Rev.., GNMA, 4.65%, 12/01/2054    $ 1,750,000 $1,747,833
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 5%, 6/01/2026      200,000 206,598
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 6/01/2050      445,000 428,774
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050      1,150,000 1,112,443
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 5.25%, 12/01/2053      1,000,000 1,049,755
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043      1,000,000 789,660
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051      835,000 806,392
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 3.95%, 12/01/2042      1,000,000 974,667
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.05%, 12/01/2047      1,000,000 951,315
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.65%, 12/01/2048      1,000,000 1,002,335
        $9,069,772
State & Local Agencies – 5.5%
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036    $ 500,000 $500,285
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049      1,500,000 1,566,312
Mississippi Development Bank Special Obligation Refunding, Taxable (Desoto County Highway Project), 2.358%, 1/01/2026      590,000 564,399
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2048      750,000 853,242
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053      750,000 844,959
        $4,329,197
Student Loan Revenue – 0.6%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 10,000 $9,530
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044      110,000 89,569
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041      420,000 408,627
        $507,726
Tax - Other – 3.8%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 350,000 $372,633
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      60,000 63,357
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      150,000 167,153
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038      1,000,000 1,000,967
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030      1,000,000 1,018,754
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      545,000 426,273
        $3,049,137
Tobacco – 0.9%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 265,000 $245,958
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      185,000 174,948
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      295,000 276,078
        $696,984
23
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Toll Roads – 0.3%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 280,000 $227,275
Universities - Colleges – 11.8%
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051    $ 370,000 $315,838
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028      920,000 1,008,044
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053      1,000,000 942,442
Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project), 4%, 3/01/2050      435,000 401,274
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043      600,000 591,536
Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 4%, 8/01/2049      750,000 730,754
Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 5%, 8/01/2053      750,000 807,241
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2042      1,250,000 1,290,991
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047      1,000,000 966,797
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047      1,250,000 1,280,167
University of Mississippi, Educational Building Corp. Rev. (New Facilities Project), 4.5%, 10/01/2052      1,000,000 1,007,511
        $9,342,595
Utilities - Investor Owned – 0.4%
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044    $ 500,000 $313,059
Utilities - Municipal Owned – 2.6%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033    $ 315,000 $317,513
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039      75,000 75,398
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      85,000 85,296
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035      500,000 514,776
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     90,000 23,625
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     150,000 39,375
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     240,000 63,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     35,000 9,187
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     90,000 23,625
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      80,000 79,726
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      15,000 14,527
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     5,000 1,313
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     120,000 31,500
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024      500,000 522,696
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      60,000 58,717
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      105,000 103,564
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      10,000 9,890
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     50,000 13,125
        $2,078,728
Utilities - Other – 2.4%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 200,000 $197,898
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      460,000 484,733
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031)      560,000 606,437
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      265,000 283,181
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033      355,000 290,665
        $1,862,914
24
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 8.8%
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046    $ 145,000 $147,852
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      30,000 30,079
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      30,000 30,079
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      120,000 125,196
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040      2,000,000 2,024,267
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 25,046
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 30,039
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 35,052
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      750,000 752,574
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045      1,305,000 1,264,739
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050      1,500,000 1,412,985
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028)      1,000,000 1,079,288
        $6,957,196
Total Municipal Bonds (Identified Cost, $80,970,851)   $78,791,754
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 161,000 $152,094
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     272,762 85,238
Total Bonds (Identified Cost, $260,739)   $237,332
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $101,133)   $ 168,252 $97,250
Investment Companies (h) – 0.8%
Money Market Funds – 0.8%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $589,470)     589,469 $589,587
Other Assets, Less Liabilities – (0.4)%   (295,234)
Net Assets – 100.0% $79,420,689
See Portfolio Footnotes and Notes to Financial Statements
25
Portfolio of Investments – continued
MFS New York Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.4%
Airport Revenue – 5.9%
Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043    $ 1,500,000 $1,572,413
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034      900,000 901,057
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054      1,000,000 1,108,242
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060      2,000,000 2,091,851
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), “A”, AGM, 4%, 7/01/2031      2,000,000 1,977,224
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040      1,500,000 1,426,989
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038      750,000 776,688
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      90,000 90,312
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      15,000 15,087
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      80,000 80,279
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      130,000 130,198
        $10,170,340
General Obligations - General Purpose – 5.1%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 615,000 $547,562
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      118,007 129,097
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      114,620 129,120
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      108,689 108,268
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      184,514 180,899
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      83,850 80,914
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      114,004 107,210
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      354,563 325,110
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      17,681 17,505
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      139,873 91,765
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052      2,000,000 2,040,045
New York, NY, “B-1”, 3%, 10/01/2044      1,825,000 1,495,390
New York, NY, “J”, FGIC, 5.5%, 2/15/2026      5,000 5,008
New York, NY, General Obligation, “A”, 5%, 8/01/2051      1,500,000 1,607,571
Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031      635,000 645,337
State of Illinois, General Obligation, 5.5%, 5/01/2039      215,000 236,580
State of Illinois, General Obligation, 5.75%, 5/01/2045      200,000 218,832
Yonkers, NY, General Obligation, “F”, BAM, 5%, 11/15/2042      750,000 831,640
        $8,797,853
Healthcare Revenue - Hospitals – 11.3%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026    $ 450,000 $436,506
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027      300,000 287,407
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029      590,000 552,365
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051      2,000,000 2,161,435
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041      1,605,000 1,556,636
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024)      1,000,000 1,002,523
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037      2,000,000 1,955,910
Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046      2,000,000 2,020,101
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050      1,500,000 1,324,763
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      3,000,000 2,908,006
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)     800,000 739,261
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030      120,000 120,191
Westchester County, NY, Local Development Corp. Rev. (New York Blood Center Project), 5%, 7/01/2038      1,000,000 1,095,797
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2051      1,500,000 1,584,354
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2053      1,500,000 1,723,094
        $19,468,349
26
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – 2.6%
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), 5.25%, 11/01/2036    $ 1,000,000 $1,024,407
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), “A”, 4%, 11/01/2045      2,000,000 1,766,692
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037      750,000 754,825
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044      915,000 914,859
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025      100,000 96,704
        $4,557,487
Industrial Revenue - Airlines – 5.7%
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031    $ 1,500,000 $1,410,707
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031      1,000,000 1,000,076
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036      1,035,000 1,092,720
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034      1,000,000 1,035,872
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040      3,500,000 3,818,098
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045      1,500,000 1,478,405
        $9,835,878
Industrial Revenue - Other – 0.2%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 200,000 $173,702
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     255,000 183,239
        $356,941
Industrial Revenue - Paper – 0.2%
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025 (n)   $ 350,000 $350,029
Miscellaneous Revenue - Other – 5.8%
Battery Park, NY, Authority Senior Rev., “A”, 5%, 11/01/2053    $ 2,000,000 $2,198,541
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      90,000 92,642
New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043      680,000 279,892
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     1,940,000 1,940,594
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n)     1,500,000 1,504,752
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028      2,585,000 2,585,261
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034      750,000 567,014
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036      1,000,000 757,076
        $9,925,772
Multi-Family Housing Revenue – 16.3%
Erie County, NY, Industrial Development Agency Multifamily (Westchester Park Preservation, L.P. Project), FNMA, 4.25%, 2/01/2041    $ 2,000,000 $1,941,828
Monroe County, NY, Industrial Development Agency Multifamily Mortgage (Andrews Terrace Community Partners, L.P. Project), “A”, FNMA, 4.72%, 1/01/2044      2,000,000 2,026,470
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036      648,949 636,569
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038      840,000 815,463
New York Housing Finance Agency Affordable Housing Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027)      2,000,000 1,907,891
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.1%, 11/01/2052      1,000,000 1,040,398
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.15%, 11/01/2057      1,200,000 1,250,582
New York Housing Finance Agency Affordable Housing Rev., “G-1”, HUD Section 8, 4.625%, 11/01/2042      350,000 354,642
New York Housing Finance Agency Affordable Housing Rev., “G-1”, HUD Section 8, 4.8%, 11/01/2047      1,000,000 1,023,218
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048      276,686 275,612
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048      750,000 746,536
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.6%, 11/01/2042      1,000,000 1,010,336
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.75%, 11/01/2047      500,000 508,874
27
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.85%, 11/01/2052    $ 500,000 $510,559
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “D”, 4.3%, 11/01/2063 (Put Date 11/01/2028)      500,000 507,061
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045      2,500,000 1,764,627
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039      1,870,000 1,808,110
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048      2,610,000 2,456,333
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “C-1”, 4.25%, 11/01/2052      2,500,000 2,401,776
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-1”, 2.25%, 11/01/2041      1,535,000 1,091,281
Riverhead, NY, IDA Economic Job Development Corp. Multifamily (River Pointe Apartments Project), FNMA, 4.5%, 2/01/2041      2,000,000 2,010,369
Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing, L.P. Project),, 4.3%, 6/01/2046 (Put Date 5/01/2041)      2,000,000 1,980,279
        $28,068,814
Port Revenue – 2.2%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 2,000,000 $1,530,348
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055      2,485,000 2,282,345
        $3,812,693
Sales & Excise Tax Revenue – 4.8%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 15,000 $16,066
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      20,000 21,599
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      185,000 176,070
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      750,000 763,904
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      63,000 63,553
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      200,000 199,046
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      3,599,000 3,609,642
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      451,000 451,130
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      210,000 210,060
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      4,000 3,847
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      635,000 630,243
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      3,000 2,972
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      103,000 91,120
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      17,000 13,924
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      942,000 711,150
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      904,000 625,642
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      416,000 132,589
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     545,000 425,100
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     255,000 198,900
        $8,346,557
Secondary Schools – 6.0%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035    $ 1,000,000 $1,029,448
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025      220,000 218,160
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029      320,000 308,677
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036      400,000 373,641
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2042      550,000 559,874
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2056      550,000 544,974
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043      750,000 750,111
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052      2,000,000 2,061,986
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n)     350,000 331,462
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n)     610,000 511,418
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n)     1,265,000 958,028
Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040      675,000 678,329
28
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Secondary Schools – continued
Nassau County, NY, Local Economic Assistance Corp., Education Rev. (Friends of Roosevelt Children's Academy Charter School, Inc. Project), “A”, 5%, 7/01/2055    $ 1,000,000 $980,203
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034      200,000 202,088
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035      325,000 328,296
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036      565,000 570,564
        $10,407,259
Single Family Housing - State – 2.3%
New York Mortgage Agency Homeowner Mortgage Rev., “211”, 3.8%, 10/01/2048    $ 385,000 $350,836
New York Mortgage Agency Homeowner Mortgage Rev., “212”, AMT, 3.7%, 10/01/2033      335,000 332,504
New York Mortgage Agency Homeowner Mortgage Rev., “217”, 3.625%, 4/01/2039      355,000 335,525
New York Mortgage Agency Homeowner Mortgage Rev., “239”, 3.25%, 10/01/2051      890,000 860,191
New York Mortgage Agency Homeowner Mortgage Rev., “258”, 4.45%, 10/01/2044      1,000,000 996,239
New York Mortgage Agency Homeowner Mortgage Rev., “258”, 4.6%, 10/01/2049      1,000,000 1,003,701
        $3,878,996
State & Local Agencies – 1.8%
New York Dormitory Authority Rev., State Personal Income Tax Rev., 3%, 3/15/2050    $ 1,225,000 $948,209
Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042      2,000,000 2,175,147
        $3,123,356
Tax - Other – 4.3%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 690,000 $734,620
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      135,000 142,553
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      325,000 362,163
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045      1,870,000 522,641
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      100,000 101,866
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      300,000 297,076
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045      1,800,000 1,765,812
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-1”, 4%, 5/15/2046      3,350,000 3,272,871
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      165,000 160,880
        $7,360,482
Tobacco – 2.1%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 695,000 $645,059
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      275,000 260,059
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      740,000 692,534
New York Counties Tobacco Trust II, 5.625%, 6/01/2035      5,000 5,090
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035      1,000,000 1,040,039
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036      1,000,000 1,036,032
        $3,678,813
Toll Roads – 1.3%
New York Thruway Authority General Rev., “P”, 5.25%, 1/01/2054    $ 2,000,000 $2,187,830
Transportation - Special Tax – 8.5%
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 5%, 11/15/2033    $ 2,000,000 $2,229,820
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045      1,340,000 1,283,725
Metropolitan Transportation Authority, NY, Transportation Refunding Green Rev. (Climate Bond Certified), BAM, 4%, 11/15/2048      2,000,000 1,909,342
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052      3,170,000 2,955,079
Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 4.364% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026)      1,500,000 1,498,156
Metropolitan Transportation Authority, NY, Transportation Rev., “B”, BAM, 5%, 11/15/2052      3,100,000 3,207,563
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039      185,000 198,501
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050      125,000 138,451
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046      1,000,000 875,084
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053      435,000 364,228
        $14,659,949
29
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – 4.9%
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033    $ 125,000 $125,731
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)     980,000 981,794
Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047      2,000,000 2,010,206
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051      3,000,000 2,150,103
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038      185,000 186,513
New York Dormitory Authority, Institute of Technology Rev., 5.25%, 7/01/2049      1,500,000 1,628,026
Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051      750,000 845,736
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2039      200,000 205,828
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2040      150,000 153,772
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2041      100,000 102,183
        $8,389,892
Universities - Dormitories – 0.6%
Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040    $ 1,000,000 $1,009,463
Utilities - Municipal Owned – 0.7%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 155,000 $155,822
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      180,000 180,626
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     265,000 69,562
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     430,000 112,875
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     675,000 177,187
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     250,000 65,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     115,000 30,188
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     110,000 28,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     345,000 90,562
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      30,000 29,670
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     170,000 44,625
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     180,000 47,250
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     55,000 14,438
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     170,000 44,625
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     140,000 36,750
        $1,204,806
Utilities - Other – 3.0%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 525,000 $519,483
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      1,265,000 1,337,201
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      1,210,000 1,275,058
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038      1,085,000 1,341,475
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      705,000 753,368
        $5,226,585
Water & Sewer Utility Revenue – 1.8%
Buffalo, NY, Municipal Water Finance Authority, Water System Rev., “A”, AGM, 4%, 7/01/2046    $ 1,500,000 $1,476,606
Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044      1,340,000 1,113,913
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      345,000 359,940
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      100,000 100,343
        $3,050,802
Total Municipal Bonds (Identified Cost, $171,575,081)   $167,868,946
30
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – 0.4%
Consumer Services – 0.4%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 415,000 $392,044
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     909,204 284,126
Total Bonds (Identified Cost, $750,456)   $676,170
Contingent Value Instruments – 0.2%
General Obligations - General Purpose – 0.2%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $289,586)   $ 481,776 $278,466
Investment Companies (h) – 0.7%
Money Market Funds – 0.7%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $1,289,878)     1,289,777 $1,290,035
Other Assets, Less Liabilities – 1.3%   2,228,042
Net Assets – 100.0% $172,341,659
See Portfolio Footnotes and Notes to Financial Statements
31
Portfolio of Investments – continued
MFS North Carolina Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.6%
Airport Revenue – 9.1%
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032    $ 1,245,000 $1,249,318
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039      1,000,000 1,083,139
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4%, 7/01/2052      5,000,000 4,851,730
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2037      1,000,000 1,003,605
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2039      1,700,000 1,682,269
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2040      2,000,000 1,975,114
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2041      1,500,000 1,472,803
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2041      2,155,000 2,337,811
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042      1,000,000 1,025,387
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042      2,300,000 2,484,672
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047      2,000,000 2,038,227
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049      2,500,000 2,578,313
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048      1,000,000 1,079,478
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053      4,000,000 4,275,737
Greater Asheville, NC, Regional Airport Authority System Rev., “A”, AGM, 5.5%, 7/01/2052      1,500,000 1,627,069
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034      1,275,000 1,276,497
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060      2,580,000 2,698,488
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036      2,000,000 2,079,214
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037      2,000,000 2,071,191
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      1,445,000 1,460,793
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      175,000 175,607
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      195,000 196,137
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      150,000 150,523
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      240,000 240,365
        $41,113,487
General Obligations - General Purpose – 4.2%
Asheville, NC, General Obligation Refunding, 4%, 6/01/2039    $ 295,000 $309,961
Asheville, NC, General Obligation Refunding, 4%, 6/01/2041      500,000 515,956
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      1,030,000 917,054
Cartersville, GA, General Obligation, 2%, 10/01/2040      2,190,000 1,559,484
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035      235,000 254,606
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      1,655,000 1,815,549
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      665,000 667,815
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      201,638 220,587
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      554,850 625,040
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      185,717 184,997
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      344,225 337,481
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      143,274 138,257
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      194,798 183,189
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      680,587 624,051
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      30,211 29,911
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      239,000 156,799
Durham County, NC, General Obligation Refunding, 4%, 6/01/2036      500,000 522,520
Durham County, NC, General Obligation Refunding, 4%, 6/01/2037      450,000 466,272
Durham County, NC, General Obligation Refunding, 4%, 6/01/2039      650,000 665,140
Granville County, NC, General Obligation, 5%, 10/01/2034      675,000 732,181
Granville County, NC, General Obligation, 5%, 10/01/2035      690,000 746,585
Howard County, MD, Metropolitan District Project, “B”, 3%, 8/15/2051      4,000,000 3,085,422
Lee County, NC, Limited Obligation, 3.25%, 5/01/2035      1,000,000 972,589
Lee County, NC, Limited Obligation, 4%, 5/01/2037      855,000 865,443
State of Illinois, General Obligation, 5.5%, 5/01/2039      375,000 412,639
State of Illinois, General Obligation, 5.75%, 5/01/2045      350,000 382,957
State of Illinois, General Obligation, “C”, 4%, 10/01/2040      685,000 671,354
State of Illinois, General Obligation, “C”, 4%, 10/01/2041      310,000 300,688
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      460,000 462,876
32
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - General Purpose – continued
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052    $ 185,000 $184,967
        $19,012,370
General Obligations - Schools – 0.3%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047    $ 1,510,000 $1,348,758
Healthcare Revenue - Hospitals – 12.0%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 555,000 $528,154
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), “D”, 3.625%, 1/15/2048 (Put Date 6/15/2027)      2,500,000 2,491,902
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), “D”, 5%, 1/15/2049 (Put Date 12/01/2031)      3,910,000 4,408,525
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036      3,000,000 3,238,118
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040      3,000,000 3,051,634
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      2,480,000 2,318,282
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)      1,500,000 1,596,996
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)      2,425,000 2,581,811
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      4,685,000 4,541,336
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052      5,000,000 4,838,120
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032      600,000 656,747
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033      255,000 278,898
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      5,000,000 4,716,880
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 (Prerefunded 6/01/2025)      2,800,000 2,853,812
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025)      3,000,000 3,057,655
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045      2,500,000 2,519,516
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033      1,000,000 1,075,878
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027      150,000 151,932
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035      1,515,000 1,521,001
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038      1,065,000 1,032,645
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046      6,500,000 6,627,564
        $54,087,406
Healthcare Revenue - Long Term Care – 7.4%
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037    $ 2,750,000 $2,805,992
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036      1,000,000 907,656
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042      2,000,000 1,664,850
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035      1,500,000 1,476,826
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031      1,000,000 1,026,083
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036      800,000 820,266
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050      2,000,000 2,043,363
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052      3,000,000 2,348,929
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045      1,000,000 802,942
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047      1,000,000 789,165
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047      2,000,000 1,747,753
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041      830,000 716,777
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046      715,000 591,435
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051      1,100,000 878,291
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040      2,000,000 1,721,191
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039      1,225,000 1,148,262
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050      1,500,000 1,325,676
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037      1,500,000 1,428,897
33
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049    $ 2,000,000 $1,762,637
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031      800,000 805,779
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037      2,200,000 2,189,325
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024)      1,500,000 1,507,505
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), “A”, 5.125%, 10/01/2054      2,000,000 2,055,731
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035      1,000,000 1,031,219
        $33,596,550
Human Services – 0.2%
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034    $ 1,000,000 $1,002,222
Industrial Revenue - Other – 0.2%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 600,000 $521,105
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     510,000 366,478
        $887,583
Miscellaneous Revenue - Other – 1.6%
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025    $ 1,000,000 $1,011,887
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2041      1,000,000 1,132,791
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2042      1,000,000 1,128,046
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2043      875,000 982,488
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      190,000 195,578
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     1,130,000 1,130,346
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      1,690,000 1,781,682
        $7,362,818
Multi-Family Housing Revenue – 1.6%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 1,304,395 $1,279,512
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025)      675,000 681,804
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025)      1,070,000 1,074,370
North Carolina Housing Finance Agency, Multi-Family Housing Rev. (Fitch Irick Portfolio), 5%, 4/01/2029 (Put Date 4/01/2028)      3,825,000 4,050,818
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026)      240,000 246,575
        $7,333,079
Sales & Excise Tax Revenue – 3.1%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 25,000 $26,777
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      35,000 37,799
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      350,000 333,106
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031      1,295,000 1,319,008
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      105,000 105,922
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      336,000 334,397
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      7,015,000 7,035,743
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      635,000 635,183
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      348,000 348,100
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      9,000 8,655
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      154,000 152,847
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      7,000 6,934
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      174,000 153,930
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      31,000 25,391
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,584,000 1,195,819
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,515,000 1,048,503
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      718,000 228,843
34
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(n)   $ 880,000 $686,400
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n)     485,000 378,300
        $14,061,657
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n)   $ 430,000 $386,985
Single Family Housing - State – 9.8%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 640,000 $635,204
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051      2,085,000 2,015,524
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044      1,285,000 1,150,217
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043      2,740,000 2,227,249
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050      3,275,000 3,248,314
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 3.75%, 7/01/2052      3,260,000 3,209,064
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, 4.875%, 7/01/2042      1,195,000 1,240,695
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 5%, 7/01/2047      4,980,000 5,057,920
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 6%, 7/01/2053      1,470,000 1,563,822
North Carolina Housing Finance Agency, Home Ownership Rev., “50”, GNMA, 5.5%, 1/01/2054      4,980,000 5,312,445
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 4.5%, 1/01/2048      3,000,000 2,967,433
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 5.75%, 1/01/2054      3,995,000 4,255,200
North Carolina Housing Finance Agency, Home Ownership Rev., “52-A”, GNMA, 6.25%, 1/01/2055      4,000,000 4,365,325
North Carolina Housing Finance Agency, Home Ownership Rev., “53-A”, GNMA, 4.375%, 7/01/2044      3,000,000 3,006,067
North Carolina Housing Finance Agency, Home Ownership Rev., “53-A”, GNMA, 6.25%, 1/01/2055      3,500,000 3,841,992
        $44,096,471
State & Local Agencies – 12.1%
Buncombe County, NC, Limited Obligation, 4%, 6/01/2034    $ 1,700,000 $1,768,052
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035      1,465,000 1,520,847
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034      1,000,000 1,026,587
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049      2,500,000 2,439,810
Charlotte, NC, COP, 5%, 12/01/2034      1,000,000 1,094,133
Charlotte, NC, COP, 5%, 12/01/2035      2,000,000 2,177,436
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039      3,000,000 2,725,353
Charlotte, NC, Refunding COP (Transit Projects Phase II), “B”, 5%, 6/01/2026      1,250,000 1,275,402
Charlotte, NC, Refunding COP (Transit Projects), “A”, 3%, 6/01/2048      4,425,000 3,550,012
Chatham County, NC, Limited Obligation, 4%, 11/01/2037      1,750,000 1,795,775
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034      2,000,000 2,084,959
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035      1,240,000 1,289,400
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036      1,375,000 1,423,288
Durham County, NC, Limited Obligation, 4%, 4/01/2035      1,270,000 1,317,293
Durham County, NC, Limited Obligation, 4.5%, 10/01/2042      2,400,000 2,557,713
Durham County, NC, Limited Obligation, 4.5%, 10/01/2043      2,000,000 2,122,850
Mecklenburg County, NC, School General Obligation, 5%, 9/01/2024      1,250,000 1,257,335
Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036      350,000 331,892
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034      2,555,000 2,648,452
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043      3,500,000 1,534,757
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046      2,035,000 762,968
Onslow County, NC, Limited Obligation, 4%, 12/01/2040      500,000 507,847
Onslow County, NC, Limited Obligation, 4%, 12/01/2041      1,035,000 1,043,429
Onslow County, NC, Limited Obligation, 4%, 12/01/2042      500,000 502,014
Onslow County, NC, Limited Obligation, 4%, 12/01/2043      425,000 422,342
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      2,530,000 2,617,906
Scotland County, NC, Limited Obligation, 5%, 12/01/2033      210,000 226,250
Scotland County, NC, Limited Obligation, 5%, 12/01/2034      1,000,000 1,077,351
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2033      2,500,000 2,925,947
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2034      2,500,000 2,923,464
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2040      1,825,000 2,068,574
35
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2041    $ 1,625,000 $1,833,436
Wake County, NC, Limited Obligation, “B”, 5%, 4/01/2041      1,765,000 1,991,394
        $54,844,268
Student Loan Revenue – 1.7%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 2,305,000 $2,242,582
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2027      550,000 566,710
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2029      700,000 748,916
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 3.125%, 6/01/2039      40,000 37,618
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2043      4,000,000 4,062,977
        $7,658,803
Tax - Other – 0.8%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 1,920,000 $2,044,160
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      285,000 300,945
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      670,000 746,614
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      305,000 297,383
        $3,389,102
Tax Assessment – 0.2%
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n)   $ 1,000,000 $940,330
Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 1,455,000 $1,350,446
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      1,030,000 974,038
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      1,545,000 1,445,899
        $3,770,383
Toll Roads – 4.8%
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047    $ 2,000,000 $2,023,990
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040      2,000,000 2,076,349
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038      3,000,000 3,191,542
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036      1,975,000 2,130,695
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032      1,150,000 1,193,618
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039      2,600,000 2,692,044
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058      5,000,000 5,322,178
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, “B”, AGM, 0%, 1/01/2052      7,000,000 1,809,133
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      1,505,000 1,221,603
        $21,661,152
Transportation - Special Tax – 0.7%
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045    $ 2,605,000 $2,495,599
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039      260,000 278,975
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050      250,000 276,902
        $3,051,476
Universities - Colleges – 12.5%
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044    $ 3,000,000 $3,147,435
Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040      3,155,000 3,313,273
North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2048      2,000,000 2,169,428
North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2052      2,000,000 2,153,544
North Carolina Agricultural & Technical State University General Rev., “A”, 5%, 10/01/2035      3,075,000 3,123,346
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044      4,955,000 5,117,958
North Carolina Capital Facilities Finance Agency Rev. (Duke University), “B”, ETM, 5%, 10/01/2055 (Prerefunded 10/01/2025)      1,120,000 1,149,023
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034      1,370,000 1,373,323
North Carolina Central University Rev., 5%, 4/01/2044      3,265,000 3,371,942
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      115,000 115,095
36
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042    $ 140,000 $140,276
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      735,000 740,402
University of North Carolina Board of Governors Rev., 4%, 4/01/2049      5,000,000 4,583,338
University of North Carolina, Asheville, Rev., 4%, 6/01/2039      1,450,000 1,463,526
University of North Carolina, Charlotte, Rev., “A”, 5%, 10/01/2038      1,110,000 1,204,570
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2045      4,415,000 4,338,679
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036      1,750,000 1,782,568
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034      1,000,000 1,023,249
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035      1,000,000 1,020,574
University of North Carolina, School of Art General Rev., 4%, 2/01/2040      1,000,000 1,006,138
University of North Carolina, School of Art General Rev., 4%, 2/01/2045      2,825,000 2,768,614
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028      3,045,000 3,106,492
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)     195,000 195,941
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043      3,700,000 3,845,699
Winston-Salem, NC, State University General Rev., AGM, 5%, 10/01/2042      2,470,000 2,605,892
Winston-Salem, NC, State University Student Housing Project Rev., 5%, 6/01/2029      1,550,000 1,551,589
        $56,411,914
Utilities - Municipal Owned – 0.6%
Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044    $ 300,000 $320,872
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     440,000 115,500
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     720,000 189,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     1,125,000 295,312
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     175,000 45,938
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     85,000 22,313
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     415,000 108,937
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     195,000 51,188
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     190,000 49,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     35,000 9,188
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     585,000 153,562
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029      525,000 518,571
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      425,000 419,188
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      50,000 49,450
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     35,000 9,188
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     80,000 21,000
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     265,000 69,562
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     305,000 80,062
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     95,000 24,938
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     300,000 78,750
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     240,000 63,000
        $2,716,394
Utilities - Other – 3.8%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 1,090,000 $1,078,547
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      2,580,000 2,727,255
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      2,535,000 2,671,299
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2042      1,000,000 1,132,344
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2043      1,465,000 1,644,297
Fuquay-Varina, NC, Combined Utilities Rev., “A”, 5%, 2/01/2044      650,000 727,338
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)      1,600,000 1,733,691
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      2,320,000 2,463,657
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      1,445,000 1,544,138
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026      1,290,000 1,318,704
        $17,041,270
37
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 10.0%
Brunswick, NC, Enterprise Systems Rev., 4.5%, 2/01/2049    $ 2,400,000 $2,482,119
Cabarrus County, NC, Water and Sewer Authority, Enterprise Systems Rev., 4%, 6/01/2049      4,000,000 3,915,934
Cape Fear, NC, Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024)      1,250,000 1,252,433
Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045      2,500,000 2,740,251
Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047      2,500,000 2,433,200
Fayetteville, NC, Public Works Commission Rev., 4%, 3/01/2051      2,500,000 2,420,593
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047      1,000,000 1,119,514
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048      3,990,000 4,457,025
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2039      380,000 392,581
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2041      300,000 305,987
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4.125%, 12/01/2043      510,000 518,868
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 5%, 12/01/2046      525,000 577,527
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040      1,325,000 1,372,850
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      1,000,000 1,019,667
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      605,000 631,199
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048      4,000,000 3,925,529
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053      5,000,000 4,828,154
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      95,000 95,173
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      115,000 115,150
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      140,000 140,210
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025      2,010,000 2,045,167
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028      500,000 528,176
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029      1,400,000 1,427,898
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031      1,600,000 1,631,063
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058      1,360,000 1,469,472
Union County, NC, Enterprise System Rev., 3%, 6/01/2046      2,500,000 2,031,976
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034      700,000 718,611
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035      500,000 512,564
        $45,108,891
Total Municipal Bonds (Identified Cost, $449,924,416)   $440,883,369
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 786,000 $742,521
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,545,648 483,015
Total Bonds (Identified Cost, $1,354,149)   $1,225,536
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $494,812)   $ 823,204 $475,812
Investment Companies (h) – 0.7%
Money Market Funds – 0.7%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $3,110,627)     3,110,624 $3,111,246
Other Assets, Less Liabilities – 1.3%   5,717,787
Net Assets – 100.0% $451,413,750
See Portfolio Footnotes and Notes to Financial Statements
38
Portfolio of Investments – continued
MFS Pennsylvania Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 98.4%
Airport Revenue – 3.0%
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2048    $ 1,000,000 $1,097,122
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2053      1,000,000 1,086,932
Philadelphia, PA, Airport Refunding Rev., 5%, 7/01/2029      1,590,000 1,704,753
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034      750,000 782,021
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      55,000 55,191
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      65,000 65,379
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      45,000 45,157
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      80,000 80,121
        $4,916,676
General Obligations - General Purpose – 6.6%
Allegheny County, PA, Bethel Park School District General Obligation, 5.5%, 8/01/2048    $ 1,000,000 $1,131,905
Berks County, PA, Reading General Obligation, BAM, 5%, 11/01/2030      1,000,000 1,083,202
Berks County, PA, Reading General Obligation, BAM, 5%, 11/01/2031      1,000,000 1,083,553
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      350,000 311,620
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043      1,000,000 1,001,123
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      220,000 222,005
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      600,000 658,205
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      66,341 72,576
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      245,437 276,485
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      61,103 60,866
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      116,918 114,627
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      47,139 45,488
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      64,091 60,272
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      234,653 215,161
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      9,939 9,840
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      78,634 51,589
Lancaster, PA, General Obligation, BAM, 5%, 11/01/2034      1,890,000 2,155,303
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032      595,000 423,550
Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), “A”, 5%, 11/01/2042      1,000,000 1,095,005
State of Illinois, General Obligation, 5.5%, 5/01/2039      125,000 137,546
State of Illinois, General Obligation, 5.75%, 5/01/2045      115,000 125,829
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      130,000 142,065
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      165,000 166,031
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      65,000 64,989
        $10,708,835
General Obligations - Schools – 8.6%
Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041    $ 1,000,000 $1,005,036
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038      1,000,000 1,031,695
Coatesville, PA, Area School District, General Obligation, AGM, 5%, 8/01/2024      970,000 973,058
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031      1,150,000 868,657
Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033      1,150,000 1,188,481
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054      765,000 725,158
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059      1,500,000 1,541,545
Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037      1,500,000 1,507,736
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026)      5,000 5,230
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038      1,495,000 1,518,319
Philadelphia, PA, School District, “A”, 5%, 9/01/2044      1,500,000 1,577,006
Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034      1,000,000 1,062,352
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039      1,000,000 947,602
        $13,951,875
Healthcare Revenue - Hospitals – 15.4%
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038    $ 1,000,000 $1,046,480
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038      500,000 259,532
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040      1,600,000 829,164
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044      1,000,000 972,445
39
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028)    $ 665,000 $732,344
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048      335,000 345,778
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 (Prerefunded 11/15/2025)      850,000 872,008
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052      1,750,000 1,790,345
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029)      100,000 109,985
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049      900,000 845,906
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039      500,000 513,615
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040      1,000,000 1,023,143
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043      1,000,000 1,013,907
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040      500,000 407,775
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      900,000 841,312
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036      1,000,000 1,036,120
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2039      1,000,000 996,983
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042      2,000,000 1,964,155
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039      1,000,000 995,195
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045      1,000,000 1,020,157
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048      500,000 512,478
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053      1,000,000 931,694
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036      1,000,000 1,029,304
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042      1,000,000 1,018,266
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034      500,000 511,635
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044      1,000,000 958,104
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 (Prerefunded 6/01/2024)      1,000,000 1,001,449
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037      1,400,000 1,301,172
        $24,880,451
Healthcare Revenue - Long Term Care – 4.0%
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045    $ 500,000 $344,730
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039      140,000 142,294
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029)      95,000 103,702
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029)      765,000 835,079
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039      750,000 756,235
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045      500,000 465,892
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035      500,000 503,733
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036      260,000 265,558
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037      250,000 254,758
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037      500,000 478,851
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040      500,000 440,746
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045      500,000 421,410
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050      400,000 354,046
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049      750,000 773,220
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049      500,000 411,790
        $6,552,044
Industrial Revenue - Environmental Services – 2.2%
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)    $ 225,000 $252,714
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.25%, 12/01/2044 (Put Date 12/02/2024)      290,000 290,686
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.1%, 8/01/2045 (Put Date 5/01/2024)      2,000,000 1,999,163
40
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – continued
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A-2”, 4.6%, 10/01/2046 (Put Date 10/01/2026)    $ 1,000,000 $1,016,630
        $3,559,193
Industrial Revenue - Other – 0.7%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031    $ 1,000,000 $1,128,185
Miscellaneous Revenue - Other – 1.8%
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 $99,673
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      65,000 66,908
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     395,000 395,121
Pennsylvania Economic Development Authority Rev. (Capitol Region Parking System), AGM, 4%, 1/01/2041      1,300,000 1,301,682
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034      970,000 987,147
        $2,850,531
Multi-Family Housing Revenue – 2.0%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 458,747 $449,996
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025)      225,000 227,268
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025)      355,000 356,450
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035      929,995 906,849
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058      1,250,000 1,250,616
        $3,191,179
Port Revenue – 0.2%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 300,000 $229,552
Sales & Excise Tax Revenue – 2.6%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 10,000 $10,711
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      10,000 10,800
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      120,000 114,208
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      35,000 35,307
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      124,000 123,408
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      1,979,000 1,984,852
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      243,000 243,070
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      116,000 116,033
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      364,000 361,273
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      2,000 1,981
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      55,000 48,656
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      9,000 7,372
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      524,000 395,587
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      509,000 352,269
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      227,000 72,350
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     195,000 152,100
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     205,000 159,900
        $4,190,839
Secondary Schools – 2.1%
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046    $ 500,000 $489,834
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047      500,000 491,098
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n)     500,000 507,894
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n)     900,000 909,408
41
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Secondary Schools – continued
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051    $ 450,000 $459,053
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050      500,000 474,491
        $3,331,778
Single Family Housing - State – 7.7%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.6%, 10/01/2049 (n)   $ 1,000,000 $993,335
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 6%, 10/01/2054 (n)     1,500,000 1,634,496
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032      1,000,000 964,392
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051      1,445,000 1,407,775
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.6%, 10/01/2043      1,000,000 1,013,633
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.7%, 10/01/2046      1,000,000 1,009,651
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2025      500,000 503,661
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025      300,000 303,824
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2026      1,545,000 1,579,876
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053      1,450,000 1,536,535
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053      1,485,000 1,564,608
        $12,511,786
State & Local Agencies – 3.9%
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2042    $ 1,375,000 $1,475,634
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2043      500,000 535,265
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2044      650,000 692,621
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,255,000 1,298,606
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037      250,000 267,076
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038      1,000,000 1,062,581
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028      1,000,000 1,013,945
        $6,345,728
Student Loan Revenue – 3.4%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 820,000 $797,795
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029      325,000 342,527
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030      400,000 424,965
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042      875,000 755,901
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043      1,740,000 1,736,770
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044      945,000 922,966
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “B”, 5%, 6/01/2050      500,000 496,112
        $5,477,036
Tax - Other – 3.7%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042    $ 1,000,000 $1,029,148
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)     300,000 294,686
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n)     500,000 498,164
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035      675,000 718,650
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      105,000 110,874
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      285,000 317,589
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2024      480,000 481,968
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      60,000 61,120
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      185,000 183,197
Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., “B”, 4%, 5/01/2049      500,000 463,266
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045      1,320,000 1,294,929
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052      500,000 501,089
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      105,000 102,378
        $6,057,058
Tax Assessment – 0.3%
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035    $ 500,000 $502,314
Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 540,000 $501,197
42
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tobacco – continued
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055    $ 300,000 $283,700
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      540,000 505,363
        $1,290,260
Toll Roads – 0.9%
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049    $ 1,500,000 $1,467,476
Transportation - Special Tax – 1.5%
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039    $ 85,000 $91,203
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050      90,000 99,685
Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047      2,000,000 2,206,077
        $2,396,965
Universities - Colleges – 13.8%
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032 (Prerefunded 3/01/2025)    $ 500,000 $506,995
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041      2,000,000 2,013,887
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048      1,500,000 1,162,311
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (Montgomery County Community College), 5%, 5/01/2033 (Prerefunded 5/01/2025)      145,000 147,173
Commonwealth of Pennsylvania, State Public School Building Authority Lease Rev. (Montgomery County Community College), 5%, 5/01/2033      855,000 865,069
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036      300,000 279,005
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041      920,000 789,648
Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania Project), BAM, 4%, 5/01/2054      2,750,000 2,666,876
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053      95,000 71,184
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046      625,000 535,683
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038      1,000,000 1,007,832
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049      1,000,000 925,341
Pennsylvania Economic Development Authority Rev. (Villanova University Project), 5%, 8/01/2049 (w)     1,000,000 1,102,105
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046      1,750,000 1,850,577
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039      750,000 788,412
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051      1,250,000 1,028,137
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5%, 10/01/2038      1,200,000 1,288,891
Pennsylvania State University, Tax-Exempt, “A”, 5.25%, 9/01/2052      3,000,000 3,290,080
Philadelphia, PA, Authority for Industrial Development University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060      1,000,000 1,067,026
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025      25,000 25,025
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026      1,000,000 1,022,337
        $22,433,594
Universities - Dormitories – 0.6%
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024)    $ 1,000,000 $1,002,001
Utilities - Municipal Owned – 0.7%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 95,000 $95,504
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      105,000 105,365
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031      500,000 508,022
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     150,000 39,375
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     245,000 64,312
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     390,000 102,375
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     55,000 14,438
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     140,000 36,750
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     65,000 17,063
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 2,625
43
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)   $ 200,000 $52,500
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      15,000 14,835
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     105,000 27,562
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     95,000 24,937
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     80,000 21,000
        $1,201,476
Utilities - Other – 3.2%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)    $ 935,000 $988,366
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      925,000 974,734
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)      550,000 595,956
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038      280,000 346,187
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      845,000 897,323
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      520,000 555,676
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)      825,000 851,790
        $5,210,032
Water & Sewer Utility Revenue – 8.7%
Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053    $ 1,000,000 $1,059,475
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030      500,000 511,081
Bucks County, PA, Water & Sewer Authority, Sewer System Rev. “A”, AGM, 4.25%, 12/01/2047      2,000,000 1,986,390
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040      1,000,000 1,020,052
Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042      500,000 500,022
Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043      1,000,000 1,056,491
Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050      995,000 944,309
Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041      1,500,000 1,502,038
Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042      1,000,000 1,034,815
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      205,000 213,877
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2037      1,000,000 1,051,680
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2038      1,000,000 1,066,067
Philadelphia, PA, Water & Wastewater Rev., “B”, AGM, 5.5%, 9/01/2053      1,000,000 1,129,340
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 5%, 9/01/2048      1,000,000 1,079,692
        $14,155,329
Total Municipal Bonds (Identified Cost, $164,559,876)   $159,542,193
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 270,000 $255,065
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     454,602 142,063
Total Bonds (Identified Cost, $436,113)   $397,128
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $162,799)   $ 270,845 $156,548
44
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Investment Companies (h) – 0.7%
Money Market Funds – 0.7%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $1,146,913)     1,146,944 $1,147,173
Other Assets, Less Liabilities – 0.6%   938,567
Net Assets – 100.0% $162,181,609
See Portfolio Footnotes and Notes to Financial Statements
45
Portfolio of Investments – continued
MFS South Carolina Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.0%
Airport Revenue – 3.2%
Charleston County, SC, Airport District Rev., 5%, 7/01/2038    $ 750,000 $813,076
Charleston County, SC, Airport District Rev., 5%, 7/01/2039      450,000 486,510
Charleston County, SC, Airport District Rev., 5%, 7/01/2043      1,250,000 1,335,018
Charleston County, SC, Airport District Rev., 5%, 7/01/2048      1,500,000 1,586,796
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047      160,000 154,481
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053      150,000 140,229
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2040      2,070,000 2,082,174
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044      90,000 90,312
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      10,000 10,058
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      75,000 75,261
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      120,000 120,182
        $6,894,097
General Obligations - General Purpose – 5.5%
Berkeley County, SC, General Obligation, 5%, 3/01/2033    $ 2,000,000 $2,334,619
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      475,000 422,913
Charleston, SC, Public Finance Corp., Installment Purchase Rev. (City of Charleston Project), 5%, 9/01/2039      750,000 859,478
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      325,000 327,961
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      785,000 861,152
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      97,904 107,105
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      330,093 371,851
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      90,173 89,824
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      170,651 167,308
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      69,565 67,129
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      94,583 88,947
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      349,365 320,343
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      14,669 14,523
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      116,044 76,132
Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052      2,000,000 2,035,060
Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039      725,000 657,342
Lancaster County, SC, Public Facilities Corp. Installment Purchase Rev. (Lancaster County Project), 5%, 6/01/2042      1,500,000 1,632,028
State of Illinois, General Obligation, 5.5%, 5/01/2039      190,000 209,070
State of Illinois, General Obligation, 5.75%, 5/01/2045      175,000 191,478
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      165,000 180,313
State of Illinois, General Obligation, “C”, 4%, 10/01/2040      340,000 333,227
State of Illinois, General Obligation, “C”, 4%, 10/01/2041      150,000 145,494
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      210,000 211,313
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      85,000 84,985
        $11,789,595
General Obligations - Schools – 6.8%
Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035    $ 275,000 $283,296
Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041      1,400,000 1,241,221
Beaufort County, SC, School District, General Obligation , “C”, SCSDE, 4%, 3/01/2035      3,000,000 3,171,306
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047      770,000 687,777
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      1,925,000 1,511,976
Spartanburg County, SC, School District No. 4, General Obligation, “A”, SCSDE, 5%, 3/01/2047      2,000,000 2,176,889
Spartanburg County, SC, School District No. 4, General Obligation, “A”, SCSDE, 5.25%, 3/01/2052      3,000,000 3,310,007
Spartanburg County, SC, School District No. 7, General Obligation, “B”, SCSDE, 5%, 3/01/2048      2,000,000 2,107,240
        $14,489,712
Healthcare Revenue - Hospitals – 11.5%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 255,000 $242,665
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049      50,000 46,494
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045      30,000 24,596
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036      1,975,000 2,003,572
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      1,290,000 1,205,881
46
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031    $ 1,000,000 $1,023,738
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032      1,000,000 1,022,382
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052      1,405,000 1,361,916
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049      1,580,000 1,490,534
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center Inc.), 5%, 2/01/2038 (Prerefunded 2/01/2026)      295,000 304,210
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center Inc.), 5%, 2/01/2038      1,205,000 1,227,236
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044      285,000 277,706
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046      2,000,000 2,104,698
South Carolina Jobs & Economic Development Authority, Hospital Rev. (AnMed Health), 4.25%, 2/01/2048      2,000,000 2,009,017
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047      2,000,000 2,035,918
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037      500,000 503,262
South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048      2,000,000 1,881,673
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037      2,000,000 2,091,775
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043      3,340,000 3,215,641
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036      450,000 460,575
        $24,533,489
Healthcare Revenue - Long Term Care – 2.1%
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049    $ 1,250,000 $1,191,727
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043      750,000 629,396
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048      250,000 206,333
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042      750,000 637,705
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n)     1,000,000 955,234
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047      1,000,000 868,284
        $4,488,679
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 100,000 $86,851
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)     260,000 186,832
        $273,683
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044    $ 100,000 $100,207
Miscellaneous Revenue - Other – 1.3%
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 $99,673
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      100,000 102,936
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     575,000 575,176
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057      795,000 838,128
Saxe Gotha-Lexington, SC, Public Facilities Corp. Rev. (Icehouse Development Project), 5.5%, 5/03/2024      1,145,000 1,146,712
        $2,762,625
Multi-Family Housing Revenue – 1.7%
Greenville, SC, Housing Authority, Multi-Family Housing Rev. (Cherokee Landing Apartments Project), FNMA, 5%, 7/01/2027 (Put Date 7/01/2026)    $ 1,000,000 $1,023,006
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036      662,901 650,255
South Carolina Housing & Finance Development Authority Multi-Family Mortgage (Edgewood Place Apartments), “A”, FNMA, 4.8%, 7/01/2045      2,000,000 2,005,001
        $3,678,262
47
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Port Revenue – 6.6%
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045    $ 1,820,000 $1,741,000
South Carolina Ports Authority Rev., 5%, 7/01/2028      300,000 305,032
South Carolina Ports Authority Rev., 5%, 7/01/2029      450,000 457,581
South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025)      500,000 508,571
South Carolina Ports Authority Rev., 5%, 7/01/2036      3,000,000 3,150,426
South Carolina Ports Authority Rev., 4%, 7/01/2055      2,000,000 1,825,054
South Carolina Ports Authority Rev., 5.25%, 7/01/2055 (Prerefunded 7/01/2025)      3,000,000 3,060,489
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044      3,000,000 3,089,740
        $14,137,893
Sales & Excise Tax Revenue – 4.4%
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044    $ 2,485,000 $1,024,421
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030      15,000 16,066
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      20,000 21,599
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      190,000 180,829
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      49,000 49,430
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      158,000 157,246
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      5,599,000 5,615,556
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      299,000 299,086
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      163,000 163,047
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      4,000 3,847
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      71,000 70,468
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      3,000 2,972
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      79,000 69,888
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      14,000 11,467
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      725,000 547,329
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      695,000 480,997
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      327,000 104,222
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     510,000 397,800
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     270,000 210,600
        $9,426,870
Secondary Schools – 0.6%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)   $ 250,000 $233,701
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n)     1,400,000 945,518
        $1,179,219
Single Family Housing - State – 8.9%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047    $ 310,000 $307,677
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043      1,195,000 1,194,785
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046      400,000 401,464
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.75%, 7/01/2043      265,000 246,645
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.8%, 1/01/2049      250,000 226,285
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052      2,680,000 2,586,501
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 4.95%, 7/01/2053      980,000 999,767
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5.75%, 1/01/2054      2,955,000 3,199,383
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 6.25%, 7/01/2054      2,000,000 2,234,000
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.2%, 7/01/2042      1,985,000 1,929,305
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052      2,125,000 2,070,794
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.9%, 7/01/2053      1,355,000 1,377,735
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 6%, 1/01/2054      1,995,000 2,192,421
        $18,966,762
48
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – 8.5%
Dillon County, SC, School Facilities Corp., 5%, 12/01/2033    $ 1,705,000 $1,845,332
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.5%, 10/01/2051      1,000,000 986,148
Greenville, SC, Building Equity Sooner for Tomorrow Installment Purchase Rev. (School District of South Carolina Project), 5%, 12/01/2025      4,000,000 4,118,855
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042      1,975,000 1,918,162
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2029      740,000 785,962
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2030      870,000 936,162
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033      1,115,000 1,153,741
Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2041      1,000,000 1,007,742
Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2042      1,000,000 1,003,829
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028      2,000,000 2,033,255
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026      1,000,000 1,027,111
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027      1,195,000 1,226,264
        $18,042,563
Student Loan Revenue – 0.5%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 1,180,000 $1,148,046
Tax - Other – 2.4%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045    $ 135,000 $142,553
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      375,000 417,881
Greenville County, SC, Road Fee Rev., 4%, 4/01/2043      1,000,000 993,928
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036      95,000 96,773
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046      285,000 282,222
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030      1,000,000 1,041,614
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040      2,000,000 2,054,010
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      165,000 160,880
        $5,189,861
Tax Assessment – 0.4%
Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n)   $ 1,000,000 $844,994
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029      20,000 19,660
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036      18,000 18,397
        $883,051
Tobacco – 0.8%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 280,000 $259,880
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      740,000 699,794
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      755,000 706,572
        $1,666,246
Toll Roads – 0.7%
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035    $ 800,000 $868,678
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      765,000 620,947
        $1,489,625
Transportation - Special Tax – 1.6%
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050    $ 120,000 $132,913
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036      1,205,000 1,274,335
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040      2,000,000 2,092,224
        $3,499,472
Universities - Colleges – 4.4%
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048    $ 3,000,000 $2,324,622
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031      55,000 55,045
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042      70,000 70,138
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      390,000 392,866
49
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028    $ 700,000 $712,537
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035      1,565,000 1,609,459
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049      2,000,000 2,054,651
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025      30,000 30,030
University of South Carolina, Higher Education Rev. (Campus Village Project), “A”, 5%, 5/01/2046      1,900,000 2,047,836
        $9,297,184
Utilities - Municipal Owned – 5.4%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 145,000 $145,769
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      170,000 170,592
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     205,000 53,812
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     330,000 86,625
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     525,000 137,812
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     80,000 21,000
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     190,000 49,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     90,000 23,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     270,000 70,875
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      25,000 24,725
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     120,000 31,500
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     140,000 36,750
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     45,000 11,812
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     145,000 38,062
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     115,000 30,187
Rock Hill, SC, Combined Utility System Rev., 4%, 1/01/2049      1,000,000 976,147
Rock Hill, SC, Combined Utility System Rev., 5%, 1/01/2054      1,000,000 1,068,566
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041      1,000,000 1,017,367
Rock Hill, SC, Utility Systems Rev., “A”, BAM, 4%, 1/01/2049      650,000 637,454
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2035      500,000 518,655
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2036      500,000 515,701
South Carolina Public Service Authority Improvement Rev., “B”, 5%, 12/01/2051      2,055,000 2,133,286
South Carolina Public Service Authority Improvement Rev., “E”, AGM, 5.25%, 12/01/2038      2,000,000 2,247,411
South Carolina Public Service Authority Refunding Rev., “A”, 4%, 12/01/2040      1,500,000 1,484,583
        $11,597,817
Utilities - Other – 4.2%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029)    $ 520,000 $514,536
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      1,230,000 1,300,203
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      1,195,000 1,259,252
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)      2,000,000 2,167,113
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028      130,000 138,013
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      1,090,000 1,157,494
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      685,000 731,996
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026      570,000 582,683
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)      1,065,000 1,099,584
        $8,950,874
Water & Sewer Utility Revenue – 15.3%
Aiken County, SC, County Administration Building Project, 4%, 8/01/2049    $ 1,000,000 $975,833
Aiken County, SC, County Administration Building Project, 5%, 8/01/2053      1,000,000 1,071,045
Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038      755,000 808,512
Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047      1,000,000 1,108,237
50
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052    $ 500,000 $557,124
Columbia, SC, Waterworks & Sewer System Rev., “A”, 5%, 2/01/2048      1,100,000 1,216,179
Columbia, SC, Waterworks & Sewer System Rev., “A”, 5.25%, 2/01/2053      2,335,000 2,596,804
Dorchester County, SC, Waterworks & Sewer Systems Rev., 4.25%, 10/01/2048      2,250,000 2,266,996
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      410,000 418,063
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      300,000 312,991
Inman-Campobello Water District, SC, Waterworks System Improvement Rev., BAM, 5%, 6/01/2048      1,000,000 1,080,588
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2030      500,000 520,094
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2035      500,000 519,177
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      50,000 50,091
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      60,000 60,078
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037      70,000 70,105
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2036      1,000,000 1,057,419
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2037      1,000,000 1,053,301
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 3/01/2042      605,000 670,340
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 3/01/2043      325,000 359,002
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 3/01/2045      1,350,000 1,482,080
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 4%, 3/01/2048      1,645,000 1,594,904
North Charleston, SC, Sewer District, 5%, 7/01/2039      3,425,000 3,435,071
South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052      5,000,000 5,063,842
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2034      2,000,000 2,033,707
York County, SC, Water and Sewer System Rev., 4%, 6/01/2040      1,100,000 1,128,078
York County, SC, Water and Sewer System Rev., 4%, 6/01/2042      1,100,000 1,113,416
        $32,623,077
Total Municipal Bonds (Identified Cost, $210,877,056)   $207,108,909
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 420,000 $396,767
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     727,364 227,301
Total Bonds (Identified Cost, $686,136)   $624,068
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $240,253)   $ 399,702 $231,027
Investment Companies (h) – 1.0%
Money Market Funds – 1.0%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $2,190,035)     2,189,957 $2,190,396
Other Assets, Less Liabilities – 1.6%   3,400,101
Net Assets – 100.0% $213,554,501
See Portfolio Footnotes and Notes to Financial Statements
51
Portfolio of Investments – continued
MFS Virginia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.9%
Airport Revenue – 4.2%
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034    $ 3,000,000 $3,014,271
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2037      1,000,000 1,049,209
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2038      1,000,000 1,045,269
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2039      1,000,000 989,497
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2041      1,000,000 981,739
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.25%, 10/01/2048      3,600,000 3,877,680
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2027      980,000 995,715
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2028      1,000,000 1,015,582
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034      995,000 996,168
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      1,160,000 1,172,678
        $15,137,808
General Obligations - General Purpose – 8.3%
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2043    $ 1,375,000 $1,391,283
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2044      1,430,000 1,440,931
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2045      1,485,000 1,490,601
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2046      1,550,000 1,550,321
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036      775,000 690,017
Bristol County, VA, General Obligation Anticipation Notes, 5%, 9/01/2027      1,650,000 1,686,463
Chesterfield County, VA, Public Improvement, “A”, 4%, 1/01/2036      1,570,000 1,617,958
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      1,300,000 1,426,111
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042      475,000 477,011
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      144,946 158,568
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      318,785 359,112
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      133,501 132,984
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      251,000 246,082
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      102,991 99,385
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      140,029 131,684
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      476,628 437,035
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      21,717 21,501
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      171,803 112,713
Fairfax County, VA, Public Improvement, “A”, 5%, 10/01/2037      2,000,000 2,184,415
Fairfax County, VA, Public Improvement, “B”, 4%, 10/01/2025      3,900,000 3,951,346
Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028)      2,615,000 2,859,012
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2039      800,000 912,590
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2040      925,000 1,048,267
Petersburg, VA, General Obligation, 4.25%, 9/01/2048      1,160,000 1,181,411
Petersburg, VA, General Obligation, 4.25%, 9/01/2053      1,500,000 1,512,107
State of Illinois, General Obligation, 5.5%, 5/01/2039      270,000 297,100
State of Illinois, General Obligation, 5.75%, 5/01/2045      245,000 268,070
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047      280,000 305,985
Suffolk, VA, General Obligation Capital Improvement, “A”, 2%, 2/01/2039      1,675,000 1,233,463
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048      365,000 367,282
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052      145,000 144,974
        $29,735,782
Healthcare Revenue - Hospitals – 13.1%
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037    $ 2,800,000 $3,039,449
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033      2,000,000 2,164,923
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034      1,475,000 1,596,417
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043      625,000 597,740
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 (Prerefunded 7/01/2029)      5,000 5,258
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045      40,000 32,794
Fairfax County, VA, Industrial Development Authority Health Care Refunding Rev. (Inova Health System Project), 5%, 5/15/2029      1,475,000 1,634,619
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2044      2,000,000 1,971,435
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 5%, 5/15/2044      2,000,000 2,000,876
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2048      4,000,000 3,858,187
52
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031    $ 750,000 $751,875
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033      1,000,000 1,002,270
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052      1,835,000 1,715,342
Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, 5.25%, 7/01/2043      1,000,000 1,114,485
Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, 5.25%, 7/01/2048      4,000,000 4,372,983
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038      2,200,000 2,228,258
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039      1,320,000 1,325,865
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2040      550,000 548,363
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), “A”, 5%, 1/01/2047      3,000,000 3,037,369
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048      3,000,000 2,905,842
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2047      1,625,000 1,848,007
Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), “A”, 3%, 11/01/2046      2,255,000 1,823,750
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040      3,370,000 2,913,022
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049      3,445,000 3,272,735
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028      600,000 616,352
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030      400,000 410,723
        $46,788,939
Healthcare Revenue - Long Term Care – 3.6%
Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 (Prerefunded 10/01/2025)    $ 1,000,000 $1,022,968
Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 (Prerefunded 10/01/2024)      1,000,000 1,025,245
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), “C”, 5%, 12/01/2037      765,000 787,111
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024      395,000 395,263
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025      385,000 385,239
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040      500,000 483,252
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045      720,000 667,829
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037      1,000,000 970,742
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037      1,000,000 930,234
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031      1,000,000 990,807
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), 7%, 9/01/2053      2,000,000 2,237,262
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 5%, 1/01/2033      1,750,000 1,845,574
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042      1,000,000 976,606
        $12,718,132
Industrial Revenue - Environmental Services – 1.4%
Southampton County, VA, Industrial Development Authority, Environmental Improvement Rev. (PRTI-Virginia One, LLC Project), 4.875%, 11/01/2053 (Put Date 12/12/2024)    $ 4,000,000 $3,994,946
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n)     1,000,000 955,728
        $4,950,674
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 300,000 $260,552
Industrial Revenue - Paper – 0.1%
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034    $ 100,000 $100,232
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044      130,000 130,269
        $230,501
53
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 0.9%
Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, “A”, 0%, 7/01/2049    $ 7,500,000 $2,335,466
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026      130,000 133,816
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     845,000 845,259
        $3,314,541
Multi-Family Housing Revenue – 12.0%
Arlington County, VA, Industrial Development Authority Multi-Family Housing Rev. (Park Shirlington Apartments), “A”, 5%, 1/01/2026    $ 4,000,000 $4,079,574
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036      981,500 962,776
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025)      525,000 530,292
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025)      830,000 833,390
Northampton County, VA Economic Development Authority, Multifamily Housing Rev. (Myrtle Landing Apartments), HUD Section 8, 4.5%, 4/01/2026 (Put Date 4/01/2025)      3,720,000 3,730,340
Virginia Housing Development Authority, Rental Housing, “A”, 3.8%, 9/01/2044      2,000,000 1,863,559
Virginia Housing Development Authority, Rental Housing, “A”, 4.6%, 9/01/2049      1,000,000 1,003,985
Virginia Housing Development Authority, Rental Housing, “A”, 4.8%, 9/01/2059      1,000,000 1,006,192
Virginia Housing Development Authority, Rental Housing, “B”, 4.4%, 3/01/2043      710,000 719,899
Virginia Housing Development Authority, Rental Housing, “B”, 4.45%, 3/01/2045      1,535,000 1,536,215
Virginia Housing Development Authority, Rental Housing, “B”, 4.55%, 3/01/2048      2,580,000 2,572,276
Virginia Housing Development Authority, Rental Housing, “D”, 1.8%, 5/01/2033      500,000 414,525
Virginia Housing Development Authority, Rental Housing, “D”, 3.7%, 10/01/2038      3,000,000 2,902,343
Virginia Housing Development Authority, Rental Housing, “D”, 4.75%, 8/01/2053      4,000,000 4,042,707
Virginia Housing Development Authority, Rental Housing, “D”, 4%, 10/01/2053      2,875,000 2,628,746
Virginia Housing Development Authority, Rental Housing, “E”, 3.15%, 12/01/2049      1,635,000 1,236,464
Virginia Housing Development Authority, Rental Housing, “E”, 4.25%, 6/01/2052      3,000,000 2,883,454
Virginia Housing Development Authority, Rental Housing, “F”, 1.6%, 7/01/2033      770,000 620,197
Virginia Housing Development Authority, Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048      4,000,000 4,173,703
Virginia Housing Development Authority, Rental Housing, “G”, 5.05%, 11/01/2047      1,000,000 1,057,628
Virginia Housing Development Authority, Rental Housing, “G”, 5.15%, 11/01/2052      2,680,000 2,807,337
Virginia Housing Development Authority, Rental Housing, “G”, 5.375%, 11/01/2064      1,250,000 1,292,181
        $42,897,783
Parking – 0.9%
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035    $ 1,250,000 $1,318,783
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036      1,000,000 1,052,316
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037      750,000 786,203
        $3,157,302
Port Revenue – 1.2%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 590,000 $451,453
Virginia Port Authority Facilities Refunding Rev., “B”, 5%, 7/01/2041      750,000 758,279
Virginia Port Authority Facilities Rev, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2025)      3,000,000 3,055,107
        $4,264,839
Sales & Excise Tax Revenue – 4.4%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 20,000 $21,421
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      25,000 26,999
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      245,000 233,174
Hampton Roads, VA, Transportation Accountability Commission, “A”, 4%, 7/01/2057      4,000,000 3,803,990
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      77,000 77,676
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      249,000 247,812
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      7,532,000 7,554,271
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      476,000 476,137
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      251,000 251,072
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      6,000 5,770
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      122,000 121,086
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      5,000 4,953
54
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027    $ 135,000 $119,429
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      26,000 21,296
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,212,000 914,983
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,160,000 802,815
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      556,000 177,210
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     795,000 620,100
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)     345,000 269,100
        $15,749,294
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n)   $ 325,000 $292,489
Single Family Housing - State – 1.5%
Virginia Housing Development Authority, Commonwealth Mortgage, “E”, 3.9%, 7/01/2055 (Put Date 7/01/2025)    $ 4,000,000 $3,994,129
Virginia Housing Development Authority, Commonwealth Mortgage, “E-1” , 4.55%, 10/01/2049      1,500,000 1,504,463
        $5,498,592
State & Local Agencies – 8.8%
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040    $ 1,000,000 $997,630
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2033 (Prerefunded 10/01/2024)      500,000 503,301
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2034 (Prerefunded 10/01/2024)      1,000,000 1,006,603
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2038      1,500,000 1,596,737
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039      1,765,000 1,871,027
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036      1,000,000 930,945
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037      580,000 528,839
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045      3,000,000 2,904,773
Loudoun County, VA, Economic Development Authority Refunding Rev. (Louduon County Public Facilities Project), “A”, 5%, 12/01/2024      1,860,000 1,878,460
Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), “A”, 3%, 12/01/2037      2,000,000 1,832,161
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036      3,205,000 3,330,608
Virginia College Building Authority, Educational Facilities Refunding Rev. (21st Century College and Equipment Programs), “E”, 5%, 2/01/2025      540,000 547,218
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “A”, 5%, 2/01/2038      4,000,000 4,521,041
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “D”, 5%, 2/01/2025      1,435,000 1,454,181
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 (Prerefunded 8/01/2029)      30,000 31,883
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039      2,000,000 2,029,924
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5%, 7/15/2045      5,000,000 5,356,591
        $31,321,922
Student Loan Revenue – 0.5%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039    $ 15,000 $14,295
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044      385,000 313,492
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041      1,590,000 1,546,944
        $1,874,731
Tax - Other – 1.2%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035    $ 1,525,000 $1,623,616
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045      230,000 242,868
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      635,000 707,612
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051      1,965,000 1,536,930
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      220,000 214,506
        $4,325,532
55
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – 0.4%
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)   $ 1,000,000 $948,456
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n)     500,000 504,762
        $1,453,218
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055    $ 970,000 $917,298
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      1,140,000 1,066,877
        $1,984,175
Toll Roads – 5.9%
Chesapeake Bay, VA, Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051    $ 3,000,000 $3,010,647
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052      4,180,000 3,979,670
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, 4%, 10/01/2044      3,000,000 2,928,279
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053      2,830,000 2,658,703
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035      3,000,000 3,257,542
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), 4%, 1/01/2040      2,000,000 1,937,270
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041      3,000,000 2,435,088
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052      1,000,000 1,006,765
        $21,213,964
Transportation - Special Tax – 4.2%
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042    $ 3,000,000 $2,983,215
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, “A”, 4%, 5/15/2035      2,750,000 2,831,340
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039      190,000 203,866
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050      200,000 221,522
Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025)      1,000,000 1,016,530
Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025)      500,000 508,265
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037      1,560,000 1,632,870
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038      1,560,000 1,627,596
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043      3,860,000 3,992,719
        $15,017,923
Universities - Colleges – 9.4%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026    $ 750,000 $739,105
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 11/01/2037      745,000 754,757
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 5/01/2048      2,475,000 2,366,056
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), “A”, 5%, 1/01/2043      1,000,000 1,051,168
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), “A”, 4%, 6/01/2037      1,000,000 1,023,940
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), “A”, 4%, 6/01/2038      1,750,000 1,780,183
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033      390,000 383,626
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046      595,000 599,373
Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), “A”, 5%, 9/01/2034      675,000 699,823
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038      150,000 142,078
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040      250,000 231,131
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049      900,000 903,473
University of Virginia, General Rev. Pledge Refunding, “B”, 5%, 4/01/2046      2,500,000 2,608,520
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2054      2,000,000 2,190,200
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2049      1,000,000 1,104,862
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “A”, 5%, 7/01/2035 (n)     1,000,000 1,001,240
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)     1,000,000 1,004,827
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041      1,600,000 1,587,704
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036      1,280,000 1,262,953
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041      470,000 370,036
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046      1,250,000 1,100,043
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031      1,000,000 1,117,995
56
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), “A”, 5%, 1/01/2040 (Prerefunded 1/01/2025)    $ 1,000,000 $1,012,050
Virginia Commonwealth University, General Rev., “A”, 5%, 11/01/2033      4,000,000 4,531,901
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029      2,500,000 2,514,683
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.125%, 7/01/2048      1,000,000 973,961
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.25%, 7/01/2058      755,000 725,044
        $33,780,732
Universities - Dormitories – 0.6%
Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4%, 7/01/2048    $ 2,245,000 $2,186,030
Utilities - Investor Owned – 1.1%
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027)    $ 4,000,000 $3,993,878
Utilities - Municipal Owned – 2.1%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)   $ 30,000 $7,875
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     320,000 84,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     535,000 140,437
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024      25,000 25,004
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     835,000 219,187
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     130,000 34,125
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     30,000 7,875
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     305,000 80,062
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024      315,000 313,920
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030      45,000 43,580
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     145,000 38,063
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     140,000 36,750
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     430,000 112,875
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027      185,000 181,045
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      340,000 335,350
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      35,000 34,615
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     25,000 6,563
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     205,000 53,813
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     225,000 59,062
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     70,000 18,375
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     215,000 56,438
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     175,000 45,938
Richmond, VA, Public Utility Refunding Rev., “C”, 4%, 1/15/2045      1,000,000 1,007,889
Richmond, VA, Public Utility Refunding Rev., “C”, 4.25%, 1/15/2053      2,500,000 2,523,644
Richmond, VA, Public Utility Rev., “A”, 5%, 1/15/2035      2,000,000 2,068,306
        $7,572,854
Utilities - Other – 2.5%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)    $ 2,020,000 $2,135,293
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)      1,300,000 1,408,623
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      1,850,000 1,964,554
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      1,115,000 1,191,497
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026      1,140,000 1,165,367
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033      1,455,000 1,191,316
        $9,056,650
57
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 8.8%
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041    $ 3,000,000 $3,135,841
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040      1,045,000 1,082,738
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      430,000 448,621
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 8/01/2034 (Prerefunded 8/01/2026)      3,000,000 3,129,006
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 10/01/2035 (Prerefunded 10/01/2027)      660,000 706,074
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 4%, 10/01/2038      1,265,000 1,287,188
Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046      1,435,000 1,423,163
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      80,000 80,146
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      100,000 100,130
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      110,000 110,165
Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046      3,865,000 3,990,946
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044      2,065,000 1,710,997
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2025      5,000 5,006
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2027      45,000 45,032
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2028      40,000 40,025
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2032      1,000,000 1,078,942
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2033      1,500,000 1,615,496
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2036      3,450,000 3,549,516
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025      45,000 45,056
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2039      1,610,000 1,821,099
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2041      1,030,000 1,152,306
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2042      1,330,000 1,479,587
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 5.25%, 11/01/2047      2,350,000 2,647,004
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 4.75%, 11/01/2052      750,000 793,546
        $31,477,630
Total Municipal Bonds (Identified Cost, $359,392,801)   $350,256,467
Bonds – 0.2%
Consumer Services – 0.2%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 557,000 $526,189
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     1,091,046 340,952
Total Bonds (Identified Cost, $957,977)   $867,141
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $355,692)   $ 591,755 $342,034
Investment Companies (h) – 0.4%
Money Market Funds – 0.4%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $1,321,731)     1,321,760 $1,322,025
Other Assets, Less Liabilities – 1.4%   5,154,788
Net Assets – 100.0% $357,942,455
See Portfolio Footnotes and Notes to Financial Statements
58
Portfolio of Investments – continued
MFS West Virginia Municipal Bond Fund
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.2%
Airport Revenue – 0.3%
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044    $ 60,000 $60,208
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039      70,000 70,408
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039      55,000 55,192
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044      85,000 85,129
        $270,937
General Obligations - General Purpose – 6.3%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036    $ 260,000 $231,490
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040      360,000 394,923
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.625%, 7/01/2029      44,227 48,383
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 5.75%, 7/01/2031      42,958 48,392
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2033      40,735 40,577
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2035      74,630 73,168
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2037      31,426 30,326
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2041      42,727 40,181
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, “A”, 4%, 7/01/2046      143,435 131,520
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2024      6,627 6,561
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, “A”, 0%, 7/01/2033      52,422 34,392
State of Illinois, General Obligation, 5.5%, 5/01/2039      165,000 181,561
State of Illinois, General Obligation, “C”, 4%, 10/01/2040      155,000 151,912
State of Illinois, General Obligation, “C”, 4%, 10/01/2041      70,000 67,897
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2043      400,000 438,291
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2043      1,000,000 1,070,466
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2044      2,000,000 2,136,338
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2044      705,000 769,004
        $5,895,382
General Obligations - Schools – 5.1%
Berkeley County, WV, Public School Board of Education, 3%, 6/01/2026    $ 750,000 $743,741
Berkeley County, WV, Public School Board of Education, 4%, 6/01/2037      1,000,000 1,045,238
Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029      1,000,000 998,661
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048      820,000 644,062
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048      310,000 305,692
Wood County, WV, Public School Board of Education, 4%, 6/01/2039      1,000,000 1,018,130
        $4,755,524
Healthcare Revenue - Hospitals – 14.0%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044    $ 155,000 $147,503
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 (Prerefunded 7/01/2029)      5,000 5,258
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045      10,000 8,199
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049      490,000 465,498
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038      230,000 211,268
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), “A”, 4.125%, 1/01/2047      1,245,000 1,061,664
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2028      1,000,000 1,004,968
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 9/01/2039      1,500,000 1,535,466
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044      1,000,000 1,010,874
West Virginia Hospital Finance Authority Hospital Rev. (Vandalia Health Group), “B”, 5.5%, 9/01/2048      1,000,000 1,114,766
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 5%, 6/01/2027      200,000 207,274
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 4%, 6/01/2035      1,500,000 1,504,774
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 5%, 6/01/2042      1,000,000 1,031,890
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 4%, 6/01/2051      860,000 785,164
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 4.375%, 6/01/2053      1,000,000 1,008,605
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, AGM, 4%, 6/01/2051      2,220,000 2,092,820
        $13,195,991
59
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – 1.6%
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Allegheny Metallurgical Project), 4.75%, 1/01/2048 (Put Date 8/01/2024)    $ 1,500,000 $1,498,880
Industrial Revenue - Other – 0.2%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n)   $ 115,000 $82,637
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     200,000 158,005
        $240,642
Miscellaneous Revenue - Other – 6.5%
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026    $ 40,000 $41,174
Morgantown, WV, Building Commission Leave Rev. (Marilla Park Aquatic Complex), “A”, 4.25%, 12/01/2043      790,000 777,938
Morgantown, WV, Building Commission Leave Rev. (Marilla Park Aquatic Complex), “A”, 4.5%, 12/01/2048      540,000 534,971
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)     580,000 580,178
West Virginia Economic Development Authority, Excess Lottery Rev., “A”, 5%, 7/01/2038      1,000,000 1,062,306
West Virginia School Building Authority, “A”, 3%, 7/01/2033      2,000,000 1,949,151
West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2038      265,000 299,725
West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2039      735,000 828,857
        $6,074,300
Multi-Family Housing Revenue – 0.3%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036    $ 282,161 $276,779
Port Revenue – 0.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044    $ 170,000 $130,080
Sales & Excise Tax Revenue – 4.4%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030    $ 5,000 $5,355
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031      10,000 10,800
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042      75,000 71,380
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), “A”, 4.125%, 6/01/2043 (n)     945,000 838,873
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      25,000 25,219
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053      83,000 82,604
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      2,079,000 2,085,147
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      158,000 158,045
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      83,000 83,024
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      1,000 962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      39,000 38,708
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024      1,000 991
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      45,000 39,810
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      7,000 5,734
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      412,000 311,034
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      396,000 274,064
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      186,000 59,282
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)     120,000 93,600
        $4,184,632
Single Family Housing - State – 12.1%
West Virginia Housing Development Fund Finance Bonds, “A”, 4.55%, 11/01/2049    $ 1,000,000 $995,208
West Virginia Housing Development Fund Finance Bonds, “C”, 2.8%, 11/01/2024      250,000 248,061
West Virginia Housing Development Fund, “A”, 3.875%, 11/01/2044      1,120,000 1,064,994
West Virginia Housing Development Fund, “A”, 4.75%, 11/01/2048      1,000,000 1,012,563
West Virginia Housing Development Fund, “B”, 1.8%, 5/01/2026      485,000 455,702
West Virginia Housing Development Fund, “B”, 4.2%, 11/01/2047      1,000,000 955,313
West Virginia Housing Development Fund, “B”, 4.25%, 11/01/2052      615,000 575,804
West Virginia Housing Development Fund, “B”, 4.7%, 11/01/2053      980,000 978,614
West Virginia Housing Development Fund, “C”, 4.45%, 11/01/2037      1,000,000 1,029,408
West Virginia Housing Development Fund, “C”, 4.625%, 11/01/2042      1,000,000 1,009,032
West Virginia Housing Development Fund, “C”, 4.8%, 11/01/2047      1,000,000 1,018,441
60
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
West Virginia Housing Development Fund, “D”, 4.6%, 11/01/2043    $ 1,000,000 $1,010,845
West Virginia Housing Development Fund, “D”, 4.8%, 11/01/2048      1,000,000 1,010,271
        $11,364,256
State & Local Agencies – 9.3%
Berkeley County, WV, Building Commission Lease Rev. (Berkeley County Day Report Center and Public Safety Building Projects), 4%, 12/01/2042    $ 1,740,000 $1,705,652
Berkeley County, WV, Building Commission Lease Rev. (LED Lighting Project), “B”, 5%, 6/01/2024      545,000 545,826
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044      1,640,000 683,092
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2042      500,000 511,178
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2047      500,000 504,069
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.375%, 5/01/2052      560,000 562,082
West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), “A”, 5%, 6/01/2029      2,000,000 2,001,921
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2025      115,000 115,124
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2030      1,355,000 1,356,552
West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034      795,000 796,079
        $8,781,575
Student Loan Revenue – 0.5%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041    $ 485,000 $471,867
Tax - Other – 2.6%
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045    $ 60,000 $63,357
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048      175,000 195,011
Monongalia County, WV, Senior Tax Increment Improvement Refunding Rev. (Development District No. 4 - University Town Centre), “A”, 6%, 6/01/2053 (n)     1,000,000 1,068,146
Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032      1,000,000 1,006,170
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050      100,000 97,503
        $2,430,187
Tax Assessment – 1.5%
Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 6/01/2033    $ 455,000 $440,018
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034      1,000,000 940,390
        $1,380,408
Tobacco – 0.9%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048    $ 125,000 $116,018
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      500,000 472,834
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050      330,000 308,832
        $897,684
Toll Roads – 2.4%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041    $ 325,000 $263,801
West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042      1,000,000 1,005,740
West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047      1,000,000 965,363
        $2,234,904
Transportation - Special Tax – 2.3%
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2050    $ 1,000,000 $955,884
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044      1,225,000 1,198,381
        $2,154,265
Universities - Colleges – 8.8%
Fairmont, WV, State University Board of Governors Refunding Rev., “A”, 5%, 6/01/2032    $ 1,050,000 $1,181,617
Marshall University, WV, Board of Governors Rev., “A”, AGM, 3%, 5/01/2046      1,000,000 787,740
Marshall University, WV, Board of Governors Rev., “A”, AGM, 4%, 5/01/2050      1,500,000 1,349,036
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031      100,000 100,130
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2044      1,000,000 1,077,426
61
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2049    $ 2,000,000 $2,101,912
West Virginia University, University Systems Rev., “A”, NPFG, 5.25%, 4/01/2028      1,665,000 1,718,404
        $8,316,265
Universities - Dormitories – 1.1%
West Virginia Economic Development Authority, University Facilities Refunding Rev. (Provident Group - Marshall Properties LLC - Marshall University Project), “A-1”, AGM, 5%, 7/01/2042    $ 1,000,000 $1,072,282
Utilities - Investor Owned – 2.8%
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027)    $ 1,000,000 $976,785
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025)      750,000 695,223
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025)      1,000,000 943,510
        $2,615,518
Utilities - Municipal Owned – 1.0%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033    $ 435,000 $438,471
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)     110,000 28,875
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)     180,000 47,250
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     285,000 74,812
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     45,000 11,813
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     50,000 13,125
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     145,000 38,062
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030      135,000 133,154
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034      10,000 9,890
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)     70,000 18,375
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     75,000 19,687
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     65,000 17,063
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)     50,000 13,125
        $926,702
Utilities - Other – 2.5%
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)    $ 280,000 $282,236
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)      565,000 597,248
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)      560,000 590,109
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)      510,000 541,580
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)      310,000 331,268
        $2,342,441
Water & Sewer Utility Revenue – 10.6%
Berkeley County, WV, Public Service Sewer District, “A”, BAM, 5%, 6/01/2036    $ 1,700,000 $1,742,960
Greenbrier County, WV, Public Service District No. 1, Sewerage System Improvement Rev., “A”, BAM, 4.625%, 10/01/2052      1,000,000 1,019,394
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046      180,000 183,540
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029      20,000 20,053
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035      20,000 20,052
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      135,000 140,846
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032      35,000 35,064
62
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
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    $ 40,000 $40,052
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      50,000 50,075
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040      75,000 75,257
Morgantown, WV, Combined Utility System Rev., “A”, AGM, 5%, 12/01/2041      1,000,000 1,033,255
Morgantown, WV, Combined Utility System Rev., “B”, 5%, 12/01/2043      2,000,000 2,094,219
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033      1,475,000 1,534,181
West Virginia Water Development Authority Rev. (Loan Program IV), “A-IV”, 5%, 11/01/2038      500,000 532,726
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2051      1,500,000 1,427,837
        $9,949,511
Total Municipal Bonds (Identified Cost, $94,221,667)   $91,461,012
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)   $ 167,000 $157,762
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)     363,682 113,651
Total Bonds (Identified Cost, $301,066)   $271,413
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $108,533)   $ 180,564 $104,365
Investment Companies (h) – 0.8%
Money Market Funds – 0.8%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $734,841)     734,839 $734,986
Other Assets, Less Liabilities – 1.6%   1,463,283
Net Assets – 100.0% $94,035,059
Portfolio Footnotes:
(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 each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows:
  Affiliated Issuers Unaffiliated Issuers
Mississippi Fund $589,587 $79,126,336
New York Fund 1,290,035 168,823,582
North Carolina Fund 3,111,246 442,584,717
Pennsylvania Fund 1,147,173 160,095,869
South Carolina Fund 2,190,396 207,964,004
Virginia Fund 1,322,025 351,465,642
West Virginia Fund 734,986 91,836,790
(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 and percentage of net assets for each fund is as follows:
  Value Percent of net assets
Mississippi Fund $1,074,103 1.4%
New York Fund 8,974,449 5.2%
North Carolina Fund 5,831,421 1.3%
Pennsylvania Fund 5,942,232 3.7%
South Carolina Fund 5,060,774 2.4%
Virginia Fund 7,569,654 2.1%
West Virginia Fund 3,092,852 3.3%
63
Portfolio of Investments – continued
(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(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
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FHA Federal Housing Administration
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA Federal National Mortgage Assn.
GNMA Government National Mortgage Assn.
NPFG National Public Finance Guarantee Corp.
SOFR Secured Overnight Financing Rate
See Notes to Financial Statements
64
Financial Statements
Statements of Assets and Liabilities
At 3/31/24
These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Assets        
Investments in unaffiliated issuers, at value (identified cost, $81,332,723, $172,615,123, $451,773,377, and $165,158,788, respectively) $79,126,336 $168,823,582 $442,584,717 $160,095,869
Investments in affiliated issuers, at value (identified cost, $589,470, $1,289,878, $3,110,627, and $1,146,913, respectively) 589,587 1,290,035 3,111,246 1,147,173
Cash — 320 — —
Receivables for        
Investments sold — 65,000 — 195,000
Fund shares sold 499 200,536 698,503 188,239
Interest 985,786 2,332,083 6,302,837 2,237,583
Receivable from investment adviser — 16,466 — 8,491
Other assets 412 638 1,778 649
Total assets $80,702,620 $172,728,660 $452,699,081 $163,873,004
Liabilities        
Payables for        
Distributions $9,077 $70,003 $54,794 $46,364
Fund shares reacquired 102,538 180,060 1,005,627 419,951
When-issued investments purchased 1,073,560 — — 1,107,040
Payable to affiliates        
Investment adviser 4,737 — 12,380 —
Administrative services fee 296 477 1,019 458
Shareholder servicing costs 13,727 41,652 89,389 30,632
Distribution and service fees 954 4,887 12,327 1,542
Payable for independent Trustees' compensation 34 36 2,150 32
Payable for audit and tax fees 58,346 58,346 58,346 58,346
Accrued expenses and other liabilities 18,662 31,540 49,299 27,030
Total liabilities $1,281,931 $387,001 $1,285,331 $1,691,395
Net assets $79,420,689 $172,341,659 $451,413,750 $162,181,609
Net assets consist of        
Paid-in capital $87,118,650 $190,410,919 $490,213,048 $175,236,151
Total distributable earnings (loss) (7,697,961) (18,069,260) (38,799,298) (13,054,542)
Net assets $79,420,689 $172,341,659 $451,413,750 $162,181,609
65
Statements of Assets and Liabilities – continued
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Net assets        
Class A $69,552,059 $123,264,898 $295,849,274 $110,624,672
Class B 54,356 438,406 140,348 287,616
Class C — 4,590,341 16,267,017 —
Class I 6,779,465 37,820,734 102,556,100 31,001,700
Class R6 3,034,809 6,227,280 36,601,011 20,267,621
Total net assets $79,420,689 $172,341,659 $451,413,750 $162,181,609
Shares of beneficial interest outstanding        
Class A 7,831,944 12,220,918 27,324,743 11,626,264
Class B 6,114 43,578 12,978 30,150
Class C — 455,659 1,503,284 —
Class I 764,671 4,240,804 11,363,230 3,419,344
Class R6 342,284 697,259 4,055,038 2,235,213
Total shares of beneficial interest outstanding 8,945,013 17,658,218 44,259,273 17,310,971
Class A shares        
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$8.88 $10.09 $10.83 $9.52
Offering price per share (100 / 95.75 x net asset value per share) $9.27 $10.54 $11.31 $9.94
Class B shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$8.89 $10.06 $10.81 $9.54
Class C shares        
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $10.07 $10.82 $—
Class I shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.87 $8.92 $9.03 $9.07
Class R6 shares        
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$8.87 $8.93 $9.03 $9.07
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
66
Statements of Assets and Liabilities – continued
At 3/31/24 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Assets      
Investments in unaffiliated issuers, at value (identified cost, $211,803,445, $360,706,470, and $94,631,266, respectively) $207,964,004 $351,465,642 $91,836,790
Investments in affiliated issuers, at value (identified cost, $2,190,035, $1,321,731, and $734,841, respectively) 2,190,396 1,322,025 734,986
Receivables for      
Investments sold 141,454 — 370,000
Fund shares sold 919,144 1,292,011 41,497
Interest 2,768,192 4,890,233 1,319,344
Receivable from investment adviser 3,069 8,015 13,822
Other assets 739 1,142 433
Total assets $213,986,998 $358,979,068 $94,316,872
Liabilities      
Payables for      
Distributions $16,803 $60,068 $11,786
Fund shares reacquired 282,889 783,716 166,843
Payable to affiliates      
Administrative services fee 556 837 325
Shareholder servicing costs 36,515 81,486 20,336
Distribution and service fees 5,108 8,548 2,355
Payable for independent Trustees' compensation 2,152 2,186 2,159
Payable for audit and tax fees 58,346 58,346 58,346
Accrued expenses and other liabilities 30,128 41,426 19,663
Total liabilities $432,497 $1,036,613 $281,813
Net assets $213,554,501 $357,942,455 $94,035,059
Net assets consist of      
Paid-in capital $236,888,647 $388,707,029 $103,563,919
Total distributable earnings (loss) (23,334,146) (30,764,574) (9,528,860)
Net assets $213,554,501 $357,942,455 $94,035,059
67
Statements of Assets and Liabilities – continued
  South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Net assets      
Class A $149,893,130 $226,140,492 $68,855,091
Class B 47,754 211,171 39,125
Class C — 5,880,194 —
Class I 46,522,793 100,954,324 21,196,034
Class R6 17,090,824 24,756,274 3,944,809
Total net assets $213,554,501 $357,942,455 $94,035,059
Shares of beneficial interest outstanding      
Class A 13,488,146 21,981,451 6,783,436
Class B 4,300 20,543 3,856
Class C — 571,722 —
Class I 5,167,106 11,290,752 2,372,482
Class R6 1,897,991 2,766,620 441,626
Total shares of beneficial interest outstanding 20,557,543 36,631,088 9,601,400
Class A shares      
Net asset value per share
(net assets / shares of beneficial interest outstanding) 		$11.11 $10.29 $10.15
Offering price per share (100 / 95.75 x net asset value per share) $11.60 $10.75 $10.60
Class B shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$11.11 $10.28 $10.15
Class C shares      
Net asset value and offering price per share
(net assets / shares of beneficial interest outstanding) 		$— $10.29 $—
Class I shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.00 $8.94 $8.93
Class R6 shares      
Net asset value, offering price, and redemption price per share
(net assets / shares of beneficial interest outstanding) 		$9.00 $8.95 $8.93
On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares.
See Notes to Financial Statements
68
Financial Statements
Statements of Operations
Year ended 3/31/24
These statements describe how much each fund earned in investment income and accrued in expenses. They also describe any gains or losses generated by each fund’s operations.
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Net investment income (loss)        
Interest $2,888,882 $7,368,687 $16,421,240 $6,041,772
Dividends from affiliated issuers 65,596 159,693 345,212 137,992
Other 47 88 154 75
Total investment income $2,954,525 $7,528,468 $16,766,606 $6,179,839
Expenses        
Management fee $366,272 $804,970 $2,017,293 $720,108
Distribution and service fees 178,468 363,540 931,861 276,211
Shareholder servicing costs 51,602 152,775 320,510 118,278
Administrative services fee 21,976 35,898 74,345 33,200
Independent Trustees' compensation 3,589 5,243 9,903 4,878
Custodian fee 16,991 28,586 52,368 28,695
Shareholder communications 8,089 11,468 18,091 12,431
Audit and tax fees 67,566 67,571 67,579 67,569
Legal fees 10,750 30,352 36,801 22,025
Registration fees 59,964 73,131 75,365 60,439
Miscellaneous 28,976 31,040 35,430 30,787
Total expenses $814,243 $1,604,574 $3,639,546 $1,374,621
Fees paid indirectly (24) (168) (189) (145)
Reduction of expenses by investment adviser and distributor (117,284) (215,352) (86,029) (333,389)
Net expenses $696,935 $1,389,054 $3,553,328 $1,041,087
Net investment income (loss) $2,257,590 $6,139,414 $13,213,278 $5,138,752
Realized and unrealized gain (loss)        
Realized gain (loss) (identified cost basis)        
Unaffiliated issuers $(523,069) $(1,922,094) $(5,887,423) $(1,207,822)
Affiliated issuers (1,321) (2,480) (443) (754)
Net realized gain (loss) $(524,390) $(1,924,574) $(5,887,866) $(1,208,576)
Change in unrealized appreciation or depreciation        
Unaffiliated issuers $198,459 $3,731,567 $6,075,494 $550,867
Affiliated issuers (61) (578) (865) (375)
Net unrealized gain (loss) $198,398 $3,730,989 $6,074,629 $550,492
Net realized and unrealized gain (loss) $(325,992) $1,806,415 $186,763 $(658,084)
Change in net assets from operations $1,931,598 $7,945,829 $13,400,041 $4,480,668
See Notes to Financial Statements
69
Statements of Operations – continued
Year ended 3/31/24 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Net investment income (loss)      
Interest $7,636,422 $12,741,059 $3,565,880
Dividends from affiliated issuers 131,881 317,220 56,652
Other — — 50
Total investment income $7,768,303 $13,058,279 $3,622,582
Expenses      
Management fee $934,670 $1,601,843 $424,876
Distribution and service fees 369,517 660,602 182,417
Shareholder servicing costs 131,020 285,909 76,539
Administrative services fee 40,005 61,167 23,835
Independent Trustees' compensation 5,940 8,430 4,099
Custodian fee 27,853 45,575 17,511
Shareholder communications 11,596 15,251 8,561
Audit and tax fees 67,570 67,576 67,566
Legal fees 23,336 27,641 10,381
Registration fees 60,387 74,925 69,811
Miscellaneous 30,254 34,382 28,999
Total expenses $1,702,148 $2,883,301 $914,595
Fees paid indirectly (182) (315) (128)
Reduction of expenses by investment adviser and distributor (117,804) (247,894) (150,120)
Net expenses $1,584,162 $2,635,092 $764,347
Net investment income (loss) $6,184,141 $10,423,187 $2,858,235
Realized and unrealized gain (loss)      
Realized gain (loss) (identified cost basis)      
Unaffiliated issuers $(4,125,032) $(6,111,963) $(615,740)
Affiliated issuers (16) 1,856 76
Net realized gain (loss) $(4,125,048) $(6,110,107) $(615,664)
Change in unrealized appreciation or depreciation      
Unaffiliated issuers $4,455,697 $6,443,322 $548,167
Affiliated issuers 151 (598) 3
Net unrealized gain (loss) $4,455,848 $6,442,724 $548,170
Net realized and unrealized gain (loss) $330,800 $332,617 $(67,494)
Change in net assets from operations $6,514,941 $10,755,804 $2,790,741
See Notes to Financial Statements
70
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
Year ended 3/31/24 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Change in net assets        
From operations        
Net investment income (loss) $2,257,590 $6,139,414 $13,213,278 $5,138,752
Net realized gain (loss) (524,390) (1,924,574) (5,887,866) (1,208,576)
Net unrealized gain (loss) 198,398 3,730,989 6,074,629 550,492
Change in net assets from operations $1,931,598 $7,945,829 $13,400,041 $4,480,668
Total distributions to shareholders $(2,322,925) $(6,373,795) $(13,622,789) $(5,296,145)
Change in net assets from fund share transactions $(4,102,593) $(47,014,255) $(673,314) $(3,117,643)
Total change in net assets $(4,493,920) $(45,442,221) $(896,062) $(3,933,120)
Net assets        
At beginning of period 83,914,609 217,783,880 452,309,812 166,114,729
At end of period $79,420,689 $172,341,659 $451,413,750 $162,181,609
Year ended 3/31/24 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Change in net assets      
From operations      
Net investment income (loss) $6,184,141 $10,423,187 $2,858,235
Net realized gain (loss) (4,125,048) (6,110,107) (615,664)
Net unrealized gain (loss) 4,455,848 6,442,724 548,170
Change in net assets from operations $6,514,941 $10,755,804 $2,790,741
Total distributions to shareholders $(6,273,286) $(10,727,525) $(2,919,310)
Change in net assets from fund share transactions $(12,962) $(4,095,245) $(5,329,332)
Total change in net assets $228,693 $(4,066,966) $(5,457,901)
Net assets      
At beginning of period 213,325,808 362,009,421 99,492,960
At end of period $213,554,501 $357,942,455 $94,035,059
See Notes to Financial Statements
71
Statements of Changes in Net Assets – continued
Year ended 3/31/23 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Change in net assets        
From operations        
Net investment income (loss) $2,129,191 $6,817,763 $11,114,359 $4,562,568
Net realized gain (loss) (1,887,065) (8,287,593) (10,728,203) (4,208,152)
Net unrealized gain (loss) (2,459,904) (6,865,116) (10,633,552) (5,102,945)
Change in net assets from operations $(2,217,778) $(8,334,946) $(10,247,396) $(4,748,529)
Total distributions to shareholders $(2,234,760) $(7,026,543) $(11,616,464) $(4,736,498)
Change in net assets from fund share transactions $(9,802,626) $(26,384,440) $(67,570,276) $(15,531,967)
Total change in net assets $(14,255,164) $(41,745,929) $(89,434,136) $(25,016,994)
Net assets        
At beginning of period 98,169,773 259,529,809 541,743,948 191,131,723
At end of period $83,914,609 $217,783,880 $452,309,812 $166,114,729
Year ended 3/31/23 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Change in net assets      
From operations      
Net investment income (loss) $5,442,532 $9,257,508 $2,596,176
Net realized gain (loss) (9,606,016) (7,317,996) (2,294,870)
Net unrealized gain (loss) (2,950,265) (9,131,583) (2,835,655)
Change in net assets from operations $(7,113,749) $(7,192,071) $(2,534,349)
Total distributions to shareholders $(5,622,830) $(9,469,451) $(2,712,235)
Change in net assets from fund share transactions $(53,709,621) $4,859,970 $(7,381,557)
Total change in net assets $(66,446,200) $(11,801,552) $(12,628,141)
Net assets      
At beginning of period 279,772,008 373,810,973 112,121,101
At end of period $213,325,808 $362,009,421 $99,492,960
See Notes to Financial Statements
72
Financial Statements
Financial Highlights
MFS MISSISSIPPI MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.92 $9.33 $9.90 $9.63 $9.64
Income (loss) from investment operations          
Net investment income (loss) (d) $0.24 $0.21 $0.19 $0.23 $0.28
Net realized and unrealized gain (loss) (0.03) (0.39) (0.57) 0.27 (0.01)
Total from investment operations $0.21 $(0.18) $(0.38) $0.50 $0.27
Less distributions declared to shareholders          
From net investment income $(0.25) $(0.23) $(0.19) $(0.23) $(0.28)
Net asset value, end of period (x) $8.88 $8.92 $9.33 $9.90 $9.63
Total return (%) (r)(s)(t)(x) 2.42 (1.93) (3.95) 5.20 2.80
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.03 1.01 0.97 0.97 0.98
Expenses after expense reductions (f) 0.87 0.85 0.80 0.81 0.82
Net investment income (loss) 2.76 2.41 1.90 2.33 2.88
Portfolio turnover 22 19 13 20 30
Net assets at end of period (000 omitted) $69,552 $73,256 $81,093 $92,395 $86,335
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.92 $9.35 $9.92 $9.64 $9.65
Income (loss) from investment operations          
Net investment income (loss) (d) $0.19 $0.15 $0.12 $0.18 $0.22
Net realized and unrealized gain (loss) (0.03) (0.41) (0.57) 0.26 (0.01)
Total from investment operations $0.16 $(0.26) $(0.45) $0.44 $0.21
Less distributions declared to shareholders          
From net investment income $(0.19) $(0.17) $(0.12) $(0.16) $(0.22)
Net asset value, end of period (x) $8.89 $8.92 $9.35 $9.92 $9.64
Total return (%) (r)(s)(t)(x) 1.88 (2.78) (4.56) 4.63 2.14
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.79 1.76 1.72 1.72 1.73
Expenses after expense reductions (f) 1.52 1.50 1.45 1.46 1.47
Net investment income (loss) 2.12 1.71 1.26 1.79 2.24
Portfolio turnover 22 19 13 20 30
Net assets at end of period (000 omitted) $54 $8 $90 $115 $626
See Notes to Financial Statements
73
Financial Highlights − continued
MFS MISSISSIPPI MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.90 $9.31 $9.89 $9.61 $9.63
Income (loss) from investment operations          
Net investment income (loss) (d) $0.25 $0.22 $0.20 $0.24 $0.29
Net realized and unrealized gain (loss) (0.02) (0.40) (0.58) 0.28 (0.02)
Total from investment operations $0.23 $(0.18) $(0.38) $0.52 $0.27
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.23) $(0.20) $(0.24) $(0.29)
Net asset value, end of period (x) $8.87 $8.90 $9.31 $9.89 $9.61
Total return (%) (r)(s)(t)(x) 2.64 (1.85) (3.96) 5.41 2.79
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.78 0.76 0.72 0.72 0.72
Expenses after expense reductions (f) 0.77 0.75 0.70 0.70 0.71
Net investment income (loss) 2.86 2.50 2.00 2.42 2.96
Portfolio turnover 22 19 13 20 30
Net assets at end of period (000 omitted) $6,779 $7,777 $13,661 $13,878 $11,374
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.90 $9.31 $9.89 $9.61 $9.63
Income (loss) from investment operations          
Net investment income (loss) (d) $0.26 $0.23 $0.20 $0.24 $0.29
Net realized and unrealized gain (loss) (0.03) (0.40) (0.58) 0.28 (0.01)
Total from investment operations $0.23 $(0.17) $(0.38) $0.52 $0.28
Less distributions declared to shareholders          
From net investment income $(0.26) $(0.24) $(0.20) $(0.24) $(0.30)
Net asset value, end of period (x) $8.87 $8.90 $9.31 $9.89 $9.61
Total return (%) (r)(s)(t)(x) 2.70 (1.78) (3.90) 5.48 2.85
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.72 0.70 0.65 0.65 0.66
Expenses after expense reductions (f) 0.71 0.68 0.64 0.64 0.65
Net investment income (loss) 2.92 2.57 2.06 2.47 2.95
Portfolio turnover 22 19 13 20 30
Net assets at end of period (000 omitted) $3,035 $2,874 $3,327 $2,668 $2,384
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
74
Financial Highlights − continued
MFS NEW YORK MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.01 $10.62 $11.33 $10.93 $11.00
Income (loss) from investment operations          
Net investment income (loss) (d) $0.33 $0.29 $0.24 $0.29 $0.31
Net realized and unrealized gain (loss) 0.10 (0.60) (0.71) 0.39 (0.08)
Total from investment operations $0.43 $(0.31) $(0.47) $0.68 $0.23
Less distributions declared to shareholders          
From net investment income $(0.35) $(0.30) $(0.24) $(0.28) $(0.30)
Net asset value, end of period (x) $10.09 $10.01 $10.62 $11.33 $10.93
Total return (%) (r)(s)(t)(x) 4.41 (2.91) (4.30) 6.32 2.08
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.95 0.91 0.88 0.87 0.88
Expenses after expense reductions (f) 0.83 0.83 0.83 0.84 0.86
Net investment income (loss) 3.39 2.86 2.09 2.57 2.73
Portfolio turnover 29 35 19 45 25
Net assets at end of period (000 omitted) $123,265 $126,231 $153,525 $170,723 $174,514
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.98 $10.60 $11.31 $10.90 $10.97
Income (loss) from investment operations          
Net investment income (loss) (d) $0.26 $0.21 $0.15 $0.20 $0.22
Net realized and unrealized gain (loss) 0.09 (0.61) (0.71) 0.41 (0.07)
Total from investment operations $0.35 $(0.40) $(0.56) $0.61 $0.15
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.22) $(0.15) $(0.20) $(0.22)
Net asset value, end of period (x) $10.06 $9.98 $10.60 $11.31 $10.90
Total return (%) (r)(s)(t)(x) 3.64 (3.74) (5.02) 5.63 1.32
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.70 1.66 1.63 1.62 1.63
Expenses after expense reductions (f) 1.58 1.58 1.58 1.60 1.62
Net investment income (loss) 2.64 2.10 1.35 1.85 2.00
Portfolio turnover 29 35 19 45 25
Net assets at end of period (000 omitted) $438 $516 $725 $1,063 $2,193
See Notes to Financial Statements
75
Financial Highlights − continued
MFS NEW YORK MUNICIPAL BOND FUND − continued
  Year ended
Class C 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.99 $10.61 $11.32 $10.91 $10.98
Income (loss) from investment operations          
Net investment income (loss) (d) $0.26 $0.21 $0.15 $0.20 $0.22
Net realized and unrealized gain (loss) 0.09 (0.61) (0.71) 0.41 (0.07)
Total from investment operations $0.35 $(0.40) $(0.56) $0.61 $0.15
Less distributions declared to shareholders          
From net investment income $(0.27) $(0.22) $(0.15) $(0.20) $(0.22)
Net asset value, end of period (x) $10.07 $9.99 $10.61 $11.32 $10.91
Total return (%) (r)(s)(t)(x) 3.64 (3.73) (5.02) 5.63 1.32
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.70 1.66 1.63 1.62 1.63
Expenses after expense reductions (f) 1.58 1.58 1.58 1.59 1.62
Net investment income (loss) 2.64 2.09 1.34 1.83 1.98
Portfolio turnover 29 35 19 45 25
Net assets at end of period (000 omitted) $4,590 $6,462 $9,646 $12,260 $15,471
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.85 $9.39 $10.02 $9.66 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.32 $0.27 $0.24 $0.28 $0.30
Net realized and unrealized gain (loss) 0.08 (0.53) (0.64) 0.35 (0.08)
Total from investment operations $0.40 $(0.26) $(0.40) $0.63 $0.22
Less distributions declared to shareholders          
From net investment income $(0.33) $(0.28) $(0.23) $(0.27) $(0.29)
Net asset value, end of period (x) $8.92 $8.85 $9.39 $10.02 $9.66
Total return (%) (r)(s)(t)(x) 4.66 (2.67) (4.08) 6.65 2.25
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.70 0.66 0.62 0.62 0.63
Expenses after expense reductions (f) 0.58 0.58 0.58 0.59 0.62
Net investment income (loss) 3.64 3.10 2.32 2.81 2.97
Portfolio turnover 29 35 19 45 25
Net assets at end of period (000 omitted) $37,821 $36,516 $44,708 $95,882 $83,586
See Notes to Financial Statements
76
Financial Highlights − continued
MFS NEW YORK MUNICIPAL BOND FUND − continued
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.84 $9.39 $10.02 $9.66 $9.73
Income (loss) from investment operations          
Net investment income (loss) (d) $0.31 $0.28 $0.25 $0.28 $0.30
Net realized and unrealized gain (loss) 0.12 (0.54) (0.64) 0.36 (0.07)
Total from investment operations $0.43 $(0.26) $(0.39) $0.64 $0.23
Less distributions declared to shareholders          
From net investment income $(0.34) $(0.29) $(0.24) $(0.28) $(0.30)
Net asset value, end of period (x) $8.93 $8.84 $9.39 $10.02 $9.66
Total return (%) (r)(s)(t)(x) 4.97 (2.70) (4.02) 6.72 2.31
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.60 0.58 0.57 0.56 0.56
Expenses after expense reductions (f) 0.50 0.50 0.51 0.53 0.55
Net investment income (loss) 3.56 3.21 2.51 2.86 3.01
Portfolio turnover 29 35 19 45 25
Net assets at end of period (000 omitted) $6,227 $48,058 $50,925 $4,866 $3,092
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
77
Financial Highlights − continued
MFS NORTH CAROLINA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.81 $11.25 $11.91 $11.45 $11.59
Income (loss) from investment operations          
Net investment income (loss) (d) $0.31 $0.25 $0.21 $0.27 $0.32
Net realized and unrealized gain (loss) 0.03 (0.43) (0.67) 0.46 (0.13)
Total from investment operations $0.34 $(0.18) $(0.46) $0.73 $0.19
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.26) $(0.20) $(0.27) $(0.33)
Net asset value, end of period (x) $10.83 $10.81 $11.25 $11.91 $11.45
Total return (%) (r)(s)(t)(x) 3.23 (1.56) (3.91) 6.42 1.55
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.86 0.85 0.84 0.84 0.85
Expenses after expense reductions (f) 0.84 0.84 0.83 0.83 0.83
Net investment income (loss) 2.90 2.30 1.74 2.29 2.72
Portfolio turnover 25 30 16 25 28
Net assets at end of period (000 omitted) $295,849 $302,524 $354,752 $359,286 $326,916
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.80 $11.24 $11.90 $11.44 $11.57
Income (loss) from investment operations          
Net investment income (loss) (d) $0.23 $0.16 $0.12 $0.19 $0.24
Net realized and unrealized gain (loss) 0.02 (0.42) (0.67) 0.45 (0.13)
Total from investment operations $0.25 $(0.26) $(0.55) $0.64 $0.11
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.18) $(0.11) $(0.18) $(0.24)
Net asset value, end of period (x) $10.81 $10.80 $11.24 $11.90 $11.44
Total return (%) (r)(s)(t)(x) 2.37 (2.29) (4.63) 5.64 0.88
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.61 1.61 1.59 1.59 1.61
Expenses after expense reductions (f) 1.59 1.59 1.58 1.58 1.59
Net investment income (loss) 2.15 1.51 0.99 1.60 2.01
Portfolio turnover 25 30 16 25 28
Net assets at end of period (000 omitted) $140 $165 $323 $416 $788
See Notes to Financial Statements
78
Financial Highlights − continued
MFS NORTH CAROLINA MUNICIPAL BOND FUND − continued
  Year ended
Class C 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.81 $11.25 $11.91 $11.45 $11.58
Income (loss) from investment operations          
Net investment income (loss) (d) $0.23 $0.17 $0.12 $0.18 $0.23
Net realized and unrealized gain (loss) 0.02 (0.43) (0.67) 0.46 (0.12)
Total from investment operations $0.25 $(0.26) $(0.55) $0.64 $0.11
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.18) $(0.11) $(0.18) $(0.24)
Net asset value, end of period (x) $10.82 $10.81 $11.25 $11.91 $11.45
Total return (%) (r)(s)(t)(x) 2.37 (2.29) (4.63) 5.63 0.88
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.61 1.60 1.59 1.59 1.61
Expenses after expense reductions (f) 1.59 1.59 1.58 1.58 1.59
Net investment income (loss) 2.15 1.54 0.99 1.56 1.96
Portfolio turnover 25 30 16 25 28
Net assets at end of period (000 omitted) $16,267 $21,315 $28,828 $35,315 $45,135
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.01 $9.38 $9.93 $9.55 $9.66
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.20 $0.25 $0.29
Net realized and unrealized gain (loss) 0.03 (0.36) (0.56) 0.38 (0.10)
Total from investment operations $0.31 $(0.13) $(0.36) $0.63 $0.19
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.24) $(0.19) $(0.25) $(0.30)
Net asset value, end of period (x) $9.03 $9.01 $9.38 $9.93 $9.55
Total return (%) (r)(s)(t)(x) 3.52 (1.35) (3.67) 6.64 1.87
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.61 0.60 0.59 0.59 0.60
Expenses after expense reductions (f) 0.59 0.59 0.58 0.58 0.59
Net investment income (loss) 3.15 2.54 1.99 2.52 2.95
Portfolio turnover 25 30 16 25 28
Net assets at end of period (000 omitted) $102,556 $97,036 $116,857 $113,800 $83,861
See Notes to Financial Statements
79
Financial Highlights − continued
MFS NORTH CAROLINA MUNICIPAL BOND FUND − continued
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.01 $9.38 $9.93 $9.55 $9.66
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.23 $0.20 $0.25 $0.30
Net realized and unrealized gain (loss) 0.02 (0.36) (0.55) 0.38 (0.11)
Total from investment operations $0.31 $(0.13) $(0.35) $0.63 $0.19
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.24) $(0.20) $(0.25) $(0.30)
Net asset value, end of period (x) $9.03 $9.01 $9.38 $9.93 $9.55
Total return (%) (r)(s)(t)(x) 3.59 (1.28) (3.60) 6.71 1.94
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.54 0.53 0.52 0.52 0.53
Expenses after expense reductions (f) 0.52 0.52 0.51 0.51 0.52
Net investment income (loss) 3.22 2.61 2.05 2.59 3.01
Portfolio turnover 25 30 16 25 28
Net assets at end of period (000 omitted) $36,601 $31,269 $40,985 $34,703 $24,040
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
80
Financial Highlights − continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.55 $10.05 $10.60 $10.24 $10.26
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.25 $0.21 $0.27 $0.33
Net realized and unrealized gain (loss) (0.02) (0.49) (0.55) 0.36 (0.02)
Total from investment operations $0.28 $(0.24) $(0.34) $0.63 $0.31
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.26) $(0.21) $(0.27) $(0.33)
Net asset value, end of period (x) $9.52 $9.55 $10.05 $10.60 $10.24
Total return (%) (r)(s)(t)(x) 3.01 (2.31) (3.29) 6.21 2.97
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.95 0.93 0.91 0.92 0.94
Expenses after expense reductions (f) 0.69 0.69 0.71 0.76 0.78
Net investment income (loss) 3.18 2.65 2.02 2.55 3.13
Portfolio turnover 19 29 19 28 17
Net assets at end of period (000 omitted) $110,625 $113,427 $132,466 $137,727 $117,575
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.57 $10.07 $10.62 $10.27 $10.29
Income (loss) from investment operations          
Net investment income (loss) (d) $0.23 $0.18 $0.14 $0.19 $0.25
Net realized and unrealized gain (loss) (0.02) (0.49) (0.56) 0.35 (0.02)
Total from investment operations $0.21 $(0.31) $(0.42) $0.54 $0.23
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.19) $(0.13) $(0.19) $(0.25)
Net asset value, end of period (x) $9.54 $9.57 $10.07 $10.62 $10.27
Total return (%) (r)(s)(t)(x) 2.24 (3.03) (4.00) 5.32 2.21
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.70 1.68 1.66 1.67 1.69
Expenses after expense reductions (f) 1.44 1.44 1.46 1.51 1.53
Net investment income (loss) 2.43 1.89 1.27 1.86 2.40
Portfolio turnover 19 29 19 28 17
Net assets at end of period (000 omitted) $288 $414 $577 $851 $1,507
See Notes to Financial Statements
81
Financial Highlights − continued
MFS PENNSYLVANIA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.10 $9.57 $10.09 $9.76 $9.78
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.25 $0.21 $0.26 $0.32
Net realized and unrealized gain (loss) (0.02) (0.46) (0.52) 0.34 (0.02)
Total from investment operations $0.27 $(0.21) $(0.31) $0.60 $0.30
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.26) $(0.21) $(0.27) $(0.32)
Net asset value, end of period (x) $9.07 $9.10 $9.57 $10.09 $9.76
Total return (%) (r)(s)(t)(x) 3.09 (2.15) (3.16) 6.18 3.06
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.70 0.68 0.66 0.67 0.69
Expenses after expense reductions (f) 0.59 0.59 0.61 0.66 0.68
Net investment income (loss) 3.27 2.74 2.11 2.64 3.21
Portfolio turnover 19 29 19 28 17
Net assets at end of period (000 omitted) $31,002 $31,571 $37,530 $32,103 $26,064
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $9.10 $9.58 $10.10 $9.76 $9.78
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.26 $0.22 $0.27 $0.33
Net realized and unrealized gain (loss) (0.02) (0.48) (0.52) 0.34 (0.02)
Total from investment operations $0.28 $(0.22) $(0.30) $0.61 $0.31
Less distributions declared to shareholders          
From net investment income $(0.31) $(0.26) $(0.22) $(0.27) $(0.33)
Net asset value, end of period (x) $9.07 $9.10 $9.58 $10.10 $9.76
Total return (%) (r)(s)(t)(x) 3.16 (2.19) (3.09) 6.35 3.13
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.63 0.61 0.59 0.60 0.61
Expenses after expense reductions (f) 0.52 0.52 0.54 0.59 0.60
Net investment income (loss) 3.34 2.83 2.18 2.71 3.28
Portfolio turnover 19 29 19 28 17
Net assets at end of period (000 omitted) $20,268 $20,702 $20,559 $15,830 $13,031
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
82
Financial Highlights − continued
MFS SOUTH CAROLINA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $11.08 $11.61 $12.30 $11.94 $11.97
Income (loss) from investment operations          
Net investment income (loss) (d) $0.32 $0.25 $0.19 $0.25 $0.33
Net realized and unrealized gain (loss) 0.03 (0.52) (0.69) 0.36 (0.04)
Total from investment operations $0.35 $(0.27) $(0.50) $0.61 $0.29
Less distributions declared to shareholders          
From net investment income $(0.32) $(0.26) $(0.19) $(0.25) $(0.32)
Net asset value, end of period (x) $11.11 $11.08 $11.61 $12.30 $11.94
Total return (%) (r)(s)(t)(x) 3.27 (2.26) (4.15) 5.18 2.44
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.90 0.88 0.86 0.87 0.88
Expenses after expense reductions (f) 0.84 0.84 0.84 0.84 0.84
Net investment income (loss) 2.90 2.27 1.55 2.08 2.68
Portfolio turnover 25 28 22 23 22
Net assets at end of period (000 omitted) $149,893 $154,644 $204,883 $222,730 $192,059
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $11.08 $11.60 $12.30 $11.93 $11.97
Income (loss) from investment operations          
Net investment income (loss) (d) $0.23 $0.17 $0.10 $0.18 $0.24
Net realized and unrealized gain (loss) 0.04 (0.51) (0.70) 0.35 (0.05)
Total from investment operations $0.27 $(0.34) $(0.60) $0.53 $0.19
Less distributions declared to shareholders          
From net investment income $(0.24) $(0.18) $(0.10) $(0.16) $(0.23)
Net asset value, end of period (x) $11.11 $11.08 $11.60 $12.30 $11.93
Total return (%) (r)(s)(t)(x) 2.50 (2.91) (4.95) 4.50 1.59
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.65 1.63 1.61 1.62 1.64
Expenses after expense reductions (f) 1.59 1.59 1.59 1.59 1.59
Net investment income (loss) 2.12 1.55 0.81 1.48 1.96
Portfolio turnover 25 28 22 23 22
Net assets at end of period (000 omitted) $48 $137 $146 $280 $1,200
See Notes to Financial Statements
83
Financial Highlights − continued
MFS SOUTH CAROLINA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.98 $9.40 $9.97 $9.67 $9.70
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.18 $0.23 $0.29
Net realized and unrealized gain (loss) 0.02 (0.42) (0.57) 0.30 (0.03)
Total from investment operations $0.30 $(0.19) $(0.39) $0.53 $0.26
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.23) $(0.18) $(0.23) $(0.29)
Net asset value, end of period (x) $9.00 $8.98 $9.40 $9.97 $9.67
Total return (%) (r)(s)(t)(x) 3.48 (1.93) (4.02) 5.53 2.63
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.65 0.63 0.61 0.62 0.63
Expenses after expense reductions (f) 0.59 0.59 0.59 0.59 0.59
Net investment income (loss) 3.15 2.52 1.80 2.31 2.92
Portfolio turnover 25 28 22 23 22
Net assets at end of period (000 omitted) $46,523 $44,457 $56,292 $53,171 $35,189
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.98 $9.41 $9.97 $9.67 $9.70
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.23 $0.19 $0.23 $0.29
Net realized and unrealized gain (loss) 0.03 (0.42) (0.57) 0.31 (0.03)
Total from investment operations $0.31 $(0.19) $(0.38) $0.54 $0.26
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.24) $(0.18) $(0.24) $(0.29)
Net asset value, end of period (x) $9.00 $8.98 $9.41 $9.97 $9.67
Total return (%) (r)(s)(t)(x) 3.54 (1.96) (3.86) 5.59 2.68
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.58 0.57 0.55 0.55 0.57
Expenses after expense reductions (f) 0.53 0.53 0.53 0.53 0.53
Net investment income (loss) 3.21 2.59 1.86 2.36 2.95
Portfolio turnover 25 28 22 23 22
Net assets at end of period (000 omitted) $17,091 $14,088 $18,450 $14,608 $8,892
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
84
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.29 $10.77 $11.42 $11.07 $11.14
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.26 $0.24 $0.29 $0.33
Net realized and unrealized gain (loss) 0.01 (0.48) (0.65) 0.36 (0.08)
Total from investment operations $0.30 $(0.22) $(0.41) $0.65 $0.25
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.26) $(0.24) $(0.30) $(0.32)
Net asset value, end of period (x) $10.29 $10.29 $10.77 $11.42 $11.07
Total return (%) (r)(s)(t)(x) 2.99 (1.96) (3.72) 5.94 2.22
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.88 0.87 0.87 0.88 0.91
Expenses after expense reductions (f) 0.81 0.81 0.81 0.82 0.84
Net investment income (loss) 2.86 2.52 2.14 2.57 2.88
Portfolio turnover 21 34 23 21 24
Net assets at end of period (000 omitted) $226,140 $247,207 $246,986 $251,971 $235,639
Supplemental Ratios (%):          
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) N/A N/A 0.81 0.81 0.81
See Notes to Financial Statements
85
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.28 $10.76 $11.41 $11.06 $11.13
Income (loss) from investment operations          
Net investment income (loss) (d) $0.21 $0.18 $0.16 $0.21 $0.24
Net realized and unrealized gain (loss) 0.01 (0.47) (0.66) 0.36 (0.07)
Total from investment operations $0.22 $(0.29) $(0.50) $0.57 $0.17
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.19) $(0.15) $(0.22) $(0.24)
Net asset value, end of period (x) $10.28 $10.28 $10.76 $11.41 $11.06
Total return (%) (r)(s)(t)(x) 2.23 (2.68) (4.45) 5.16 1.46
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.63 1.63 1.62 1.63 1.66
Expenses after expense reductions (f) 1.56 1.56 1.56 1.57 1.59
Net investment income (loss) 2.11 1.76 1.39 1.82 2.14
Portfolio turnover 21 34 23 21 24
Net assets at end of period (000 omitted) $211 $237 $387 $436 $581
Supplemental Ratios (%):          
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) N/A N/A 1.56 1.56 1.56
  Year ended
Class C 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.29 $10.77 $11.42 $11.06 $11.14
Income (loss) from investment operations          
Net investment income (loss) (d) $0.21 $0.18 $0.16 $0.21 $0.24
Net realized and unrealized gain (loss) 0.01 (0.47) (0.66) 0.37 (0.08)
Total from investment operations $0.22 $(0.29) $(0.50) $0.58 $0.16
Less distributions declared to shareholders          
From net investment income $(0.22) $(0.19) $(0.15) $(0.22) $(0.24)
Net asset value, end of period (x) $10.29 $10.29 $10.77 $11.42 $11.06
Total return (%) (r)(s)(t)(x) 2.23 (2.69) (4.44) 5.25 1.36
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.63 1.63 1.62 1.63 1.66
Expenses after expense reductions (f) 1.56 1.56 1.56 1.57 1.59
Net investment income (loss) 2.10 1.76 1.39 1.82 2.13
Portfolio turnover 21 34 23 21 24
Net assets at end of period (000 omitted) $5,880 $8,671 $11,754 $14,348 $16,736
Supplemental Ratios (%):          
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) N/A N/A 1.56 1.56 1.56
See Notes to Financial Statements
86
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.94 $9.36 $9.93 $9.62 $9.68
Income (loss) from investment operations          
Net investment income (loss) (d) $0.27 $0.25 $0.24 $0.28 $0.31
Net realized and unrealized gain (loss) 0.01 (0.42) (0.58) 0.32 (0.07)
Total from investment operations $0.28 $(0.17) $(0.34) $0.60 $0.24
Less distributions declared to shareholders          
From net investment income $(0.28) $(0.25) $(0.23) $(0.29) $(0.30)
Net asset value, end of period (x) $8.94 $8.94 $9.36 $9.93 $9.62
Total return (%) (r)(s)(t)(x) 3.24 (1.75) (3.53) 6.26 2.47
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.63 0.62 0.62 0.63 0.66
Expenses after expense reductions (f) 0.56 0.56 0.56 0.57 0.59
Net investment income (loss) 3.11 2.76 2.39 2.80 3.12
Portfolio turnover 21 34 23 21 24
Net assets at end of period (000 omitted) $100,954 $85,821 $88,808 $94,495 $71,807
Supplemental Ratios (%):          
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) N/A N/A 0.56 0.56 0.56
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.95 $9.37 $9.93 $9.63 $9.69
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.25 $0.24 $0.28 $0.31
Net realized and unrealized gain (loss) 0.01 (0.41) (0.56) 0.31 (0.06)
Total from investment operations $0.29 $(0.16) $(0.32) $0.59 $0.25
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.26) $(0.24) $(0.29) $(0.31)
Net asset value, end of period (x) $8.95 $8.95 $9.37 $9.93 $9.63
Total return (%) (r)(s)(t)(x) 3.33 (1.66) (3.35) 6.23 2.55
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.55 0.55 0.54 0.55 0.58
Expenses after expense reductions (f) 0.48 0.48 0.48 0.50 0.51
Net investment income (loss) 3.19 2.84 2.46 2.87 3.20
Portfolio turnover 21 34 23 21 24
Net assets at end of period (000 omitted) $24,756 $20,073 $25,876 $22,118 $14,286
Supplemental Ratios (%):          
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) N/A N/A 0.48 0.48 0.48
    
See Notes to Financial Statements
87
Financial Highlights − continued
MFS VIRGINIA MUNICIPAL BOND FUND − continued
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(l) Interest expense and fees include payments made to the holders of the floating rate certificates.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
88
Financial Highlights − continued
MFS WEST VIRGINIA MUNICIPAL BOND FUND
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
  Year ended
Class A 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.15 $10.64 $11.19 $10.95 $10.98
Income (loss) from investment operations          
Net investment income (loss) (d) $0.30 $0.25 $0.23 $0.28 $0.33
Net realized and unrealized gain (loss) (0.00)(w) (0.48) (0.55) 0.24 (0.03)
Total from investment operations $0.30 $(0.23) $(0.32) $0.52 $0.30
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.26) $(0.23) $(0.28) $(0.33)
Net asset value, end of period (x) $10.15 $10.15 $10.64 $11.19 $10.95
Total return (%) (r)(s)(t)(x) 3.08 (2.08) (2.90) 4.81 2.75
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.03 1.00 0.97 0.97 0.98
Expenses after expense reductions (f) 0.87 0.87 0.87 0.87 0.86
Net investment income (loss) 2.97 2.49 2.09 2.51 3.00
Portfolio turnover 21 24 21 23 19
Net assets at end of period (000 omitted) $68,855 $79,776 $94,024 $99,380 $98,950
  Year ended
Class B 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $10.15 $10.63 $11.18 $10.95 $10.98
Income (loss) from investment operations          
Net investment income (loss) (d) $0.22 $0.18 $0.15 $0.20 $0.25
Net realized and unrealized gain (loss) 0.01 (0.47) (0.55) 0.23 (0.03)
Total from investment operations $0.23 $(0.29) $(0.40) $0.43 $0.22
Less distributions declared to shareholders          
From net investment income $(0.23) $(0.19) $(0.15) $(0.20) $(0.25)
Net asset value, end of period (x) $10.15 $10.15 $10.63 $11.18 $10.95
Total return (%) (r)(s)(t)(x) 2.31 (2.72) (3.63) 3.93 1.98
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 1.78 1.75 1.72 1.72 1.73
Expenses after expense reductions (f) 1.62 1.62 1.62 1.62 1.62
Net investment income (loss) 2.22 1.74 1.35 1.78 2.28
Portfolio turnover 21 24 21 23 19
Net assets at end of period (000 omitted) $39 $49 $54 $109 $155
See Notes to Financial Statements
89
Financial Highlights − continued
MFS WEST VIRGINIA MUNICIPAL BOND FUND − continued
  Year ended
Class I 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.94 $9.36 $9.84 $9.64 $9.67
Income (loss) from investment operations          
Net investment income (loss) (d) $0.28 $0.24 $0.23 $0.27 $0.32
Net realized and unrealized gain (loss) (0.00)(w) (0.41) (0.48) 0.20 (0.03)
Total from investment operations $0.28 $(0.17) $(0.25) $0.47 $0.29
Less distributions declared to shareholders          
From net investment income $(0.29) $(0.25) $(0.23) $(0.27) $(0.32)
Net asset value, end of period (x) $8.93 $8.94 $9.36 $9.84 $9.64
Total return (%) (r)(s)(t)(x) 3.22 (1.72) (2.63) 4.94 2.95
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.78 0.75 0.72 0.72 0.73
Expenses after expense reductions (f) 0.62 0.62 0.62 0.62 0.62
Net investment income (loss) 3.23 2.74 2.32 2.73 3.23
Portfolio turnover 21 24 21 23 19
Net assets at end of period (000 omitted) $21,196 $16,442 $16,290 $14,052 $7,545
  Year ended
Class R6 3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.94 $9.36 $9.84 $9.63 $9.66
Income (loss) from investment operations          
Net investment income (loss) (d) $0.29 $0.25 $0.23 $0.28 $0.32
Net realized and unrealized gain (loss) (0.00)(w) (0.41) (0.47) 0.21 (0.03)
Total from investment operations $0.29 $(0.16) $(0.24) $0.49 $0.29
Less distributions declared to shareholders          
From net investment income $(0.30) $(0.26) $(0.24) $(0.28) $(0.32)
Net asset value, end of period (x) $8.93 $8.94 $9.36 $9.84 $9.63
Total return (%) (r)(s)(t)(x) 3.30 (1.65) (2.56) 5.13 3.02
Ratios (%) (to average net assets) and Supplemental data:          
Expenses before expense reductions (f) 0.70 0.67 0.64 0.64 0.64
Expenses after expense reductions (f) 0.54 0.54 0.54 0.54 0.54
Net investment income (loss) 3.30 2.85 2.38 2.83 3.27
Portfolio turnover 21 24 21 23 19
Net assets at end of period (000 omitted) $3,945 $3,226 $1,754 $824 $715
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
90
Notes to Financial Statements 
(1)  Business and Organization
MFS Mississippi Municipal Bond Fund (Mississippi Fund), MFS New York Municipal Bond Fund (New York Fund), MFS North Carolina Municipal Bond Fund (North Carolina Fund), MFS Pennsylvania Municipal Bond Fund (Pennsylvania Fund), MFS South Carolina Municipal Bond Fund (South Carolina Fund), MFS Virginia Municipal Bond Fund (Virginia Fund), and MFS West Virginia Municipal Bond Fund (West Virginia Fund) are each a series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. Each fund is a diversified series with the exception of Mississippi Fund and West Virginia Fund which are non-diversified.
Each 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.
(2)  Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. Each fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region or state where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the funds and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the funds could be taxable to shareholders.
Balance Sheet Offsetting — Each fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between each fund and the applicable counterparty. Each fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to each fund, have been included in each fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the funds' Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of each fund’s investments to MFS as the funds' adviser, pursuant to each 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 each 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 each 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 each 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 each fund’s net asset value, or after the halt of trading of a specific security where trading
91
Notes to Financial Statements  - continued
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 each 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 each fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that each fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which each fund determines its net asset value per share.
Various inputs are used in determining the value of each 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. Each 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 March 31, 2024 in valuing each fund's assets and liabilities:
  Level 1 Level 2 Level 3 Total
Mississippi Fund        
Financial Instruments        
Municipal Bonds $— $78,889,004 $— $78,889,004
U.S. Corporate Bonds — 237,332 — 237,332
Mutual Funds 589,587 — — 589,587
Total $589,587 $79,126,336 $— $79,715,923
New York Fund        
Financial Instruments        
Municipal Bonds $— $168,147,412 $— $168,147,412
U.S. Corporate Bonds — 676,170 — 676,170
Mutual Funds 1,290,035 — — 1,290,035
Total $1,290,035 $168,823,582 $— $170,113,617
North Carolina Fund        
Financial Instruments        
Municipal Bonds $— $441,359,181 $— $441,359,181
U.S. Corporate Bonds — 1,225,536 — 1,225,536
Mutual Funds 3,111,246 — — 3,111,246
Total $3,111,246 $442,584,717 $— $445,695,963
Pennsylvania Fund        
Financial Instruments        
Municipal Bonds $— $159,698,741 $— $159,698,741
U.S. Corporate Bonds — 397,128 — 397,128
Mutual Funds 1,147,173 — — 1,147,173
Total $1,147,173 $160,095,869 $— $161,243,042
South Carolina Fund        
Financial Instruments        
Municipal Bonds $— $207,339,936 $— $207,339,936
U.S. Corporate Bonds — 624,068 — 624,068
Mutual Funds 2,190,396 — — 2,190,396
Total $2,190,396 $207,964,004 $— $210,154,400
92
Notes to Financial Statements  - continued
  Level 1 Level 2 Level 3 Total
Virginia Fund        
Financial Instruments        
Municipal Bonds $— $350,598,501 $— $350,598,501
U.S. Corporate Bonds — 867,141 — 867,141
Mutual Funds 1,322,025 — — 1,322,025
Total $1,322,025 $351,465,642 $— $352,787,667
West Virginia Fund        
Financial Instruments        
Municipal Bonds $— $91,565,377 $— $91,565,377
U.S. Corporate Bonds — 271,413 — 271,413
Mutual Funds 734,986 — — 734,986
Total $734,986 $91,836,790 $— $92,571,776
For further information regarding security characteristics, see the Portfolio of Investments.
Indemnifications — Under each fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each fund. Additionally, in the normal course of business, each fund enters into agreements with service providers that may contain indemnification clauses. Each fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against each fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
Each fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statements of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Each fund may purchase or sell securities on a when-issued or delayed delivery basis.  In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statements of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly — Each fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by each fund. The amount of the credit, for the year ended March 31, 2024, is shown as a reduction of total expenses in the Statements of Operations.
93
Notes to Financial Statements  - continued
Tax Matters and Distributions — Each fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. Each fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed each fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, wash sale loss deferrals, and treating a portion of the proceeds from redemptions as a distribution for tax purposes, as applicable to each fund.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
Year ended 3/31/24 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Ordinary income (including any short-term capital gains) $3,315 $146,186 $81,957 $55,101 $13,778 $— $15,920
Tax-exempt income 2,319,610 6,227,609 13,540,832 5,241,044 6,259,508 10,727,525 2,903,390
Total distributions $2,322,925 $6,373,795 $13,622,789 $5,296,145 $6,273,286 $10,727,525 $2,919,310
Year ended 3/31/23 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Ordinary income (including any short-term capital gains) $58,068 $282,858 $274,803 $220,372 $243,505 $384,305 $84,387
Tax-exempt income 2,176,692 6,743,685 11,341,661 4,516,126 5,379,325 9,085,146 2,627,848
Total distributions $2,234,760 $7,026,543 $11,616,464 $4,736,498 $5,622,830 $9,469,451 $2,712,235
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 3/31/24 Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund
Cost of investments $82,185,093 $174,380,297 $455,546,831 $166,649,362
Gross appreciation 1,170,494 3,956,525 6,497,556 2,123,187
Gross depreciation (3,639,664) (8,223,205) (16,348,424) (7,529,507)
Net unrealized appreciation (depreciation) $(2,469,170) $(4,266,680) $(9,850,868) $(5,406,320)
Undistributed ordinary income 73,936 — 192,681 51,233
Undistributed tax-exempt income 301,770 966,769 1,465,749 677,828
Capital loss carryforwards (5,408,067) (14,265,295) (29,422,101) (7,928,045)
Other temporary differences (196,430) (504,054) (1,184,759) (449,238)
Total distributable earnings (loss) $(7,697,961) $(18,069,260) $(38,799,298) $(13,054,542)
94
Notes to Financial Statements  - continued
As of 3/31/24 South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Cost of investments $214,328,490 $362,417,056 $95,582,507
Gross appreciation 3,203,881 4,691,555 1,267,481
Gross depreciation (7,377,971) (14,320,944) (4,278,212)
Net unrealized appreciation (depreciation) $(4,174,090) $(9,629,389) $(3,010,731)
Undistributed ordinary income 70,541 160,657 36,933
Undistributed tax-exempt income 974,547 1,077,811 423,192
Capital loss carryforwards (19,642,708) (21,458,640) (6,730,801)
Other temporary differences (562,436) (915,013) (247,453)
Total distributable earnings (loss) $(23,334,146) $(30,764,574) $(9,528,860)
As of March 31, 2024, each fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Short-Term $(1,655,862) $(6,104,219) $(11,745,013) $(3,528,793) $(4,692,343) $(5,878,824) $(2,100,654)
Long-Term (3,752,205) (8,161,076) (17,677,088) (4,399,252) (14,950,365) (15,579,816) (4,630,147)
Total $(5,408,067) $(14,265,295) $(29,422,101) $(7,928,045) $(19,642,708) $(21,458,640) $(6,730,801)
Multiple Classes of Shares of Beneficial Interest — Each fund offers multiple classes of shares, which differ in their respective distribution and service fees. Each fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. Each fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and Class C shares will convert to Class A shares approximately eight years after purchase. Each fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Mississippi Fund   New York Fund   North Carolina Fund   Pennsylvania Fund
  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23
Class A $2,018,265   $1,872,021   $4,265,448   $3,974,888   $8,897,750   $7,560,408   $3,565,135   $3,253,708
Class B 1,143   995   12,891   13,317   3,348   4,083   8,606   9,679
Class C —   —   152,474   165,999   416,720   392,590   —   —
Class I 211,776   282,216   1,361,871   1,309,073   3,203,064   2,797,517   1,021,816   893,788
Class R6 91,741   79,528   581,111   1,563,266   1,101,907   861,866   700,588   579,323
Total $2,322,925   $2,234,760   $6,373,795   $7,026,543   $13,622,789   $11,616,464   $5,296,145   $4,736,498
  South Carolina Fund   Virginia Fund   West Virginia Fund
  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23 		  Year Ended
3/31/24 		  Year Ended
3/31/23
Class A $4,334,557   $4,054,666   $6,898,883   $6,349,347   $2,201,974   $2,189,595
Class B 1,747   2,238   4,836   5,456   1,090   926
Class C —   —   157,399   174,262   —   —
Class I 1,416,393   1,177,884   2,932,424   2,328,407   596,893   452,344
Class R6 520,589   388,042   733,983   611,979   119,353   69,370
Total $6,273,286   $5,622,830   $10,727,525   $9,469,451   $2,919,310   $2,712,235
(3)  Transactions with Affiliates
Investment Adviser — Each fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to each fund. The management fee is computed daily and paid monthly at an annual rate of 0.45% of each fund’s average daily net assets.
95
Notes to Financial Statements  - continued
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the funds’ Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the funds' Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these management fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:
Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$10,384 $22,801 $57,189 $20,414 $26,498 $45,415 $12,043
The management fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.44% of each fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the following funds’ total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of these funds’ average daily net assets:
  New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Class A 0.83% 0.84% 0.69% 0.84% 0.81% 0.87%
Class B 1.58% 1.59% 1.44% 1.59% 1.56% 1.62%
Class C 1.58% 1.59% N/A N/A 1.56% N/A
Class I 0.58% 0.59% 0.59% 0.59% 0.56% 0.62%
Class R6 0.53% 0.52% 0.52% 0.53% 0.49% 0.55%
These written agreements will continue until modified by the funds’ Board of Trustees, but such agreements will continue at least until July 31, 2024. For the year ended March 31, 2024, these reductions amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$192,551 $28,824 $148,776 $91,305 $202,468 $138,077
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the year ended March 31, 2024, as its portion of the initial sales charge on sales of Class A shares of each fund:
Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$3,590 $2,535 $8,170 $3,060 $4,810 $3,121 $307
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
Each fund's distribution plan provides that each fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
96
Notes to Financial Statements  - continued
Distribution Plan Fee Table:
  Class A
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Mississippi Fund — 0.25% 0.25% 0.10% $177,948
New York Fund — 0.25% 0.25% 0.25% 303,791
North Carolina Fund — 0.25% 0.25% 0.25% 744,530
Pennsylvania Fund — 0.25% 0.25% 0.10% 272,808
South Carolina Fund — 0.25% 0.25% 0.25% 368,710
Virginia Fund — 0.25% 0.25% 0.25% 586,686
West Virginia Fund — 0.25% 0.25% 0.25% 181,939
  Class B
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Mississippi Fund 0.75% 0.25% 1.00% 0.75% $520
New York Fund 0.75% 0.25% 1.00% 1.00% 4,663
North Carolina Fund 0.75% 0.25% 1.00% 1.00% 1,495
Pennsylvania Fund 0.75% 0.25% 1.00% 0.85% 3,403
South Carolina Fund 0.75% 0.25% 1.00% 1.00% 807
Virginia Fund 0.75% 0.25% 1.00% 1.00% 2,199
West Virginia Fund 0.75% 0.25% 1.00% 1.00% 478
  Class C
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
New York Fund 0.75% 0.25% 1.00% 1.00% $55,086
North Carolina Fund 0.75% 0.25% 1.00% 1.00% 185,836
Virginia Fund 0.75% 0.25% 1.00% 1.00% 71,717
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Total Distribution and Service Fees $178,468 $363,540 $931,861 $276,211 $369,517 $660,602 $182,417
(d) In accordance with the distribution plan for certain classes, each fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the year ended March 31, 2024, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Class A $— $— $16 $2 $1 $11 $—
Mississippi Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rates to 0.10% and 0.00%, respectively. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these reductions amounted to $106,770 and $130 for Class A and Class B shares, respectively, and are included in the reduction of total expenses in the Statements of Operations.
Pennsylvania Fund: MFD has agreed in writing to reduce the Class A and Class B service fee rates to 0.10%. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, these reductions amounted to $163,686 and $511 for Class A and Class B shares, respectively, and are included in the reduction of total expenses in the Statements of Operations.
97
Notes to Financial Statements  - continued
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2024, were as follows:
CDSC Imposed Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Class A $6,715 $7,607 $8,441 $3,085 $4,115 $5,879 $77
Class B — 173 — 266 — 274 —
Class C N/A 229 711 N/A N/A 2,179 N/A
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from each fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of each fund as determined periodically under the supervision of the funds’ Board of Trustees. For the year ended March 31, 2024, each fund paid the following fee, which equated to the following annual percentage of each fund’s average daily net assets:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Expenses paid $1,883 $14,518 $13,292 $15,522 $5,814 $12,789 $3,420
Annual percentage of average daily net assets 0.0023% 0.0081% 0.0030% 0.0097% 0.0028% 0.0036% 0.0036%
MFSC also receives reimbursement from each fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:
Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$49,719 $138,257 $307,218 $102,756 $125,206 $273,120 $73,119
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to each fund. Under an administrative services agreement, each fund reimburses MFS the costs incurred to provide these services. Each fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended March 31, 2024 was equivalent to the following annual effective rates of each fund's average daily net assets:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Percentage of average daily net assets 0.0270% 0.0201% 0.0166% 0.0208% 0.0193% 0.0172% 0.0253%
Trustees’ and Officers’ Compensation — Each fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The funds do not pay compensation directly to Trustees or officers of each fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to each fund. Certain officers and Trustees of each fund are officers or directors of MFS, MFD, and MFSC.
Prior to December 31, 2001, each fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees. As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The Mississippi Fund, the New York Fund, and the Pennsylvania Fund no longer participate in the DB plan. The DB plan resulted in a pension expense for the following funds. These amounts are included in “Independent Trustees’ compensation” in the Statements of Operations for the year ended March 31, 2024:
North
Carolina
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$293 $289 $293 $289
98
Notes to Financial Statements  - continued
The liability for deferred retirement benefits payable to those former independent Trustees under the DB plan amounted to the following at March 31, 2024, and is included in “Payable for independent Trustees’ compensation” in the Statements of Assets and Liabilities. The deferred retirement benefits compensation fee is accrued daily and paid monthly:
North
Carolina
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
$2,103 $2,127 $2,119 $2,126
Other — Each fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
MFS purchased or redeemed the following fund shares:
Fund Date Transaction Class Shares Amount
Mississippi Fund 8/03/2022 Redemption Class I 15 $137
Mississippi Fund 4/21/2023 Purchase Class B 5,631 50,000
New York Fund 8/03/2022 Redemption Class I 18 165
North Carolina Fund 8/03/2022 Redemption Class I 16 148
North Carolina Fund 8/03/2022 Redemption Class R6 18 166
Pennsylvania Fund 8/03/2022 Redemption Class I 17 159
South Carolina Fund 8/03/2022 Redemption Class I 15 139
South Carolina Fund 6/23/2023 Redemption Class R6 5,978 53,562
Virginia Fund 8/03/2022 Redemption Class I 16 147
Virginia Fund 8/03/2022 Redemption Class R6 21 193
West Virginia Fund 8/03/2022 Redemption Class I 15 137
West Virginia Fund 6/23/2023 Purchase Class B 1,095 11,094
At March 31, 2024, MFS held approximately 94% of the outstanding shares of Class B of the Mississippi Fund.
(4)  Portfolio Securities
For the year ended March 31, 2024, purchases and sales of investments, other than short-term obligations, were as follows:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Purchases $17,692,254 $50,902,858 $117,992,761 $30,866,492 $52,456,966 $74,339,132 $19,866,710
Sales $19,893,105 $94,153,617 $110,702,054 $30,196,200 $51,281,791 $74,633,988 $24,332,444
(5)  Shares of Beneficial Interest
Each fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Mississippi Fund   New York Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A     701,221 $   6,089,542     1,018,773 $   9,067,006     1,578,783 $  15,590,039     1,612,232 $  16,075,395
Class B       5,631        50,000            10            90            —           —            —             3
Class C          —           —            —           —        50,876       499,628        56,801       565,117
Class I      68,263       592,418       324,258     2,880,365     1,493,506    12,643,757     2,191,263    19,273,599
Class R6      99,990      880,858        73,853      660,231       373,402    3,233,811       299,108    2,633,060
      875,105    $7,612,818     1,416,894   $12,607,692     3,496,567   $31,967,235     4,159,404   $38,547,174
99
Notes to Financial Statements  - continued
  Mississippi Fund − continued   New York Fund − continued
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     222,132 $   1,940,898       202,281 $   1,790,717       371,821 $   3,665,903       343,648 $   3,420,403
Class B         123         1,070            93           825         1,269        12,468         1,313        13,029
Class C          —           —            —           —        14,645       143,995        15,408       153,202
Class I      21,127       184,314        29,011       256,350       124,635     1,086,805       115,161     1,013,316
Class R6      10,520       91,741         8,995       79,528        53,093      466,023       177,756    1,563,264
      253,902    $2,218,023       240,380    $2,127,420       565,463    $5,375,194       653,286    $6,163,214
Shares reacquired                      
Class A  (1,305,377) $ (11,424,452)    (1,698,929) $ (15,074,773)    (2,345,208) $ (23,051,187)    (3,791,175) $ (37,759,154)
Class B        (527)        (4,551)        (8,829)      (78,549)        (9,428)       (91,215)       (18,020)      (179,027)
Class C          —           —            —           —      (256,407)    (2,514,477)      (334,694)    (3,313,873)
Class I    (198,110)    (1,716,399)      (946,422)   (8,343,888)    (1,504,904)   (12,987,233)    (2,938,093)  (25,718,519)
Class R6     (90,961)     (788,032)      (117,245)   (1,040,528)    (5,162,784)  (45,712,572)      (466,164)   (4,124,255)
   (1,594,975)  $(13,933,434)    (2,771,425)  $(24,537,738)    (9,278,731)  $(84,356,684)    (7,548,146)  $(71,094,828)
Net change                      
Class A    (382,024) $  (3,394,012)      (477,875) $  (4,217,050)      (394,604) $  (3,795,245)    (1,835,295) $ (18,263,356)
Class B       5,227        46,519        (8,726)      (77,634)        (8,159)       (78,747)       (16,707)      (165,995)
Class C          —           —            —           —      (190,886)    (1,870,854)      (262,485)    (2,595,554)
Class I    (108,720)      (939,667)      (593,153)   (5,207,173)       113,237       743,329      (631,669)    (5,431,604)
Class R6      19,549      184,567       (34,397)     (300,769)    (4,736,289)  (42,012,738)        10,700       72,069
     (465,968)   $(4,102,593)    (1,114,151)   $(9,802,626)    (5,216,701)  $(47,014,255)    (2,735,456)  $(26,384,440)
  North Carolina Fund   Pennsylvania Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   7,625,359 $  79,572,080    15,937,908 $ 169,352,402     1,301,590 $  12,268,242     1,936,430 $  18,407,445
Class B          —           —            —           —            20           186        11,207       108,343
Class C      95,501     1,026,076       178,511     1,904,368            —           —            —           —
Class I   3,972,285    35,414,152     5,433,999    48,750,067     1,064,815     9,522,897     1,577,787    14,289,405
Class R6   1,694,910   15,085,698     1,644,324   14,637,720       532,902    4,775,088     1,007,875    9,102,153
   13,388,055  $131,098,006    23,194,742  $234,644,557     2,899,327   $26,566,413     4,533,299   $41,907,346
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     800,883 $   8,514,878       672,819 $   7,200,381       365,352 $   3,422,416       327,843 $   3,109,403
Class B         315         3,348           376         4,025           915         8,583           984         9,354
Class C      38,547       409,335        35,503       379,733            —           —            —           —
Class I     329,485     2,920,204       282,258     2,517,802       108,867       971,792        92,196       833,133
Class R6     120,271    1,066,162        91,512      817,271        37,806      337,438        28,543      258,036
    1,289,501   $12,913,927     1,082,468   $10,919,212       512,940    $4,740,229       449,566    $4,209,926
Shares reacquired                      
Class A  (9,076,309) $ (94,884,945)   (20,163,392) $(214,917,787)    (1,918,881) $ (17,925,431)    (3,568,841) $ (33,995,612)
Class B      (2,656)       (27,565)       (13,768)     (146,968)       (13,978)      (132,943)       (26,279)      (248,457)
Class C    (602,863)    (6,373,427)      (805,366)   (8,637,197)            —           —            —           —
Class I  (3,702,974)   (32,585,411)    (7,410,416)  (65,841,610)    (1,224,042)   (10,916,620)    (2,120,043)  (19,170,095)
Class R6  (1,228,830)  (10,813,899)    (2,636,646)  (23,590,483)      (610,541)   (5,449,291)      (908,309)   (8,235,075)
  (14,613,632) $(144,685,247)   (31,029,588) $(313,134,045)    (3,767,442)  $(34,424,285)    (6,623,472)  $(61,649,239)
100
Notes to Financial Statements  - continued
  North Carolina Fund − continued   Pennsylvania Fund − continued
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Net change                      
Class A    (650,067) $  (6,797,987)    (3,552,665) $ (38,365,004)      (251,939) $  (2,234,773)    (1,304,568) $ (12,478,764)
Class B      (2,341)       (24,217)       (13,392)     (142,943)       (13,043)      (124,174)       (14,088)      (130,760)
Class C    (468,815)    (4,938,016)      (591,352)   (6,353,096)            —           —            —           —
Class I     598,796     5,748,945    (1,694,159)  (14,573,741)       (50,360)      (421,931)      (450,060)    (4,047,557)
Class R6     586,351    5,337,961      (900,810)   (8,135,492)       (39,833)     (336,765)       128,109    1,125,114
       63,924     $(673,314)    (6,752,378)  $(67,570,276)      (355,175)   $(3,117,643)    (1,640,607)  $(15,531,967)
  South Carolina Fund   Virginia Fund
  Year ended
3/31/24 		  Year ended
3/31/23 		  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold                      
Class A   1,461,432 $  16,072,633     1,453,070 $  16,015,542     6,102,288 $  59,817,357    16,437,061 $ 166,413,666
Class B          —           —            —           —            —           —            34           359
Class C          —           —            —           —        54,441       545,987       104,741     1,066,867
Class I   1,659,326    14,674,189     2,782,524    24,452,341     5,273,432    45,380,963     6,940,567    61,299,000
Class R6     846,387    7,513,670       765,590    6,801,579     1,357,429   11,978,952     1,055,514    9,406,522
    3,967,145   $38,260,492     5,001,184   $47,269,462    12,787,590  $117,723,259    24,537,917  $238,186,414
Shares issued to shareholders in
reinvestment of distributions 		                     
Class A     387,190 $   4,220,729       358,083 $   3,932,028       630,640 $   6,371,793       574,637 $   5,860,260
Class B         161         1,747           204         2,238           479         4,836           494         5,032
Class C          —           —            —           —        13,810       139,469        15,269       155,703
Class I     148,134     1,308,496       115,738     1,030,612       310,389     2,728,219       233,134     2,067,395
Class R6      58,859      519,813        43,595      387,858        83,225      731,531        68,668      609,841
      594,344    $6,050,785       517,620    $5,352,736     1,038,543    $9,975,848       892,202    $8,698,231
Shares reacquired                      
Class A  (2,311,235) $ (25,176,298)    (5,512,390) $ (60,411,065)    (8,775,572) $ (86,693,857)   (15,918,553) $(160,940,142)
Class B      (8,254)       (90,985)          (426)       (4,675)        (2,985)       (30,398)       (13,455)      (136,056)
Class C          —           —            —           —      (339,408)    (3,413,841)      (368,755)    (3,767,138)
Class I  (1,590,664)   (13,998,346)    (3,934,218)  (35,194,045)    (3,889,109)   (33,637,138)    (7,064,768)  (62,556,061)
Class R6    (575,680)   (5,058,610)    (1,202,514)  (10,722,034)      (916,854)   (8,019,118)    (1,643,452)  (14,625,278)
   (4,485,833)  $(44,324,239)   (10,649,548) $(106,331,819)   (13,923,928) $(131,794,352)   (25,008,983) $(242,024,675)
Net change                      
Class A    (462,613) $  (4,882,936)    (3,701,237) $ (40,463,495)    (2,042,644) $ (20,504,707)     1,093,145 $  11,333,784
Class B      (8,093)       (89,238)          (222)       (2,437)        (2,506)       (25,562)       (12,927)      (130,665)
Class C          —           —            —           —      (271,157)    (2,728,385)      (248,745)    (2,544,568)
Class I     216,796     1,984,339    (1,035,956)   (9,711,092)     1,694,712    14,472,044       108,933       810,334
Class R6     329,566    2,974,873      (393,329)   (3,532,597)       523,800    4,691,365      (519,270)   (4,608,915)
       75,656      $(12,962)    (5,130,744)  $(53,709,621)       (97,795)   $(4,095,245)       421,136    $4,859,970
101
Notes to Financial Statements  - continued
  West Virginia Fund
  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount
Shares sold          
Class A     697,408 $   7,020,407       866,487 $   8,787,393
Class B       1,095        11,095            —           —
Class I     986,483     8,381,552       557,936     4,960,718
Class R6     131,281    1,159,539       232,364    2,040,176
    1,816,267   $16,572,593     1,656,787   $15,788,287
Shares issued to shareholders in
reinvestment of distributions 		         
Class A     214,447 $   2,140,533       210,761 $   2,121,870
Class B         110         1,090            92           926
Class I      59,181       520,759        44,164       391,284
Class R6      13,583      119,350         7,844       69,370
      287,321    $2,781,732       262,861    $2,583,450
Shares reacquired          
Class A  (1,985,395) $ (19,610,803)    (2,061,021) $ (20,703,458)
Class B      (2,215)       (20,730)          (277)        (2,736)
Class I    (513,011)    (4,491,566)      (502,486)    (4,455,646)
Class R6     (64,259)     (560,558)       (66,569)     (591,454)
   (2,564,880)  $(24,683,657)    (2,630,353)  $(25,753,294)
Net change          
Class A  (1,073,540) $ (10,449,863)      (983,773) $  (9,794,195)
Class B      (1,010)        (8,545)          (185)        (1,810)
Class I     532,653     4,410,745        99,614       896,356
Class R6      80,605      718,331       173,639    1,518,092
     (461,292)   $(5,329,332)      (710,705)   $(7,381,557)
Effective June 1, 2019, purchases of each fund’s Class B shares were closed to new and existing investors subject to certain exceptions.
(6)  Line of Credit
Each fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by each fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, each fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31, 2024, each fund’s commitment fee and interest expense were as follows and are included in “Miscellaneous” expense in the Statements of Operations:
  Mississippi
Fund 		New York
Fund 		North
Carolina
Fund 		Pennsylvania
Fund 		South
Carolina
Fund 		Virginia
Fund 		West
Virginia
Fund
Commitment Fee $417 $910 $2,306 $820 $1,034 $1,910 $472
Interest Expense — — — — — — —
102
Notes to Financial Statements  - continued
(7)  Investments in Affiliated Issuers
An affiliated issuer of a fund 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, each fund assumes the MFS Institutional Money Market Portfolio to be an affiliated issuer. Each fund’s transactions in the MFS Institutional Money Market Portfolio for the year ended March 31, 2024, are as follows:
  Affiliated Issuer - MFS Institutional Money Market Portfolio
  Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
Mississippi Fund $1,072,843 $24,353,550 $24,835,424 $(1,321) $(61) $589,587
New York Fund 4,625,535 52,850,175 56,182,617 (2,480) (578) 1,290,035
North Carolina Fund 7,469,318 127,705,572 132,062,336 (443) (865) 3,111,246
Pennsylvania Fund 3,258,731 39,858,595 41,969,024 (754) (375) 1,147,173
South Carolina Fund 2,629,846 64,952,358 65,391,943 (16) 151 2,190,396
Virginia Fund 4,049,683 105,748,102 108,477,018 1,856 (598) 1,322,025
West Virginia Fund 716,373 23,209,894 23,191,360 76 3 734,986
  Dividend
Income 		Capital Gain
Distributions
Mississippi Fund $65,596 $—
New York Fund 159,693 —
North Carolina Fund 345,212 —
Pennsylvania Fund 137,992 —
South Carolina Fund 131,881 —
Virginia Fund 317,220 —
West Virginia Fund 56,652 —
103
Report of Independent Registered Public Accounting Firm 
To the Board of Trustees of MFS Municipal Series Trust and the Shareholders of MFS Mississippi Municipal Bond Fund, MFS New York Municipal Bond Fund, MFS North Carolina Municipal Bond Fund, MFS Pennsylvania Municipal Bond Fund, MFS South Carolina Municipal Bond Fund, MFS Virginia Municipal Bond Fund and MFS West Virginia Municipal Bond Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of MFS Mississippi Municipal Bond Fund, MFS New York Municipal Bond Fund, MFS North Carolina Municipal Bond Fund, MFS Pennsylvania Municipal Bond Fund, MFS South Carolina Municipal Bond Fund, MFS Virginia Municipal Bond Fund and MFS West Virginia Municipal Bond Fund (the “Funds”), including the portfolios of investments, as of March 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 15, 2024
We have served as the auditor of one or more of the MFS investment companies since 1924.
104
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
105
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
106
Trustees and Officers - continued
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116
Portfolio Manager(s)  
Michael Dawson  
107
Statement Regarding Liquidity Risk Management Program 
Each fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. Each fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of each fund. Liquidity risk is the risk that each fund could not meet requests to redeem shares issued by each fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage each fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted each fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in each fund may be subject, can be found in each fund's prospectus.
108
Proxy Voting Policies and Information
MFS votes proxies on behalf of the funds pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how each fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Each fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of each fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about each fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing each fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
Each fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The funds will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the fiscal year, the following percentages were designated as exempt interest dividends for federal income tax purposes. If each fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder’s alternative minimum tax.
  Exempt Interest
Dividends
Mississippi Fund 99.86%
New York Fund 97.71%
North Carolina Fund 99.40%
Pennsylvania Fund 98.96%
South Carolina Fund 99.78%
Virginia Fund 100.00%
West Virginia Fund 99.45%
The funds intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
109
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
 • Social Security number and account balances
 • Account transactions and transaction history
 • Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
Questions? Call 800-225-2606 or go to mfs.com.
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Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
 • open an account or provide account information
 • direct us to buy securities or direct us to sell your securities
 • make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
 • sharing for affiliates' everyday business purposes – information about your creditworthiness
 • affiliates from using your information to market to you
 • sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
 • MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
 • MFS doesn't jointly market.
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
111
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Annual Report
March 31, 2024
MFS®  Municipal
Intermediate Fund
MIU-ANN
MFS® Municipal
Intermediate Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition
Portfolio structure (i)
Top ten industries (i)
Multi-Family Housing Revenue 10.3%
Healthcare Revenue - Hospitals 8.9%
Healthcare Revenue - Long Term Care 8.6%
Student Loan Revenue 7.0%
Utilities - Other 7.0%
Airport Revenue 6.3%
Universities - Colleges 6.2%
Single Family Housing - State 6.0%
Utilities - Investor Owned 5.8%
Miscellaneous Revenue - Other 4.1%
Composition including fixed income credit quality (a)(i)
AAA 7.3%
AA 21.5%
A 35.6%
BBB 22.9%
BB 6.8%
B 0.4%
CCC (o) 0.0%
CC (o) 0.0%
Not Rated 6.9%
Cash & Cash Equivalents (1.4)%
Portfolio facts
Average Duration (d) 5.9
Average Effective Maturity (m) 9.8 yrs.
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
1
Portfolio Composition - continued
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
(o) Less than 0.1%.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
2
Management Review
Summary of Results
For the twelve months ended March 31, 2024, Class A shares of the MFS Municipal Intermediate Fund (fund) provided a total return of 3.82%, at net asset value. This compares with a return of 2.62% for the fund’s benchmark, the Bloomberg Municipal 1-15 Year Index.
Market Environment
In response to the strongest inflationary episode in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work remains to be done before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense as the US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East has resulted in trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have telegraphed their intentions to begin cutting rates in the months ahead. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
Amid this eventful backdrop, the investment grade municipal market generated positive returns over the period. Securities in the lower-rated investment grade credit quality tiers and longer duration assets outperformed. Yields rose across the tax-exempt municipal curve, most notably in the short (within two years) segment. A positive for income-oriented investors, the yield (yield-to-worst) on the investment grade municipal index ended the period at 3.49%, well above its 5 and 10-year average.
Factors Affecting Performance
Relative to the Bloomberg Municipal 1-15 Year Index, the fund’s asset allocation decisions contributed to performance. From a quality perspective, the fund’s overweight allocation to “BBB” rated(r) securities, and its exposure to non-rated and “BB” rated issues, for which the benchmark has no exposure, strengthened relative returns. From a sector perspective, the fund’s greater allocation to the industrial revenue sector and lesser allocation to the state sector benefited relative performance. Additionally, favorable security selection within “A” rated bonds, particularly across the health care, transportation, and leasing sectors, and within “AA” rated bonds, notably within the education sector, also helped the fund’s relative results.
From a quality perspective, the fund’s exposure to “D” rated bonds, for which the benchmark has no exposure, held back relative performance during the year. Security selection within “BBB” rated bonds, particularly within the special tax sector, also
3
Management Review - continued
weighed on relative returns. Although on an absolute basis, longer duration assets outperformed shorter duration securities within the benchmark, on a relative basis, the fund's longer duration(d) stance weakened performance as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Jason Kosty, Megan Poplowski, and Geoffrey Schechter
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
4
Performance Summary THROUGH 3/31/24
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment (t)
5
Performance Summary  - continued
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr Life (t)
A 5/18/2021 3.82% (0.36)%
C 5/18/2021 2.94% (1.13)%
I 5/18/2021 3.97% (0.15)%
R6 5/18/2021 4.14% (0.10)%
Comparative benchmark(s)
     
Bloomberg Municipal 1-15 Year Index (f) 2.62% (0.26)%
Average annual with sales charge
     
A
With Initial Sales Charge (4.25%) 		(0.59)% (1.86)%
C
With CDSC (1% for 12 months) (v) 		1.94% (1.13)%
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
Benchmark Definition(s)
Bloomberg Municipal 1-15 Year Index(a) - a market capitalization-weighted index that measures the performance of the intermediate-term (1 to 15 years) tax-exempt bond market.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
6
Performance Summary  - continued
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
7
Expense Table
Fund expenses borne by the shareholders during the period,
October 1, 2023 through March 31, 2024
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2023 through March 31, 2024.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.70% $1,000.00 $1,073.61 $3.63
Hypothetical (h) 0.70% $1,000.00 $1,021.50 $3.54
C Actual 1.45% $1,000.00 $1,068.51 $7.50
Hypothetical (h) 1.45% $1,000.00 $1,017.75 $7.31
I Actual 0.45% $1,000.00 $1,073.76 $2.33
Hypothetical (h) 0.45% $1,000.00 $1,022.75 $2.28
R6 Actual 0.38% $1,000.00 $1,075.31 $1.97
Hypothetical (h) 0.38% $1,000.00 $1,023.10 $1.92
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
9
Portfolio of Investments
3/31/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Municipal Bonds - 99.4%
Alabama - 4.2%
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, 4%, 10/01/2025 (Put Date 4/01/2025)   $ 355,000 $354,230
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031)     345,000 381,657
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)     185,000 186,477
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032)     250,000 273,707
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)     345,000 366,479
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027)     315,000 318,446
Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2038     750,000 829,826
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026)     1,000,000 1,000,481
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037     1,110,000 1,110,702
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031)     750,000 745,179
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029)     215,000 229,473
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)     1,000,000 1,061,921
Southeast Alabama Gas Supply District Refunding Rev. (Project No. 2), “B”, 5%, 6/01/2049 (Put Date 5/01/2032)     500,000 536,177
        $7,394,755
Alaska - 0.2%
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052   $ 355,000 $374,798
Arizona - 3.5%
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033   $ 515,000 $515,283
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033     500,000 496,226
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2026     125,000 128,038
10
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Arizona Industrial Development Authority Multi-Family Housing Rev. (Unity at West Glendale Project), 5%, 3/01/2045 (Put Date 9/01/2026)   $ 67,000 $68,624
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027)     1,255,000 1,293,209
Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026)     155,000 154,267
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033     5,000 4,155
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026)     15,000 13,525
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6.5%, 3/01/2055     290,000 326,285
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.1%, 12/01/2035 (Put Date 5/01/2024)     1,600,000 1,599,175
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2026     200,000 202,922
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n)     245,000 247,227
Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “B”, GNMA, 6.5%, 1/01/2055     345,000 386,253
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, 6/15/2038     500,000 506,026
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026     245,000 242,853
        $6,184,068
Arkansas - 0.2%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028   $ 135,000 $132,460
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027     125,000 123,359
        $255,819
11
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - 3.4%
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)   $ 770,000 $811,400
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)     395,000 435,496
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2034     1,000,000 1,173,458
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%, 3/01/2054 (Put Date 3/01/2034)     655,000 656,284
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025)     50,000 50,206
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n)     500,000 520,878
California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033     715,000 739,686
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034     90,000 90,765
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027     90,000 91,365
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     130,000 130,678
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A CHF Irvine LLC), 5%, 5/15/2030     80,000 82,435
Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), “E”, 5%, 7/01/2043 (Put Date 7/01/2026)     221,000 226,481
Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS + Homekey Portfolio), “B”, 3.75%, 4/01/2034     56,737 56,746
Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS + Homekey Portfolio), “C”, 3.75%, 4/01/2034     141,842 141,863
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2037     750,000 867,426
        $6,075,167
Colorado - 1.2%
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026   $ 125,000 $124,223
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037     1,000,000 1,129,496
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2031     750,000 836,003
        $2,089,722
12
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Connecticut - 2.5%
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030   $ 1,000,000 $970,326
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2031     1,530,000 1,652,939
Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024     250,000 251,218
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052     605,000 633,016
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n)     890,000 926,427
        $4,433,926
Delaware - 1.0%
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041   $ 750,000 $747,548
Delaware Housing Authority, Senior Single Family Rev., “A”, GNMA, 5.75%, 1/01/2055     1,000,000 1,088,078
        $1,835,626
District of Columbia - 1.0%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n)   $ 250,000 $233,701
District of Columbia Rev. (Rocketship DC Obligated Group - Issue No. 3), “A”, 5%, 6/01/2034 (n)     250,000 256,336
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045     100,000 96,926
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024)     260,000 253,457
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034     1,000,000 1,004,757
        $1,845,177
Florida - 5.4%
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n)   $ 500,000 $470,089
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)     500,000 483,937
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025)     400,000 404,130
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), “B”, GNMA, 5%, 2/01/2027 (Put Date 2/01/2026)     450,000 459,621
Jacksonville, FL, Housing Authority, General Rev. (Westwood Apartments), 5%, 2/01/2034     1,380,000 1,506,275
13
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), 5%, 9/01/2026 (Put Date 9/01/2025)   $ 500,000 $506,001
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036     1,000,000 1,093,553
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036     1,000,000 974,923
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033     350,000 376,279
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026     300,000 297,230
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038     1,000,000 1,151,864
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040     100,000 87,561
Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036     550,000 513,099
Pompano Beach, FL, Rev. (John Knox Village Project), “B-1”, 2%, 1/01/2029     70,000 62,899
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026     190,000 186,179
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033     1,000,000 1,029,195
        $9,602,835
Georgia - 4.6%
Atlanta, GA, Urban Residential Finance Authority Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043   $ 1,000,000 $989,427
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028)     505,000 511,146
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, 10/01/2032 (Put Date 5/21/2026)     250,000 251,428
DeKalb County, GA, Development Authority Rev. (The GLOBE Academy, Inc. Project), “A”, 5%, 6/01/2040     250,000 257,251
DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034     840,000 832,471
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)     1,000,000 1,053,390
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024)     775,000 776,000
14
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029)   $ 500,000 $523,749
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)     455,000 483,325
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037     250,000 279,186
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038     250,000 277,179
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039     250,000 276,008
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040     500,000 548,745
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039     985,000 1,016,139
        $8,075,444
Guam - 0.8%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028   $ 100,000 $104,515
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030     5,000 5,355
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042     30,000 28,552
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031     270,000 275,006
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036     60,000 61,120
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046     175,000 173,294
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026     25,000 23,342
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031     55,000 47,390
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040     380,000 393,723
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046     300,000 305,900
        $1,418,197
Idaho - 0.6%
Idaho Housing and Finance Association, Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024   $ 60,000 $59,197
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%, 5/01/2031     220,000 223,776
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 4%, 5/01/2035     425,000 431,116
15
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Idaho - continued
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.5%, 5/01/2043   $ 350,000 $376,583
        $1,090,672
Illinois - 6.7%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036   $ 245,000 $218,134
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026     70,000 71,789
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6.1%, 4/01/2036     455,000 487,580
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2041     1,000,000 1,071,828
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 7%, 12/01/2044     390,000 405,812
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030     500,000 525,244
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5.25%, 12/01/2036     500,000 548,590
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041     225,000 212,034
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037     45,000 45,353
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038     1,000,000 1,089,362
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031     100,000 104,585
Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026     135,000 137,892
Chicago, IL, Midway Airport Rev., “A”, BAM, 5.5%, 1/01/2040     1,000,000 1,127,409
Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024)     132,750 132,415
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033     170,000 176,599
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033     400,000 445,781
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034     200,000 222,769
Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Refunding Dedicated Rev. (City Colleges), BAM, 5%, 12/01/2038     1,000,000 1,106,804
East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025     250,000 242,181
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032     655,000 671,827
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037     70,000 69,849
16
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030   $ 855,000 $863,967
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027     75,000 31,875
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033     5,000 4,211
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, 5/01/2040 (Put Date 9/01/2028)     250,000 250,864
Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040     110,000 111,777
Illinois Housing Development Authority Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025)     325,000 324,586
Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024)     500,000 499,042
Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032     200,000 218,749
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2027     30,000 31,077
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2037     115,000 126,927
State of Illinois, General Obligation, 5.5%, 5/01/2039     150,000 165,055
State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027     125,000 129,905
        $11,871,872
Indiana - 2.5%
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025   $ 100,000 $97,054
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025     30,000 28,367
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026     200,000 203,279
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2038     800,000 852,210
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 1/01/2030     500,000 542,824
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 7/01/2030     285,000 311,602
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031     1,000,000 1,063,478
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel ), “E”, 5.5%, 3/01/2038     500,000 547,729
17
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031)   $ 750,000 $763,263
        $4,409,806
Iowa - 0.4%
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2033   $ 600,000 $640,243
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039     5,000 4,765
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044     115,000 93,640
        $738,648
Kansas - 0.5%
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028)   $ 70,000 $76,053
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025     125,000 124,629
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033     725,000 735,309
        $935,991
Kentucky - 0.8%
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2031   $ 500,000 $533,023
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024     10,000 10,067
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028)     275,000 277,101
Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027)     210,000 211,889
Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027)     345,000 348,103
        $1,380,183
Louisiana - 0.3%
Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054   $ 255,000 $287,398
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025     200,000 203,101
        $490,499
Maine - 0.3%
Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024)   $ 465,000 $464,628
18
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - 0.3%
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038   $ 450,000 $460,147
Massachusetts - 1.6%
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026   $ 100,000 $98,832
Massachusetts Development Finance Agency Rev. (Simmons University), “N”, 5.25%, 10/01/2036     500,000 538,486
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036     90,000 86,685
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025)     45,000 42,653
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044     375,000 369,999
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038     275,000 255,559
Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027     1,000,000 993,067
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052     490,000 515,732
        $2,901,013
Michigan - 2.0%
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2033   $ 100,000 $100,128
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026)     325,000 334,990
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032     30,000 30,055
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036     35,000 35,046
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037     45,000 45,067
Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, 12/01/2042 (Put Date 4/01/2026)     515,000 520,537
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025     70,000 66,994
19
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053   $ 360,000 $377,032
Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 6/01/2053 (Put Date 6/03/2030)     1,000,000 1,005,895
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035     1,000,000 1,009,405
        $3,525,149
Minnesota - 1.2%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026   $ 125,000 $119,589
Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025     145,000 144,617
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052     215,000 207,397
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042     1,000,000 966,319
St. Paul, MN, Housing & Redevelopment Authority, Multi-Family Housing Rev. (Dale Street Project), 3.5%, 12/01/2025 (Put Date 6/01/2024)     750,000 748,208
        $2,186,130
Mississippi - 0.1%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $ 65,000 $65,223
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051     75,000 72,431
        $137,654
Missouri - 0.9%
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026   $ 150,000 $151,531
Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029     655,000 682,653
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Loan Program), “E”, GNMA, 6.5%, 5/01/2054     310,000 350,029
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026     125,000 121,354
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031     100,000 98,066
20
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - continued
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., Taxable, “A”, 3%, 12/01/2027   $ 120,000 $119,637
        $1,523,270
Montana - 0.2%
Forsyth, MT, Pollution Control Rev. (Avista Corp. Colstrip Project), “A”, 3.875%, 10/01/2032 (w)   $ 410,000 $408,059
Nevada - 0.5%
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026   $ 455,000 $469,526
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 99,673
Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024)     140,000 140,583
Washoe County, NV, Water Facilities Rev., “F”, 4.125%, 3/01/2036 (Put Date 10/01/2029)     115,000 116,784
        $826,566
New Hampshire - 1.6%
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038   $ 915,000 $936,916
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038     55,000 54,494
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 12/01/2042     1,070,000 1,193,968
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036     274,091 268,863
National Finance Authority, NH, Municipal Certificates, “1-A“, 4.25%, 7/20/2041     158,209 156,903
National Finance Authority, NH, Rev., Taxable (Centurion Foundation), ”C“, 11%, 12/15/2038     30,000 29,745
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), ”A“, 5%, 4/01/2027     105,000 108,097
        $2,748,986
21
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - 2.9%
Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024   $ 85,000 $84,885
Camden County, NJ, Improvement Authority, Multi-Family Housing Rev. (Northgate I Apartments Project), 5%, 3/01/2027 (Put Date 3/01/2026)     375,000 383,318
New Jersey Economic Development Authority Rev. (Portal North Bridge Project), ”A“, 5%, 11/01/2034     1,000,000 1,151,348
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”SSS“, 5%, 6/15/2035 (w)     1,000,000 1,172,599
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), ”B“, 3.75%, 11/01/2034 (Put Date 6/01/2028)     260,000 259,523
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041     630,000 612,940
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028     54,000 57,851
Salem County, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), ”A“, 4.45%, 3/01/2025 (Put Date 3/01/2025)     500,000 501,538
South Jersey, NJ, Transportation Authority System Rev., ”A“, BAM, 5%, 11/01/2036     410,000 460,475
South Jersey, NJ, Transportation Authority System Rev., ”A“, BAM, 5%, 11/01/2037     375,000 417,010
        $5,101,487
New Mexico - 1.0%
Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), ”D“, 3.9%, 6/01/2040 (Put Date 6/01/2028)   $ 1,000,000 $998,266
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, ”E“, GNMA, 6.25%, 9/01/2053     550,000 599,457
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”D“, GNMA, 5.25%, 3/01/2053     105,000 109,602
        $1,707,325
New York - 6.1%
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), ”A“, 5%, 7/01/2032   $ 300,000 $318,806
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036     750,000 803,750
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), ”B“, 5%, 7/01/2028     330,000 338,757
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), ”A“, 5%, 12/01/2027     685,000 708,398
Long Beach, NY, General Obligation, ”B“, BAM, 5.25%, 7/15/2032     200,000 228,425
22
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), ”C-1“, 4%, 11/15/2035   $ 500,000 $505,421
New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), ”C“, 4%, 4/01/2034 (Put Date 4/01/2034)     680,000 691,381
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n)     500,000 486,177
New York Housing Finance Agency Affordable Housing Rev., ”A-2“, 2.5%, 11/01/2060 (Put Date 5/01/2027)     950,000 906,248
New York Housing Finance Agency Affordable Housing Rev., ”G-2“, 3.45%, 5/01/2062 (Put Date 5/01/2027)     170,000 169,997
New York Housing Finance Agency Affordable Housing Rev., “A”, 3.45%, 11/01/2063 (Put Date 5/01/2029)     1,000,000 992,920
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025     500,000 503,848
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040     165,000 179,996
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040     250,000 258,968
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 5.5%, 6/30/2041     750,000 824,167
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060     910,000 951,792
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2032     270,000 293,176
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), ”F-2-A“, 3.4%, 11/01/2062 (Put Date 12/22/2026)     560,000 553,894
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, ”A-1“, 1.015%, 6/01/2024     500,000 496,519
Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing, L.P. Project),, 4.3%, 6/01/2046 (Put Date 5/01/2041)     599,603 593,691
        $10,806,331
23
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - 1.3%
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039   $ 320,000 $357,670
North Carolina Education Assistance Authority, Student Loan Rev., ”A“, 5%, 6/01/2043     60,000 60,945
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., ”45“, GNMA, 1.9%, 7/01/2032     780,000 653,832
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 5%, 3/01/2028     125,000 126,589
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), ”A“, 5%, 10/01/2039     500,000 530,118
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), ”B1“, 4.25%, 10/01/2028     65,000 65,318
North Carolina Turnpike Authority, Triangle Expressway System Rev., Capital Appreciation, 0%, 1/01/2040     985,000 506,762
        $2,301,234
North Dakota - 0.8%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039   $ 985,000 $809,217
Horace, ND, Temporary Refunding Improvement, ”B“, 4%, 1/01/2025     590,000 588,695
        $1,397,912
Ohio - 3.3%
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), ”B-2“, 5%, 10/01/2051 (Put Date 6/04/2030)   $ 500,000 $537,287
Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Country Ridge Apartments Project), 4.375%, 12/01/2041     1,000,000 1,001,451
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025)     350,000 349,554
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025)     200,000 201,674
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), ”A“, 5.25%, 1/01/2038     750,000 770,045
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), ”A“, 4.25%, 11/01/2039 (Put Date 6/01/2027)     145,000 146,418
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), ”B“, 4%, 9/01/2030 (Put Date 6/01/2027)     170,000 170,912
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), ”C“, 2.1%, 4/01/2028 (Put Date 10/01/2024)     750,000 736,134
24
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Ohio Air Quality Development Authority Rev. (Dayton Power And Light Co. Project), ”A“, 4.25%, 11/01/2040 (Put Date 6/01/2027)   $ 500,000 $497,536
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032     600,000 625,148
Ohio Housing Finance Agency Multi-Family Housing Rev. (Thornwood Commons), 5%, 12/01/2026 (Put Date 12/01/2025)     205,000 208,058
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”C“, FNMA, 5.75%, 3/01/2054     595,000 627,625
        $5,871,842
Oklahoma - 0.8%
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037   $ 355,000 $318,333
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), ”D“, GNMA, 6.5%, 9/01/2054     500,000 564,366
Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032     500,000 566,280
        $1,448,979
Oregon - 0.9%
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 3.95%, 8/01/2025 (Put Date 5/01/2024)   $ 225,000 $224,420
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B-1“, 1.2%, 6/01/2028     5,000 4,420
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), ”A“, 4.9%, 9/15/2035     430,000 460,909
Oregon Health & Sciences University Rev., ”B“, 3.375%, 7/01/2039     115,000 108,214
Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, ”T-2“, 3%, 2/01/2026 (Put Date 2/01/2025)     125,000 123,705
Port of Portland, OR, International Airport Rev., “22”, 5%, 7/01/2039     690,000 690,829
        $1,612,497
Pennsylvania - 5.3%
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/15/2038 (n)   $ 500,000 $520,764
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026     10,000 10,228
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028     65,000 36,499
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030     455,000 381,098
25
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 4.75%, 12/15/2037   $ 80,000 $80,341
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 4.504% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037     795,000 713,627
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 7/01/2045     10,000 8,199
East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024     150,000 145,526
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031     440,000 483,041
Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032     450,000 490,828
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), ”B-2“, 5%, 7/01/2038     1,000,000 1,058,789
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038     500,000 504,365
Pennsylvania Economic Development Financing Authority, Junior Insured Parking Rev. (Capitol Region Parking System), ”C“, AGM, 5%, 1/01/2033     1,000,000 1,112,809
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033     1,000,000 1,119,329
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028     150,000 152,669
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034     85,000 85,252
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.1%, 8/01/2045 (Put Date 5/01/2024)     320,000 319,866
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 5%, 6/01/2027     200,000 206,076
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 2.625%, 6/01/2042     10,000 8,639
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135A“, 3%, 10/01/2051     240,000 233,817
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053     595,000 630,509
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032     100,000 101,753
Philadelphia, PA, School District, ”A“, 5.25%, 9/01/2038     410,000 466,408
26
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026   $ 500,000 $492,897
        $9,363,329
Puerto Rico - 1.3%
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.625%, 7/01/2029   $ 292,016 $319,459
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.75%, 7/01/2031     40,810 45,973
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2033     38,698 38,548
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2035     34,785 34,103
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2037     29,854 28,809
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2041     40,591 38,172
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2046     42,214 38,707
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2024     6,295 6,232
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2033     49,801 32,672
Puerto Rico Aqueduct and Sewer Authority Rev., ”A“, 5%, 7/01/2025 (n)     500,000 507,396
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     100,000 26,250
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     165,000 43,312
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     260,000 68,250
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     90,000 23,625
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     40,000 10,500
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     130,000 34,125
27
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034   $ 10,000 $9,890
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     10,000 2,625
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     15,000 3,938
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     65,000 17,062
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     70,000 18,375
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     20,000 5,250
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     60,000 15,750
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     50,000 13,125
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040     23,000 23,202
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053     20,000 19,905
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058     164,000 164,485
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040     76,000 76,022
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053     1,000 962
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058     39,000 38,708
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024     2,000 1,981
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027     41,000 36,271
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031     597,000 450,697
University of Puerto Rico Rev., ”P“, NPFG, 5%, 6/01/2025     15,000 15,015
        $2,243,521
28
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Rhode Island - 1.6%
Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, ”78-A“, 5.5%, 10/01/2052   $ 685,000 $720,856
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 4.125%, 12/01/2042     1,000,000 982,178
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2033 (w)     1,015,000 1,112,219
        $2,815,253
South Carolina - 1.2%
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 4.5%, 10/01/2033   $ 415,000 $415,561
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043     280,000 276,907
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042     335,000 325,359
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., ”B-1“, 5.25%, 2/01/2054 (Put Date 3/01/2031)     650,000 704,312
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal Home at Still Hopes), ”A“, 5%, 4/01/2038     280,000 261,015
South Carolina Ports Authority Rev., 5%, 7/01/2025     135,000 136,491
        $2,119,645
South Dakota - 0.0%
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024   $ 65,000 $64,506
Tennessee - 6.2%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), ”A“, 5%, 10/01/2044   $ 1,000,000 $1,000,459
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035     500,000 505,634
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041     415,000 397,760
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025)     10,000 10,020
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     750,000 765,951
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036     1,000,000 1,011,627
Knox County, TN, Health, Educational & Housing Facility Board Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), ”A1“, BAM, 5%, 7/01/2040     1,000,000 1,093,976
29
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025)   $ 70,000 $69,505
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), ”A“, 4.75%, 7/01/2027     200,000 173,573
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), ”A“, 5.5%, 7/01/2037     100,000 69,612
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), ”A“, 5%, 10/01/2041     1,000,000 1,016,933
Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5.25%, 7/01/2033     1,150,000 1,309,304
Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026     290,000 290,425
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n)     500,000 509,713
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049     550,000 505,704
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030)     685,000 731,996
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A-1“, 5%, 5/01/2053 (Put Date 5/01/2028)     750,000 774,355
Tennessee Energy Acquisition Corp., Gas Project Rev., ”C“, 5%, 2/01/2027     80,000 81,495
Tennessee Housing Development Agency, Residential Finance Program Rev., ”4“, 4%, 7/01/2043     645,000 621,556
        $10,939,598
Texas - 7.3%
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2029   $ 145,000 $147,374
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2031     220,000 223,986
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2026     95,000 94,415
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2028     75,000 74,900
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 5.125%, 4/01/2043     430,000 454,486
30
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026)   $ 145,000 $142,940
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)     190,000 191,972
Dowdell, TX, Public Utility District, ”A“, BAM, 2%, 9/01/2026     200,000 189,184
El Paso County, TX, Hospital District Rev., 5%, 8/15/2033     100,000 100,048
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037     95,000 109,149
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038     70,000 79,557
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2032     750,000 821,365
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024)     75,000 74,449
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025     200,000 197,968
Houston, TX, Airport System Subordinate Lien Rev., ”A“, AGM, 5%, 7/01/2038     665,000 731,432
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027     60,000 61,408
Matagorda County, TX, Navigation District Number One Pollution Control Refunding Rev. (Central Power & Light Co. Project), 4.25%, 5/01/2030     500,000 491,522
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035     500,000 480,295
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036     500,000 473,810
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024)     185,000 184,881
North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032     500,000 578,197
Panola County, TX, Carthage Independent School District, Unlimited Tax School Building, Texas PSF, 5%, 8/15/2038     250,000 260,743
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), ”B“, 4.1%, 1/01/2028 (n)     200,000 171,373
Port Houston, TX, First Lien Rev., 4%, 10/01/2038     1,000,000 1,019,340
Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 5%, 2/15/2038     1,550,000 1,576,331
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), ”A“, 5%, 7/01/2053 (Put Date 7/01/2032)     105,000 116,718
31
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), ”F“, 5%, 11/15/2052 (Put Date 11/15/2030)   $ 250,000 $275,345
Texas Municipal Gas Acquisition and Supply Corp IV, Gas Supply Rev., ”B“, 5.5%, 1/01/2054 (Put Date 1/01/2034)     930,000 1,040,910
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038     175,000 188,376
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040     635,000 682,971
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034     1,000,000 1,121,328
Texas Public Finance Authority Rev. (Texas Southern University), ”A“, BAM, 5%, 5/01/2026     125,000 127,270
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), ”A“, 4%, 12/01/2033     75,000 75,582
Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027)     335,000 335,774
        $12,895,399
U.S. Virgin Islands - 0.1%
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2025   $ 100,000 $101,752
Utah - 1.3%
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025   $ 200,000 $197,346
Salt Lake City, UT, Airport Rev. (International Airport), ”A“, 5.25%, 7/01/2037     1,000,000 1,127,717
Utah Housing Corp., Single Family Mortgage Rev, ”A“, GNMA, 6.5%, 1/01/2054     110,000 121,690
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 2.5%, 8/21/2051     13,824 11,643
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 5%, 9/21/2052     718,124 725,011
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025     125,000 120,575
        $2,303,982
32
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Vermont - 1.6%
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2032   $ 1,700,000 $1,814,130
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, ”A“, 5%, 6/15/2032     1,000,000 1,062,826
        $2,876,956
Virginia - 2.0%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 3.95%, 8/01/2027 (Put Date 5/01/2024)   $ 75,000 $74,957
Chesapeake, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), ”A“, 3.65%, 2/01/2032 (Put Date 10/01/2027)     305,000 304,533
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), ”A“, 3.95%, 9/01/2038 (Put Date 5/01/2024)     60,000 59,981
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), ”C-3“, 5.25%, 12/01/2027     750,000 755,941
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), ”A“, 3.65%, 11/01/2035 (Put Date 10/01/2027)     85,000 84,870
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), ”A“, 3.95%, 6/01/2028 (Put Date 5/01/2024)     100,000 99,943
Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake Bay), 5%, 9/01/2029     95,000 98,923
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), ”B-3“, 5.375%, 9/01/2029     750,000 780,138
Virginia Housing Development Authority, Rental Housing, “A”, 3.65%, 3/01/2029     480,000 477,099
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029     180,000 181,057
York, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), ”A“, 3.65%, 5/01/2033 (Put Date 10/01/2027)     610,000 609,066
        $3,526,508
33
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Washington - 1.8%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037   $ 210,000 $205,336
Pacific County, WA, Public Healthcare Services District No. 3 Unlimited Tax General Obligation (Ocean Beach Hospital and Medical Clinics), 5.25%, 12/01/2039     500,000 556,080
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027     185,000 187,039
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041     1,000,000 1,001,610
Washington State Housing Finance Commission, Non-Profit Housing Refunding Rev. (Eastside Retirement Association DBA Emerald Heights Project), ”A“, 4.75%, 7/01/2027     430,000 430,068
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald Heights Project), ”B-1“, 5%, 7/01/2038     795,000 844,020
        $3,224,153
West Virginia - 0.3%
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), ”A“, 3%, 6/01/2037 (Put Date 6/18/2027)   $ 330,000 $322,339
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025)     150,000 141,527
        $463,866
Wisconsin - 3.8%
Jefferson and Dodge Counties, WI, Watertown General Obligation Anticipation Notes, 4%, 10/01/2025 (w)   $ 75,000 $75,114
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), ”A“, 4%, 4/01/2040     1,000,000 991,126
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), ”B“, 4%, 9/15/2024     205,000 204,301
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), ”B“, 4%, 9/15/2027     290,000 283,864
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), ”B“, 4%, 9/15/2028     195,000 189,951
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), ”B“, 4%, 9/15/2029     310,000 300,677
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2037     200,000 221,445
Wisconsin Health & Educational Facilities Authority Rev. (Fort HealthCare, Inc.), “B”, 5%, 10/01/2054 (Put Date 10/03/2034)     1,000,000 1,115,093
34
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), ”A“, 4.5%, 3/15/2033   $ 175,000 $176,510
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030     400,000 352,641
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033     750,000 804,713
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5.25%, 7/01/2028     215,000 215,128
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032     500,000 517,811
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), ”B2“, 2.25%, 6/01/2027 (n)     55,000 52,212
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), ”C“, 2.75%, 6/01/2026 (n)     25,000 24,788
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     105,000 81,900
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), ”A-1“, 5.25%, 7/01/2037     670,000 756,282
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2030     270,000 272,773
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045     155,000 156,814
        $6,793,143
Total Municipal Bonds (Identified Cost, $174,639,802)   $175,664,025
Bonds – 0.4%
Consumer Services – 0.4%  
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025  (n)   $ 149,000 $140,758
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028  (n)     500,000 374,680
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043  (n)     363,682 113,651
Total Bonds (Identified Cost, $663,680)   $629,089
35
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Other Municipal Bonds – 0.3%
Multi-Family Housing Revenue – 0.3%  
Affordable Housing Opportunities Trust Certificates, AH-01 ”A“, 3.527%, 5/01/2039  (n)   $ 275,000 $228,338
Freddie Mac, 4.618%, 8/25/2041      383,689 391,191
Total Other Municipal Bonds (Identified Cost, $607,418)   $619,529
Contingent Value Instruments - 0.1%
General Obligations - General Purpose – 0.1%  
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $103,106)   $ 171,535 $99,147
Investment Companies (h) - 0.0%
Money Market Funds – 0.0%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $48,658)     48,659 $48,668
Other Assets, Less Liabilities - (0.2)%   (282,972)
Net Assets - 100.0%   $176,777,486
    
(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 $48,668 and $177,011,790, 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 $6,350,345, representing 3.6% 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
COP Certificate of Participation
ETM Escrowed to Maturity
FHA Federal Housing Administration
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA Federal National Mortgage Assn.
GNMA Government National Mortgage Assn.
LIBOR London Interbank Offered Rate
36
Portfolio of Investments – continued
NPFG National Public Finance Guarantee Corp.
PSF Permanent School Fund
See Notes to Financial Statements
37
Financial Statements
Statement of Assets and Liabilities
At 3/31/24
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, $176,014,006) $177,011,790
Investments in affiliated issuers, at value (identified cost, $48,658) 48,668
Receivables for  
Investments sold 120,075
Fund shares sold 382,918
Interest and dividends 2,158,003
Receivable from investment adviser 13,168
Other assets 649
Total assets $179,735,271
Liabilities  
Payable to custodian $1,329
Payables for  
Distributions 13,235
When-issued investments purchased 2,675,763
Fund shares reacquired 148,819
Payable to affiliates  
Administrative services fee 485
Shareholder servicing costs 30,691
Distribution and service fees 4,579
Payable for independent Trustees' compensation 12
Accrued expenses and other liabilities 82,872
Total liabilities $2,957,785
Net assets $176,777,486
Net assets consist of  
Paid-in capital $179,034,921
Total distributable earnings (loss) (2,257,435)
Net assets $176,777,486
Shares of beneficial interest outstanding 19,139,865
38
Statement of Assets and Liabilities – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $131,133,244 14,195,169 $9.24
Class C 873,380 94,716 9.22
Class I 35,663,072 3,862,904 9.23
Class R6 9,107,790 987,076 9.23
    
(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.65 [100 / 95.75 x $9.24]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I and R6.
See Notes to Financial Statements
39
Financial Statements
Statement of Operations
Year ended 3/31/24
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Interest $5,834,694
Dividends from affiliated issuers 217,377
Other 51
Total investment income $6,052,122
Expenses  
Management fee $535,540
Distribution and service fees 285,053
Shareholder servicing costs 101,491
Administrative services fee 32,188
Independent Trustees' compensation 4,700
Custodian fee 47,741
Shareholder communications 12,212
Audit and tax fees 61,522
Legal fees 7,967
Registration fees 77,874
Miscellaneous 31,891
Total expenses $1,198,179
Fees paid indirectly (114)
Reduction of expenses by investment adviser (235,364)
Net expenses $962,701
Net investment income (loss) $5,089,421
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $(553,667)
Affiliated issuers (1,774)
Net realized gain (loss) $(555,441)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $1,626,633
Affiliated issuers (399)
Net unrealized gain (loss) $1,626,234
Net realized and unrealized gain (loss) $1,070,793
Change in net assets from operations $6,160,214
See Notes to Financial Statements
40
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Year ended
  3/31/24 3/31/23
Change in net assets    
From operations    
Net investment income (loss) $5,089,421 $2,519,712
Net realized gain (loss) (555,441) (1,671,391)
Net unrealized gain (loss) 1,626,234 837,124
Change in net assets from operations $6,160,214 $1,685,445
Total distributions to shareholders $(5,016,847) $(2,542,750)
Change in net assets from fund share transactions $37,262,372 $63,763,962
Total change in net assets $38,405,739 $62,906,657
Net assets    
At beginning of period 138,371,747 75,465,090
At end of period $176,777,486 $138,371,747
See Notes to Financial Statements
41
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Class A  Year ended
  3/31/24 3/31/23 3/31/22(c)
Net asset value, beginning of period $9.19 $9.41 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.30 $0.22 $0.13
Net realized and unrealized gain (loss) 0.04 (0.22) (0.59)
 Total from investment operations  $0.34  $0.00(w)  $(0.46)
Less distributions declared to shareholders
From net investment income $(0.29) $(0.21) $(0.08)
From net realized gain — (0.01) (0.05)
 Total distributions declared to shareholders  $(0.29)  $(0.22)  $(0.13)
 Net asset value, end of period (x)  $9.24  $9.19  $9.41
 Total return (%) (r)(s)(t)(x) 3.82 (0.05) (4.62)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.85 0.93 0.97(a)
Expenses after expense reductions (f) 0.70 0.70 0.70(a)
Net investment income (loss) 3.26 2.38 1.46(a)
Portfolio turnover 25 39 165(n)
Net assets at end of period (000 omitted)  $131,133  $97,424  $54,967
See Notes to Financial Statements
42
Financial Highlights – continued
Class C  Year ended
  3/31/24 3/31/23 3/31/22(c)
Net asset value, beginning of period $9.18 $9.39 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.23 $0.16 $0.03
Net realized and unrealized gain (loss) 0.03 (0.22) (0.56)
 Total from investment operations  $0.26  $(0.06)  $(0.53)
Less distributions declared to shareholders
From net investment income $(0.22) $(0.14) $(0.03)
From net realized gain — (0.01) (0.05)
 Total distributions declared to shareholders  $(0.22)  $(0.15)  $(0.08)
 Net asset value, end of period (x)  $9.22  $9.18  $9.39
 Total return (%) (r)(s)(t)(x) 2.94 (0.69) (5.32)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.60 1.68 1.82(a)
Expenses after expense reductions (f) 1.45 1.45 1.43(a)
Net investment income (loss) 2.52 1.79 0.36(a)
Portfolio turnover 25 39 165(n)
Net assets at end of period (000 omitted)  $873  $659  $74
    
Class I  Year ended
  3/31/24 3/31/23 3/31/22(c)
Net asset value, beginning of period $9.19 $9.40 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.32 $0.23 $0.15
Net realized and unrealized gain (loss) 0.03 (0.20) (0.60)
 Total from investment operations  $0.35  $0.03  $(0.45)
Less distributions declared to shareholders
From net investment income $(0.31) $(0.23) $(0.10)
From net realized gain — (0.01) (0.05)
 Total distributions declared to shareholders  $(0.31)  $(0.24)  $(0.15)
 Net asset value, end of period (x)  $9.23  $9.19  $9.40
 Total return (%) (r)(s)(t)(x) 3.97 0.30 (4.53)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.60 0.68 0.72(a)
Expenses after expense reductions (f) 0.45 0.45 0.45(a)
Net investment income (loss) 3.50 2.58 1.70(a)
Portfolio turnover 25 39 165(n)
Net assets at end of period (000 omitted)  $35,663  $34,682  $20,041
See Notes to Financial Statements
43
Financial Highlights – continued
Class R6  Year ended
  3/31/24 3/31/23 3/31/22(c)
Net asset value, beginning of period $9.18 $9.40 $10.00
Income (loss) from investment operations
Net investment income (loss) (d) $0.32 $0.27 $0.08
Net realized and unrealized gain (loss) 0.05 (0.25) (0.52)
 Total from investment operations  $0.37  $0.02  $(0.44)
Less distributions declared to shareholders
From net investment income $(0.32) $(0.23) $(0.11)
From net realized gain — (0.01) (0.05)
 Total distributions declared to shareholders  $(0.32)  $(0.24)  $(0.16)
 Net asset value, end of period (x)  $9.23  $9.18  $9.40
 Total return (%) (r)(s)(t)(x) 4.14 0.25 (4.49)(n)
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.53 0.60 0.85(a)
Expenses after expense reductions (f) 0.38 0.37 0.37(a)
Net investment income (loss) 3.58 2.94 0.93(a)
Portfolio turnover 25 39 165(n)
Net assets at end of period (000 omitted)  $9,108  $5,607  $383
    
(a) Annualized.
(c) For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end.
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(n) Not annualized.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(w) Per share amount was less than $0.01.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
44
Notes to Financial Statements
(1) Business and Organization
MFS Municipal Intermediate Fund (the fund) is a diversified series of MFS Municipal Series Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
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.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to shareholders.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is
45
Notes to Financial Statements  - continued
subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
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,
46
Notes to Financial Statements  - continued
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 March 31, 2024 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $176,382,701 $— $176,382,701
U.S. Corporate Bonds — 629,089 — 629,089
Mutual Funds 48,668 — — 48,668
Total $48,668 $177,011,790 $— $177,060,458
For further information regarding security characteristics, see the Portfolio of Investments.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell securities on a when-issued or delayed delivery basis.  In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the
47
Notes to Financial Statements  - continued
security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended March 31, 2024, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds and amortization of premium and accretion of discount of debt securities.
48
Notes to Financial Statements  - continued
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
  Year ended
3/31/24 		Year ended
3/31/23
Ordinary income (including any short-term capital gains) $152,871 $71,363
Tax-exempt income 4,863,976 2,404,782
Long-term capital gains — 66,605
Total distributions $5,016,847 $2,542,750
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 3/31/24  
Cost of investments $176,183,246
Gross appreciation 3,423,575
Gross depreciation (2,546,363)
Net unrealized appreciation (depreciation) $877,212
Undistributed ordinary income 167,400
Undistributed tax-exempt income 410,266
Capital loss carryforwards (3,213,624)
Other temporary differences (498,689)
Total distributable earnings (loss) $(2,257,435)
As of March 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
Short-Term $(1,600,757)
Long-Term (1,612,867)
Total $(3,213,624)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class C shares will convert to Class A
49
Notes to Financial Statements  - continued
shares approximately eight years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Year
ended
3/31/24 		  Year
ended
3/31/23
Class A $3,570,281   $1,713,170
Class C 17,376   6,455
Class I 1,154,565   760,370
Class R6 274,625   62,755
Total $5,016,847   $2,542,750
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:
Up to $1 billion 0.35%
In excess of $1 billion and up to $2.5 billion 0.325%
In excess of $2.5 billion 0.30%
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, this management fee reduction amounted to $19,540, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.34% of the fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses, such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
Classes
A C I R6
0.70% 1.45% 0.45% 0.38%
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, this reduction amounted to $215,824, which is included in the reduction of total expenses in the Statement of Operations.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $2,197 for the year ended March 31, 2024, as its portion of the initial sales charge on sales of Class A shares of the fund.
50
Notes to Financial Statements  - continued
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
Distribution Plan Fee Table:
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Class A — 0.25% 0.25% 0.25% $ 278,007
Class C 0.75% 0.25% 1.00% 1.00% 7,046
Total Distribution and Service Fees         $285,053
(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2024 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the year ended March 31, 2024.
Certain Class A shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2024, were as follows:
  Amount
Class A $6,566
Class C 7
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the year ended March 31, 2024, the fee was $2,473, which equated to 0.0016% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $99,018.
51
Notes to Financial Statements  - continued
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund.  Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services.  The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.0210% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
On the following dates, MFS redeemed fund shares:
Class Date Shares Amount
Class A 8/03/22 5,143 $48,190
Class I 8/03/22 5,118 $47,904
Class R6 6/23/23 5,232 $47,664
(4) Portfolio Securities
For the year ended March 31, 2024, purchases and sales of investments, other than short-term obligations, aggregated $79,390,672 and $37,030,548, respectively.
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount
Shares sold          
Class A 5,617,962 $50,964,498   6,581,655 $59,636,823
Class C 48,488 432,326   89,863 814,675
Class I 1,520,581 13,769,584   4,925,766 44,887,807
Class R6 775,561 7,037,146   584,308 5,246,385
  7,962,592 $72,203,554   12,181,592 $110,585,690
52
Notes to Financial Statements  - continued
  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount
Shares issued to shareholders
in reinvestment of distributions 		         
Class A 377,490 $3,426,231   176,051 $1,600,706
Class C 1,916 17,376   711 6,455
Class I 126,964 1,151,671   83,396 757,235
Class R6 29,758 269,630   6,738 61,260
  536,128 $4,864,908   266,896 $2,425,656
Shares reacquired          
Class A (2,396,747) $(21,713,046)   (2,003,541) $(18,220,517)
Class C (27,537) (249,034)   (26,579) (239,408)
Class I (1,559,168) (14,003,702)   (3,366,717) (30,594,693)
Class R6 (428,790) (3,840,308)   (21,298) (192,766)
  (4,412,242) $(39,806,090)   (5,418,135) $(49,247,384)
Net change          
Class A 3,598,705 $32,677,683   4,754,165 $43,017,012
Class C 22,867 200,668   63,995 581,722
Class I 88,377 917,553   1,642,445 15,050,349
Class R6 376,529 3,466,468   569,748 5,114,879
  4,086,478 $37,262,372   7,030,353 $63,763,962
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31, 2024, the fund’s commitment fee and interest expense were $748 and $0, respectively, and are included in “Miscellaneous” expense in the Statement of Operations.
53
Notes to Financial Statements  - continued
(7) 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  $3,049,111  $64,764,849  $67,763,119  $(1,774)  $(399)  $48,668
    
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $217,377  $—
(8) LIBOR Transition
The London Interbank Offered Rate (LIBOR) was intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. Certain of the fund's investments, payment obligations, and financing terms were historically based on LIBOR. In 2017, the United Kingdom Financial Conduct Authority (FCA) announced plans to transition away from LIBOR by the end of 2021. LIBOR's administrator, ICE Benchmark Administration (IBA), ceased publication (on a representative basis) of many of its LIBOR settings as of December 31, 2021 and ceased publication (on a representative basis) of the remaining U.S. dollar LIBOR settings as of June 30, 2023. In addition, global regulators announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Although the FCA has announced that it will require the IBA to continue to publish certain select LIBOR rates on a synthetic basis after the relevant cessation dates, such synthetic rates are not considered to be representative of the underlying market and economic reality they are intended to measure, are expected to be published for a limited time period, and are intended solely for use on a limited basis for legacy transactions.
Regulators and industry groups have implemented measures to facilitate the transition away from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. SOFR is published in various forms including as a daily, compounded, and forward-looking term rate. The transition to alternative reference rates may affect the liquidity and valuation of investments that were tied to LIBOR or other interbank offered rates and may lead to other consequences affecting securities and credit markets more broadly. For example, while some investments that were tied to LIBOR provided for an alternative or “fallback” rate-setting methodology in the event LIBOR is not available, there is uncertainty regarding the effectiveness of any such alternative methodologies to replace LIBOR and certain investments tied to LIBOR may not have fallback provisions. While legislation passed in the United States facilitates by operation of law the replacement of U.S. dollar LIBOR settings in certain legacy instruments with a specified replacement rate, such as SOFR, there is uncertainty
54
Notes to Financial Statements  - continued
regarding the effectiveness of such legislation. There also remains uncertainty regarding the willingness and ability of parties to add or amend fallback provisions in certain other legacy instruments maturing after the cessation of the applicable LIBOR rates, which could create market and litigation risk. 
It is difficult to quantify or predict the impact on the fund resulting from the transition from LIBOR to alternative reference rates and the potential effects of the transition from LIBOR on the fund, or on certain instruments in which the fund invests, are not known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that relied on LIBOR to determine interest rates. The transition may also result in a reduction in value of certain LIBOR-related investments held by the fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could have an adverse impact on the fund's performance. 
With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management has and will continue to rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for such contract modifications made on or before December 31, 2024 as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.
55
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Municipal Series Trust and the Shareholders of MFS Municipal Intermediate Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Municipal Intermediate Fund (the “Fund”), including the portfolio of investments, as of March 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 18, 2021 (the commencement of the Fund’s investment operations) through March 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, and for the period from May 18, 2021 (the commencement of the Fund’s investment operations) through March 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.
56
Report of Independent Registered Public Accounting Firm – continued
Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 15, 2024
We have served as the auditor of one or more of the MFS investment companies since 1924.
57
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
58
Trustees and Officers - continued
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
    
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
59
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee
60
Trustees and Officers - continued
shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
    
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116
    
Portfolio Manager(s)  
Jason Kosty
Megan Poplowski
Geoffrey Schechter 		 
61
Statement Regarding Liquidity Risk Management Program
The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
62
Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The fund will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the fiscal year, 96.95% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder’s alternative minimum tax.
The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
63
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
    
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
    
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and account balances
• Account transactions and transaction history
• Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
    
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
    
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
    
Questions? Call 800-225-2606 or go to mfs.com.
64
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
    
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
• open an account or provide account information
• direct us to buy securities or direct us to sell your securities
• make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes – information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
    
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• MFS doesn't jointly market.
    
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
65
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Annual Report
March 31, 2024
MFS®  Municipal Income Fund
LMB-ANN
MFS® Municipal Income Fund
CONTENTS
The report is prepared for the general information of shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus.
NOT FDIC INSURED  •  MAY LOSE VALUE  •  NO BANK GUARANTEE
Portfolio Composition
Portfolio structure (i)
Top ten industries (i)
Healthcare Revenue - Hospitals 16.8%
Single Family Housing - State 6.6%
Airport Revenue 6.5%
Multi-Family Housing Revenue 6.4%
Utilities - Other 6.3%
General Obligations - Schools 4.8%
Miscellaneous Revenue - Other 4.8%
Universities - Colleges 4.6%
Healthcare Revenue - Long Term Care 4.3%
General Obligations - General Purpose 4.0%
Composition including fixed income credit quality (a)(i)
AAA 5.0%
AA 27.3%
A 32.3%
BBB 17.0%
BB 5.9%
B 0.6%
CCC 0.5%
CC 0.1%
C 0.3%
Not Rated 10.5%
Cash & Cash Equivalents 1.0%
Other (0.5)%
Portfolio facts
Average Duration (d) 7.9
Average Effective Maturity (m) 18.8 yrs.
 
(a) For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
1
Portfolio Composition - continued
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. 
(i) For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
(m) In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity.
Cash & Cash Equivalents includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and/or the leverage created through the issuance of self-deposited inverse floaters and may be negative.
Percentages are based on net assets as of March 31, 2024.
The portfolio is actively managed and current holdings may be different.
2
Management Review
Summary of Results
For the twelve months ended March 31, 2024, Class A shares of the MFS Municipal Income Fund (fund) provided a total return of 4.23%, at net asset value. This compares with a return of 3.13% for the fund’s benchmark, the Bloomberg Municipal Bond Index.
Market Environment
In response to the strongest inflationary episode in four decades, global central banks tightened monetary policy significantly during the reporting period, helping reduce price pressures, although more work remains to be done before inflation returns to target. Geopolitical strains remained high amid ongoing conflicts in Ukraine and in the Middle East, while relations between China and the US remained tense as the US sought to restrict the flow of advanced technologies to China and China looked to use its industrial overcapacity to increase exports to developed markets to bolster its slow-growing domestic economy. The conflict in the Middle East has resulted in trade flow disruptions between Asia and Europe as shipping traffic was routed away from the Red Sea.
Although inflation has yet to reach central banks’ targets, policymakers have telegraphed their intentions to begin cutting rates in the months ahead. The prospects for easier monetary policy along with resilient global economic growth have been supportive factors for risky assets, such as equities and high-yield bonds. Long-term interest rates moderated during the latter half of the period, although rising government debt levels remained a concern over the medium term. Advancements in artificial intelligence and the adoption of novel weight-loss drugs were two areas of focus for investors during the period.
Amid this eventful backdrop, the investment grade municipal market generated positive returns over the period. Securities in the lower-rated investment grade credit quality tiers and longer duration assets outperformed. Yields rose across the tax-exempt municipal curve, most notably in the short (within two years) segment. A positive for income-oriented investors, the yield (yield-to-worst) on the investment grade municipal index ended the period at 3.49%, well above its 5 and 10-year average.
Factors Affecting Performance
Relative to the Bloomberg Municipal Bond Index, the fund’s asset allocation decisions contributed to performance. From a sector perspective, the fund’s greater exposure to both the health care and industrial revenue sectors, and its underweight exposure to the state sector, boosted relative returns. From a quality perspective, the fund’s allocation to non-rated and “BB” rated(r) bonds, for which the benchmark has no exposure, and its greater exposure to “BBB” rated bonds also helped relative results. Favorable bond selection within “AA” and “A” rated bonds was another positive factor for relative performance. Additionally, the fund’s positioning along the yield curve(y) further supported relative returns.
3
Management Review - continued
Conversely, from a quality perspective, the fund’s exposure to both “D” and “CC” rated bonds held back relative performance. A longer duration(d) stance also weakened the fund’s relative returns as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Jason Kosty, Megan Poplowski, and Geoffrey Schechter
(d) Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
(r) Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
(y) A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates.
The views expressed in this report are those of the portfolio manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
4
Performance Summary THROUGH 3/31/24
The following chart illustrates a representative class of the fund’s historical performance in comparison to its benchmark(s). Performance results include the deduction of the maximum applicable sales charge and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. The performance of other share classes will be greater than or less than that of the class depicted below. Benchmarks are unmanaged and may not be invested in directly. Benchmark returns do not reflect sales charges, commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the redemption of fund shares.
Growth of a Hypothetical $10,000 Investment
5
Performance Summary  - continued
Total Returns through 3/31/24
Average annual without sales charge
Share Class Class Inception Date 1-yr 5-yr 10-yr Life (t)
A 9/07/1993 4.23% 1.39% 2.79% N/A
B 12/29/1986 3.58% 0.66% 2.04% N/A
C 1/03/1994 3.45% 0.64% 2.02% N/A
I 8/01/2011 4.49% 1.63% 3.04% N/A
R6 8/01/2017 4.56% 1.71% N/A 2.20%
A1 6/25/2007 4.62% 1.64% 3.05% N/A
B1 6/25/2007 3.84% 0.91% 2.29% N/A
Comparative benchmark(s)
         
Bloomberg Municipal Bond Index (f) 3.13% 1.59% 2.66% N/A
Average annual with sales charge
         
A
With Initial Sales Charge (4.25%) 		(0.20)% 0.51% 2.34% N/A
B
With CDSC (Declining over six years from 4% to 0%) (v) 		(0.42)% 0.29% 2.04% N/A
C
With CDSC (1% for 12 months) (v) 		2.45% 0.64% 2.02% N/A
A1
With Initial Sales Charge (4.25%) 		0.17% 0.77% 2.60% N/A
B1
With CDSC (Declining over six years from 4% to 0%) (v) 		(0.16)% 0.55% 2.29% N/A
CDSC – Contingent Deferred Sales Charge.
Class I and R6 shares do not have a sales charge.
(f) Source: FactSet Research Systems Inc.
(t) For the period from the class inception date through the stated period end (for those share classes with less than 10 years of performance history). No comparative benchmark performance information is provided for “life” periods. (See Notes to Performance Summary.)
(v) Assuming redemption at the end of the applicable period.
6
Performance Summary  - continued
Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
(a) Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
Average annual total return represents the average annual change in value for each share class for the periods presented. Life returns are presented where the share class has less than 10 years of performance history and represent the average annual total return from the class inception date to the stated period end date. As the fund's share classes may have different inception dates, the life returns may represent different time periods and may not be comparable. As a result, no comparative benchmark performance information is provided for life periods.
Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. Please see the prospectus and financial statements for complete details.
Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the financial highlights.  
A portion of the fund’s monthly distributions may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
7
Expense Table
Fund expenses borne by the shareholders during the period,
October 1, 2023 through March 31, 2024
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on certain purchase or redemption payments, and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2023 through March 31, 2024.
Actual Expenses
The first line for each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Expense Table - continued
Share
Class 		  Annualized
Expense
Ratio 		Beginning
Account Value
10/01/23 		Ending
Account Value
3/31/24 		Expenses
Paid During
Period (p)
10/01/23-3/31/24
A Actual 0.76% $1,000.00 $1,088.04 $3.97
Hypothetical (h) 0.76% $1,000.00 $1,021.20 $3.84
B Actual 1.51% $1,000.00 $1,085.26 $7.87
Hypothetical (h) 1.51% $1,000.00 $1,017.45 $7.62
C Actual 1.51% $1,000.00 $1,083.75 $7.87
Hypothetical (h) 1.51% $1,000.00 $1,017.45 $7.62
I Actual 0.51% $1,000.00 $1,088.05 $2.66
Hypothetical (h) 0.51% $1,000.00 $1,022.45 $2.58
R6 Actual 0.43% $1,000.00 $1,089.90 $2.25
Hypothetical (h) 0.43% $1,000.00 $1,022.85 $2.17
A1 Actual 0.51% $1,000.00 $1,089.32 $2.66
Hypothetical (h) 0.51% $1,000.00 $1,022.45 $2.58
B1 Actual 1.26% $1,000.00 $1,085.19 $6.57
Hypothetical (h) 1.26% $1,000.00 $1,018.70 $6.36
(h) 5% class return per year before expenses.
(p) “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).  Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher.
Notes to Expense Table
Expense ratios include 0.03% of investment related expenses from self-deposited inverse floaters (as described in Note 2 of the Notes to Financial Statements) that are outside of the expense limitation arrangement (See Note 3 of the Notes to Financial Statements).
9
Portfolio of Investments
3/31/24
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
Issuer     Shares/Par Value ($)
Municipal Bonds - 96.6%
Alabama - 2.9%
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033   $ 620,000 $628,102
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031)     14,150,000 15,653,476
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036     1,230,000 1,113,528
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035     240,000 251,271
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038     1,245,000 1,280,100
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025     455,000 453,092
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 12/01/2049 (Put Date 12/01/2025)     4,825,000 4,842,934
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)     12,920,000 13,023,175
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032)     23,250,000 25,454,777
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)     6,810,000 7,233,970
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2053     2,235,000 2,400,818
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058     1,885,000 2,055,809
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052     9,730,000 10,152,328
Jefferson County, AL, Sewer Rev. Warrants, 5.25%, 10/01/2049     9,575,000 10,274,368
Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053     7,710,000 8,389,896
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031)     9,535,000 9,473,701
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029)     5,485,000 5,854,227
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)     18,165,000 19,289,797
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030)     6,875,000 7,272,093
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038     1,185,000 1,273,347
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044     3,205,000 3,340,748
10
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Alabama - continued
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049   $ 1,955,000 $2,016,384
        $151,727,941
Alaska - 0.1%
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2047   $ 1,580,000 $1,669,690
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2052     1,975,000 2,066,105
        $3,735,795
Arizona - 1.9%
Arizona Board of Regents, Arizona State University System Rev., “B”, 4%, 7/01/2053   $ 10,795,000 $10,429,861
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.25%, 7/01/2043     120,000 120,277
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.375%, 7/01/2053     440,000 436,434
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058     415,000 415,698
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “A”, 5%, 7/01/2052     975,000 982,889
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n)     790,000 796,688
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n)     590,000 589,950
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)     95,000 95,785
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)     130,000 125,654
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)     335,000 319,637
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037     790,000 816,893
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047     1,850,000 1,877,523
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052     1,475,000 1,491,638
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n)     130,000 131,075
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n)     130,000 125,654
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n)     245,000 233,764
11
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.25%, 7/01/2053   $ 440,000 $426,540
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.5%, 7/01/2058     440,000 439,284
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2047     300,000 303,828
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057     385,000 386,050
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2062     535,000 535,037
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036     870,000 883,179
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038     475,000 476,090
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039     590,000 590,249
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040     630,000 624,307
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2051     1,965,000 1,811,203
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4.25%, 11/01/2052     2,760,000 2,641,200
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033     1,015,000 843,572
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035     790,000 729,291
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042     2,855,000 2,865,674
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048     3,150,000 3,113,367
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions - Harmony Public Schools Project), “A”, 5%, 2/15/2038     535,000 539,833
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions - Harmony Public Schools Project), “A”, 5%, 2/15/2048     465,000 450,305
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047     655,000 643,978
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053     4,375,000 4,642,519
12
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034   $ 135,000 $136,374
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039     235,000 243,620
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n)     680,000 683,999
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)     430,000 437,008
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n)     365,000 353,776
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054     545,000 551,544
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n)     1,615,000 1,546,930
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038     2,360,000 2,442,817
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026)     625,000 563,533
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045     7,865,000 8,201,602
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)     370,000 372,194
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)     115,000 115,682
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)     450,000 441,312
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)     270,000 262,876
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036     555,000 557,211
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041     445,000 439,508
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046     705,000 672,863
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)     665,000 669,739
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)     730,000 720,529
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n)     480,000 471,115
13
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2041 (n)   $ 1,885,000 $1,577,786
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n)     6,255,000 4,770,396
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4.15%, 12/01/2057 (n)     2,355,000 1,750,262
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)     2,750,000 2,156,900
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2044     335,000 336,128
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2049     815,000 802,883
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2059     665,000 640,725
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2037     395,000 403,108
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042     480,000 482,807
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)     185,000 159,002
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n)     995,000 855,174
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)     1,105,000 868,255
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)     285,000 223,939
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)     250,000 189,058
14
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n)   $ 1,245,000 $941,224
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.75%, 11/15/2042 (n)     925,000 1,000,628
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.875%, 11/15/2052 (n)     2,625,000 2,806,728
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n)     1,180,000 1,265,789
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n)     1,135,000 1,145,319
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038     6,295,000 6,539,323
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2053     3,560,000 3,615,245
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2058     2,700,000 2,730,579
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024)     1,695,000 1,688,980
        $98,769,396
Arkansas - 0.4%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028   $ 170,000 $166,802
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033     345,000 341,124
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039     40,000 38,045
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2026     3,515,000 3,622,251
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027     3,690,000 3,859,644
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028     1,595,000 1,691,697
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029     1,360,000 1,461,109
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037     480,000 494,834
15
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arkansas - continued
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039   $ 380,000 $387,453
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040     420,000 425,608
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027)     965,000 1,014,829
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032     135,000 116,928
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036     370,000 300,441
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041     145,000 128,855
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052     610,000 440,380
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038     1,310,000 1,327,886
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046     3,930,000 1,354,840
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042     1,200,000 1,202,618
        $18,375,344
California - 6.8%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2052   $ 6,270,000 $3,450,871
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053     3,695,000 859,117
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2051     8,000,000 2,208,740
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2052     6,000,000 1,569,601
Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, “A”, AGM, 0%, 10/01/2053     6,000,000 1,487,126
Alameda, CA, Corridor Transportation Authority Rev., Subordinate Lien Rev., Capital Appreciation “C”, AGM, 0%, 10/01/2049     6,270,000 1,842,681
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028)     6,850,000 6,880,489
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)     26,240,000 27,650,843
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)     13,010,000 14,343,802
16
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2025   $ 3,115,000 $3,182,040
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2026     3,260,000 3,402,220
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)     4,970,000 4,481,582
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “A”, 4%, 6/01/2049     700,000 679,406
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2038     105,000 107,298
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2039     130,000 132,229
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2046 (Prerefunded 11/15/2025)     1,990,000 2,051,057
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033     3,817,704 3,776,371
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036     18,184,838 17,875,392
California Housing Finance Agency Municipal Certificates, “X”, 0.798%, 11/20/2035 (i)     53,121,101 2,599,667
California Housing Finance Agency Municipal Certificates, “X”, 0.79%, 8/20/2036 (i)(n)     18,978,494 975,403
California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “A”, 1.2%, 12/01/2050 (Put Date 6/01/2028)     6,245,000 5,592,685
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034     470,000 591,663
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042     1,380,000 1,408,964
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036     1,190,000 1,204,018
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041     1,060,000 1,065,079
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047     2,975,000 2,982,674
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039     1,695,000 1,623,086
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052     3,185,000 3,552,572
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)     1,515,000 1,421,952
17
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029)   $ 3,370,000 $3,210,473
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     2,420,000 2,117,917
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024)     2,985,000 2,981,594
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037     405,000 409,276
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047     405,000 405,181
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026     330,000 330,525
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)     705,000 662,182
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)     1,595,000 1,553,994
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)     1,065,000 1,039,619
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033     7,275,000 7,309,905
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 5), “A”, 4%, 8/01/2061 (n)     890,000 711,436
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2051     550,000 461,443
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 (n)     445,000 443,858
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)     1,055,000 1,057,055
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 4%, 7/01/2050 (n)     2,740,000 2,354,846
California Statewide Communities Development Authority Multi-Family Housing Rev. (Apple Tree Village Apartments), “R”, 3.95%, 4/01/2060 (Put Date 10/01/2037)     10,200,000 8,709,951
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034     790,000 837,654
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035     1,160,000 1,229,232
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n)     2,590,000 2,521,849
18
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n)   $ 385,000 $394,870
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)     755,000 756,930
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.25%, 8/15/2052     2,640,000 2,864,900
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057     2,510,000 2,737,032
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033     190,000 190,222
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     2,085,000 2,095,869
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)     8,560,000 8,652,196
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058     5,820,000 5,978,931
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n)     490,000 502,413
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n)     375,000 382,369
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)     1,415,000 1,423,901
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n)     615,000 618,026
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)     7,145,000 5,589,189
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 3.5%, 7/01/2034     630,000 634,094
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031     3,160,000 2,550,504
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033     2,195,000 1,658,871
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034 (Prerefunded 6/01/2025)     2,360,000 2,410,791
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050     18,250,000 17,079,387
19
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058   $ 10,305,000 $10,158,119
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036     1,345,000 1,476,088
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037     1,005,000 1,094,038
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038     2,210,000 2,390,744
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039     3,275,000 3,528,121
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038     1,395,000 1,475,057
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044     2,840,000 2,924,485
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038     3,180,000 3,276,743
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046     1,415,000 1,151,972
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050     880,000 689,105
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041     5,115,000 5,270,148
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046     1,575,000 1,616,111
Mount San Antonio, CA, Community College District Rev. (Election of 2008), “A”, 5.875%, 8/01/2028     1,465,000 1,644,964
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.125%, 12/01/2048     1,000,000 1,005,002
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.25%, 12/01/2052     2,000,000 2,019,785
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2029     2,425,000 2,057,292
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2030     3,110,000 2,559,331
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2024     280,000 276,599
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027     155,000 140,472
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027     75,000 67,970
20
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027   $ 130,000 $117,815
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029     225,000 193,837
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029     125,000 107,687
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030     180,000 151,215
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030     125,000 104,357
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048     765,000 599,814
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024     1,245,000 1,245,508
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024     95,000 95,091
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052     6,700,000 7,296,699
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 5.25%, 9/01/2052     1,575,000 1,715,269
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029     1,585,000 1,463,897
Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041     7,865,000 8,104,039
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041     4,720,000 4,842,900
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2041     1,310,000 1,284,665
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2046     1,500,000 1,445,815
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2046     1,875,000 1,978,277
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2051     1,875,000 1,963,245
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2056     2,060,000 1,916,201
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2042     8,275,000 9,303,201
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2043     6,145,000 6,877,553
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038     3,385,000 3,574,218
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039     3,855,000 4,057,292
21
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040   $ 1,800,000 $1,887,419
San Francisco, CA, City & County Airports Commission, Refunding Rev., “C”, 5.75%, 5/01/2048     5,975,000 6,685,738
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     270,000 270,528
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026     4,015,000 3,720,531
State of California, Veterans General Obligation, “CU”, 4.85%, 12/01/2046     1,445,000 1,527,453
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051     1,685,000 1,293,161
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)     6,640,000 5,876,951
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)     6,760,000 5,730,994
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)     9,605,000 3,812,702
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029     2,710,000 2,306,330
        $350,239,661
Colorado - 4.0%
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, 5%, 12/01/2043   $ 325,000 $347,205
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, AGM, 5%, 12/01/2052     645,000 673,559
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032     56,000 58,158
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031     1,360,000 1,372,526
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038     805,000 809,462
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.25%, 7/01/2043     3,105,000 2,999,315
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2053     5,250,000 4,982,732
22
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2058   $ 3,780,000 $3,513,853
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039     585,000 585,139
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044     480,000 480,021
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037     430,000 430,506
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030     390,000 392,013
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034     390,000 391,974
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029     720,000 720,725
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048     2,710,000 2,437,174
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031     1,460,000 1,472,746
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038     240,000 247,505
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048     290,000 294,055
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053     305,000 308,009
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040     2,800,000 2,916,433
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050     14,255,000 14,542,577
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2036     1,080,000 1,083,762
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041     1,315,000 1,254,265
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040     1,380,000 1,449,800
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050     2,825,000 2,898,956
23
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055   $ 4,165,000 $4,253,568
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (American Academy Project), 5%, 12/01/2055     1,145,000 1,161,947
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050     385,000 344,808
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055     690,000 603,191
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Highline Academy Charter School Project), 5.75%, 12/01/2061     3,140,000 3,356,701
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041     7,865,000 7,998,393
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 4%, 11/15/2048     18,540,000 17,899,664
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.5%, 11/01/2047     2,915,000 3,221,027
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052     4,430,000 4,753,706
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 12/01/2054     3,915,000 4,252,937
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044     4,025,000 3,867,248
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049     8,090,000 7,522,806
Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039     7,395,000 7,933,667
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036     935,000 960,155
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037     3,380,000 3,450,174
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2038     3,895,000 3,955,015
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043     3,685,000 3,574,122
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035     600,000 611,679
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037     355,000 358,450
24
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038   $ 280,000 $280,745
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039     280,000 278,730
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040     240,000 235,665
Colorado Housing & Finance Authority, Single Family Mortgage, Class I, “C”, 4.75%, 5/01/2049 (u)     2,790,000 2,802,743
Colorado Housing & Finance Authority, Single Family Mortgage, Class I, “F”, GNMA, 5.25%, 11/01/2052     5,760,000 5,918,717
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “D”, 5.75%, 5/01/2053     18,405,000 19,462,577
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “H”, 4.25%, 11/01/2049     2,915,000 2,906,858
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 4%, 7/15/2038     335,000 337,836
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2036     2,170,000 2,252,809
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2040     7,865,000 8,088,676
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047     2,700,000 2,606,867
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053     2,535,000 2,369,860
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2040     1,255,000 1,428,187
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2041     500,000 566,302
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2042     235,000 265,027
Denver, CO, City & County Airport System Rev., “B”, 5.5%, 11/15/2043     1,000,000 1,122,482
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040     1,290,000 1,305,128
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038     620,000 578,959
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040     1,000,000 910,470
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045     955,000 955,417
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030     1,160,000 1,202,957
25
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031   $ 1,310,000 $1,357,836
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032     1,385,000 1,435,575
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033     1,385,000 1,433,434
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034     1,140,000 1,178,694
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035     1,285,000 1,324,659
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045     4,155,000 4,163,847
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028     960,000 1,019,173
State of Colorado (Building Excellent Schools Today), “S”, COP, AGM, 4%, 3/15/2046     12,145,000 11,985,732
Sterling, CO, Water Resources and Power Development Authority Rev. (Wastewater Utility Enterprise Project), “A”, AGM, 5%, 9/01/2055     795,000 855,066
        $207,372,756
Connecticut - 0.7%
Connecticut Airport Authority Rev. (Ground Transportation Center Project), “A”, 4%, 7/01/2049   $ 1,550,000 $1,410,817
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical Issue), “E”, 5.25%, 7/15/2048     1,910,000 2,064,346
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical Issue), “E”, 4.25%, 7/15/2053     2,195,000 2,161,402
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2025     2,355,000 2,358,767
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043     3,330,000 3,217,903
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 3.5%, 11/15/2033     1,380,000 1,327,517
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 3.75%, 11/15/2034     1,680,000 1,639,812
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4%, 11/15/2035     1,000,000 988,458
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4%, 11/15/2036     450,000 437,216
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 4.25%, 11/15/2039     910,000 872,577
26
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Connecticut - continued
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045   $ 235,000 $233,702
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.5%, 10/01/2042 (n)     2,050,000 2,113,864
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n)     5,560,000 5,732,720
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)     7,240,000 7,242,179
New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2032     790,000 820,371
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n)     145,000 136,731
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n)     230,000 205,204
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n)     275,000 233,088
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n)     630,000 482,704
West Haven, CT, General Obligation, BAM, 4%, 3/15/2035     728,000 742,616
West Haven, CT, General Obligation, BAM, 4%, 3/15/2040     590,000 584,385
        $35,006,379
Delaware - 0.5%
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046   $ 375,000 $378,526
Delaware Economic Development Authority, Retirement Communities Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), “B”, 5.25%, 11/15/2053     3,670,000 3,825,872
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041     19,879,158 19,814,149
        $24,018,547
District of Columbia - 0.3%
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030   $ 2,540,000 $2,540,083
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035     3,545,000 3,544,939
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045     720,000 697,868
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035     2,360,000 2,471,230
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052     2,085,000 1,985,075
27
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
District of Columbia - continued
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “B”, AGM, 4%, 10/01/2049   $ 1,455,000 $1,394,459
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053     1,250,000 1,174,339
        $13,807,993
Florida - 4.4%
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2040   $ 520,000 $459,902
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2046     700,000 576,422
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2035     795,000 847,647
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2036     1,345,000 1,425,829
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2037     1,750,000 1,850,169
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036     20,000 20,007
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030     825,000 825,512
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033     385,000 385,207
Broward County, FL, Airport System Rev., 5%, 10/01/2042     855,000 876,080
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038     2,360,000 2,481,023
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039     3,540,000 3,714,538
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044     2,755,000 2,853,338
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052     4,070,000 3,759,766
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035 (a)(d)(z)     75,307 2,033
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z)     492,158 13,288
28
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z)   $ 741,965 $20,033
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z)     135,552 3,660
Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), “A”, AGM, 5%, 10/01/2049     2,000,000 2,138,056
Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), “A”, AGM, 5%, 10/01/2054     2,115,000 2,241,820
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036     465,000 473,443
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028     80,000 80,735
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039     495,000 500,969
Florida Capital Trust Agency, Air Cargo Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029     4,660,000 4,665,900
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030     80,000 78,584
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040     125,000 125,494
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055     385,000 363,639
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 3%, 7/01/2031 (n)     100,000 93,219
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)     510,000 436,553
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2047     250,000 250,714
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2052     880,000 874,727
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056     1,290,000 1,264,155
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 4%, 9/15/2030 (n)     220,000 208,802
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2040 (n)     395,000 370,933
29
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2050 (n)   $ 775,000 $683,087
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035     120,000 116,968
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045     225,000 193,864
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055     315,000 250,872
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2042     170,000 171,772
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2051     155,000 151,427
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057     185,000 177,861
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n)     305,000 308,947
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n)     930,000 930,030
Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046     5,120,000 4,864,793
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n)     540,000 532,936
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n)     320,000 310,131
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)     6,605,000 5,531,678
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2036 (n)     645,000 535,688
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2041 (n)     330,000 248,765
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2046 (n)     490,000 340,946
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031     740,000 776,754
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033     1,020,000 1,065,890
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034     845,000 880,250
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036     645,000 666,698
30
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037   $ 900,000 $852,286
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038     1,240,000 1,156,557
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039     1,480,000 1,358,876
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044     2,310,000 2,011,938
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)     435,000 432,716
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)     1,990,000 1,926,071
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)     1,785,000 1,661,824
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, FHLMC, 4%, 7/01/2049     1,960,000 1,944,277
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052     4,380,000 4,237,477
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3.5%, 7/01/2052     7,440,000 7,280,695
Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052     5,405,000 5,210,457
Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035     2,560,000 2,591,814
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2055     1,875,000 1,664,369
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)     450,000 411,382
JEA, FL, Water and Sewer System Rev., “A”, 5.5%, 10/01/2054 (u)     10,000,000 11,309,986
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034 (Prerefunded 11/15/2024)     1,525,000 1,538,303
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035     95,000 95,408
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045     150,000 147,714
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047     480,000 488,334
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.125%, 5/01/2043     1,080,000 1,141,515
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054     1,500,000 1,573,914
31
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044   $ 1,620,000 $1,624,629
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049     1,705,000 1,680,671
Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2048     10,000,000 9,774,335
Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2053     6,750,000 6,412,858
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051     9,745,000 8,918,664
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052     1,630,000 1,717,111
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045     4,880,000 4,639,426
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029     225,000 225,064
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037     110,000 110,006
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037     185,000 185,010
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053     8,320,000 8,797,233
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036     1,000,000 974,923
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2042     3,625,000 3,276,331
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047     4,085,000 3,510,719
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044     590,000 609,387
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2035     435,000 262,756
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036     520,000 294,972
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037     200,000 107,511
32
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038   $ 610,000 $308,876
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039     725,000 342,727
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040     775,000 345,797
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041     865,000 364,157
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042     695,000 274,285
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5%, 10/01/2043     885,000 941,861
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2048     1,800,000 1,907,294
Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2053     2,730,000 2,869,534
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049     7,700,000 7,114,433
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2047     755,000 771,343
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052     985,000 999,408
Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042     700,000 733,274
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031     480,000 461,150
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036     790,000 726,064
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041     515,000 442,208
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056     3,250,000 2,550,707
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5%, 9/01/2048     4,540,000 4,821,455
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.75%, 9/01/2054     4,430,000 4,977,775
33
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039   $ 540,000 $552,661
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049     700,000 707,769
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040     160,000 140,097
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050     4,215,000 3,324,723
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051     3,020,000 2,364,513
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056     4,500,000 3,406,993
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027     575,000 531,122
South Miami, FL, Health Facilities Authority Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2047     13,610,000 12,626,809
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027     85,000 82,573
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028     80,000 77,004
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029     85,000 81,025
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030     75,000 70,768
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031     80,000 74,689
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036     375,000 333,842
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041     285,000 232,237
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046     285,000 217,422
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050     275,000 201,930
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d)     42,764 20,099
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026     195,000 195,175
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029     180,000 180,163
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034     385,000 385,397
34
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044   $ 1,145,000 $1,145,674
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055     875,000 864,347
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034     1,125,000 748,580
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035     620,000 394,143
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036     955,000 575,999
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2037     450,000 256,314
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038     620,000 332,666
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039     620,000 313,556
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040     845,000 404,737
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041     375,000 170,211
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042     375,000 160,734
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2039     245,000 246,116
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045     3,865,000 3,703,480
Tampa, FL, Water and Wastewater Systems Rev., “A”, 5.25%, 10/01/2057     2,500,000 2,741,972
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.85%, 5/01/2038     325,000 334,244
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5%, 5/01/2043     490,000 506,468
35
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054   $ 935,000 $968,707
        $225,806,380
Georgia - 3.0%
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038   $ 4,680,000 $4,648,110
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039     6,860,000 6,780,780
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)     1,040,000 977,596
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n)     910,000 911,175
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)     2,595,000 2,343,756
Augusta, GA, Development Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.125%, 4/01/2053     9,155,000 9,709,112
Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051     4,825,000 4,669,385
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044     675,000 646,553
Burke County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), “A”, 1.5%, 1/01/2040 (Put Date 2/03/2025)     3,970,000 3,830,848
Burke County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), “C”, 4.125%, 11/01/2045     2,000,000 1,852,470
Cherokee County, GA, Water and Sewerage Authority Rev., 4%, 8/01/2053     1,250,000 1,206,729
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030     505,000 509,523
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 10,208
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 (Prerefunded 2/15/2025)     40,000 40,833
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033     860,000 867,548
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053     4,010,000 4,517,677
36
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2045   $ 105,000 $106,755
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2050     375,000 377,630
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2063     500,000 492,588
Fulton County, GA, Development Authority Hospital Rev. (Wellstar Health System, Inc. Project), “A”, 4%, 4/01/2050     2,670,000 2,515,971
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), 5%, 7/01/2042     5,275,000 5,073,042
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047     660,000 655,618
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026     665,000 682,742
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028     1,370,000 1,445,425
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043     1,470,000 1,502,086
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031     4,530,000 4,777,644
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)     17,500,000 18,434,332
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024)     5,030,000 5,036,493
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026)     1,670,000 1,676,310
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 5/01/2052 (Put Date 12/01/2028)     14,255,000 14,206,656
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030)     9,915,000 10,532,246
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, 5%, 5/01/2054 (Put Date 12/01/2030)     8,570,000 9,006,423
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064     4,175,000 4,408,596
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2056     1,530,000 1,557,557
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 4%, 1/01/2046     590,000 572,241
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 5%, 1/01/2062     2,125,000 2,207,873
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064     4,415,000 4,682,739
37
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046   $ 945,000 $916,555
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026     2,415,000 2,416,413
Georgia Ports Authority Rev., 4%, 7/01/2047     1,900,000 1,874,378
Georgia Ports Authority Rev., 4%, 7/01/2052     2,985,000 2,891,668
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035     240,000 235,873
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036     265,000 259,600
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037     185,000 180,297
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042     3,150,000 3,226,158
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2045     3,935,000 4,012,186
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025)     3,315,000 3,371,739
Monroe County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Scherer Project), “A”, 1.5%, 1/01/2039 (Put Date 2/03/2025)     2,950,000 2,846,600
        $155,704,737
Guam - 0.2%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030   $ 220,000 $235,634
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042     2,235,000 2,127,118
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036     680,000 565,040
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043     770,000 621,170
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050     6,005,000 6,265,039
        $9,814,001
38
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Idaho - 0.0%
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2044   $ 450,000 $468,653
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2049     665,000 682,538
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), “A”, 5%, 5/01/2063     445,000 448,594
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.75%, 5/01/2058     535,000 569,895
        $2,169,680
Illinois - 8.0%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036   $ 7,230,000 $6,437,187
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028     7,785,000 6,449,819
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029     2,590,000 2,057,655
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030     1,125,000 858,900
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026     2,680,000 2,409,822
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028     3,065,000 2,543,979
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033     270,000 278,917
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033     220,000 230,676
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036     795,000 818,057
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037     795,000 815,125
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042     1,405,000 1,425,003
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045     2,800,000 2,956,653
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046     2,100,000 2,116,983
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046     17,805,000 18,657,842
39
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048   $ 6,350,000 $7,076,117
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.5%, 12/01/2038     1,345,000 1,478,857
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 7%, 12/01/2044     2,000,000 2,081,085
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047     13,010,000 11,620,755
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.875%, 12/01/2047     3,665,000 4,047,174
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028     1,070,000 1,117,922
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029     715,000 755,695
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030     535,000 571,144
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031     1,425,000 1,532,060
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030     2,160,000 2,286,642
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042     9,915,000 9,914,310
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 4%, 12/01/2043     1,000,000 926,466
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035     130,000 136,779
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2036     955,000 947,441
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039     1,500,000 1,453,529
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2040     980,000 930,084
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041     6,865,000 6,469,399
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046     2,895,000 2,899,937
Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049     7,535,000 8,368,244
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026     7,625,000 7,154,487
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027     1,435,000 1,304,060
40
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2039   $ 5,435,000 $5,995,015
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2041     1,740,000 1,863,946
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043     435,000 463,266
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029     5,580,000 5,988,317
Chicago, IL, General Obligation, “A”, 4%, 1/01/2035     1,970,000 2,006,686
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038     7,390,000 8,050,384
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039     1,435,000 1,496,396
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040     380,000 394,844
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044     3,540,000 3,644,377
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049     5,505,000 5,734,762
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033     740,000 747,769
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031     240,000 251,003
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), “A”, 4%, 12/15/2047     2,605,000 2,422,948
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), “A”, 4%, 6/15/2052     4,340,000 3,937,323
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2053     3,335,000 3,353,871
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2057     6,090,000 6,176,364
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056     4,020,000 839,455
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029     4,505,000 4,673,804
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026     1,890,000 1,749,203
Chicago, IL, Midway Airport Refunding Rev., “A”, BAM, 5.5%, 1/01/2053     2,035,000 2,205,730
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031     1,200,000 1,200,031
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5.75%, 1/01/2048     1,975,000 2,202,701
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038     1,455,000 1,488,783
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2042     1,345,000 1,470,672
41
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2043   $ 1,055,000 $1,148,529
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.5%, 1/01/2048     7,210,000 7,144,177
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048     2,610,000 2,673,684
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.625%, 1/01/2053     8,650,000 8,668,700
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055     2,760,000 2,963,421
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045     1,450,000 1,507,981
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 4%, 12/01/2050     2,365,000 2,219,885
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2057     7,855,000 8,122,244
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2053     5,000,000 5,426,953
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2058     10,000,000 10,773,376
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047     7,605,000 7,803,967
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2039     1,105,000 1,079,648
DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032     985,000 965,107
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034     330,000 338,829
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038     405,000 402,404
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042     250,000 242,956
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047     455,000 432,357
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052     395,000 365,934
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 (Prerefunded 1/01/2027)     1,820,000 1,913,088
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 (Prerefunded 1/01/2027)     1,825,000 1,918,344
Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n)     2,525,000 2,280,403
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046     7,265,000 7,346,939
42
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2042   $ 1,640,000 $1,707,849
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2047     2,385,000 2,451,225
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.625%, 5/15/2052     1,940,000 1,998,152
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058     2,580,000 2,676,899
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-1”, 6%, 11/15/2027     1,860,000 1,860,483
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036     815,000 841,674
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041     1,210,000 1,231,244
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042     405,000 408,132
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047     820,000 821,186
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046     645,000 646,674
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049     630,000 629,519
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047     7,865,000 7,922,749
Illinois Finance Authority Rev., Taxable (McKinley Foundation), “B”, 7%, 11/01/2037 (n)     775,000 752,237
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051     335,000 340,485
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033     445,000 374,755
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035     345,000 318,488
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050     2,430,000 2,155,763
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2053     5,210,000 5,648,039
43
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2057   $ 6,000,000 $6,460,065
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2028     155,000 158,459
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037     390,000 393,706
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047     2,055,000 2,008,330
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2050     390,000 377,336
Illinois Housing Development Authority Rev. “A”, GNMA, 4.8%, 10/01/2043     10,620,000 10,801,082
Illinois Housing Development Authority Rev. “A”, GNMA, 4.9%, 4/01/2047     2,775,000 2,850,615
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 (z)     7,934,941 7,259,564
Illinois Housing Development Authority Rev., “A”, FHLMC, 4.5%, 10/01/2048     2,505,000 2,506,828
Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051     2,045,000 1,976,895
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 (z)     3,236,038 2,960,604
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 (z)     3,229,153 2,954,305
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 (z)     2,946,596 2,695,798
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (z)     2,027,813 1,855,217
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027     1,395,000 1,395,195
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036     200,000 202,909
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039     645,000 645,359
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2035     1,475,000 1,497,549
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028     605,000 616,249
44
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029   $ 620,000 $631,027
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2041     315,000 305,478
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2043     190,000 181,177
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2036     490,000 495,551
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2038     555,000 553,042
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2040     525,000 511,307
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2041     250,000 241,362
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042     1,330,000 1,307,308
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039     1,095,000 1,095,607
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041     890,000 782,085
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046     885,000 741,864
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2028     590,000 598,765
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031     750,000 758,637
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036     515,000 516,653
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038     790,000 777,241
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2039     350,000 379,113
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2040     320,000 344,389
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2041     425,000 455,179
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2042     500,000 533,175
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2043     525,000 557,151
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2044     250,000 264,519
45
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, “A”, AGM, 5%, 1/01/2054   $ 860,000 $901,371
State of Illinois, General Obligation, 5%, 2/01/2025     2,045,000 2,069,285
State of Illinois, General Obligation, 5%, 11/01/2028     1,580,000 1,647,462
State of Illinois, General Obligation, 5.5%, 5/01/2039     1,310,000 1,441,484
State of Illinois, General Obligation, 4.5%, 11/01/2039     1,495,000 1,509,636
State of Illinois, General Obligation, 5.75%, 5/01/2045     1,220,000 1,334,877
State of Illinois, General Obligation, “A”, 5%, 3/01/2025     1,970,000 1,996,282
State of Illinois, General Obligation, “A”, 5%, 11/01/2027     7,725,000 8,200,723
State of Illinois, General Obligation, “A”, 5%, 11/01/2028     10,235,000 11,076,151
State of Illinois, General Obligation, “B”, 4%, 11/01/2038     1,335,000 1,326,341
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047     3,700,000 4,043,375
State of Illinois, General Obligation, “C”, 4%, 3/01/2025     1,180,000 1,183,960
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2032     1,740,000 1,792,474
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2035     2,320,000 2,382,944
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2036     1,190,000 1,216,951
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2038     1,520,000 1,537,531
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2029     535,000 547,389
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2030     670,000 685,038
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2032     930,000 947,533
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2034     1,385,000 1,404,848
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2036     1,575,000 1,582,028
Will County, IL, Joliet School District No. 86 General Obligation, BAM, 4%, 1/01/2049     1,795,000 1,697,100
        $410,182,412
46
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - 1.6%
Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 7/15/2058   $ 5,000,000 $5,703,695
Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 1/15/2063     16,030,000 18,272,105
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030     420,000 421,731
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039     1,055,000 1,049,473
Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2048     1,035,000 1,140,661
Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2053     5,325,000 5,828,555
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028     205,000 212,437
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033     135,000 142,168
Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026)     2,260,000 2,095,797
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051     4,685,000 4,734,441
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047     2,005,000 1,963,019
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2053     1,050,000 1,080,559
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.125%, 6/01/2058     860,000 886,436
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064     2,580,000 2,687,360
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B-1”, GNMA, 3.25%, 7/01/2049     1,100,000 1,074,273
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1-A”, 4.5%, 6/01/2039     2,430,000 2,426,175
Indianapolis, IN, Local Public Improvement Bond Bank (Indianapolis Airport Authority Project), “I”, 5%, 1/01/2028     1,570,000 1,581,497
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), “E”, 6%, 3/01/2053     685,000 741,109
Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), “E”, BAM, 5.25%, 3/01/2067     7,815,000 8,397,196
47
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Indianapolis, IN, Local Public Improvement Bond Bank Subordinate Rev. (Convention Center Hotel), “E”, 6.125%, 3/01/2057   $ 770,000 $832,962
Indianapolis, IN, Water System First Lien Refunding Rev., “A”, 5%, 10/01/2037     4,130,000 4,416,866
Northern Indiana Commuter Transportation District, Limited Obligation Consolidated Rev., 5.25%, 1/01/2049     3,000,000 3,324,558
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026     796,000 844,121
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034     330,000 330,766
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     595,000 596,230
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031)     10,475,000 10,660,240
        $81,444,430
Iowa - 0.4%
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033   $ 610,000 $602,212
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038     485,000 458,454
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048     885,000 774,345
Iowa Finance Authority, Single Family Mortgage Rev., “A”, FNMA, 4%, 7/01/2047     360,000 357,041
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 3%, 1/01/2047     2,450,000 2,365,025
Iowa Finance Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2051     6,435,000 6,217,763
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042     620,000 630,602
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047     660,000 673,563
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052     730,000 756,507
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039     190,000 181,071
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044     4,615,000 3,757,835
Iowa Tobacco Settlement Authority Asset-Backed, “B-1”, 4%, 6/01/2049     2,160,000 2,179,659
        $18,954,077
48
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kansas - 0.5%
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)   $ 3,000,000 $3,045,617
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)     1,200,000 1,218,247
Ellis County, KS, Unified School District No. 489 General Obligation, “B”, AGM, 4%, 9/01/2052     1,270,000 1,229,919
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036     1,020,000 998,461
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041     535,000 488,717
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2032     100,000 102,624
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033     410,000 420,061
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2034     465,000 475,395
Lyon County, KS, School District No. 253 General Obligation, BAM, 4%, 9/01/2039     2,360,000 2,372,963
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032     815,000 825,645
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033     855,000 865,622
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034     905,000 915,876
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036     995,000 1,006,635
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038     1,100,000 1,107,842
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044     1,890,000 1,872,350
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049     3,580,000 3,458,710
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2031     905,000 925,950
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2032     675,000 690,923
49
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kansas - continued
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.25%, 12/01/2042   $ 1,260,000 $1,280,915
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052     2,310,000 2,347,932
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2033     915,000 838,723
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038     1,465,000 1,246,921
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 4.625%, 5/15/2041     115,000 88,274
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047     570,000 426,124
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040     300,000 283,198
        $28,533,644
Kentucky - 1.0%
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)   $ 1,915,000 $1,889,438
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041     3,335,000 3,420,282
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046     2,115,000 2,149,301
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037     1,990,000 2,030,487
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041     1,305,000 1,319,062
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041     1,015,000 1,032,725
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045     1,630,000 1,639,312
Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), “A”, AGM, 5%, 12/01/2047     705,000 699,144
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036     5,095,000 5,223,261
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051     185,000 175,487
Public Energy Authority of Kentucky, Gas Supply Rev., “B”, 4%, 1/01/2049 (Put Date 1/01/2049)     2,530,000 2,528,861
Public Energy Authority of Kentucky, Gas Supply Rev., “C-1”, 4%, 12/01/2049 (Put Date 12/01/2049)     10,000,000 10,037,447
50
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Kentucky - continued
Trimble, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), “A”, 1.3%, 9/01/2044 (Put Date 9/01/2027)   $ 10,000,000 $8,812,238
Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2049     2,000,000 2,194,858
Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2054     7,000,000 7,620,506
        $50,772,409
Louisiana - 0.9%
East Baton Rouge, LA, Sewerage Commission Multi-Modal Rev., “A”, 1.3%, 2/01/2041 (Put Date 2/01/2028)   $ 7,420,000 $6,578,531
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045     3,645,000 3,106,228
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048     2,010,000 2,046,550
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2029 (n)     365,000 362,647
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)     945,000 879,035
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)     1,515,000 1,302,684
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035     460,000 460,173
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045     2,755,000 2,703,563
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 4%, 10/01/2041     875,000 852,641
Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), “A”, 5%, 4/01/2045     3,865,000 4,111,350
Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046     7,810,000 8,350,620
51
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - continued
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.375%, 1/01/2040 (n)   $ 3,175,000 $3,146,448
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.5%, 1/01/2050 (n)     2,175,000 2,099,363
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)     7,310,000 6,504,295
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2048     955,000 986,240
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)     630,000 647,996
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2044     790,000 767,649
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2049     985,000 924,115
        $45,830,128
Maine - 0.3%
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n)   $ 900,000 $895,188
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n)     450,000 451,795
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2028     395,000 413,772
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2029     395,000 417,817
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2030     395,000 420,709
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2036     1,160,000 1,187,221
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2037     945,000 960,111
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2038     985,000 994,966
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2039     1,220,000 1,225,556
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2040     1,735,000 1,734,090
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050     6,175,000 5,913,262
Maine Housing Authority Mortgage, “C”, 4%, 11/15/2050     1,645,000 1,631,439
Maine Housing Authority Mortgage, “C-1”, 3.5%, 11/15/2044     60,000 59,721
52
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maine - continued
Maine Housing Authority Mortgage, “E”, 5%, 11/15/2052   $ 1,440,000 $1,476,240
        $17,781,887
Maryland - 1.2%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025   $ 1,125,000 $1,122,906
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026     380,000 378,226
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033     790,000 785,440
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034     2,875,000 2,854,109
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042     1,635,000 1,567,668
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046     1,070,000 997,289
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038     1,235,000 1,225,721
Baltimore, MD, Subordinate Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 5%, 7/01/2041     3,935,000 4,046,726
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029     300,000 294,902
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036     335,000 342,386
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), “B”, 4.625%, 7/01/2043 (n)     760,000 739,662
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.125%, 2/15/2034 (n)     150,000 145,500
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n)     155,000 148,765
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)     870,000 808,266
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.5%, 9/01/2048 (u)     4,680,000 4,696,163
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”, 4.5%, 9/01/2048 (u)     3,790,000 3,777,020
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “C”, 4%, 9/01/2044     295,000 293,525
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, 3%, 9/01/2051     5,225,000 5,051,712
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “D”, 3.25%, 9/01/2050     5,780,000 5,629,185
53
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - continued
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035   $ 550,000 $568,673
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n)     780,000 727,660
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n)     655,000 593,350
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038     145,000 128,236
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048     435,000 347,819
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058     1,270,000 963,613
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036     4,005,000 4,142,070
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033     1,375,000 1,419,543
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038     3,815,000 3,873,727
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025     5,055,000 5,108,511
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2051     4,985,000 1,358,808
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2052     7,475,000 1,930,565
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053     3,665,000 895,194
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2054     5,485,000 1,268,497
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2055     3,390,000 742,230
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037     150,000 147,240
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042     250,000 234,173
54
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Maryland - continued
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047   $ 260,000 $233,750
        $59,588,830
Massachusetts - 2.6%
Commonwealth of Massachusetts Transportation Fund Rev., “A”, 5%, 6/01/2043   $ 7,310,000 $7,661,560
Commonwealth of Massachusetts, “A”, AAC, 5.5%, 8/01/2030     3,935,000 4,556,724
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health Inc.), “K”, 5%, 7/01/2031     890,000 972,138
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health Inc.), “K”, 5%, 7/01/2032     905,000 987,977
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “2018 I-2”, 5%, 7/01/2053     6,820,000 6,944,310
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052     2,820,000 2,772,851
Massachusetts Development Finance Agency Rev. (CareGroup), “J-1”, 5%, 7/01/2048     2,360,000 2,419,560
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042     200,000 204,111
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043     2,765,000 2,785,875
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046     625,000 548,654
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2030     790,000 803,141
Massachusetts Development Finance Agency Rev. (Lowell General Hospital), “G”, 5%, 7/01/2037     2,145,000 2,145,162
Massachusetts Development Finance Agency Rev. (Mass General Brigham), “D”, 5%, 7/01/2054     17,000,000 18,081,402
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043     365,000 364,986
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)     110,000 112,440
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)     1,205,000 1,210,749
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)     2,330,000 2,307,548
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 5%, 7/01/2032     1,005,000 1,080,674
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025     65,000 64,926
55
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n)   $ 400,000 $373,114
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n)     1,045,000 925,345
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051     4,140,000 3,533,966
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038     1,025,000 1,044,855
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2032     670,000 728,515
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2033     415,000 450,315
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2039     1,470,000 1,476,532
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     1,765,000 1,563,461
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044     1,755,000 1,723,148
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046     905,000 910,007
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3%, 7/01/2035     70,000 69,205
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037     370,000 321,172
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036     30,000 29,654
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.7%, 7/01/2026     340,000 339,062
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.9%, 7/01/2028     350,000 348,677
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033     10,675,000 10,242,313
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2046     8,040,000 7,109,013
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3.75%, 7/01/2047     9,100,000 7,469,926
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051     2,580,000 1,767,093
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052     8,155,000 6,885,769
Massachusetts Housing Finance Agency, Single Family Housing Rev., “221”, 3%, 12/01/2050     2,550,000 2,464,840
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037     3,080,000 3,277,925
56
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038   $ 3,870,000 $4,090,142
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2039     6,275,000 6,601,691
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2035     395,000 423,845
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2036     790,000 842,740
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2037     1,130,000 1,195,972
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047     4,785,000 3,921,542
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052     3,015,000 2,357,194
University of Massachusetts Building Authority Rev., “2017-3”, 5%, 11/01/2036     7,000,000 7,479,686
        $135,991,507
Michigan - 1.3%
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2037   $ 4,150,000 $4,151,186
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2048     1,235,000 1,202,589
Great Lakes Water Authority, Michigan Water Supply System Rev., “B”, BAM, 5%, 7/01/2046     4,520,000 4,614,009
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, 5%, 7/01/2036     2,485,000 2,572,471
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051     990,000 1,041,992
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052     1,370,000 1,314,367
Michigan Building Authority Rev., “I”, 4%, 10/15/2049     2,205,000 2,131,886
Michigan Finance Authority ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054 (w)     1,330,000 1,307,988
Michigan Finance Authority ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 5.5%, 2/28/2057 (w)     1,200,000 1,308,312
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028)     2,005,000 1,785,136
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028)     2,515,000 2,239,210
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030     790,000 836,388
57
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Michigan - continued
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031   $ 1,575,000 $1,662,035
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048     2,285,000 2,358,516
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     460,000 460,838
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     385,000 385,501
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     450,000 450,675
Michigan Housing Development Authority, Rental Housing Rev., “A”, 5.15%, 10/01/2058     11,055,000 11,465,071
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048     3,935,000 3,987,278
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035     7,315,000 7,383,800
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.25%, 12/31/2038     2,300,000 2,303,510
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     790,000 792,740
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     480,000 482,799
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     370,000 371,289
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     805,000 806,223
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040     5,590,000 5,691,885
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034     2,755,000 3,044,333
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036     790,000 865,128
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037     870,000 943,903
        $67,961,058
58
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Minnesota - 0.7%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031   $ 840,000 $778,283
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036     1,330,000 1,149,521
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041     555,000 444,890
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043     2,195,000 2,134,040
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043     2,010,000 2,053,244
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048     2,585,000 2,480,265
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048     1,585,000 1,606,080
Duluth, MN, Independent School District No. 709, “A”, COP, 4.2%, 3/01/2034     240,000 248,232
Duluth, MN, Independent School District No. 709, “B”, COP, STAPRP, 5%, 2/01/2025     190,000 192,321
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2041     1,180,000 1,221,286
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2046     2,360,000 2,427,346
Minnesota Housing Finance Agency, Residential Housing, “A”, 4%, 1/01/2041     75,000 74,737
Minnesota Housing Finance Agency, Residential Housing, “A”, 4.25%, 7/01/2049 (u)     10,460,000 10,421,581
Minnesota Housing Finance Agency, Residential Housing, “B”, GNMA, 3%, 7/01/2051     4,255,000 4,109,202
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052     4,565,000 4,403,577
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037     1,170,000 1,156,286
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038     1,815,000 1,601,354
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n)     240,000 240,472
        $36,742,717
59
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Mississippi - 0.9%
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2048   $ 10,990,000 $10,550,110
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053     8,350,000 7,869,388
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034     1,935,000 2,226,779
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025     275,000 276,947
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026     770,000 784,925
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040     390,000 391,339
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048     3,150,000 3,243,397
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 4%, 12/01/2044     670,000 664,478
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051     2,540,000 2,452,977
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046     1,500,000 1,508,316
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2036     665,000 670,880
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2037     600,000 601,621
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2039     595,000 581,314
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040     335,000 323,840
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2035     945,000 1,018,485
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2039     670,000 705,822
State of Mississippi, “B”, 5%, 12/01/2032 (Prerefunded 12/01/2026)     1,970,000 2,072,186
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026)     1,970,000 2,072,186
State of Mississippi, “B”, 5%, 12/01/2034 (Prerefunded 12/01/2026)     3,935,000 4,139,112
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053     3,980,000 4,483,914
        $46,638,016
60
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - 1.3%
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058   $ 15,250,000 $16,564,244
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054     8,055,000 8,160,571
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055     4,465,000 4,566,760
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n)     160,000 153,676
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n)     275,000 257,598
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036     945,000 922,238
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037     300,000 286,440
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041     380,000 344,316
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051     1,070,000 900,352
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), 5.5%, 12/01/2048     3,995,000 4,459,474
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2030     3,935,000 4,247,355
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2031     2,490,000 2,686,286
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2044     1,810,000 1,770,971
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2049     3,935,000 3,778,139
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2054     3,580,000 3,323,504
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, 3.75%, 5/01/2038     120,000 119,056
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FHLMC, 3%, 5/01/2052     3,885,000 3,750,966
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FNMA, 4.25%, 5/01/2049     2,080,000 2,071,642
61
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - continued
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030   $ 255,000 $236,671
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035     215,000 185,906
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 4%, 12/01/2037     1,115,000 1,108,301
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030     115,000 111,458
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035     95,000 88,580
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045     205,000 178,510
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029     135,000 120,361
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035     580,000 478,984
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047     1,805,000 1,380,847
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2049     2,385,000 2,477,477
        $64,730,683
Montana - 0.0%
Montana Board of Housing Single Family Mortgage, “B”, 4%, 12/01/2050   $ 2,445,000 $2,425,773
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A-2”, 3%, 12/01/2043     100,000 99,615
        $2,525,388
Nebraska - 0.0%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2034   $ 670,000 $719,418
Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 4%, 9/01/2044     130,000 129,292
Nebraska Investment Finance Authority, Single Family Housing Rev., “C”, FHLMC, 4%, 9/01/2048     1,980,000 1,963,665
        $2,812,375
62
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Nevada - 0.3%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2037   $ 710,000 $726,255
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2039     1,555,000 1,573,301
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 4.5%, 12/15/2029 (n)     140,000 139,435
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 (n)     500,000 502,555
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2038 (n)     1,005,000 1,002,852
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n)     600,000 586,506
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n)     2,835,000 2,666,328
Nevada Housing Division, Single Family Mortgage Rev., “A”, GNMA, 3%, 4/01/2051     1,900,000 1,836,795
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048     365,000 346,166
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058     450,000 420,880
Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), “C”, 4.125%, 3/01/2036 (Put Date 10/01/2029)     1,420,000 1,442,026
Washoe County, NV, Water Facilities Rev., “F”, 4.125%, 3/01/2036 (Put Date 10/01/2029)     1,945,000 1,975,170
        $13,218,269
New Hampshire - 1.7%
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038   $ 27,905,000 $28,573,386
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038     1,680,000 1,664,539
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 6/01/2051     2,520,000 2,749,867
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 4.5%, 6/01/2053     1,130,000 1,120,877
63
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Hampshire - continued
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036   $ 9,409,837 $9,230,331
National Finance Authority, NH, Municipal Certificates, “2-A”, 3.875%, 1/20/2038     7,610,840 7,093,086
National Finance Authority, NH, Municipal Certificates, “A”, 4.125%, 1/20/2034     6,567,716 6,398,284
National Finance Authority, NH, Municipal Certificates, “A-2”, 4%, 10/20/2036     6,528,536 6,199,924
National Finance Authority, NH, Municipal Certificates, “X-2”, 0.674%, 10/20/2036 (i)     29,180,000 1,395,233
National Finance Authority, NH, Municipal Certificates, “1-A“, 4.25%, 7/20/2041     4,595,396 4,557,466
National Finance Authority, NH, Resource Recovery Refunding Rev., ”B“, 4.625%, 11/01/2042 (n)     1,855,000 1,647,691
National Finance Authority, NH, Resource Recovery Refunding Rev., ”B“, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n)     2,290,000 1,800,090
National Finance Authority, NH, Rev. (Presbyterian Senior Living Project), ”A“, 5.25%, 7/01/2048     1,175,000 1,213,805
National Finance Authority, NH, Rev., Taxable (Centurion Foundation), ”C“, 11%, 12/15/2038     915,000 907,214
National Finance Authority, NH, Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041     840,000 716,364
New Hampshire Health & Education Facilities Authority Rev. (Covenant Health), 4%, 7/01/2037     12,920,000 11,816,770
        $87,084,927
New Jersey - 3.4%
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2032   $ 3,875,000 $4,053,533
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”B“, AGM, 5%, 3/01/2037     1,315,000 1,355,386
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2042     225,000 246,997
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2047     620,000 672,501
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2052     570,000 614,189
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062     1,880,000 2,012,593
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), ”SSS“, 5.25%, 6/15/2036 (w)     570,000 677,771
64
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), ”SSS“, 5.25%, 6/15/2037 (w)   $ 570,000 $670,591
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), ”SSS“, 5.25%, 6/15/2038 (w)     750,000 875,148
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), ”SSS“, 5.25%, 6/15/2039 (w)     685,000 795,295
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027     370,000 370,345
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028     370,000 370,186
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031     1,115,000 1,115,619
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042     345,000 345,028
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2030     865,000 866,317
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2035     1,235,000 1,236,251
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2042     2,250,000 2,398,624
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, BAM, 3.125%, 7/01/2031     16,900,000 16,598,480
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029     2,875,000 2,881,079
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), ”A“, 5.625%, 11/15/2030     3,185,000 3,217,270
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), ”C“, 5%, 6/15/2042     2,665,000 2,754,638
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), ”E“, 0.85%, 12/01/2025     1,550,000 1,437,909
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), ”A“, 5%, 7/01/2031     590,000 671,140
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2031     1,660,000 1,772,030
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032     1,655,000 1,763,759
65
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037   $ 2,395,000 $2,523,848
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.25%, 12/01/2039     2,320,000 2,192,626
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041     12,385,000 12,049,623
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028     315,000 329,970
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029     435,000 462,860
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028     1,145,000 1,199,416
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029     1,115,000 1,185,240
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039     4,060,000 3,897,751
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040     1,690,000 1,547,202
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051     700,000 518,488
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., ”B“, 4%, 12/01/2044     12,920,000 12,626,544
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., ”C“, 5%, 12/01/2053     1,475,000 1,431,353
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”E“, 3.5%, 4/01/2051     7,350,000 7,199,074
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”H“, 3%, 10/01/2052     7,220,000 6,919,278
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2032     2,360,000 2,530,720
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2033     2,360,000 2,526,405
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2034     2,360,000 2,523,793
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2035     2,320,000 2,473,906
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035     840,000 937,199
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2038     1,200,000 1,318,702
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2040     840,000 913,772
66
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Transportation Trust Fund Authority, ”AA“, 4.25%, 6/15/2044   $ 955,000 $965,131
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2045     2,225,000 2,167,852
New Jersey Transportation Trust Fund Authority, ”B“, AAC, 5.5%, 9/01/2026     2,775,000 2,918,897
New Jersey Transportation Trust Fund Authority, ”CC“, 5.5%, 6/15/2050     2,405,000 2,663,796
New Jersey Transportation Trust Fund Authority, Capital Appreciation, ”A“, 0%, 12/15/2037     19,665,000 11,643,304
New Jersey Transportation Trust Fund Authority, Capital Appreciation, ”C“, AAC, 0%, 12/15/2035     2,930,000 1,947,168
New Jersey Transportation Trust Fund Authority, Capital Appreciation, ”C“, AAC, 0%, 12/15/2036     7,645,000 4,801,737
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A“, 5%, 6/15/2029     2,690,000 2,781,695
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 4.25%, 6/15/2040     3,975,000 4,119,848
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2028     9,535,000 8,204,295
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AGM, 0%, 12/15/2032     2,635,000 2,010,588
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2027     5,430,000 4,816,841
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2031     3,935,000 3,070,497
Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2024     590,000 593,171
South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2031     1,015,000 1,110,621
South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2033     575,000 629,685
South Jersey, NJ, Transportation Authority System Rev., ”A“, BAM, 5.25%, 11/01/2052     2,760,000 2,991,809
        $174,517,384
New Mexico - 0.2%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”A-1“, FNMA, 4%, 1/01/2049   $ 565,000 $560,345
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”C“, FNMA, 4%, 1/01/2049     1,155,000 1,145,399
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”D“, GNMA, 5.25%, 3/01/2053     5,330,000 5,563,614
67
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Mexico - continued
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), 5%, 5/15/2042   $ 115,000 $109,718
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2034     460,000 462,242
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2039     165,000 161,734
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2044     170,000 159,723
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2049     445,000 403,091
        $8,565,866
New York - 7.3%
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034   $ 790,000 $810,195
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036     1,420,000 1,242,633
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037     1,180,000 1,012,974
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038     985,000 987,960
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039     1,065,000 1,062,256
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045     14,815,000 14,842,117
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), ”A“, 5%, 7/01/2052     290,000 290,293
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), ”B“, 5%, 7/01/2062     2,170,000 2,127,303
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2057     1,615,000 1,657,555
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062     2,025,000 2,071,450
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), ”A“, 4%, 11/01/2032     380,000 358,775
New York Dormitory Authority Rev. (Northwell Health Obligated Group), ”A“, 4%, 5/01/2045     4,380,000 4,196,128
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n)     100,000 94,776
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)     200,000 184,815
New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2036     880,000 961,178
68
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2040   $ 995,000 $1,068,562
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, 4%, 3/15/2048     4,130,000 4,010,953
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, 5.25%, 3/15/2052     4,785,000 5,268,084
New York Dormitory Authority Rev., State Personal Income Tax, ”E“, 4%, 3/15/2042     14,455,000 14,531,742
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n)     580,000 563,966
New York Housing Finance Agency Affordable Housing Rev., ”L-2“, 0.75%, 11/01/2025     1,195,000 1,123,316
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n)     22,780,000 22,786,973
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”2“, 5.375%, 11/15/2040 (n)     2,510,000 2,517,952
New York Power Authority, Green Transmission Project Rev., ”A“, AGM, 4%, 11/15/2047     1,565,000 1,534,233
New York State Thruway Authority, Personal Income Tax Rev., ”A“, 4%, 3/15/2043     10,645,000 10,583,857
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046     7,000,000 6,125,588
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053     1,740,000 1,456,912
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031     555,000 521,962
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.25%, 8/01/2031     1,015,000 1,078,904
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036     2,620,000 2,766,112
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031     6,400,000 6,633,444
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032     1,835,000 1,902,071
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2035     4,395,000 4,658,728
69
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036   $ 1,035,000 $1,034,949
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040     4,360,000 4,756,259
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040     5,050,000 5,231,158
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054     20,015,000 22,181,470
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060     28,375,000 29,678,136
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), ”A“, 5%, 7/01/2046     10,000,000 9,850,944
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2036     40,000 42,875
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2038     170,000 164,375
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2039     400,000 384,984
New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), ”C“, 4%, 3/15/2049     8,025,000 7,677,436
New York Urban Development Corp., State Personal Income Tax Rev., ”A“, 4%, 3/15/2039     4,720,000 4,819,939
New York, NY, General Obligation, ”B-1“, 5%, 12/01/2041     2,755,000 2,839,553
New York, NY, Housing Development Corp., Housing Impact (Sustainable Development Bonds), ”A“, 4.8%, 2/01/2053     6,270,000 6,369,526
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”E“, 3.5%, 2/15/2048     4,585,308 4,567,517
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”F“, 4.5%, 2/15/2048     22,686,278 22,581,483
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), ”G“, 4.75%, 11/01/2048     1,645,000 1,672,692
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), ”G“, 4.85%, 11/01/2053     835,000 850,186
70
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.85%, 11/01/2053   $ 2,625,000 $2,672,741
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.95%, 11/01/2058     2,500,000 2,548,568
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028     1,695,000 1,695,171
New York, NY, Industrial Development Agency, PILOT Refunding Rev. (Yankee Stadium Project), ”A“, AGM, 3%, 3/01/2040     3,155,000 2,731,983
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2046     5,505,000 5,648,390
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2048     4,055,000 4,209,772
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”A“, 4%, 11/01/2034     790,000 836,129
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”C“, 4%, 2/01/2041     6,035,000 6,089,449
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”C-1“, 4%, 5/01/2045     7,865,000 7,726,488
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”F“, 4%, 2/01/2051     15,000,000 14,346,783
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”F-1“, 5.25%, 2/01/2053     3,500,000 3,862,637
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2036     1,575,000 1,651,950
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2039     2,755,000 2,805,779
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052     2,260,000 1,728,487
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052     1,215,000 1,009,029
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045     1,125,000 1,076,168
Port Authority of NY & NJ (221st Series), 4%, 7/15/2050     2,810,000 2,631,295
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055     9,010,000 8,275,224
Port Authority of NY & NJ (223rd Series), 4%, 7/15/2038     2,210,000 2,210,561
Port Authority of NY & NJ (226th Series), 5%, 10/15/2038     2,360,000 2,549,472
Port Authority of NY & NJ (226th Series), 5%, 10/15/2039     1,750,000 1,883,708
Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5.25%, 7/01/2052     555,000 607,109
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2028     1,315,000 1,001,081
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2029     1,915,000 1,451,616
71
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2030   $ 1,475,000 $1,115,695
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2031     1,825,000 1,379,131
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2032     3,370,000 2,546,065
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2033     2,970,000 2,244,309
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2034     2,660,000 2,011,009
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2035     3,550,000 2,685,601
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2036     1,160,000 878,208
Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2041     2,135,000 2,176,734
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 4%, 5/15/2051     8,500,000 8,211,649
Triborough Bridge & Tunnel Authority Rev., NY, Sales Tax Rev. (MTA Bridges and Tunnels), ”A-1“, 5.25%, 5/15/2064     20,000,000 21,910,602
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2047     1,205,000 1,284,259
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2048     1,465,000 1,701,134
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2049     1,675,000 1,940,309
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2051     590,000 623,179
        $377,694,723
North Carolina - 1.7%
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048   $ 735,000 $793,417
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2032     790,000 815,602
North Carolina Education Assistance Authority, Student Loan Rev., ”A“, 5%, 6/01/2043     1,820,000 1,848,654
North Carolina Housing Finance Agency, Home Ownership Rev., ”44“, 4%, 7/01/2050     875,000 867,870
72
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - continued
North Carolina Housing Finance Agency, Home Ownership Rev., ”46-A“, GNMA, 3%, 7/01/2051   $ 8,995,000 $8,681,776
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2029     220,000 213,399
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2036     1,070,000 971,192
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2041     370,000 312,282
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2051     4,170,000 3,130,482
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”C“, 4%, 3/01/2036     465,000 422,060
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”C“, 4%, 3/01/2042     175,000 145,674
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025     70,000 70,108
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030     205,000 205,009
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035     225,000 221,524
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2040     720,000 754,959
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2045     690,000 712,388
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2050     445,000 454,648
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), ”A“, 4%, 11/01/2052     2,465,000 2,385,193
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), ”A“, 4%, 1/01/2052     1,370,000 1,072,678
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”A“, 5%, 9/01/2037 (Prerefunded 9/01/2024)     80,000 80,400
73
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Carolina - continued
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), ”A“, 5%, 10/01/2044   $ 570,000 $593,117
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), ”A“, 5%, 10/01/2049     150,000 154,055
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2042     480,000 487,874
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2047     940,000 951,275
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2051     1,920,000 1,940,254
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2054     1,650,000 1,664,970
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031     1,260,000 1,326,564
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036     9,165,000 9,887,505
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049     1,400,000 1,465,682
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., ”A“, AGM, 5%, 1/01/2058     28,850,000 30,708,967
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, ”B“, AGM, 0%, 1/01/2050     9,265,000 2,675,140
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, ”B“, AGM, 0%, 1/01/2051     9,000,000 2,461,936
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, ”B“, AGM, 0%, 1/01/2053     4,500,000 1,101,769
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2030     985,000 1,076,436
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2032     790,000 859,823
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2033     790,000 858,701
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027     1,190,000 1,205,328
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031     985,000 987,034
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033     1,085,000 1,087,822
        $85,653,567
74
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
North Dakota - 0.6%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), ”A“, AGM, 5%, 12/01/2048   $ 535,000 $565,069
Grand Forks, ND, Healthcare System Rev. (Altru Health System), ”A“, AGM, 5%, 12/01/2053     1,315,000 1,374,777
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 4%, 1/01/2051     7,865,000 7,801,211
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 3%, 1/01/2052     6,190,000 5,980,323
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”D“, 4.25%, 1/01/2049 (u)     3,520,000 3,504,794
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”F“, 5%, 1/01/2053     2,390,000 2,453,041
North Dakota State Board of Higher Education, Housing and Auxiliary Facilities Rev. (University of North Dakota), ”A“, AGM, 4%, 4/01/2039     1,845,000 1,854,715
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2034     3,065,000 2,928,274
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2038     2,850,000 2,593,985
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2048     160,000 132,403
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2053     1,170,000 931,953
        $30,120,545
Ohio - 3.0%
Brunswick, OH, School District, Classroom Facilities and School Improvement, Unlimited Tax General Obligation, BAM, 5.25%, 12/01/2053   $ 4,585,000 $4,917,892
Brunswick, OH, School District, Classroom Facilities and School Improvement, Unlimited Tax General Obligation, BAM, 5.5%, 12/01/2060     8,490,000 9,194,999
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048     11,550,000 10,720,040
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055     29,140,000 27,556,766
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057     39,410,000 4,102,014
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047     3,200,000 3,151,506
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047     2,730,000 2,758,025
75
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2052   $ 1,575,000 $1,578,679
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057     8,850,000 8,974,079
Cuyahoga County, OH, Metropolitan Housing Authority, General Rev. (2045 Initiative Project), 2%, 12/01/2031     2,305,000 1,928,348
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”A“, 4%, 12/01/2055 (n)     665,000 544,573
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”B“, 4.5%, 12/01/2055 (n)     380,000 322,395
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), ”A“, 4%, 5/15/2047     3,260,000 3,147,895
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), ”A“, 5.25%, 1/01/2038     250,000 256,682
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), ”A“, 5.5%, 1/01/2043     755,000 779,260
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), ”A“, 5.75%, 1/01/2053     1,420,000 1,471,174
Miami County, OH, Hospital Facilities Rev. (Kettering Health), ”A“, 5%, 8/01/2049     7,745,000 7,884,797
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2041     2,470,000 2,399,459
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2047     1,555,000 1,434,583
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 5%, 11/15/2034     790,000 824,574
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 4%, 11/15/2038     1,775,000 1,681,897
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 4%, 11/15/2045     850,000 752,712
Northeast Ohio Medical University, General Receipts and Refunding Bonds, ”A“, 4%, 12/01/2035     115,000 114,580
Northeast Ohio Medical University, General Receipts and Refunding Bonds, ”A“, 4%, 12/01/2045     85,000 76,100
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), ”A“, 4.25%, 11/01/2039 (Put Date 6/01/2027)     2,615,000 2,640,568
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), ”B“, 4%, 9/01/2030 (Put Date 6/01/2027)     3,105,000 3,121,666
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), ”B“, 2.6%, 6/01/2041 (Put Date 10/01/2029)     3,630,000 3,218,124
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), ”C“, 2.1%, 12/01/2027 (Put Date 10/01/2024)     6,610,000 6,487,795
76
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), ”C“, 2.1%, 4/01/2028 (Put Date 10/01/2024)   $ 3,090,000 $3,032,872
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n)     4,530,000 4,517,143
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n)     250,000 247,926
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n)     330,000 319,668
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042     1,135,000 1,154,856
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052     1,850,000 1,865,851
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041     2,360,000 2,413,346
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.5%, 9/01/2048 (u)     2,435,000 2,437,920
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.8%, 9/01/2048     8,810,000 8,958,206
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.9%, 9/01/2053     4,220,000 4,291,082
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036     500,000 484,846
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038     490,000 462,789
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040     465,000 436,146
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035     6,090,000 6,114,642
Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2049     740,000 788,926
Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2053     2,850,000 3,021,146
        $152,588,547
Oklahoma - 0.6%
Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045   $ 3,120,000 $2,603,916
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045     2,605,000 2,619,485
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042     1,180,000 1,041,739
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”A“, 5.5%, 8/15/2041     3,920,000 4,039,536
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”A“, 5.5%, 8/15/2044     3,960,000 4,038,258
77
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oklahoma - continued
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2038   $ 895,000 $914,203
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2043     315,000 325,697
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2048     900,000 924,196
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.5%, 8/15/2057     9,390,000 9,665,397
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), ”C“, 5.45%, 8/15/2028     6,087,000 5,512,206
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), ”A“, 4.75%, 9/01/2048     960,000 966,565
        $32,651,198
Oregon - 0.9%
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 3.95%, 8/01/2025 (Put Date 5/01/2024)   $ 2,925,000 $2,917,466
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), ”A“, 4%, 8/15/2050     3,015,000 2,808,708
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”A“, 4%, 12/01/2041     2,370,000 1,927,221
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”A“, 4%, 12/01/2051     1,750,000 1,263,549
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B-1“, 1.2%, 6/01/2028     630,000 556,921
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B-2“, 0.95%, 6/01/2027     315,000 286,095
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), ”A“, 4.9%, 9/15/2035     14,015,000 15,022,408
Oregon Facilities Authority Rev. (Legacy Health Project), ”A“, 5%, 6/01/2046     7,945,000 8,036,877
Oregon Health & Sciences University Rev., ”B“, 5%, 7/01/2034     5,900,000 6,075,425
Port of Portland, OR, International Airport Rev., ”24B“, 5%, 7/01/2042     1,055,000 1,076,505
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”A“, 5%, 11/15/2036     575,000 532,256
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”A“, 5%, 11/15/2046     690,000 568,186
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”A“, 5%, 11/15/2046     1,360,000 1,119,904
78
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oregon - continued
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”A“, 5%, 11/15/2051   $ 580,000 $463,364
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”A“, 5%, 11/15/2056     3,325,000 2,611,968
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”B-1“, 2.5%, 11/15/2028     700,000 635,610
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), ”B-2“, 2.125%, 11/15/2027     5,000 4,836
        $45,907,299
Pennsylvania - 6.7%
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), ”A“, AGM, 5.5%, 1/01/2048   $ 3,185,000 $3,494,334
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), ”A“, AGM, 5.5%, 1/01/2053     5,175,000 5,624,873
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044     5,185,000 4,934,197
Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2035     905,000 914,093
Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2036     870,000 873,567
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/15/2038 (n)     160,000 166,644
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.75%, 6/15/2043 (n)     330,000 342,040
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 6%, 6/15/2053 (n)     575,000 593,707
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 (n)     250,000 257,192
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n)     135,000 138,555
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)     330,000 328,789
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n)     800,000 795,273
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)     1,260,000 1,237,680
79
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n)   $ 1,180,000 $1,204,634
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035     395,000 407,043
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036     850,000 874,338
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037     395,000 402,571
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038     395,000 401,877
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041     1,970,000 1,979,722
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035     1,795,000 1,837,557
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036     675,000 687,776
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028     885,000 496,949
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029     3,115,000 1,680,583
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2030     1,595,000 850,161
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2037     740,000 383,953
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047     1,150,000 595,089
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), ”A“, 5%, 11/01/2044     6,035,000 3,124,423
Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B-2“, 5%, 2/01/2040 (Put Date 2/01/2027)     7,775,000 4,916,555
Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B-3“, 5%, 2/01/2040 (Put Date 2/01/2030)     3,305,000 1,780,570
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044     810,000 787,680
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050     7,225,000 6,751,956
Bucks County, PA, Water & Sewer Authority, Sewer System Rev., ”A“, AGM, 5.25%, 12/01/2047     1,710,000 1,871,340
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051     1,555,000 991,198
80
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 4.75%, 12/15/2037   $ 880,000 $883,746
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2047     420,000 412,523
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2051     510,000 491,604
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025)     245,000 245,478
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025)     840,000 841,638
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033     615,000 602,073
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025)     25,000 25,231
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025)     115,000 116,063
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038     140,000 140,519
Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049     3,355,000 3,091,106
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048     400,000 354,339
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2031     395,000 410,384
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2032     395,000 409,717
Delaware County, PA, Upper Darby School District, General Obligation, ”A“, BAM, 4%, 4/01/2046     475,000 465,033
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 4.504% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037     5,755,000 5,165,945
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 7/01/2045 (Prerefunded 7/01/2029)     45,000 47,320
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 7/01/2045     420,000 344,337
Doylestown, PA, Hospital Authority Rev., ”A“, 5%, 7/01/2049 (Prerefunded 7/01/2029)     50,000 54,993
Doylestown, PA, Hospital Authority Rev., ”A“, 5%, 7/01/2049     415,000 390,056
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), ”A“, 4%, 7/01/2049     7,900,000 7,395,261
81
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, ”B“, 0%, 12/01/2036   $ 9,515,000 $5,663,379
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2024     545,000 550,607
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ”A“, 5%, 1/01/2039     215,000 218,993
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ”A“, 5%, 1/01/2040     765,000 772,280
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ”A“, 5%, 1/01/2041     565,000 568,201
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ”A“, 5%, 1/01/2042     585,000 586,072
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ”A“, 4.5%, 1/01/2045     2,015,000 1,856,334
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044     1,550,000 1,478,185
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049     1,480,000 1,371,327
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), ”A“, 4%, 9/01/2049     1,815,000 1,681,729
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), ”B“, 4%, 5/01/2047     1,750,000 1,638,716
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), ”B“, AGM, 3.125%, 5/01/2053     2,415,000 1,809,583
Montgomery County, PA, Higher Education & Health Authority Rev., Taxable (Thomas Jefferson University), 4%, 9/01/2051     2,980,000 2,734,637
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), ”A“, 5.25%, 11/15/2053     1,500,000 1,563,708
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), ”C“, 5%, 11/15/2045     1,090,000 1,132,862
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5%, 1/01/2030     790,000 778,325
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     7,060,000 6,248,911
Montour County, PA, Geisinger Authority Health System Rev., ”A“, 4%, 4/01/2039     2,615,000 2,602,434
Montour County, PA, Geisinger Authority Health System Rev., ”A“, 4%, 4/01/2050     5,000,000 4,667,363
82
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's University Health Network Project), ”A-1“, AGM, 5.25%, 8/15/2053 (w)   $ 13,560,000 $14,798,867
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2032     355,000 360,884
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2033     475,000 482,126
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2044     1,035,000 987,671
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049     630,000 582,965
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), ”B-1“, 5.25%, 7/01/2049     1,180,000 1,216,534
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), ”B-2“, 5%, 7/01/2042     1,755,000 1,817,229
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), ”B-2“, 5.25%, 7/01/2046     940,000 976,242
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038     10,825,000 10,919,504
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2035     1,190,000 793,731
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2036     1,255,000 799,460
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2037     1,215,000 733,283
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2038     1,245,000 711,062
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2039     1,365,000 737,110
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2040     1,315,000 672,381
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2041     1,265,000 613,522
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2042     1,215,000 558,866
83
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, 0%, 1/01/2043   $ 1,160,000 $504,945
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, BAM, 0%, 1/01/2046     2,750,000 1,064,463
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-2“, BAM, 0%, 1/01/2047     2,865,000 1,050,395
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, ”B-3“, 0%, 1/01/2049     5,775,000 1,109,706
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053     11,855,000 12,596,701
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057     13,590,000 14,327,253
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4.125%, 12/31/2038     1,330,000 1,272,037
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026     875,000 868,710
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2027     600,000 594,839
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2028     630,000 624,410
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 2.15%, 7/01/2041 (Put Date 7/01/2024)     6,295,000 6,243,412
Pennsylvania Economic Development Financing Authority, UPMC Rev., ”A“, 4%, 5/15/2048     3,250,000 3,082,328
Pennsylvania Economic Development Financing Authority, UPMC Rev., ”A“, 4%, 5/15/2053     4,265,000 3,973,674
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 5%, 6/01/2030     200,000 212,483
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 2.625%, 6/01/2042     1,165,000 1,006,428
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 4.5%, 6/01/2043     750,000 748,608
84
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 4%, 6/01/2044   $ 9,265,000 $9,048,974
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2038     790,000 835,241
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2039     200,000 210,243
Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Cambridge Square), ”A“, 5.55%, 11/01/2042     2,547,875 2,880,488
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”128A“, 4.75%, 4/01/2033 (u)     2,970,000 2,963,081
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135A“, 3%, 10/01/2051     5,650,000 5,504,451
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2030     1,905,000 2,023,207
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 10/01/2030     1,105,000 1,178,647
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134A”, 3%, 10/01/2049     8,170,000 7,955,720
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053     11,720,000 12,419,443
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2031     720,000 753,421
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2032     475,000 495,763
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2033     505,000 524,262
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2034     510,000 530,844
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2030     1,575,000 1,641,936
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2032     6,150,000 6,363,685
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2033     17,170,000 17,766,582
Philadelphia, PA, Airport Refunding Rev., ”B“, AGM, 5%, 7/01/2042     8,790,000 8,991,693
85
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2034   $ 4,200,000 $4,379,317
Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2042     3,920,000 4,009,947
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.125%, 6/15/2042     335,000 326,273
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.25%, 6/15/2052     380,000 366,962
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057     180,000 174,171
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.625%, 8/01/2036     250,000 255,973
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.75%, 8/01/2046     815,000 828,764
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.375%, 8/01/2051     1,205,000 1,207,179
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”B“, 6%, 8/01/2051     845,000 862,000
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), ”A“, 5%, 9/01/2042     8,505,000 8,660,349
Philadelphia, PA, Authority for Industrial Development University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060     7,085,000 7,559,876
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2037     1,590,000 1,633,732
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2058     6,530,000 6,533,219
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.25%, 12/01/2047 (n)     350,000 330,515
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.5%, 12/01/2058 (n)     400,000 376,459
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2037     670,000 612,163
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2042     1,530,000 1,315,936
86
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2049   $ 1,330,000 $1,095,361
Philadelphia, PA, Gas Works Rev., ”14“, AGM, 5%, 10/01/2033     2,290,000 2,356,923
Philadelphia, PA, School District General Obligation, ”A“, 5%, 9/01/2038     305,000 320,042
Philadelphia, PA, School District General Obligation, ”B“, 5%, 9/01/2043     915,000 949,209
Philadelphia, PA, School District General Obligation, ”F“, 5%, 9/01/2038     205,000 208,198
Philadelphia, PA, School District General Obligation, Taxable, ”A“, 5.5%, 9/01/2048     10,745,000 11,962,950
Pittsburgh, PA, Water & Sewer System Authority Rev., ”A“, AGM, 4.25%, 9/01/2053     2,910,000 2,867,258
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046     2,320,000 2,244,944
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048     3,440,000 3,310,601
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035     65,000 65,301
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051     1,190,000 1,137,403
West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2030     350,000 350,644
West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2035     345,000 344,092
        $347,313,202
Puerto Rico - 2.1%
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.625%, 7/01/2029   $ 1,584,778 $1,733,710
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 5.75%, 7/01/2031     3,538,937 3,986,623
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2033     1,459,691 1,454,035
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2035     2,865,019 2,808,888
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2037     1,126,601 1,087,153
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2041     1,531,429 1,440,166
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, ”A“, 4%, 7/01/2046     1,592,259 1,459,991
87
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2024   $ 240,138 $237,752
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, ”A“, 0%, 7/01/2033     1,878,095 1,232,145
Puerto Rico Aqueduct and Sewer Authority Rev., ”A“, 5%, 7/01/2025     11,815,000 11,989,757
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d)     335,000 87,938
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d)     3,140,000 824,250
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d)     5,075,000 1,332,187
Puerto Rico Electric Power Authority Refunding Rev., ”PP“, NPFG, 5%, 7/01/2024     160,000 160,027
Puerto Rico Electric Power Authority Refunding Rev., ”PP“, NPFG, 5%, 7/01/2025     170,000 170,028
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d)     7,990,000 2,097,375
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d)     1,210,000 317,625
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d)     670,000 175,875
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d)     320,000 84,000
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d)     3,005,000 788,812
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024     1,510,000 1,504,824
Puerto Rico Electric Power Authority Rev., ”NN“, NPFG, 4.75%, 7/01/2033     1,405,000 1,367,988
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028     90,000 89,891
Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030     375,000 363,169
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d)     1,540,000 404,250
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d)     1,345,000 353,063
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d)     275,000 72,188
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d)     4,105,000 1,077,562
88
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2024   $ 765,000 $765,410
Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2026     30,000 30,016
Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027     1,090,000 1,066,698
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2025     225,000 223,766
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2026     940,000 931,790
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029     3,755,000 3,709,018
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030     2,455,000 2,421,427
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034     370,000 365,930
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d)     285,000 74,813
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d)     645,000 169,313
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d)     1,930,000 506,625
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d)     2,150,000 564,375
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d)     755,000 198,188
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d)     2,320,000 609,000
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d)     1,875,000 492,187
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), ”B“, 5%, 3/01/2027 (Put Date 3/01/2026)     1,435,000 1,474,314
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033     1,920,000 1,888,620
Puerto Rico Municipal Finance Agency, ”A“, AGM, 5%, 8/01/2027     100,000 100,600
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.5%, 7/01/2034     311,000 312,668
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040     766,000 772,723
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053     1,988,000 1,978,518
89
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058   $ 24,407,000 $24,479,169
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040     5,124,000 5,125,476
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053     104,000 100,018
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058     1,435,000 1,424,251
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024     48,000 47,546
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027     1,223,000 1,081,935
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031     11,027,000 8,324,684
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033     10,791,000 7,468,250
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046     6,188,000 1,972,254
University of Puerto Rico Rev., ”P“, NPFG, 5%, 6/01/2025     280,000 280,278
        $107,661,132
Rhode Island - 0.6%
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), ”B“, 4%, 11/01/2037   $ 525,000 $543,326
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), ”B“, 4%, 11/01/2038     555,000 573,270
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), ”B“, 4%, 11/01/2039     675,000 692,347
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), ”B“, 4%, 11/01/2040     710,000 723,950
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2028     690,000 730,339
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2029     555,000 597,294
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2030     515,000 555,733
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 2.25%, 12/01/2039     1,875,000 1,589,460
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 4.125%, 12/01/2042     7,960,000 7,818,135
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 4.125%, 12/01/2043 (w)     7,740,000 7,585,554
90
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Rhode Island - continued
Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, ”1“, 4.125%, 12/01/2041   $ 4,740,000 $4,657,769
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.5%, 12/01/2034     910,000 853,539
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037     3,710,000 3,488,767
        $30,409,483
South Carolina - 1.9%
Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028   $ 515,000 $544,052
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), ”A“, 5%, 10/01/2040     3,055,000 3,137,500
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., ”A-1“, 5.25%, 10/01/2054 (Put Date 8/01/2031)     3,995,000 4,277,431
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., ”B-1“, 5.25%, 2/01/2054 (Put Date 3/01/2031)     13,450,000 14,573,836
Rock Hill, SC, Utility Systems Rev., ”A“, BAM, 4%, 1/01/2049     2,880,000 2,824,411
South Carolina Housing Finance & Development Authority Mortgage Rev., ”B“, 5%, 1/01/2052     11,365,000 11,734,813
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2036 (n)     380,000 324,751
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2046 (n)     420,000 307,422
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2044     4,840,000 4,716,125
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047     6,630,000 6,749,067
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), ”A“, 5%, 5/01/2048     5,260,000 5,349,823
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047     2,060,000 1,788,664
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2048     790,000 682,219
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052     955,000 805,829
91
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
South Carolina - continued
South Carolina Ports Authority Rev., 5.25%, 7/01/2050 (Prerefunded 7/01/2025)   $ 2,420,000 $2,468,794
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2035     2,680,000 2,732,669
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2037     4,165,000 4,201,667
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2039     4,120,000 4,090,888
South Carolina Ports Authority Rev., ”B“, 5%, 7/01/2044     6,295,000 6,483,304
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.641%, 12/01/2026     6,285,000 5,850,538
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.771%, 12/01/2027     2,910,000 2,660,108
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.923%, 12/01/2028     2,165,000 1,947,952
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 2.993%, 12/01/2029     1,420,000 1,251,383
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 3.043%, 12/01/2030     455,000 391,776
South Carolina Student Loan Corp., Student Loan Rev., Taxable, ”A“, 3.593%, 12/01/2039     1,240,000 1,207,894
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 5%, 4/15/2048     3,635,000 3,737,180
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, AGM, 4%, 4/15/2045     1,070,000 1,015,449
        $95,855,545
South Dakota - 0.2%
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024   $ 1,570,000 $1,558,072
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 1.245%, 6/01/2025     2,755,000 2,622,512
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 1.495%, 6/01/2026     1,970,000 1,819,906
South Dakota Housing Development Authority, Homeownership Mortgage, ”B“, 4.5%, 11/01/2048 (u)     4,630,000 4,630,517
        $10,631,007
Tennessee - 2.4%
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), ”A“, 5%, 1/01/2042   $ 5,505,000 $5,620,940
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030     625,000 644,590
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     2,210,000 2,257,002
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030     4,525,000 4,776,623
92
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2040   $ 7,445,000 $7,498,967
Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), ”A-1“, BAM, 5.25%, 7/01/2049     580,000 628,783
Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), ”A-1“, BAM, 5.5%, 7/01/2054     680,000 746,174
Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), ”A-1“, BAM, 5.5%, 7/01/2059     630,000 687,275
Knox County, TN, Health, Educational & Housing Facility Board, Student Housing Rev. (Provident Group - UTK Properties LLC - University of Tennessee Project), ”A-1“, BAM, 5%, 7/01/2064     1,625,000 1,711,280
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2034     2,910,000 3,184,512
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2035     3,055,000 3,332,684
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2036     3,205,000 3,475,717
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2037     3,370,000 3,625,600
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2038     3,535,000 3,779,835
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2039     3,710,000 3,952,682
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2040     1,540,000 1,632,458
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., ”A“, AGM, 5.25%, 7/01/2053     1,200,000 1,311,277
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., ”A“, AGM, 5.25%, 7/01/2056     2,995,000 3,267,440
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., ”B“, AGM, 5.25%, 7/01/2053     4,795,000 5,223,541
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., ”B“, AGM, 5.25%, 7/01/2056     5,565,000 6,052,564
Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5%, 7/01/2035     1,340,000 1,458,521
93
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5.5%, 7/01/2052   $ 5,055,000 $5,483,223
Metropolitan Nashville, TN, Airport Authority Improvement Rev., ”B“, 5%, 7/01/2054     7,865,000 8,125,321
Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt Mortgage-Backed (Ben Allen Ridge Apartments Project), ”A“, 4.75%, 2/01/2048     8,995,306 9,148,992
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032     445,000 329,089
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033     630,000 446,504
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2034     380,000 258,196
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2035     490,000 317,864
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2036     475,000 292,348
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037     570,000 331,022
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2038     475,000 259,609
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030)     19,225,000 20,543,979
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A“, 5.25%, 9/01/2026     2,210,000 2,259,176
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2028     1,580,000 1,688,277
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2029     850,000 912,256
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2029     1,480,000 1,601,570
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2030     1,720,000 1,867,316
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2030     1,745,000 1,923,392
94
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Tennessee - continued
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 1/01/2031   $ 825,000 $912,794
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 5%, 7/01/2031     1,855,000 2,065,181
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 3.75%, 7/01/2039     685,000 663,368
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4%, 1/01/2043     790,000 783,476
Tennessee Housing Development Agency, Residential Finance Program Rev., ”2-C“, 4%, 1/01/2045     100,000 99,589
Tennessee Housing Development Agency, Residential Finance Program Rev., ”3“, 4.25%, 7/01/2049     965,000 960,909
        $126,141,916
Texas - 7.8%
Anna, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 2/15/2053   $ 795,000 $771,675
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n)     725,000 724,982
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), ”A“, Texas PSF, 4%, 8/15/2048     1,400,000 1,288,189
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), ”A“, Texas PSF, 4%, 8/15/2053     1,000,000 894,306
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), ”A“, Texas PSF, 4.125%, 8/15/2058     1,500,000 1,351,883
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057     4,400,000 4,685,247
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.125%, 8/15/2042     2,915,000 2,881,418
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.375%, 8/15/2052     3,130,000 3,112,355
Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2043     4,015,000 4,175,254
Austin, TX, Airport System Rev., 5%, 11/15/2052     1,315,000 1,375,875
Austin, TX, Airport System Rev., ”B“, 5%, 11/15/2041     845,000 856,376
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2029     565,000 574,251
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2031     830,000 845,040
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2034     160,000 160,270
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2026     390,000 387,599
95
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2028   $ 250,000 $249,667
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2030     365,000 365,915
Belton, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 4%, 2/15/2052     2,250,000 2,148,977
Bexar County, TX, Southwest Independent School District, Texas PSF, 4%, 2/01/2053     15,000,000 14,326,539
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 2.35%, 4/01/2040     30,000 29,596
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 3%, 4/01/2040     710,000 583,389
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 5.125%, 4/01/2043     13,745,000 14,527,706
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, ”1A“, 3.414%, 4/01/2040     65,000 63,705
Brock, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 8/15/2048     7,975,000 7,762,379
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), Texas PSF, 4.25%, 8/15/2052     2,500,000 2,431,657
College of the Mainland, TX, General Obligation, 4%, 8/15/2044     1,765,000 1,735,355
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 2.5%, 10/01/2031     450,000 379,241
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 4%, 10/01/2050     1,165,000 903,381
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 3.5%, 10/01/2031 (n)     355,000 301,560
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 5%, 10/01/2050 (n)     535,000 429,448
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2046     265,000 251,899
Crowley, TX, Independent School District (Tarrant and Johnson Counties), Texas PSF, 4.25%, 2/01/2053     8,960,000 8,882,972
Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2048     2,100,000 2,043,440
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)     6,190,000 6,254,252
Denton County, TX, Lakes Fresh Water Supply District, BAM, 4%, 9/01/2048     5,385,000 5,047,400
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.5%, 8/15/2043     1,000,000 1,002,597
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2047     1,450,000 1,398,951
96
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2050   $ 2,400,000 $2,271,298
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025     340,000 342,005
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026     515,000 522,716
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027     790,000 810,304
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028     850,000 881,127
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029     555,000 580,886
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030     630,000 665,451
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031     870,000 915,765
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032     180,000 188,580
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033     205,000 214,285
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034     320,000 333,104
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2035     410,000 424,558
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036     270,000 277,150
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038     465,000 468,926
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2048     7,905,000 7,668,829
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2053     5,535,000 5,250,096
Fredericksburg, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2052     4,005,000 3,825,179
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.375%, 9/01/2039     1,280,000 1,304,260
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2042     1,110,000 1,127,259
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2045     1,260,000 1,275,403
Galveston County, TX, Municipal Utility District No. 56, AGM, 4.5%, 6/01/2047     1,600,000 1,601,677
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2038     230,000 247,130
Galveston, TX, Wharves and Terminal, First Lien Rev., 5.25%, 8/01/2039     500,000 534,482
Galveston, TX, Wharves and Terminal, First Lien Rev., 6%, 8/01/2043     325,000 362,786
97
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024)   $ 3,140,000 $3,116,918
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev., ”A“, BAM, 4%, 2/15/2030     925,000 954,290
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052     7,825,000 7,314,742
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, BAM, 4%, 10/01/2035     1,240,000 1,278,235
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, BAM, 4%, 10/01/2036     2,195,000 2,256,491
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2046     1,615,000 1,510,946
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2048     1,755,000 1,611,773
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2050     1,915,000 1,724,694
Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2032     180,000 181,037
Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2033     430,000 432,456
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2041     710,000 315,573
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2046     3,350,000 1,153,295
Houston, TX, Airport System Refunding Rev., Subordinate Lien, ”A“, AGM, 5.25%, 7/01/2053     6,970,000 7,428,591
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024     1,365,000 1,367,278
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029     100,000 100,032
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), ”A“, 5%, 7/01/2027     525,000 533,288
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-1“, 5%, 7/15/2030     2,175,000 2,182,359
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-2“, 5%, 7/15/2027     715,000 726,414
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037     190,000 161,139
98
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051   $ 630,000 $506,098
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), ”A“, 5%, 10/15/2044     1,235,000 1,245,449
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038     190,000 193,906
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043     345,000 347,626
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042     1,960,000 1,979,718
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042     1,370,000 1,381,752
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048     2,580,000 2,573,444
Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048     1,810,000 1,811,060
Lower Colorado River Authority, TX, Transmission Contract Rev. (LCRA Transmission Services Corp. Project), AGM, 5.25%, 5/15/2054     9,970,000 10,900,256
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024)     3,110,000 3,107,997
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2045     1,035,000 982,452
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2047     1,145,000 1,065,176
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058     1,400,000 1,405,415
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2032     420,000 364,034
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2037     570,000 451,958
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2042     900,000 649,107
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2047     1,475,000 981,137
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, 1/01/2057     3,155,000 2,000,519
99
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, 1/01/2057   $ 2,100,000 $1,529,531
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, Texas PSF, 4%, 6/15/2052     1,375,000 1,313,239
Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2051     2,645,000 2,002,450
Pflugerville, TX, Combination Tax & Limited Rev., 4%, 8/01/2049     3,185,000 3,050,317
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039     240,000 241,480
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040     280,000 280,085
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041     280,000 277,330
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), ”B“, 4.1%, 1/01/2028 (n)     14,750,000 12,638,759
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n)     2,515,000 2,184,298
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3%, 1/01/2050 (n)     1,540,000 998,947
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 4%, 1/01/2050 (n)     1,980,000 1,564,247
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), ”A“, 6%, 1/01/2025 (n)     7,415,000 7,292,647
San Antonio, TX, Water System Junior Lien Rev., “A”, 5.25%, 5/15/2052     15,000,000 16,505,118
Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2048     1,500,000 1,656,430
Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2053     2,800,000 3,053,269
Sweetwater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053     5,000,000 4,750,557
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), ”A“, 4%, 7/01/2053     9,115,000 8,416,798
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), ”D“, 5%, 11/15/2051     6,025,000 6,298,594
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030     915,000 915,794
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035     1,075,000 1,055,444
100
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d)   $ 7,357,772 $4,782,552
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), ”A-1“, 5%, 10/01/2044     2,535,000 2,482,580
Tarrant County, TX, Hospital District, 4.25%, 8/15/2053     4,340,000 4,244,080
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2033     160,000 167,462
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2034     200,000 208,704
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2037     160,000 163,847
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2038     135,000 137,136
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2041     160,000 158,995
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048     4,980,000 5,011,131
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052     2,010,000 2,009,645
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, 4.75%, 1/01/2049 (u)     7,085,000 7,110,108
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, GNMA, 3.5%, 7/01/2052     5,665,000 5,536,898
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, 4.75%, 3/01/2049 (u)     1,745,000 1,752,870
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, 5.5%, 9/01/2052     4,580,000 4,829,643
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, GNMA, 5.125%, 9/01/2048     2,000,000 2,101,474
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, GNMA, 3%, 3/01/2052     9,950,000 9,575,703
Texas Highway 380 Municipal Management District No. 1, Unlimited Tax Road, AGM, 4%, 5/01/2048     6,740,000 6,059,486
Texas Municipal Gas Acquisition and Supply Corp IV, Gas Supply Rev., ”B“, 5.5%, 1/01/2054 (Put Date 1/01/2034)     29,755,000 33,303,516
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031     3,030,000 3,235,580
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058     6,230,000 6,301,100
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040     1,365,000 1,468,118
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2041     2,750,000 2,952,154
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2042     825,000 884,976
101
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043   $ 2,010,000 $2,153,678
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028     790,000 812,521
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2037     270,000 299,288
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2038     500,000 547,991
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039     600,000 653,652
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2040     500,000 543,005
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2041     500,000 540,935
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2042     500,000 539,120
Texas Rockwall Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053     2,280,000 2,177,144
Texas State Affordable Housing Corp. Single Family Mortgage Rev., ”A“, GNMA, 5.5%, 9/01/2053     3,905,000 4,103,863
Texas State Technical College System Rev., Financing System Improvement, ”A“, AGM, 5.5%, 8/01/2042     1,500,000 1,714,839
Texas State Technical College System Rev., Financing System Improvement, ”A“, AGM, 5.75%, 8/01/2047     2,145,000 2,440,389
Texas State Technical College System Rev., Financing System Improvement, ”A“, AGM, 6%, 8/01/2054     2,065,000 2,366,481
Texas Transportation Commission, State Highway 249 System Rev., ”A“, 5%, 8/01/2057     3,225,000 3,252,681
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2037     360,000 199,083
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2038     265,000 138,060
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2039     295,000 145,179
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2040     295,000 137,021
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2041     590,000 259,177
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2042     810,000 336,260
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2043     665,000 261,058
102
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Texas Water Development Boards State Water Implementation Rev., ”A“, 4%, 4/15/2048   $ 3,995,000 $3,860,063
White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 4%, 8/15/2052     2,015,000 1,935,636
        $403,514,873
U.S. Virgin Islands - 0.0%
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2025   $ 285,000 $289,994
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026     1,365,000 1,405,070
        $1,695,064
Utah - 0.6%
Salt Lake City, UT, Airport Rev. (International Airport), ”A“, 5.5%, 7/01/2053   $ 9,000,000 $9,847,710
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2043     1,340,000 1,422,369
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2049     1,450,000 1,491,209
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037     790,000 807,153
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042     2,750,000 2,789,023
Utah Housing Corp., Single Family Mortgage Rev, ”A“, GNMA, 6.5%, 1/01/2054     3,415,000 3,777,933
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”G“, GNMA, 4.5%, 7/21/2049     501,259 493,986
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”H“, GNMA, 4.5%, 8/21/2049     314,229 308,895
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 4%, 9/21/2049     504,128 491,085
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 2.5%, 8/21/2051     2,618,210 2,205,182
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”J“, GNMA, 2.5%, 9/21/2051     10,050,151 8,325,520
Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, ”G“, GNMA, 3.5%, 2/21/2050     793,317 737,698
        $32,697,763
103
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Vermont - 0.4%
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n)   $ 815,000 $814,262
Vermont Housing Finance Agency, Multi-Purpose Rev., ”A“, GNMA, 6%, 11/01/2053     2,685,000 2,917,604
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.625%, 6/15/2029     150,000 149,450
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2029     395,000 415,547
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.75%, 6/15/2030     155,000 154,438
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2031     445,000 474,517
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2033     150,000 149,485
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2034     155,000 152,798
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3%, 6/15/2035     3,855,000 3,591,652
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.375%, 6/15/2036     3,340,000 3,175,732
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 2.375%, 6/15/2039     725,000 658,692
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4.375%, 6/15/2040     1,135,000 1,078,661
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2041     6,315,000 6,064,833
Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4.375%, 6/15/2046     605,000 552,147
Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4%, 6/15/2047     995,000 850,654
        $21,200,472
Virginia - 2.0%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027   $ 320,000 $293,592
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 3.95%, 8/01/2027 (Put Date 5/01/2024)     975,000 974,440
Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040     10,345,000 10,364,310
104
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Virginia - continued
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2035   $ 3,075,000 $3,340,606
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), ”A“, 3.95%, 9/01/2038 (Put Date 5/01/2024)     815,000 814,738
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), ”A“, 5%, 10/01/2052     1,715,000 1,739,953
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems Project), RIBS, ”B“, ETM, AGM, 3.8%, 8/23/2027     100,000 100,000
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 7.721%, 8/23/2027 (p)     2,100,000 2,303,526
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), ”B“, 0.75%, 11/01/2035 (Put Date 9/02/2025)     3,275,000 3,059,267
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2055     4,080,000 3,782,011
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), ”B“, 4%, 11/01/2048     10,590,000 10,257,623
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n)     145,000 143,920
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)     270,000 268,481
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)     770,000 690,843
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)     1,195,000 1,133,405
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), ”A“, 3.95%, 6/01/2028 (Put Date 5/01/2024)     1,300,000 1,299,253
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), 7%, 9/01/2053     4,300,000 4,810,115
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), ”A“, 6.5%, 9/01/2043     1,535,000 1,706,063
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), ”A“, 7%, 9/01/2059     6,400,000 7,133,126
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2030 (n)     630,000 634,710
105
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Virginia - continued
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n)   $ 565,000 $567,727
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2029     250,000 263,004
Virginia Housing Development Authority, Rental Housing, ”D“, 4.875%, 8/01/2065     22,080,000 22,240,570
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029     495,000 497,907
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), ”A“, 4%, 1/01/2039     6,020,000 5,715,133
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n)     185,000 176,810
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), ”B“, AGM, 4.25%, 7/01/2058     925,000 888,299
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), ”B“, AGM, 4.375%, 7/01/2063     4,050,000 3,937,048
Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), ”A“, AGM, 5.25%, 7/01/2053     810,000 887,162
Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), ”A“, AGM, 4.125%, 7/01/2058     4,195,000 4,117,515
Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), ”A“, AGM, 4.375%, 7/01/2063     11,360,000 11,249,270
        $105,390,427
Washington - 1.5%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037   $ 10,030,000 $9,807,256
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033     1,485,000 1,537,045
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038     1,900,000 1,919,718
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048     3,645,000 3,474,363
King County, WA, Public Hospital District No. 2 General Obligation (EvergreenHealth), 5.25%, 12/01/2045     3,265,000 3,552,237
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026     4,220,000 3,938,966
106
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Washington - continued
Seattle, WA, Port Intermediate Lien Refunding Rev., ”B“, 4%, 8/01/2047   $ 1,185,000 $1,099,682
Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2038     7,865,000 8,264,196
Seattle, WA, Port Rev., 4%, 4/01/2044     1,260,000 1,177,614
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2045     4,045,000 4,252,360
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050     1,970,000 2,050,564
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055     5,005,000 5,180,305
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027     395,000 406,663
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035     395,000 404,875
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037     1,345,000 1,367,182
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042     5,100,000 4,522,983
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041     2,380,000 2,383,833
Washington State Housing Finance Commission Municipal Certificates, ”A“, 3.5%, 12/01/2035     16,361,035 15,168,768
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), ”A“, 5%, 7/01/2043     1,045,000 1,084,243
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), ”A“, 5%, 7/01/2048     920,000 940,518
Washington State Housing Finance Commission, Single Family Rev., ”1N“, GNMA, 3%, 12/01/2049     4,615,000 4,460,707
        $76,994,078
West Virginia - 1.1%
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), ”A“, 4.125%, 6/01/2043 (n)   $ 1,040,000 $923,205
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), ”B“, 4.875%, 6/01/2043 (n)     2,280,000 2,205,216
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), ”A“, 3%, 6/01/2037 (Put Date 6/18/2027)     3,610,000 3,526,193
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), ”A“, 0.625%, 12/01/2038 (Put Date 12/15/2025)     2,625,000 2,433,280
107
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
West Virginia - continued
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025)   $ 2,470,000 $2,330,471
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2038     665,000 683,808
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039     200,000 204,729
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”B“, 5.375%, 9/01/2053     19,920,000 21,762,269
West Virginia Hospital Finance Authority Hospital Rev. (Vandalia Health Group), ”B“, 5.5%, 9/01/2048     12,995,000 14,486,391
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, AGM, 4%, 6/01/2051     5,505,000 5,189,627
West Virginia Housing Development Fund, ”A“, FHA, 3.75%, 11/01/2038     480,000 457,689
West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033     535,000 556,466
        $54,759,344
Wisconsin - 3.5%
University of Wisconsin Hospitals and Clinics Authority Rev. (Green Bonds), ”B“, 4%, 4/01/2051   $ 10,905,000 $10,190,203
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2032     515,000 375,858
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2033     785,000 549,494
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2034     750,000 502,763
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2035     1,120,000 712,513
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2036     1,150,000 692,337
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2037     1,865,000 1,062,043
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2038     2,025,000 1,088,115
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2039     2,200,000 1,124,103
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2040     950,000 456,571
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2031     390,000 296,358
108
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2032   $ 525,000 $383,156
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2033     505,000 353,496
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2034     470,000 315,065
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2035     600,000 381,703
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2036     580,000 349,179
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2037     585,000 333,134
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2038     600,000 322,404
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2039     560,000 286,135
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2040     140,000 67,284
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), ”A“, 4%, 4/01/2040     17,300,000 17,146,485
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5.5%, 12/01/2052     4,335,000 4,737,999
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2036     945,000 957,668
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2037     870,000 876,021
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”C“, 4%, 2/15/2042     2,315,000 2,072,774
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”C“, 5%, 2/15/2047     635,000 621,404
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”C“, 4%, 2/15/2050     2,260,000 1,857,639
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), ”A“, 4.75%, 3/15/2043     505,000 483,313
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), ”A“, 5%, 3/15/2053     510,000 480,552
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037     1,810,000 1,407,125
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047     2,230,000 1,447,931
109
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057   $ 3,845,000 $2,269,478
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2039     645,000 593,129
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2046     1,445,000 1,243,536
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2054     6,435,000 5,239,364
Wisconsin Housing & Economic Development Authority Home Ownership, ”D“, 4%, 3/01/2047     2,320,000 2,300,806
Wisconsin Public Finance Authority Affordable Housing Multi-Family Certificates, ”B-1“, 7.125%, 7/25/2034     7,775,000 8,125,973
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2036     1,000,000 1,113,986
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037     1,205,000 1,329,543
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2039     250,000 270,844
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2043     1,000,000 1,065,843
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5.25%, 7/01/2028     785,000 785,466
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5%, 7/01/2042     1,430,000 1,430,106
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”C“, 5%, 7/01/2042     1,630,000 1,630,121
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039     160,000 160,918
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049     965,000 928,177
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053     335,000 316,509
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n)     95,000 95,623
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n)     95,000 95,915
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2042     495,000 482,602
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2052     695,000 665,439
110
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.375%, 6/15/2057   $ 665,000 $644,707
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062     1,045,000 1,024,108
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), ”B2“, 2.25%, 6/01/2027 (n)     1,755,000 1,666,032
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), ”C“, 2.75%, 6/01/2026 (n)     935,000 927,058
Wisconsin Public Finance Authority Health Care System Rev. (Cone Health), ”A“, 4%, 10/01/2052     7,495,000 7,065,225
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), ”A“, 4%, 1/01/2045     650,000 612,309
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2025 (n)     25,000 25,010
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2030 (n)     130,000 128,940
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2038 (n)     175,000 164,370
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042     520,000 505,860
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047     585,000 550,627
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), ”A“, 4%, 10/01/2049     6,320,000 5,944,650
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2036 (n)     1,475,000 1,345,544
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2041 (n)     1,345,000 1,123,684
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2051 (n)     4,715,000 3,547,372
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2056 (n)     2,245,000 1,634,968
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n)     10,340,000 8,065,200
111
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)   $ 4,090,000 $3,190,200
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)     190,000 180,464
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050     4,400,000 4,290,122
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), ”A-1“, 5.5%, 7/01/2052     5,510,000 6,012,778
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), ”A-1“, 5.625%, 7/01/2055     4,225,000 4,647,743
Wisconsin Public Finance Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), ”A“, 5%, 11/15/2041     795,000 835,136
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2041     190,000 180,570
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2046     260,000 236,577
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), ”A“, 4%, 10/01/2051     730,000 639,329
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047     295,000 266,697
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052     395,000 343,005
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2037 (n)     1,180,000 1,181,606
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2042 (n)     885,000 859,766
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2047 (n)     2,215,000 2,074,179
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2052 (n)     1,860,000 1,699,648
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.125%, 11/15/2029 (n)     390,000 392,266
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.5%, 11/15/2034 (n)     360,000 362,908
112
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.75%, 11/15/2044 (n)   $ 295,000 $297,829
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 6%, 11/15/2049 (n)     585,000 591,386
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), ”A“, 4.5%, 6/01/2056 (n)     5,460,000 4,500,588
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2044     295,000 304,020
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2045     635,000 611,093
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2050     550,000 515,644
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2055     620,000 565,767
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), ”A“, 5.75%, 7/01/2053 (n)     4,715,000 5,029,170
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), ”A“, 5.75%, 7/01/2063 (n)     1,815,000 1,921,919
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), 5%, 7/01/2036     395,000 416,713
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048     4,720,000 4,840,486
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053     2,810,000 2,868,839
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058     3,935,000 4,015,016
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2041 (n)     335,000 299,067
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2051 (n)     1,310,000 1,090,584
113
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), ”A-1“, 4%, 7/01/2061 (n)   $ 2,315,000 $1,843,644
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), ”A-2“, 4.85%, 7/01/2031 (n)     335,000 296,144
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), ”A-2“, 5.35%, 7/01/2040 (n)     1,125,000 923,093
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n)     3,840,000 3,942,212
        $179,316,075
Wyoming - 0.2%
Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050   $ 5,615,000 $5,570,910
Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052     3,665,000 3,583,995
        $9,154,905
Total Municipal Bonds (Identified Cost, $5,084,702,255)   $4,977,775,782
Other Municipal Bonds – 1.2%
Multi-Family Housing Revenue – 1.2%  
Affordable Housing Opportunities Trust Certificates, AH-01 ”A“, 3.527%, 5/01/2039  (n)   $ 9,260,000 $7,688,758
Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040      11,680,612 12,089,173
Freddie Mac, FHLMC, 2.625%, 6/15/2035  (n)     13,180,000 11,323,158
Freddie Mac, 3.86%, 1/25/2040      15,883,857 15,313,337
Freddie Mac, 4.618%, 8/25/2041      11,144,768 11,362,668
FRETE 2021-ML12 Trust, ”X-US“, FHLMC, 1.303%, 7/25/2041  (i)(n)     12,386,788 1,203,274
FRETE 2022-ML13 Trust, ”X-CA“, 0.955%, 7/25/2036  (i)     35,882,133 1,915,248
FRETE 2023-ML16 Trust, ”X-CA“, 4.632%, 7/25/2038      2,995,438 3,043,342
Total Other Municipal Bonds (Identified Cost, $64,700,082)   $63,938,958
114
Portfolio of Investments – continued
Issuer     Shares/Par Value ($)
Bonds – 0.4%
Consumer Services – 0.4%  
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025  (n)   $ 6,276,000 $5,928,836
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026  (n)     4,770,000 4,150,632
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027  (n)     670,000 535,805
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028  (n)     2,726,000 2,042,758
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033  (n)     2,925,000 1,491,629
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043  (z)     18,547,772 5,796,179
    $19,945,839
Medical & Health Technology & Services – 0.0%  
ProMedica Toledo Hospital, ”B“, 5.325%, 11/15/2028   $ 385,000 $360,179
Total Bonds (Identified Cost, $22,538,885)   $20,306,018
Contingent Value Instruments - 0.1%
General Obligations - General Purpose – 0.1%  
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $3,888,711)   $ 6,469,539 $3,739,393
Investment Companies (h) - 1.3%
Money Market Funds – 1.3%  
MFS Institutional Money Market Portfolio, 5.38% (v) (Identified Cost, $65,671,932)     65,672,209 $65,685,343
Other Assets, Less Liabilities - 0.4%   20,600,356
Net Assets - 100.0%   $5,152,045,850
    
(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 $65,685,343 and $5,065,760,151, respectively.
(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(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 $314,604,339, representing 6.1% of net assets.
(p) Primary market inverse floater.
115
Portfolio of Investments – continued
(u) Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(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.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
    
Restricted Securities Acquisition
Date 		Cost Value
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.25%, 5/15/2035 6/30/2015 $49,083 $2,033
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 7.75%, 5/15/2035 11/15/2017 317,537 13,288
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 8.125%, 5/15/2044 11/15/2017 469,195 20,033
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.5%, 5/15/2049 6/30/2015 86,462 3,660
Illinois Housing Development Authority Rev., ”A“, FHLMC, 3.87%, 11/15/2035 2/04/2021 9,227,013 7,259,564
Illinois Housing Development Authority Rev., ”B“, FHLMC, 3.87%, 11/15/2035 2/04/2021 3,762,972 2,960,604
Illinois Housing Development Authority Rev., ”C“, FHLMC, 3.87%, 11/15/2035 2/04/2021 3,754,966 2,954,305
Illinois Housing Development Authority Rev., ”D“, FHLMC, 3.87%, 11/15/2035 2/04/2021 3,426,400 2,695,798
Illinois Housing Development Authority Rev., ”E“, FHLMC, 3.87%, 11/15/2035 2/04/2021 2,358,008 1,855,217
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 9/26/2019-10/04/2019 7,033,889 5,796,179
Total Restricted Securities     $23,560,681
% of Net assets     0.5%
    
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
BAM Build America Mutual
COP Certificate of Participation
ETM Escrowed to Maturity
FHA Federal Housing Administration
FHLMC Federal Home Loan Mortgage Corp.
116
Portfolio of Investments – continued
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA Federal National Mortgage Assn.
GNMA Government National Mortgage Assn.
LIBOR London Interbank Offered Rate
NPFG National Public Finance Guarantee Corp.
PSF Permanent School Fund
RIBS Residual Interest Bonds
See Notes to Financial Statements
117
Financial Statements
Statement of Assets and Liabilities
At 3/31/24
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
Assets  
Investments in unaffiliated issuers, at value (identified cost, $5,175,829,933) $5,065,760,151
Investments in affiliated issuers, at value (identified cost, $65,671,932) 65,685,343
Receivables for  
Investments sold 16,704,478
Fund shares sold 11,496,864
Interest 60,523,832
Other assets 12,667
Total assets $5,220,183,335
Liabilities  
Payable to custodian $37,773
Payables for  
Distributions 2,628,438
When-issued investments purchased 27,804,325
Fund shares reacquired 8,748,629
Interest expense and fees 246,940
Payable to the holders of the floating rate certificates 27,078,332
Payable to affiliates  
Investment adviser 247,241
Administrative services fee 8,421
Shareholder servicing costs 854,793
Distribution and service fees 78,345
Payable for independent Trustees' compensation 14
Accrued expenses and other liabilities 404,234
Total liabilities $68,137,485
Net assets $5,152,045,850
Net assets consist of  
Paid-in capital $5,457,881,338
Total distributable earnings (loss) (305,835,488)
Net assets $5,152,045,850
Shares of beneficial interest outstanding 630,089,646
118
Statement of Assets and Liabilities – continued
  Net assets Shares
outstanding 		Net asset value
per share (a)
Class A $2,087,256,809 255,178,359 $8.18
Class B 1,190,283 145,236 8.20
Class C 52,237,157 6,362,296 8.21
Class I 1,865,313,036 228,174,012 8.17
Class R6 890,138,284 108,970,875 8.17
Class A1 255,861,733 31,252,944 8.19
Class B1 48,548 5,924 8.20
    
(a) Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and A1, for which the maximum offering prices per share were $8.54 [100 / 95.75 x $8.18] and $8.55 [100 / 95.75 x $8.19], respectively. On sales of $100,000 or more, the maximum offering prices of Class A and Class A1 shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class A1, and Class B1 shares. Redemption price per share was equal to the net asset value per share for Classes I and R6.
See Notes to Financial Statements
119
Financial Statements
Statement of Operations
Year ended 3/31/24
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
Net investment income (loss)  
Income  
Interest $194,680,270
Dividends from affiliated issuers 5,073,560
Other 1,120
Total investment income $199,754,950
Expenses  
Management fee $17,855,719
Distribution and service fees 5,459,520
Shareholder servicing costs 3,147,722
Administrative services fee 617,339
Independent Trustees' compensation 84,241
Custodian fee 419,958
Shareholder communications 156,462
Audit and tax fees 75,100
Legal fees 250,593
Interest expense and fees 1,432,252
Miscellaneous 441,058
Total expenses $29,939,964
Fees paid indirectly (4,246)
Reduction of expenses by investment adviser and distributor (622,939)
Net expenses $29,312,779
Net investment income (loss) $170,442,171
Realized and unrealized gain (loss)
Realized gain (loss) (identified cost basis)  
Unaffiliated issuers $(35,586,753)
Affiliated issuers (45,506)
Net realized gain (loss) $(35,632,259)
Change in unrealized appreciation or depreciation  
Unaffiliated issuers $74,846,446
Affiliated issuers (13,051)
Net unrealized gain (loss) $74,833,395
Net realized and unrealized gain (loss) $39,201,136
Change in net assets from operations $209,643,307
See Notes to Financial Statements
120
Financial Statements
Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
  Year ended
  3/31/24 3/31/23
Change in net assets    
From operations    
Net investment income (loss) $170,442,171 $132,055,116
Net realized gain (loss) (35,632,259) (177,993,608)
Net unrealized gain (loss) 74,833,395 (94,557,739)
Change in net assets from operations $209,643,307 $(140,496,231)
Total distributions to shareholders $(173,337,074) $(134,897,656)
Change in net assets from fund share transactions $418,637,630 $(1,028,517,483)
Total change in net assets $454,943,863 $(1,303,911,370)
Net assets    
At beginning of period 4,697,101,987 6,001,013,357
At end of period $5,152,045,850 $4,697,101,987
See Notes to Financial Statements
121
Financial Statements
Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the past 5 years (or life of a particular share class, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Class A  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.12 $8.54 $9.09 $8.68 $8.77
Income (loss) from investment operations
Net investment income (loss) (d) $0.27 $0.22 $0.20 $0.23 $0.26
Net realized and unrealized gain (loss) 0.06 (0.41) (0.55) 0.41 (0.09)
 Total from investment operations  $0.33  $(0.19)  $(0.35)  $0.64  $0.17
Less distributions declared to shareholders
From net investment income $(0.27) $(0.23) $(0.20) $(0.23) $(0.26)
 Net asset value, end of period (x)  $8.18  $8.12  $8.54  $9.09  $8.68
 Total return (%) (r)(s)(t)(x) 4.23 (2.18) (4.01) 7.43 1.88
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.76 0.77 0.73 0.74 0.78
Expenses after expense reductions (f) 0.75 0.76 0.71 0.73 0.77
Net investment income (loss) 3.35 2.74 2.16 2.57 2.89
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $2,087,257  $1,888,158  $3,370,745  $3,166,883  $2,386,528
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 0.72 0.72 0.70 0.72 0.73
See Notes to Financial Statements
122
Financial Highlights – continued
Class B  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.13 $8.56 $9.10 $8.69 $8.78
Income (loss) from investment operations
Net investment income (loss) (d) $0.21 $0.16 $0.13 $0.17 $0.20
Net realized and unrealized gain (loss) 0.07 (0.42) (0.54) 0.40 (0.10)
 Total from investment operations  $0.28  $(0.26)  $(0.41)  $0.57  $0.10
Less distributions declared to shareholders
From net investment income $(0.21) $(0.17) $(0.13) $(0.16) $(0.19)
 Net asset value, end of period (x)  $8.20  $8.13  $8.56  $9.10  $8.69
 Total return (%) (r)(s)(t)(x) 3.58 (3.01) (4.61) 6.63 1.14
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.52 1.52 1.48 1.49 1.53
Expenses after expense reductions (f) 1.50 1.51 1.46 1.48 1.52
Net investment income (loss) 2.59 2.01 1.42 1.87 2.19
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $1,190  $1,834  $2,790  $4,777  $7,843
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 1.47 1.47 1.45 1.46 1.48
See Notes to Financial Statements
123
Financial Highlights – continued
Class C  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.15 $8.57 $9.12 $8.71 $8.80
Income (loss) from investment operations
Net investment income (loss) (d) $0.21 $0.16 $0.13 $0.17 $0.19
Net realized and unrealized gain (loss) 0.06 (0.41) (0.55) 0.40 (0.09)
 Total from investment operations  $0.27  $(0.25)  $(0.42)  $0.57  $0.10
Less distributions declared to shareholders
From net investment income $(0.21) $(0.17) $(0.13) $(0.16) $(0.19)
 Net asset value, end of period (x)  $8.21  $8.15  $8.57  $9.12  $8.71
 Total return (%) (r)(s)(t)(x) 3.45 (2.89) (4.71) 6.62 1.13
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.52 1.52 1.48 1.49 1.53
Expenses after expense reductions (f) 1.50 1.51 1.46 1.48 1.52
Net investment income (loss) 2.59 2.01 1.42 1.86 2.16
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $52,237  $66,358  $90,334  $113,569  $155,843
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 1.47 1.47 1.45 1.46 1.48
See Notes to Financial Statements
124
Financial Highlights – continued
Class I  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.11 $8.54 $9.08 $8.67 $8.76
Income (loss) from investment operations
Net investment income (loss) (d) $0.29 $0.24 $0.22 $0.25 $0.28
Net realized and unrealized gain (loss) 0.06 (0.42) (0.54) 0.41 (0.09)
 Total from investment operations  $0.35  $(0.18)  $(0.32)  $0.66  $0.19
Less distributions declared to shareholders
From net investment income $(0.29) $(0.25) $(0.22) $(0.25) $(0.28)
 Net asset value, end of period (x)  $8.17  $8.11  $8.54  $9.08  $8.67
 Total return (%) (r)(s)(t)(x) 4.49 (2.06) (3.66) 7.70 2.13
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.51 0.52 0.48 0.49 0.53
Expenses after expense reductions (f) 0.50 0.51 0.46 0.48 0.52
Net investment income (loss) 3.60 3.03 2.41 2.82 3.15
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $1,865,313  $1,709,032  $1,498,236  $1,389,505  $1,042,592
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 0.47 0.47 0.45 0.47 0.48
See Notes to Financial Statements
125
Financial Highlights – continued
Class R6  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.11 $8.53 $9.08 $8.67 $8.76
Income (loss) from investment operations
Net investment income (loss) (d) $0.29 $0.25 $0.23 $0.26 $0.29
Net realized and unrealized gain (loss) 0.07 (0.42) (0.56) 0.41 (0.09)
 Total from investment operations  $0.36  $(0.17)  $(0.33)  $0.67  $0.20
Less distributions declared to shareholders
From net investment income $(0.30) $(0.25) $(0.22) $(0.26) $(0.29)
 Net asset value, end of period (x)  $8.17  $8.11  $8.53  $9.08  $8.67
 Total return (%) (r)(s)(t)(x) 4.56 (1.87) (3.71) 7.78 2.21
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.44 0.45 0.41 0.42 0.46
Expenses after expense reductions (f) 0.43 0.44 0.39 0.41 0.45
Net investment income (loss) 3.67 3.10 2.48 2.90 3.22
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $890,138  $747,221  $702,294  $605,320  $591,947
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 0.40 0.40 0.38 0.39 0.41
See Notes to Financial Statements
126
Financial Highlights – continued
Class A1  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.12 $8.55 $9.10 $8.69 $8.78
Income (loss) from investment operations
Net investment income (loss) (d) $0.29 $0.24 $0.22 $0.25 $0.28
Net realized and unrealized gain (loss) 0.07 (0.42) (0.55) 0.41 (0.09)
 Total from investment operations  $0.36  $(0.18)  $(0.33)  $0.66  $0.19
Less distributions declared to shareholders
From net investment income $(0.29) $(0.25) $(0.22) $(0.25) $(0.28)
 Net asset value, end of period (x)  $8.19  $8.12  $8.55  $9.10  $8.69
 Total return (%) (r)(s)(t)(x) 4.62 (2.04) (3.76) 7.70 2.14
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 0.51 0.52 0.48 0.49 0.53
Expenses after expense reductions (f) 0.50 0.51 0.46 0.48 0.52
Net investment income (loss) 3.60 3.02 2.42 2.85 3.18
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $255,862  $284,440  $336,545  $381,748  $421,338
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 0.47 0.47 0.45 0.47 0.48
See Notes to Financial Statements
127
Financial Highlights – continued
Class B1  Year ended
  3/31/24 3/31/23 3/31/22 3/31/21 3/31/20
Net asset value, beginning of period $8.13 $8.56 $9.10 $8.69 $8.78
Income (loss) from investment operations
Net investment income (loss) (d) $0.23 $0.18 $0.15 $0.19 $0.22
Net realized and unrealized gain (loss) 0.07 (0.42) (0.54) 0.40 (0.09)
 Total from investment operations  $0.30  $(0.24)  $(0.39)  $0.59  $0.13
Less distributions declared to shareholders
From net investment income $(0.23) $(0.19) $(0.15) $(0.18) $(0.22)
 Net asset value, end of period (x)  $8.20  $8.13  $8.56  $9.10  $8.69
 Total return (%) (r)(s)(t)(x) 3.84 (2.77) (4.38) 6.90 1.38
Ratios (%) (to average net assets)
and Supplemental data:
Expenses before expense reductions (f) 1.52 1.52 1.48 1.49 1.53
Expenses after expense reductions (f) 1.25 1.26 1.21 1.23 1.27
Net investment income (loss) 2.84 2.27 1.62 2.12 2.45
Portfolio turnover 20 35 14 24 23
Net assets at end of period (000 omitted)  $49  $60  $69  $34  $58
Supplemental Ratios (%):
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) 1.22 1.22 1.20 1.21 1.23
    
(d) Per share data is based on average shares outstanding.
(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information.
(l) Interest expense and fees include payments made to the holders of the floating rate certificates.
(r) Certain expenses have been reduced without which performance would have been lower.
(s) From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
(t) Total returns do not include any applicable sales charges.
(x) The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
See Notes to Financial Statements
128
Notes to Financial Statements
(1) Business and Organization
MFS Municipal Income Fund (the fund) is a diversified series of MFS Municipal Series Trust which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
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.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to shareholders.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is
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Notes to Financial Statements  - continued
subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
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,
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Notes to Financial Statements  - continued
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 March 31, 2024 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $5,045,454,133 $— $5,045,454,133
U.S. Corporate Bonds — 20,306,018 — 20,306,018
Mutual Funds 65,685,343 — — 65,685,343
Total $65,685,343 $5,065,760,151 $— $5,131,445,494
For further information regarding security characteristics, see the Portfolio of Investments.
Inverse Floaters — The fund invests in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters and primary market inverse floaters, both of which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floater is created when the fund transfers a municipal bond from its portfolio to a special purpose trust (“the trust”) and causes the trust to issue (a) inverse floaters to be held by the fund and (b) floating rate certificates to be held by third parties. The floating rate certificates usually pay tax-exempt interest at short-term rates that reset weekly and the holders of those certificates typically have the option to tender at par plus accrued interest. Self-deposited secondary market inverse floaters are accounted for as secured borrowings, with the municipal bonds transferred to the trust being reflected as fund investments and the amounts owed to floating rate certificate holders being reflected as fund liabilities in the Statement of Assets and Liabilities as “Payable to the holders of the floating rate certificates”. The carrying value of that liability as reported in the fund’s Statement of Assets and Liabilities approximates its fair value which would be considered level 2 under the fair value hierarchy. 
At March 31, 2024, the fund’s payable to the holders of the floating rate certificates was $27,078,332 and the related weighted average interest rate on the settled floating rate certificates issued by the trust was 3.67%. For the year ended March 31, 2024, the average payable to the holders of the settled floating rate certificates was $30,292,131 at a weighted average interest rate of 3.88%. Interest expense and fees, which are recorded as incurred, include interest payments made to the holders of the floating rate certificates and associated fees. For the year ended March 31, 2024, the related interest expense and fees amounted to $1,405,997 which is included in “Interest expense and fees” in the Statement of Operations. Primary market inverse floaters held by the fund are presented as fund investments and are not accounted for as secured borrowings.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business,
131
Notes to Financial Statements  - continued
the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income —  Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date.  In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell securities on a when-issued or delayed delivery basis.  In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
Legal fees and other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
132
Notes to Financial Statements  - continued
Fees Paid Indirectly — The fund's custody fee may be reduced by a credit earned under an arrangement that measures the value of U.S. dollars deposited with the custodian by the fund. The amount of the credit, for the year ended March 31, 2024, is shown as a reduction of total expenses in the Statement of Operations.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to defaulted bonds, amortization of premium and accretion of discount of debt securities, and treating a portion of the proceeds from redemptions as a distribution for tax purposes.
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
  Year ended
3/31/24 		Year ended
3/31/23
Ordinary income (including any short-term capital gains) $2,727,366 $8,927,565
Tax-exempt income 170,609,708 125,970,091
Total distributions $173,337,074 $134,897,656
The federal tax cost and the tax basis components of distributable earnings were as follows:
As of 3/31/24  
Cost of investments $5,216,923,317
Gross appreciation 108,091,353
Gross depreciation (220,647,508)
Net unrealized appreciation (depreciation) $(112,556,155)
Undistributed ordinary income 2,403,373
Undistributed tax-exempt income 20,598,138
Capital loss carryforwards (200,675,625)
Other temporary differences (15,605,219)
Total distributable earnings (loss) $(305,835,488)
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Notes to Financial Statements  - continued
As of March 31, 2024, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
Short-Term $(77,788,327)
Long-Term (122,887,298)
Total $(200,675,625)
Multiple Classes of Shares of Beneficial Interest — The fund offers multiple classes of shares, which differ in their respective distribution and service fees. The fund's income and common expenses are allocated to shareholders based on the value of settled shares outstanding of each class. The fund's realized and unrealized gain (loss) are allocated to shareholders based on the daily net assets of each class. Dividends are declared separately for each class. Differences in per share dividend rates are generally due to differences in separate class expenses. Class B and B1 shares will convert to Class A and A1 shares, respectively, approximately eight years after purchase. Class C shares will convert to Class A shares approximately ten years after purchase. The fund’s distributions declared to shareholders as reported in the Statements of Changes in Net Assets are presented by class as follows:
  Year ended
3/31/24 		Year ended
3/31/23
Class A $66,174,946 $58,735,121
Class B 39,526 45,495
Class C 1,535,061 1,538,014
Class I 66,186,478 44,058,443
Class R6 29,682,369 21,227,438
Class A1 9,717,108 9,291,680
Class B1 1,586 1,465
Total $173,337,074 $134,897,656
(3) Transactions with Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at the following annual rates based on the fund's average daily net assets:
Up to $1.3 billion 0.40%
In excess of $1.3 billion and up to $2 billion 0.37%
In excess of $2 billion and up to $5 billion 0.35%
In excess of $5 billion and up to $10 billion 0.34%
In excess of $10 billion 0.33%
MFS has agreed in writing to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. MFS has also agreed in writing to waive at least 0.01% of its management fee as part of this agreement. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, this management fee reduction amounted to $622,325, which is included in the
134
Notes to Financial Statements  - continued
reduction of total expenses in the Statement of Operations. The management fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.35% of the fund's average daily net assets.
The investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), and investment-related expenses (including interest expense and fees associated with investments in inverse floating rate instruments), such that total fund operating expenses do not exceed the following rates annually of each class’s average daily net assets:
Classes
A B C I R6 A1 B1
0.73% 1.48% 1.48% 0.48% 0.42% 0.48% 1.23%
This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, the fund’s actual operating expenses did not exceed the limit and therefore, the investment adviser did not pay any portion of the fund’s expenses related to this agreement.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received $61,599 and $419 for the year ended March 31, 2024, as its portion of the initial sales charge on sales of Class A and Class A1 shares of the fund, respectively.
The Board of Trustees has adopted a distribution plan for certain share classes pursuant to Rule 12b-1 of the Investment Company Act of 1940.
The fund's distribution plan provides that the fund will pay MFD for services provided by MFD and financial intermediaries in connection with the distribution and servicing of certain share classes. One component of the plan is a distribution fee paid to MFD and another component of the plan is a service fee paid to MFD. MFD may subsequently pay all, or a portion, of the distribution and/or service fees to financial intermediaries. The distribution and service fees are computed daily and paid monthly.
Distribution Plan Fee Table:
  Distribution
Fee Rate (d) 		Service
Fee Rate (d) 		Total
Distribution
Plan (d) 		Annual
Effective
Rate (e) 		Distribution
and Service
Fee
Class A — 0.25% 0.25% 0.25% $ 4,864,852
Class B 0.75% 0.25% 1.00% 1.00% 14,934
Class C 0.75% 0.25% 1.00% 1.00% 579,189
Class B1 0.75% 0.25% 1.00% 0.75% 545
Total Distribution and Service Fees         $5,459,520
(d) In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below.
(e) The annual effective rates represent actual fees incurred under the distribution plan for the year ended March 31, 2024 based on each class's average daily net assets. MFD has agreed in
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Notes to Financial Statements  - continued
writing to reduce the Class B1 service fee rate to 0.00% for all Class B1 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2024. For the year ended March 31, 2024, this reduction amounted to $136 and is included in the reduction of total expenses in the Statement of Operations. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the year ended March 31, 2024, this rebate amounted to $478 for Class A shares, and is included in the reduction of total expenses in the Statement of Operations.
Certain Class A and Class A1 shares are subject to a contingent deferred sales charge (CDSC) in the event of a shareholder redemption within 18 months of purchase. Class B and Class B1 shares are subject to a CDSC in the event of a shareholder redemption within six years of purchase. Class C shares are subject to a CDSC in the event of a shareholder redemption within 12 months of purchase. All contingent deferred sales charges are paid to MFD and during the year ended March 31, 2024, were as follows:
  Amount
Class A $142,206
Class B 386
Class C 3,337
Class A1 —
Class B1 —
Shareholder Servicing Agent — MFS Service Center, Inc. (MFSC), a wholly-owned subsidiary of MFS, receives a fee from the fund for its services as shareholder servicing agent calculated as a percentage of the average daily net assets of the fund as determined periodically under the supervision of the fund's Board of Trustees. For the year ended March 31, 2024, the fee was $150,669, which equated to 0.0031% annually of the fund's average daily net assets. MFSC also receives reimbursement from the fund for out-of-pocket expenses, sub-accounting and other shareholder servicing costs which may be paid to affiliated and unaffiliated service providers. Class R6 shares do not incur sub-accounting fees. For the year ended March 31, 2024, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $2,997,053.
Administrator — MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund.  Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services.  The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets. The administrative services fee is computed daily and paid monthly. The administrative services fee incurred for the year ended March 31, 2024 was equivalent to an annual effective rate of 0.0127% of the fund's average daily net assets.
Trustees’ and Officers’ Compensation — The fund pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. Independent Trustees’ compensation is accrued daily and paid subsequent to each Trustee Board meeting. The
136
Notes to Financial Statements  - continued
fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS, MFD, and MFSC.
Prior to December 31, 2001, the fund had an unfunded defined benefit plan (“DB plan”) for independent Trustees.  As of December 31, 2001, the Board took action to terminate the DB plan with respect to then-current and any future independent Trustees, such that the DB plan covers only certain of those former independent Trustees who retired on or before December 31, 2001. The DB plan resulted in a pension expense of $2,382 and is included in “Independent Trustees’ compensation” in the Statement of Operations for the year ended March 31, 2024.  The deferred retirement benefits compensation fee is accrued daily and paid monthly.
Other — The fund invests in the MFS Institutional Money Market Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS but does incur investment and operating costs.
On August 3, 2022, MFS redeemed 24 shares of Class R6 for an aggregate amount of $200.
At March 31, 2024, MFS held approximately 97% of the outstanding shares of Class B1.
During the year ended March 31, 2024, pursuant to a policy adopted by the Board of Trustees and designed to comply with Rule 17a-7 under the Investment Company Act of 1940 (the “Act”) and relevant guidance, the fund engaged in purchase and sale transactions with funds and accounts for which MFS serves as investment adviser or sub-adviser (“cross-trades”) which amounted to $18,483,632 and $595,529, respectively. The sales transactions resulted in net realized gains (losses) of $(36,887).
(4) Portfolio Securities
For the year ended March 31, 2024, purchases and sales of investments, other than short-term obligations, were as follows:
  Purchases Sales
U.S. Government securities $29,229,170 $144,469
Non-U.S. Government securities 1,412,160,613 954,870,481
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Notes to Financial Statements  - continued
(5) Shares of Beneficial Interest
The fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. Transactions in fund shares were as follows:
  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount
Shares sold          
Class A 78,371,287 $628,861,546   98,284,339 $797,054,723
Class B — —   5,526 44,658
Class C 767,534 6,181,516   1,468,132 11,839,413
Class I 109,787,331 874,919,429   156,596,680 1,264,571,253
Class R6 46,579,791 372,326,992   59,236,837 476,571,226
Class A1 58,875 469,178   156,903 1,270,701
  235,564,818 $1,882,758,661   315,748,417 $2,551,351,974
Shares issued to shareholders
in reinvestment of distributions 		         
Class A 8,000,466 $64,051,316   6,916,062 $55,945,063
Class B 4,898 39,219   5,455 44,109
Class C 176,371 1,416,481   171,393 1,387,960
Class I 5,080,912 40,629,908   3,653,641 29,457,906
Class R6 3,519,894 28,147,946   2,524,493 20,334,074
Class A1 1,056,518 8,463,655   1,006,421 8,124,770
Class B1 197 1,578   181 1,465
  17,839,256 $142,750,103   14,277,646 $115,295,347
Shares reacquired          
Class A (63,819,972) $(508,821,896)   (267,143,600) $(2,188,092,837)
Class B (85,256) (684,804)   (111,476) (903,972)
Class C (2,726,155) (21,876,339)   (4,032,515) (32,685,715)
Class I (97,368,533) (772,167,813)   (125,110,537) (1,010,153,693)
Class R6 (33,311,476) (264,284,952)   (51,923,278) (418,694,789)
Class A1 (4,875,492) (39,022,445)   (5,523,112) (44,626,055)
Class B1 (1,592) (12,885)   (960) (7,743)
  (202,188,476) $(1,606,871,134)   (453,845,478) $(3,695,164,804)
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Notes to Financial Statements  - continued
  Year ended
3/31/24 		  Year ended
3/31/23
  Shares Amount   Shares Amount
Net change          
Class A 22,551,781 $184,090,966   (161,943,199) $(1,335,093,051)
Class B (80,358) (645,585)   (100,495) (815,205)
Class C (1,782,250) (14,278,342)   (2,392,990) (19,458,342)
Class I 17,499,710 143,381,524   35,139,784 283,875,466
Class R6 16,788,209 136,189,986   9,838,052 78,210,511
Class A1 (3,760,099) (30,089,612)   (4,359,788) (35,230,584)
Class B1 (1,395) (11,307)   (779) (6,278)
  51,215,598 $418,637,630   (123,819,415) $(1,028,517,483)
Effective June 1, 2019, purchases of the fund’s Class B and Class B1 shares were closed to new and existing investors subject to certain exceptions.
(6) Line of Credit
The fund and certain other funds managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of 1) Daily Simple SOFR (Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each plus an agreed upon spread. A commitment fee, based on the average daily unused portion of the committed line of credit, is allocated among the participating funds. The line of credit expires on March 13, 2025 unless extended or renewed. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended March 31, 2024, the fund’s commitment fee and interest expense were $24,270 and $0, respectively, and are included in “Interest expense and fees” in the Statement of Operations.
(7) 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  $134,031,504  $1,126,452,104  $1,194,739,708  $(45,506)  $(13,051)  $65,685,343
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Notes to Financial Statements  - continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio  $5,073,560  $—
(8) LIBOR Transition
The London Interbank Offered Rate (LIBOR) was intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. Certain of the fund's investments, payment obligations, and financing terms were historically based on LIBOR. In 2017, the United Kingdom Financial Conduct Authority (FCA) announced plans to transition away from LIBOR by the end of 2021. LIBOR's administrator, ICE Benchmark Administration (IBA), ceased publication (on a representative basis) of many of its LIBOR settings as of December 31, 2021 and ceased publication (on a representative basis) of the remaining U.S. dollar LIBOR settings as of June 30, 2023. In addition, global regulators announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Although the FCA has announced that it will require the IBA to continue to publish certain select LIBOR rates on a synthetic basis after the relevant cessation dates, such synthetic rates are not considered to be representative of the underlying market and economic reality they are intended to measure, are expected to be published for a limited time period, and are intended solely for use on a limited basis for legacy transactions.
Regulators and industry groups have implemented measures to facilitate the transition away from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. SOFR is published in various forms including as a daily, compounded, and forward-looking term rate. The transition to alternative reference rates may affect the liquidity and valuation of investments that were tied to LIBOR or other interbank offered rates and may lead to other consequences affecting securities and credit markets more broadly. For example, while some investments that were tied to LIBOR provided for an alternative or “fallback” rate-setting methodology in the event LIBOR is not available, there is uncertainty regarding the effectiveness of any such alternative methodologies to replace LIBOR and certain investments tied to LIBOR may not have fallback provisions. While legislation passed in the United States facilitates by operation of law the replacement of U.S. dollar LIBOR settings in certain legacy instruments with a specified replacement rate, such as SOFR, there is uncertainty regarding the effectiveness of such legislation. There also remains uncertainty regarding the willingness and ability of parties to add or amend fallback provisions in certain other legacy instruments maturing after the cessation of the applicable LIBOR rates, which could create market and litigation risk. 
It is difficult to quantify or predict the impact on the fund resulting from the transition from LIBOR to alternative reference rates and the potential effects of the transition from LIBOR on the fund, or on certain instruments in which the fund invests, are not known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that relied on LIBOR to determine interest rates. The transition may also result in a reduction in value of certain LIBOR-related
140
Notes to Financial Statements  - continued
investments held by the fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could have an adverse impact on the fund's performance. 
With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management has and will continue to rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for such contract modifications made on or before December 31, 2024 as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.
141
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of MFS Municipal Series Trust and the Shareholders of MFS Municipal Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of MFS Municipal Income Fund (the “Fund”), including the portfolio of investments, as of March 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.
142
Report of Independent Registered Public Accounting Firm – continued
Our procedures included confirmation of securities owned as of March 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 15, 2024
We have served as the auditor of one or more of the MFS investment companies since 1924.
143
Trustees and Officers — Identification and Background
The Trustees and Officers of the Trust, as of May 1, 2024, are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.)  The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
INTERESTED TRUSTEE                    
Michael W. Roberge (k)
(age 57) 		  Trustee   January 2021   136   Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022)   N/A
INDEPENDENT TRUSTEES                    
John P. Kavanaugh
(age 69) 		  Trustee and Chair of Trustees   January 2009   136   Private investor   N/A
Steven E. Buller
(age 72) 		  Trustee   February 2014   136   Private investor   N/A
John A. Caroselli
(age 69) 		  Trustee   March 2017   136   Private investor; JC Global Advisors, LLC (management consulting), President (since 2015)   N/A
Maureen R. Goldfarb
(age 69) 		  Trustee   January 2009   136   Private investor   N/A
Peter D. Jones
(age 68) 		  Trustee   January 2019   136   Private investor   N/A
James W. Kilman, Jr.
(age 63) 		  Trustee   January 2019   136   Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019 - May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)   Alpha-En Corporation, Director (2016-2019)
144
Trustees and Officers - continued
Name, Age   Position(s) Held with Fund   Trustee/Officer Since(h)   Number of MFS Funds overseen by the Trustee   Principal Occupations During
the Past Five Years 		  Other Directorships During
the Past Five Years (j)
Clarence Otis, Jr.
(age 68) 		  Trustee   March 2017   136   Private investor   VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
Maryanne L. Roepke
(age 68) 		  Trustee   May 2014   136   Private investor   N/A
Laurie J. Thomsen
(age 66) 		  Trustee   March 2005   136   Private investor   The Travelers Companies, Director; Dycom Industries, Inc., Director
    
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
OFFICERS                
William T. Allen (k)
(age 57) 		  Deputy Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Brian Balasco (k)
(age 46) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
Christopher R. Bohane (k)
(age 50) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Senior Vice President and Deputy General Counsel
James L. Byrne (k)
(age 48) 		  Assistant Treasurer   April 2024   136   Massachusetts Financial Services Company, Vice President
John W. Clark, Jr. (k)
(age 57) 		  Deputy Treasurer   April 2017   136   Massachusetts Financial Services Company, Vice President
David L. DiLorenzo (k)
(age 55) 		  President   July 2005   136   Massachusetts Financial Services Company, Senior Vice President
Heidi W. Hardin (k)
(age 56) 		  Secretary and Clerk   April 2017   136   Massachusetts Financial Services Company, Executive Vice President and General Counsel
Brian E. Langenfeld (k)
(age 51) 		  Assistant Secretary and Assistant Clerk   June 2006   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
145
Trustees and Officers - continued
Name, Age   Position(s) Held with
Fund 		  Trustee/Officer Since(h)   Number of MFS Funds for which the Person is an Officer   Principal Occupations During
the Past Five Years
Rosa E. Licea-Mailloux (k)
(age 47) 		  Chief Compliance Officer   March 2022   136   Massachusetts Financial Services Company, Vice President (since 2018); Director of Corporate Compliance (2018-2021), Senior Director Compliance (2021-2022), Senior Managing Director of North American Compliance & Chief Compliance Officer (since March 2022)
Amanda S. Mooradian (k)
(age 45) 		  Assistant Secretary and Assistant Clerk   September 2018   136   Massachusetts Financial Services Company, Vice President and Senior Counsel
Susan A. Pereira (k)
(age 53) 		  Assistant Secretary and Assistant Clerk   July 2005   136   Massachusetts Financial Services Company, Vice President and Managing Counsel
Kasey L. Phillips (k)
(age 53) 		  Treasurer   September 2012   136   Massachusetts Financial Services Company, Vice President
Matthew A. Stowe (k)
(age 49) 		  Assistant Secretary and Assistant Clerk   October 2014   136   Massachusetts Financial Services Company, Vice President and Senior Managing Counsel
William B. Wilson (k)
(age 41) 		  Assistant Secretary and Assistant Clerk   October 2022   136   Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel
(h) Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise.  From January 2012 through December 2016, Mr. DiLorenzo served as Treasurer and of the Funds. From September 2012 through March 2024, Ms. Phillips served as Assistant Treasurer of the Funds. From April 2017 through March 2024, Mr. Clark served as Assistant Treasurer of the Funds.
(j) Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
(k) “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS.  The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Each Trustee (other than Messrs. Jones, Kilman and Roberge) has been elected by shareholders and each Trustee and Officer holds office until his or her successor is chosen and qualified or until his or her earlier death, resignation, retirement or removal.  Mr. Roberge became a Trustee of the Funds on January 1, 2021 and Messrs. Jones and Kilman became Trustees of the Funds on January 1, 2019.  The Trust does not hold annual meetings for the purpose of electing Trustees, and Trustees are not elected for fixed terms.  Under the terms of the Board's retirement policy, an Independent Trustee
146
Trustees and Officers - continued
shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Caroselli, Jones and Otis are members of the Trust’s Audit Committee.
Each of the Interested Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
The Statement of Additional Information for a Fund includes further information about the Trustees and is available without charge upon request by calling 1-800-225-2606.
Investment Adviser Custodian
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618 		JPMorgan Chase Bank, NA
4 Metrotech Center
New York, NY 11245
    
Distributor Independent Registered Public Accounting Firm
MFS Fund Distributors, Inc.
111 Huntington Avenue
Boston, MA 02199-7618 		Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116
    
Portfolio Manager(s)  
Jason Kosty
Megan Poplowski
Geoffrey Schechter 		 
147
Statement Regarding Liquidity Risk Management Program
The fund has adopted and implemented a liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The fund’s Board of Trustees (the “Board”) has designated MFS as the administrator of the Program. The Program is reasonably designed to assess and manage the liquidity risk of the fund. Liquidity risk is the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests.
MFS provided a written report to the Board for consideration at its March 2024 meeting that addressed the operation of the Program and provided an assessment of the adequacy and effectiveness of the Program during the period from January 1, 2023 to December 31, 2023 (the “Covered Period”). The report concluded that during the Covered Period the Program had operated effectively in all material respects and had adequately and effectively been implemented to assess and manage the fund’s liquidity risk. MFS also reported that there were no liquidity events that impacted the fund or its ability to timely meet redemptions without dilution to existing shareholders during the Covered Period.
There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risk, and other principal risks to which an investment in the fund may be subject, can be found in the prospectus.
148
Proxy Voting Policies and Information
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Quarterly Portfolio Disclosure
The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's Web site at  http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund's fiscal year at mfs.com/openendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
Further Information
From time to time, MFS may post important information about the fund or the MFS Funds on the MFS Web site (mfs.com). This information is available at https://www.mfs.com/announcements or at mfs.com/openendfunds by choosing the fund’s name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Information About Fund Contracts and Legal Claims
The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent, and custodian who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws and Declaration of Trust, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Federal Tax Information (unaudited)
The fund will notify shareholders of amounts for use in preparing 2024 income tax forms in January 2025. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the fiscal year, 98.43% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder’s alternative minimum tax.
The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
149
rev. 3/16
FACTS WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION?
    
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
    
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and account balances
• Account transactions and transaction history
• Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice.
    
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing.
    
Reasons we can share your
personal information 		Does MFS share? Can you limit
this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus 		Yes No
For our marketing purposes –
to offer our products and services to you 		No We don't share
For joint marketing with other
financial companies 		No We don't share
For our affiliates' everyday business purposes –
information about your transactions and experiences 		No We don't share
For our affiliates' everyday business purposes –
information about your creditworthiness 		No We don't share
For nonaffiliates to market to you No We don't share
    
Questions? Call 800-225-2606 or go to mfs.com.
150
Page 2
Who we are
Who is providing this notice? MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
    
What we do
How does MFS
protect my personal
information? 		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you.
How does MFS
collect my personal
information? 		We collect your personal information, for example, when you
• open an account or provide account information
• direct us to buy securities or direct us to sell your securities
• make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing? Federal law gives you the right to limit only
• sharing for affiliates' everyday business purposes – information about your creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
    
Definitions
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• MFS does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• MFS doesn't jointly market.
    
Other important information
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
151
Save paper with eDelivery.
MFS® will send you prospectuses, reports, and proxies directly via e-mail so you will get information faster with less mailbox clutter.
To sign up:
1. Go to mfs.com.
2. Log in via MFS® Access.
3. Select eDelivery.
If you own your MFS fund shares through a financial institution or a retirement plan, MFS® TALK, MFS® Access, or eDelivery may not be available to you.
CONTACT
WEB SITE
mfs.com
MFS TALK
1-800-637-8255
24 hours a day
ACCOUNT SERVICE AND LITERATURE
Shareholders
1-800-225-2606
Financial advisors
1-800-343-2829
Retirement plan services
1-800-637-1255
MAILING ADDRESS
MFS Service Center, Inc.
P.O. Box 219341
Kansas City, MO 64121-9341
OVERNIGHT MAIL
MFS Service Center, Inc.
Suite 219341
430 W 7th Street
Kansas City, MO 64105-1407

Item 1(b):

Not applicable.

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph

(b)of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit

waiver, from any provision of the Code. David L. DiLorenzo (Principal Executive Officer) and James O. Yost (Principal Financial Officer) were the two persons covered by the Code prior to April 1, 2024. Beginning April 1, 2024, David L. DiLorenzo (Principal Executive Officer) and Kasey L. Phillips (Principal Financial Officer) are the two persons covered by the Code.

A copy of the Code is attached hereto as EX-99.COE.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Messrs. Steven E. Buller and Clarence Otis, Jr., members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller and Otis are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Items 4(a) through 4(d) and 4(g):

The Board of Trustees has appointed Deloitte & Touche LLP ("Deloitte") to serve as independent accountants to a series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended March 31, 2024 and 2023, audit fees billed to each Fund by Deloitte were as follows:

Fees billed by Deloitte:

 

Audit Fees

 

2024

 

20234

MFS Alabama Municipal Bond Fund

58,346

 

56,293

MFS Arkansas Municipal Bond Fund

58,346

 

56,293

MFS California Municipal Bond Fund

58,346

 

56,293

MFS Georgia Municipal Bond Fund

58,346

 

56,293

MFS Maryland Municipal Bond Fund

58,346

 

56,293

MFS Massachusetts Municipal Bond Fund

58,346

 

56,293

MFS Mississippi Municipal Bond Fund

58,346

 

56,293

MFS Municipal Income Fund

65,726

 

63,409

MFS Municipal Intermediate Fund

50,800

 

40,800

MFS New York Municipal Bond Fund

58,346

 

56,293

MFS North Carolina Municipal Bond Fund

58,346

 

56,293

MFS Pennsylvania Municipal Bond Fund

58,346

 

56,293

MFS South Carolina Municipal Bond Fund

58,346

 

56,293

MFS Virginia Municipal Bond Fund

58,346

 

56,293

MFS West Virginia Municipal Bond Fund

58,346

 

56,293

Total

875,024

 

836,018

For the fiscal years ended March 31, 2024 and 2023, fees billed by Deloitte for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

Fees billed by Deloitte:

Audit-Related

Tax Fees2

All Other Fees3

 

 

Fees1

 

 

 

 

 

2024

 

2023

2024

2023

2024

2023

To MFS Alabama Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS Arkansas Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS California Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS Georgia Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS Maryland Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS Massachusetts Municipal

0

 

0

0

0

0

0

Bond Fund

 

 

 

 

 

 

 

To MFS Mississippi Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS Municipal Income Fund

0

 

0

0

0

0

0

 

 

 

 

 

 

 

 

To MFS Municipal Intermediate

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS New York Municipal Bond

0

 

0

0

0

0

0

Fund

 

 

 

 

 

 

 

To MFS North Carolina Municipal

0

 

0

0

0

0

0

Bond Fund

 

 

 

 

 

 

 

To MFS Pennsylvania Municipal

0

 

0

0

0

0

0

Bond Fund

 

 

 

 

 

 

 

 

 

To MFS South Carolina Municipal

 

0

 

0

 

 

0

 

0

 

0

0

 

Bond Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS Virginia Municipal Bond

 

 

 

0

 

0

 

 

0

 

0

 

0

0

 

Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS West Virginia Municipal

 

 

 

0

 

0

 

 

0

 

0

 

0

0

 

Bond Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fees billed by Deloitte to

 

 

 

0

 

0

 

 

0

 

0

 

0

0

 

above Funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by Deloitte:

 

Audit-Related

Tax Fees2

All Other Fees3

 

 

 

 

Fees1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

2024

 

 

2023

 

2024

 

 

2023

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Alabama Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Arkansas Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS California Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Georgia Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Maryland Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Massachusetts Municipal Bond

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Mississippi Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Municipal Income Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Municipal Intermediate Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS New York Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS North Carolina Municipal Bond

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Pennsylvania Municipal Bond

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS South Carolina Municipal Bond

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS Virginia Municipal Bond Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS and MFS Related Entities of

 

0

 

 

0

 

0

 

 

0

 

0

 

 

3,790

 

MFS West Virginia Municipal Bond

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees billed by Deloitte:

 

 

 

 

 

Aggregate fees for non-audit services

 

 

 

 

 

 

 

 

 

2024

 

 

 

2023

 

To MFS Alabama Municipal Bond Fund, MFS and MFS

 

 

0

 

 

 

 

3,790

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS Arkansas Municipal Bond Fund, MFS and MFS

 

 

0

 

 

 

 

3,790

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS California Municipal Bond Fund, MFS and MFS

 

 

0

 

 

 

 

3,790

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS Georgia Municipal Bond Fund, MFS and MFS

 

 

0

 

 

 

 

3,790

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS Maryland Municipal Bond Fund, MFS and MFS

 

 

0

 

 

 

 

3,790

 

Related Entities#

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To MFS Massachusetts Municipal Bond Fund, MFS and

0

3,790

MFS Related Entities#

 

 

To MFS Mississippi Municipal Bond Fund, MFS and MFS

0

3,790

Related Entities#

 

 

To MFS Municipal Income Fund, MFS and MFS Related

0

3,790

Entities#

 

 

To MFS Municipal Intermediate Fund, MFS and MFS

0

3,790

Related Entities#

 

 

To MFS New York Municipal Bond Fund, MFS and MFS

0

3,790

Related Entities#

 

 

To MFS North Carolina Municipal Bond Fund, MFS and

0

3,790

MFS Related Entities#

 

 

To MFS Pennsylvania Municipal Bond Fund, MFS and

0

3,790

MFS Related Entities#

 

 

To MFS South Carolina Municipal Bond Fund, MFS and

0

3,790

MFS Related Entities#

 

 

To MFS Virginia Municipal Bond Fund, MFS and MFS

0

3,790

Related Entities#

 

 

To MFS West Virginia Municipal Bond Fund, MFS and

0

3,790

MFS Related Entities#

 

 

*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Funds (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by Deloitte, as the case may be, for non-audit services rendered to the Funds and for non-audit services rendered to MFS and the MFS Related Entities.

1 The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

2 The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

3 The fees included under "All Other Fees" are fees for products and services provided by Deloitte other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

4 Certain fees reported in 2023 have been restated in this filing from those reported in the Registrant's filing for the reporting period ended March 31, 2023.

Item 4(e)(1):

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre- approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

Item 4(e)(2):

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

Item 4(f):

Not applicable.

 

Item 4(h):

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

Item 4(i):

Not applicable.

Item 4(j):

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the Registrant.

ITEM 6. INVESTMENTS

A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the Registrant.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not Applicable.

ITEM 14. EXHIBITS.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.

(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.

(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(4)Change in the registrant's independent public accountant. Not applicable.

 

(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.

 

Notice

A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS MUNICIPAL SERIES TRUST

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: May 15, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: May 15, 2024

By (Signature and Title)*

/S/ KASEY L. PHILLIPS

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer) Date: May 15, 2024

* Print name and title of each signing officer under his or her signature.