Quarterly Report

June 30, 2019

MFS^® Tennessee
Municipal Bond Fund

Portfolio of Investments

6/30/19 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer		Shares/Par	Value ($)
Municipal Bonds – 98.1%
Airport Revenue – 5.4%
Memphis-Shelby County, TN, Airport Authority Facilities Rev., 5%, 7/01/2037	$	1,000,000	$1,189,090
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “A”, ASSD GTY, 5%, 7/01/2039		1,000,000	1,031,180
Memphis-Shelby County, TN, Airport Authority Facilities Rev., “D”, 5%, 7/01/2025		1,000,000	1,069,110
Metropolitan Government of Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035		1,100,000	1,246,685
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, AGM, 4%, 7/01/2037		680,000	719,222
			$5,255,287
General Obligations - General Purpose – 9.1%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036	$	245,000	$245,375
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2020		195,000	199,117
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031		90,000	91,544
Memphis, TN, General Improvement, 4%, 6/01/2041		1,000,000	1,085,530
Memphis, TN, General Improvement, “B”, 5%, 4/01/2031		1,000,000	1,146,060
Memphis, TN, General Improvement, “B”, 5%, 4/01/2034		1,025,000	1,168,193
Metropolitan Government of Nashville & Davidson County, TN, 5%, 7/01/2021		1,500,000	1,555,275
Pigeon Forge, TN, Industrial Development Board, Public Facilities, 5%, 6/01/2034		1,000,000	1,062,160
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035		190,000	204,584
State of Illinois, 5%, 11/01/2027		235,000	272,031
State of Illinois, “D”, 5%, 11/01/2028		250,000	287,995
State of Tennessee, “A”, 5%, 10/01/2029 (Prerefunded 10/01/2021)		1,500,000	1,621,800
			$8,939,664
General Obligations - Schools – 1.0%
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036	$	25,000	$29,327
Williamson County, TN, School District, 5%, 4/01/2026		740,000	907,499
			$936,826
Healthcare Revenue - Hospitals – 22.2%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044	$	1,000,000	$1,097,250
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045		500,000	551,140
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “D”, 6.25%, 10/01/2033		1,000,000	1,007,140
DeKalb County, GA, Hospital Authority Rev. (DeKalb Medical Center, Inc. Project), 6.125%, 9/01/2040 (Prerefunded 9/01/2020)		295,000	310,464
Escambia County, FL, Health Facilities Authority (Baptist Hospital, Inc.), “A”, 6%, 8/15/2036		680,000	710,246
Greenville, TN, Health and Educational Facilities Board Hospital Rev. (Ballad Health), “A”, 4%, 7/01/2040		1,000,000	1,051,820
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), 7%, 8/15/2044 (Prerefunded 8/15/2019)		405,000	407,685
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 5%, 4/01/2028		1,500,000	1,743,060
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), “A”, 5%, 4/01/2041		1,000,000	1,156,510
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System, Inc.), “A”, 6.375%, 6/01/2040 (Prerefunded 6/01/2020)		790,000	825,187
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System, Inc.), “A”, 6.5%, 3/01/2045 (Prerefunded 6/01/2020)		265,000	277,076
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2033		1,000,000	1,176,340
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (East Tennessee Children's Hospital), 5%, 11/15/2038		1,000,000	1,184,810
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health System, Inc.), 5%, 9/01/2036		1,000,000	1,132,440
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036		750,000	849,255
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2040		1,750,000	2,017,277
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 4%, 7/01/2047		1,500,000	1,586,160
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., 6%, 8/01/2030 (Prerefunded 8/01/2020)		60,000	62,909
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unfunded Balance, 6%, 8/01/2030		25,000	26,126
New Hampshire Business Finance Authority Rev. (Elliot Hospital Obligated Group), “A”, 6%, 10/01/2027 (Prerefunded 10/01/2019)		510,000	515,819
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046		100,000	111,915
Rutherford County, TN, Health & Educational Facilities Board Rev. (Ascension Health Senior Credit Group), “C”, 5%, 11/15/2040		1,500,000	1,518,330

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Methodist Healthcare), “A”, 5%, 5/01/2035	$	1,500,000	$1,784,235
Spartanburg County, SC, Regional Health Services District, “A”, 4%, 4/15/2043		420,000	441,643
St. Petersburg, FL, Health Facilities Authority (All Children Hospital), “A”, 6.5%, 11/15/2039 (Prerefunded 11/15/2019)		170,000	173,205
			$21,718,042
Healthcare Revenue - Long Term Care – 4.2%
Blount County, TN, Health & Educational Facilities Board Rev. (Asbury, Inc.), “A”, 5%, 1/01/2047	$	750,000	$779,932
Johnson City, TN, Health & Educational Facilities Board Rev. (Appalachian Christian Village Project), “A”, 5%, 2/15/2043		1,000,000	965,010
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Blakeford at Green Hills), 5%, 7/01/2037		1,000,000	1,051,450
Shelby County, TN, Health, Educational & Housing Facility Board Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049		550,000	574,976
Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Trezevant Manor Project), “A'”, 5%, 9/01/2037		750,000	757,598
			$4,128,966
Industrial Revenue - Other – 1.1%
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035	$	550,000	$728,662
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044		310,000	341,753
			$1,070,415
Miscellaneous Revenue - Other – 5.7%
Memphis-Shelby County, TN, Sports Authority, Inc. Rev., “B”, 5.375%, 11/01/2029	$	2,500,000	$2,532,500
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Rev., Public Improvement, “A”, 5%, 8/01/2023		1,205,000	1,374,423
Metropolitan Nashville Airport Authority, Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026		605,000	622,357
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040		980,000	1,066,593
			$5,595,873
Sales & Excise Tax Revenue – 3.6%
Chicago, IL, Transit Authority Sales Tax Receipts Rev., AGM, 5%, 12/01/2046	$	780,000	$882,858
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6.5%, 1/15/2030		480,000	499,512
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036		300,000	314,895
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031		725,000	805,178
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034		16,000	16,509
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040		4,000	4,000
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053		311,000	302,311
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058		144,000	144,000
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., (taxable), “2019A-2”, 4.55%, 7/01/2040		41,000	39,565
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., (taxable), “2019A-2”, 5%, 7/01/2058		15,000	14,512
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024		3,000	2,550
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027		41,000	31,382
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029		7,000	4,906
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031		380,000	237,758
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033		363,000	202,703
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046		167,000	38,193
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2051		215,000	36,268
			$3,577,100
Secondary Schools – 0.4%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049	$	250,000	$264,200
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042		130,000	137,017
			$401,217
Single Family Housing - State – 2.7%
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 3.75%, 7/01/2039	$	1,500,000	$1,597,095
Tennessee Housing Development Agency, Residential Finance Program Rev., “3”, 3.85%, 7/01/2043		990,000	1,040,045
			$2,637,140

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
State & Local Agencies – 4.6%
Chattanooga, TN, Industrial Development Board, Lease Rental Rev. (Southside Redevelopment Corp.), 5%, 10/01/2024 (Prerefunded 10/01/2020)	$	1,000,000	$1,045,480
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 2.51% (LIBOR - 3mo. + 0.75%), 6/01/2037		795,000	740,836
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047		385,000	455,859
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042		335,000	358,333
State Public School Building Authority, PA, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033		665,000	777,771
Tennessee School Board Authority, Higher Education Facilities Second Program, “A”, 5%, 11/01/2043		1,000,000	1,103,400
			$4,481,679
Tax - Other – 3.2%
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043	$	495,000	$570,423
Guam Government Ltd. Obligation Rev., “A”, 5.375%, 12/01/2024 (Prerefunded 12/01/2019)		150,000	152,564
Guam Government Ltd. Obligation Rev., “A”, 5.625%, 12/01/2029 (Prerefunded 12/01/2019)		50,000	50,906
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035		105,000	116,630
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036		60,000	66,416
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046		175,000	191,023
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027		400,000	430,568
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037		100,000	109,037
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031		230,000	232,088
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024		260,000	281,474
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025		25,000	27,325
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026		415,000	457,118
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027		380,000	420,831
			$3,106,403
Tax Assessment – 0.6%
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth + Broadway Development), 5.125%, 6/01/2036	$	500,000	$543,375
Tobacco – 0.6%
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)	$	200,000	$217,470
Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031		420,000	420,777
			$638,247
Toll Roads – 0.5%
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037	$	165,000	$182,635
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042		320,000	346,976
			$529,611
Transportation - Special Tax – 4.5%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2028	$	745,000	$885,812
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036		280,000	312,278
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029		15,000	15,125
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038		765,000	825,619
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035		270,000	290,156
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029		665,000	741,834
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031		45,000	49,194
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032		70,000	75,842
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033		90,000	97,442
Illinois Regional Transportation Authority, “A”, NATL, 6%, 7/01/2031		655,000	882,920
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027		200,000	237,036
			$4,413,258
Universities - Colleges – 11.5%
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.625%, 10/01/2039	$	500,000	$504,840
Claiborne County, TN, Industrial Development Board Rev. (Lincoln Memorial University Project), 6.125%, 10/01/2040		250,000	259,950
Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 5%, 9/01/2030		375,000	412,073

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041	$	1,000,000	$1,135,970
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 4%, 10/01/2049		1,000,000	1,057,590
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), 5%, 10/01/2034 (Prerefunded 10/01/2019)		535,000	539,788
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), 5%, 10/01/2034 (Prerefunded 10/01/2019)		1,965,000	1,983,078
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039		200,000	228,974
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2048		1,800,000	2,034,036
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041		120,000	127,182
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021		15,000	14,976
Shelby County, TN, Health, Educational & Housing Facility Board, Educational Facilities Rev. (Rhodes College), 4%, 8/01/2035		605,000	675,241
Shelby County, TN, Health, Educational & Housing Facility Board, Educational Facilities Rev. (Rhodes College), 4%, 8/01/2040		1,120,000	1,226,299
Shelby County, TN, Health, Educational & Housing Facility Board, Educational Facilities Rev. (Rhodes College), 5.5%, 8/01/2040 (Prerefunded 8/01/2021)		1,000,000	1,082,480
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025		15,000	15,154
			$11,297,631
Universities - Dormitories – 0.6%
Chattanooga, TN, Health Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035	$	500,000	$552,780
Utilities - Municipal Owned – 6.1%
Citizens Gas Utility District, TN, Gas Rev. Unrefunded, 5%, 5/01/2035	$	420,000	$420,966
Clarksville, TN, Electric System Rev., “A”, 5%, 9/01/2034 (Prerefunded 9/01/2020)		1,250,000	1,303,825
Guam Power Authority Rev., “A”, 5.5%, 10/01/2030 (Prerefunded 10/01/2020)		300,000	315,417
Guam Power Authority Rev., “A”, 5.5%, 10/01/2040 (Prerefunded 10/01/2020)		470,000	494,153
Memphis, TN, Electric Systems Rev., 5%, 12/01/2034		1,000,000	1,156,230
Metropolitan Government of Nashville & Davidson County, TN, Electric System Rev., “A”, 5%, 5/15/2037		1,000,000	1,207,670
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		250,000	195,625
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		40,000	31,300
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		70,000	54,950
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)		90,000	70,425
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)		165,000	129,113
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		40,000	31,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		130,000	101,725
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033		65,000	70,375
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032		230,000	249,196
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)		65,000	50,456
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		70,000	54,950
			$5,937,676
Utilities - Other – 2.2%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036	$	70,000	$89,807
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2042		145,000	191,655
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021		225,000	240,665
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022		115,000	126,354
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2023		85,000	95,721
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026		1,200,000	1,434,804
			$2,179,006
Water & Sewer Utility Revenue – 8.3%
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/2029 (Prerefunded 2/01/2023)	$	1,000,000	$1,128,280
Clarksville, TN, Water, Sewer & Gas Rev., 4%, 2/01/2038		500,000	554,835
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036		65,000	72,768

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036	$	110,000	$124,805
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037		135,000	152,671
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040		380,000	426,824
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046		300,000	331,860
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Rev., 5%, 7/01/2032		2,000,000	2,261,680
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NATL, 5%, 7/01/2032		30,000	34,116
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NATL, 5%, 7/01/2036		35,000	39,494
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035		20,000	22,621
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	50,645
Mississippi Development Bank Special Obligation (City of Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040		65,000	77,507
South Blount County, TN, Utility District Waterworks Rev., Prerefunded & Improvement, AGM, 5%, 12/01/2033 (Prerefunded 12/01/2019)		680,000	690,200
South Blount County, TN, Utility District Waterworks Rev., Unrefunded Balance & Improvement, AGM, 5%, 12/01/2033		1,460,000	1,480,674
Wilson County, TN, West Wilson Utility District Waterworks Rev., 5%, 6/01/2030		550,000	653,383
			$8,102,363
Total Municipal Bonds			$96,042,559
Trust Units – 0.5%
Sales & Excise Tax Revenue – 0.5%
COFINA Series 2007A Senior Bonds Due 2041 National Custodial Trust (tax-exempt), 8/01/2041		466	$338
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (taxable), 8/01/2042		30,385	25,751
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (tax-exempt), 8/01/2042		132,084	95,761
COFINA Series 2007A Senior Bonds Due 2043 National Custodial Trust (tax-exempt), 8/01/2043		39,811	28,863
COFINA Series 2007A Senior Bonds Due 2044 National Custodial Trust (tax-exempt), 8/01/2044		119,432	86,588
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/01/2045		4,644	3,936
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (tax-exempt), 8/01/2045		14,102	10,224
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (taxable), 8/01/2046		79,001	66,954
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (tax-exempt), 8/01/2046		279,741	202,812
Total Trust Units			$521,227
Investment Companies (h) – 0.2%
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 2.42% (v)		161,336	$161,352

Other Assets, Less Liabilities – 1.2%			1,148,291
Net Assets – 100.0%			$97,873,429

(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 $161,352 and $96,563,786, respectively.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
ASSD GTY	Assured Guaranty Insurance Co.
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.
LIBOR	London Interbank Offered Rate
NATL	National Public Finance Guarantee Corp.

Portfolio of Investments (unaudited) – continued

Derivative Contracts at 6/30/19
Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Liability Derivatives
Interest Rate Futures
U.S. Treasury Bond	Short	USD	16	$2,489,500	September – 2019	$(49,747)

At June 30, 2019, the fund had cash collateral of $38,400 to cover any collateral or margin obligations for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

Supplemental Information

6/30/19 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of June 30, 2019 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$96,563,786	$—	$96,563,786
Mutual Funds	161,352	—	—	161,352
Total	$161,352	$96,563,786	$—	$96,725,138
Other Financial Instruments
Futures Contracts - Liabilities	$(49,747)	$—	$—	$(49,747)

For further information regarding security characteristics, see the Portfolio of Investments.

Supplemental Information (unaudited) – continued

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$940,434	$5,622,346	$6,401,447	$57	$(38)	$161,352

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$4,626	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of June 30, 2019, are as follows:

Tennessee	72.4%
Puerto Rico	8.2%
Guam	3.7%
Illinois	3.3%
New York	2.6%
Pennsylvania	1.6%
Florida	1.1%
Kentucky	1.1%
Alabama	0.9%
South Carolina	0.8%
Virginia	0.6%
Colorado	0.5%
Maryland	0.5%
New Hampshire	0.5%
New Jersey	0.4%
U.S. Virgin Islands	0.4%
Georgia	0.3%
Nebraska	0.3%
Washington DC	0.3%
Michigan	0.2%
Mississippi	0.1%
Texas	0.1%

The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.