Quarterly Report
December 31, 2023
MFS® New York
Municipal Bond Fund
Municipal Bond Fund
MNY-Q3
Portfolio of Investments
12/31/23 (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 – 98.3% | ||||
| Airport Revenue – 8.3% | ||||
| Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043 | $ | 1,500,000 | $1,582,617 | |
| New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034 | 900,000 | 903,087 | ||
| 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 | 3,765,383 | ||
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 6%, 6/30/2054 | 1,000,000 | 1,104,235 | ||
| 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 | 2,097,620 | ||
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), “A”, AGM, 4%, 7/01/2031 | 2,000,000 | 2,003,171 | ||
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040 | 1,500,000 | 1,450,150 | ||
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038 | 1,000,000 | 1,047,766 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 90,592 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 15,000 | 15,151 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 80,217 | ||
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 130,000 | 130,348 | ||
| $14,270,337 | ||||
| General Obligations - General Purpose – 6.1% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 615,000 | $550,868 | |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 17,681 | 17,334 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 139,873 | 87,199 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 118,007 | 127,987 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 114,620 | 127,498 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 108,689 | 106,418 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 184,514 | 178,396 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 83,850 | 80,053 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 114,004 | 104,557 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 354,563 | 315,799 | ||
| Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 2,000,000 | 2,012,135 | ||
| New York, NY, “B-1”, 3%, 10/01/2044 | 1,825,000 | 1,549,452 | ||
| New York, NY, “J”, FGIC, 5.5%, 2/15/2026 | 5,000 | 5,010 | ||
| New York, NY, General Obligation, “A”, 5%, 8/01/2051 | 1,500,000 | 1,659,133 | ||
| New York, NY, General Obligation, “A”, 4.125%, 8/01/2053 | 1,500,000 | 1,516,620 | ||
| Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031 | 635,000 | 651,030 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 215,000 | 238,039 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 200,000 | 220,108 | ||
| Yonkers, NY, General Obligation, “F”, BAM, 5%, 11/15/2042 | 750,000 | 845,800 | ||
| $10,393,436 | ||||
| Healthcare Revenue - Hospitals – 10.8% | ||||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026 | $ | 450,000 | $431,797 | |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027 | 300,000 | 283,869 | ||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029 | 590,000 | 544,465 | ||
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | 2,000,000 | 2,203,423 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041 | 1,605,000 | 1,492,433 | ||
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024) | 1,000,000 | 1,009,135 | ||
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037 | 2,000,000 | 1,992,732 | ||
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046 | 2,000,000 | 2,032,217 | ||
| New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 | 1,500,000 | 1,333,672 | ||
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 3,000,000 | 3,000,076 | ||
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 800,000 | 766,258 | ||
| Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030 | 120,000 | 120,215 | ||
1
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2051 | $ | 1,500,000 | $1,587,602 | |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, 11/01/2053 | 1,500,000 | 1,692,710 | ||
| $18,490,604 | ||||
| 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 | $1,015,131 | |
| 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 | 1,663,655 | ||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037 | 750,000 | 752,472 | ||
| Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044 | 915,000 | 888,725 | ||
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 100,000 | 95,798 | ||
| $4,415,781 | ||||
| Industrial Revenue - Airlines – 3.4% | ||||
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | $ | 1,500,000 | $1,346,438 | |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 1,000,000 | 1,002,390 | ||
| 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 | 1,065,915 | ||
| 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 | 1,018,012 | ||
| 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 | 1,426,104 | ||
| $5,858,859 | ||||
| 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 | $164,999 | |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 255,000 | 168,124 | ||
| $333,123 | ||||
| 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 | $350,354 | |
| Miscellaneous Revenue - Other – 5.8% | ||||
| Battery Park, NY, Authority Senior Rev., “A”, 5%, 11/01/2053 | $ | 2,000,000 | $2,232,689 | |
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 90,000 | 91,038 | ||
| New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043 | 680,000 | 285,891 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,940,000 | 1,922,519 | ||
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n) | 1,500,000 | 1,501,844 | ||
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 2,585,000 | 2,585,991 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 750,000 | 562,533 | ||
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 1,000,000 | 751,668 | ||
| $9,934,173 | ||||
| Multi-Family Housing Revenue – 18.2% | ||||
| Erie County, NY, Industrial Development Agency Multifamily (Westchester Park Preservation, L.P. Project), FNMA, 4.25%, 2/01/2041 | $ | 2,000,000 | $1,993,353 | |
| Monroe County, NY, Industrial Development Agency Multifamily Mortgage (Andrews Terrace Community Partners, L.P. Project), “A”, 4.72%, 1/01/2044 | 2,000,000 | 2,038,825 | ||
| National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 651,144 | 657,653 | ||
| New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038 | 1,450,000 | 1,421,419 | ||
| New York Housing Finance Agency Affordable Housing Rev., “E-1”, 4.125%, 11/01/2047 | 4,080,000 | 4,019,651 | ||
2
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Multi-Family Housing Revenue – continued | ||||
| New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.1%, 11/01/2052 | $ | 1,000,000 | $1,065,479 | |
| New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.15%, 11/01/2057 | 1,200,000 | 1,274,131 | ||
| New York Housing Finance Agency Affordable Housing Rev., “G-1”, 4.625%, 11/01/2042 | 350,000 | 358,636 | ||
| New York Housing Finance Agency Affordable Housing Rev., “G-1”, 4.8%, 11/01/2047 | 1,000,000 | 1,046,841 | ||
| New York Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 2,000,000 | 1,923,645 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 276,686 | 274,069 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 750,000 | 739,609 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.6%, 11/01/2042 | 1,000,000 | 1,020,483 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.75%, 11/01/2047 | 500,000 | 516,638 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.85%, 11/01/2052 | 500,000 | 514,832 | ||
| 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 | 512,934 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 2,500,000 | 1,814,705 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039 | 1,870,000 | 1,841,038 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048 | 2,610,000 | 2,490,712 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., “C-1”, 4.25%, 11/01/2052 | 2,500,000 | 2,466,195 | ||
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-1”, 2.25%, 11/01/2041 | 1,535,000 | 1,165,027 | ||
| Riverhead, NY, IDA Economic Job Development Corp. Multifamily (River Pointe Apartments Project), 4.5%, 2/01/2041 | 2,000,000 | 2,065,306 | ||
| $31,221,181 | ||||
| Port Revenue – 2.3% | ||||
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 2,000,000 | $1,592,313 | |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 2,485,000 | 2,359,239 | ||
| $3,951,552 | ||||
| Sales & Excise Tax Revenue – 5.8% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 15,000 | $16,154 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 21,685 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 185,000 | 177,104 | ||
| Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 750,000 | 764,158 | ||
| New York Dormitory Authority Rev., State Sales Tax Rev., “A”, 5%, 3/15/2035 | 1,655,000 | 1,660,183 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 63,000 | 63,306 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 200,000 | 197,930 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,599,000 | 3,611,558 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 451,000 | 447,714 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 210,000 | 208,470 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 3,824 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 635,000 | 625,913 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,941 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 103,000 | 89,651 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 17,000 | 13,595 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 942,000 | 689,426 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 904,000 | 602,122 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 416,000 | 130,426 | ||
| 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 | ||
| $9,950,160 | ||||
3
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Secondary Schools – 6.4% | ||||
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035 | $ | 1,000,000 | $1,034,481 | |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025 | 220,000 | 219,420 | ||
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029 | 320,000 | 313,228 | ||
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036 | 400,000 | 381,544 | ||
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2042 | 550,000 | 567,077 | ||
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2056 | 550,000 | 554,110 | ||
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 750,000 | 750,006 | ||
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052 | 2,000,000 | 2,089,769 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n) | 350,000 | 328,029 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n) | 610,000 | 492,790 | ||
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n) | 1,265,000 | 918,854 | ||
| Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040 | 675,000 | 683,858 | ||
| 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 | 1,004,925 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034 | 450,000 | 458,498 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035 | 500,000 | 509,245 | ||
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036 | 645,000 | 656,672 | ||
| $10,962,506 | ||||
| Single Family Housing - State – 1.1% | ||||
| New York Mortgage Agency Homeowner Mortgage Rev., “211”, 3.8%, 10/01/2048 | $ | 400,000 | $376,889 | |
| New York Mortgage Agency Homeowner Mortgage Rev., “212”, AMT, 3.7%, 10/01/2033 | 335,000 | 331,846 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “217”, 3.625%, 4/01/2039 | 355,000 | 344,030 | ||
| New York Mortgage Agency Homeowner Mortgage Rev., “239”, 3.25%, 10/01/2051 | 940,000 | 916,004 | ||
| $1,968,769 | ||||
| State & Local Agencies – 1.9% | ||||
| New York Dormitory Authority Rev., State Personal Income Tax Rev., 3%, 3/15/2050 | $ | 1,225,000 | $976,491 | |
| Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042 | 2,000,000 | 2,212,826 | ||
| $3,189,317 | ||||
| Tax - Other – 4.3% | ||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 | $ | 690,000 | $725,968 | |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 135,000 | 140,880 | ||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 325,000 | 355,422 | ||
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045 | 1,870,000 | 516,840 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 100,000 | 102,439 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 300,000 | 299,057 | ||
| New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 1,800,000 | 1,806,577 | ||
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-1”, 4%, 5/15/2046 | 3,350,000 | 3,364,886 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 153,708 | ||
| $7,465,777 | ||||
| Tobacco – 2.1% | ||||
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 695,000 | $641,874 | |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 275,000 | 258,433 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 740,000 | 684,490 | ||
| 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 | 1,035,529 | ||
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036 | 1,000,000 | 1,031,258 | ||
| $3,656,674 | ||||
4
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Transportation - Special Tax – 7.5% | ||||
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 5%, 11/15/2033 | $ | 2,000,000 | $2,245,169 | |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 | 1,340,000 | 1,305,989 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 3,170,000 | 2,998,381 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 4.358% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026) | 1,500,000 | 1,493,668 | ||
| Metropolitan Transportation Authority, NY, Transportation Rev., “B”, BAM, 5%, 11/15/2052 | 3,100,000 | 3,223,496 | ||
| New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 185,000 | 201,262 | ||
| New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 125,000 | 139,970 | ||
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046 | 1,000,000 | 917,967 | ||
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 | 435,000 | 381,487 | ||
| $12,907,389 | ||||
| Universities - Colleges – 4.5% | ||||
| Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033 | $ | 125,000 | $126,391 | |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 980,000 | 980,074 | ||
| Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047 | 2,000,000 | 2,029,357 | ||
| Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051 | 3,000,000 | 2,162,338 | ||
| Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2036 | 675,000 | 690,125 | ||
| Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038 | 480,000 | 486,587 | ||
| Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051 | 750,000 | 870,862 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2039 | 200,000 | 209,076 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2040 | 150,000 | 156,109 | ||
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2041 | 100,000 | 103,680 | ||
| $7,814,599 | ||||
| Universities - Dormitories – 0.6% | ||||
| Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040 | $ | 1,000,000 | $1,016,225 | |
| Utilities - Municipal Owned – 0.7% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 155,000 | $156,483 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 180,000 | 181,189 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 25,000 | 6,500 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 265,000 | 68,900 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 430,000 | 111,800 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 30,000 | 29,572 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 675,000 | 175,500 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 100,000 | 26,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 50,000 | 13,000 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 25,000 | 6,500 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 250,000 | 65,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 115,000 | 29,900 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 110,000 | 28,600 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 20,000 | 5,200 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 345,000 | 89,700 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 20,000 | 5,200 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 50,000 | 13,000 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 170,000 | 44,200 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 180,000 | 46,800 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 55,000 | 14,300 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 170,000 | 44,200 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 140,000 | 33,950 | ||
| $1,195,494 | ||||
5
Portfolio of Investments (unaudited) –
continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Other – 3.4% | ||||
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 525,000 | $517,499 | |
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 630,000 | 634,426 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 1,265,000 | 1,350,827 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,210,000 | 1,279,964 | ||
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | 1,085,000 | 1,367,026 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 705,000 | 752,515 | ||
| $5,902,257 | ||||
| Water & Sewer Utility Revenue – 2.1% | ||||
| Buffalo, NY, Municipal Water Finance Authority, Water System Rev., “A”, AGM, 4%, 7/01/2046 | $ | 1,500,000 | $1,505,776 | |
| Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044 | 1,340,000 | 1,134,978 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 215,000 | 224,280 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 245,000 | 254,535 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 345,000 | 355,084 | ||
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 100,000 | 100,360 | ||
| $3,575,013 | ||||
| Total Municipal Bonds | $168,823,580 | |||
| Bonds – 0.4% | ||||
| Consumer Services – 0.4% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 415,000 | $384,007 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 945,494 | 300,754 | ||
| Total Bonds | $684,761 | |||
| Contingent Value Instruments – 0.2% | ||||
| General Obligations - General Purpose – 0.2% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 481,776 | $262,568 | |
| Investment Companies (h) – 0.3% | ||||
| Money Market Funds – 0.3% | ||||
| MFS Institutional Money Market Portfolio, 5.42% (v) | 502,781 | $502,882 | ||
| Other Assets, Less Liabilities – 0.8% | 1,396,111 | |||
| Net Assets – 100.0% | $171,669,902 | |||
| (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 $502,882 and $169,770,909, 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 $8,902,606, representing 5.2% 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. |
| The following abbreviations are used in this report and are defined: | |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| 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. |
| NPFG | National Public Finance Guarantee Corp. |
6
Portfolio of Investments (unaudited) –
continued
| SOFR | Secured Overnight Financing Rate |
See attached supplemental
information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
7
Supplemental Information
12/31/23 (unaudited)
The fund is an investment company
and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment
Companies.
(1) Investment Valuations
Subject to its oversight, the fund's
Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy
and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the
“valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as
determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term
instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values
of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation
policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based
on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the
basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information
such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the
investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the
determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally
traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment
characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The
value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used
to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it
were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a
particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or
liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2023 in valuing the fund's assets and
liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $169,086,148 | $— | $169,086,148 |
| U.S. Corporate Bonds | — | 684,761 | — | 684,761 |
| Mutual Funds | 502,882 | — | — | 502,882 |
| Total | $502,882 | $169,770,909 | $— | $170,273,791 |
For further information regarding
security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated
Issuers
An affiliated issuer may be
considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $4,625,535 | $40,735,413 | $44,855,008 | $(2,440) | $(618) | $502,882 |
8
Supplemental Information (unaudited) –
continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $137,374 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages
based on net assets, as of December 31, 2023, are as follows:
| New York | 84.2% |
| Puerto Rico | 5.3% |
| California | 2.5% |
| Alabama | 1.5% |
| Guam | 1.5% |
| Illinois | 1.3% |
| Colorado | 0.8% |
| Ohio | 0.5% |
| Wisconsin | 0.5% |
| New Hampshire | 0.4% |
| Tennessee | 0.4% |
| Virginia | 0.4% |
| Michigan | 0.2% |
| New Jersey | 0.2% |
| Texas | 0.2% |
| Mississippi | 0.1% |
| U.S. Virgin Islands | 0.1% |
The jurisdiction weighting
percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
9