# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001193125-25-294639
**Filing Date:** 2025-11
**Character Count:** 1731250
**Document Hash:** 6bdad218d3b863699544811435713e72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-294639.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-294639

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251515367

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE MUNICIPAL BOND TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890410

## Series and Classes Contracts Data

### MFS Alabama Municipal Bond Fund (Series ID: S000002521)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006957 | A            | MFALX           |
| C000006958 | B            | MBABX           |
| C000169758 | I            | MLALX           |
| C000194226 | R6           | MPOLX           |

### MFS New York Municipal Bond Fund (Series ID: S000002522)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006959 | A            | MSNYX           |
| C000006960 | B            | MBNYX           |
| C000006961 | C            | MCNYX           |
| C000169759 | I            | MNYLX           |
| C000194228 | R6           | MPNYX           |

### MFS North Carolina Municipal Bond Fund (Series ID: S000002523)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006962 | A            | MSNCX           |
| C000006963 | B            | MBNCX           |
| C000006964 | C            | MCNCX           |
| C000169760 | I            | MNCLX           |
| C000194230 | R6           | MPNCX           |

### MFS Pennsylvania Municipal Bond Fund (Series ID: S000002524)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006965 | A            | MFPAX           |
| C000006966 | B            | MBPAX           |
| C000169761 | I            | MPALX           |
| C000194232 | R6           | MPPAX           |

### MFS South Carolina Municipal Bond Fund (Series ID: S000002525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006967 | A            | MFSCX           |
| C000006968 | B            | MBSCX           |
| C000169762 | I            | MTSCX           |
| C000194234 | R6           | MPOCX           |

### MFS Virginia Municipal Bond Fund (Series ID: S000002527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006971 | A            | MSVAX           |
| C000006972 | B            | MBVAX           |
| C000006973 | C            | MVACX           |
| C000169764 | I            | MIVAX           |
| C000194238 | R6           | MPVOX           |

### MFS West Virginia Municipal Bond Fund (Series ID: S000002528)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006974 | A            | MFWVX           |
| C000006975 | B            | MBWVX           |
| C000169765 | I            | MWVIX           |
| C000194240 | R6           | MPWVX           |

### MFS Arkansas Municipal Bond Fund (Series ID: S000002529)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006976 | A            | MFARX           |
| C000006977 | B            | MBARX           |
| C000169766 | I            | MARLX           |
| C000194242 | R6           | MPRAX           |

### MFS California Municipal Bond Fund (Series ID: S000002530)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006978 | A            | MCFTX           |
| C000006979 | B            | MBCAX           |
| C000006980 | C            | MCCAX           |
| C000169767 | I            | MCAVX           |
| C000194244 | R6           | MPOAX           |

### MFS Georgia Municipal Bond Fund (Series ID: S000002532)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006983 | A            | MMGAX           |
| C000006984 | B            | MBGAX           |
| C000169768 | I            | MGATX           |
| C000194246 | R6           | MPGOX           |

### MFS Maryland Municipal Bond Fund (Series ID: S000002533)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006985 | A            | MFSMX           |
| C000006986 | B            | MBMDX           |
| C000169769 | I            | MMDIX           |
| C000194249 | R6           | MPMDX           |

### MFS Massachusetts Municipal Bond Fund (Series ID: S000002534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006987 | A            | MFSSX           |
| C000006988 | B            | MBMAX           |
| C000169770 | I            | MTALX           |
| C000194250 | R6           | MPMAX           |

### MFS Mississippi Municipal Bond Fund (Series ID: S000002535)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006989 | A            | MISSX           |
| C000006990 | B            | MBMSX           |
| C000169771 | I            | MMSTX           |
| C000194252 | R6           | MPMSX           |

### MFS Municipal Income Fund (Series ID: S000002536)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006991 | A            | MFIAX           |
| C000006992 | B            | MMIBX           |
| C000006993 | C            | MMICX           |
| C000042676 | A1           | MMIDX           |
| C000042677 | B1           | MMIGX           |
| C000105400 | I            | MIMIX           |
| C000194254 | R6           | MPMNX           |

### MFS Municipal Intermediate Fund (Series ID: S000071695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227169 | Class C      | MIUCX           |
| C000227170 | Class A      | MIUAX           |
| C000227171 | Class I      | MIUIX           |
| C000227172 | Class R6     | MIURX           |

?xml version='1.0' encoding='ASCII'? df0828a9-7782-48ee-9f50-a9173a8b4064

#### 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

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025

#### ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal

Intermediate Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MIUAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Intermediate Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $35 | 0.69% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 321874206 | Average Effective Maturity (yrs): | 10.1 |
| Total Number of Holdings: | 587 | Average Effective Duration (yrs): | 5.9 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.4% |
| Money Market Funds | 4.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 10.0% |
| Multi-Family Housing Revenue | 9.6% |
| Healthcare Revenue - Hospitals | 7.7% |
| Airport Revenue | 7.7% |
| Student Loan Revenue | 6.4% |
| Utilities - Other | 6.1% |
| Universities - Colleges | 5.2% |
| Secondary Schools | 4.4% |
| Miscellaneous Revenue - Other | 3.6% |
| Single Family Housing - State | 3.2% |
| Other Industries | 31.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.7% |
| AA | 29.2% |
| A | 32.0% |
| BBB | 18.0% |
| BB | 6.3% |
| B | 0.9% |
| CCC | 0.1% |
| Not Rated | 7.2% |
| Money Market Funds | 4.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MIUA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal

Intermediate Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MIUCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Intermediate Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $73 | 1.44% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 321874206 | Average Effective Maturity (yrs): | 10.1 |
| Total Number of Holdings: | 587 | Average Effective Duration (yrs): | 5.9 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.4% |
| Money Market Funds | 4.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 10.0% |
| Multi-Family Housing Revenue | 9.6% |
| Healthcare Revenue - Hospitals | 7.7% |
| Airport Revenue | 7.7% |
| Student Loan Revenue | 6.4% |
| Utilities - Other | 6.1% |
| Universities - Colleges | 5.2% |
| Secondary Schools | 4.4% |
| Miscellaneous Revenue - Other | 3.6% |
| Single Family Housing - State | 3.2% |
| Other Industries | 31.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.7% |
| AA | 29.2% |
| A | 32.0% |
| BBB | 18.0% |
| BB | 6.3% |
| B | 0.9% |
| CCC | 0.1% |
| Not Rated | 7.2% |
| Money Market Funds | 4.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MIUC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal

Intermediate Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MIUIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Intermediate Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $22 | 0.44% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 321874206 | Average Effective Maturity (yrs): | 10.1 |
| Total Number of Holdings: | 587 | Average Effective Duration (yrs): | 5.9 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.4% |
| Money Market Funds | 4.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 10.0% |
| Multi-Family Housing Revenue | 9.6% |
| Healthcare Revenue - Hospitals | 7.7% |
| Airport Revenue | 7.7% |
| Student Loan Revenue | 6.4% |
| Utilities - Other | 6.1% |
| Universities - Colleges | 5.2% |
| Secondary Schools | 4.4% |
| Miscellaneous Revenue - Other | 3.6% |
| Single Family Housing - State | 3.2% |
| Other Industries | 31.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.7% |
| AA | 29.2% |
| A | 32.0% |
| BBB | 18.0% |
| BB | 6.3% |
| B | 0.9% |
| CCC | 0.1% |
| Not Rated | 7.2% |
| Money Market Funds | 4.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MIUI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal

Intermediate Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MIURX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Intermediate Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $19 | 0.38% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 321874206 | Average Effective Maturity (yrs): | 10.1 |
| Total Number of Holdings: | 587 | Average Effective Duration (yrs): | 5.9 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.4% |
| Money Market Funds | 4.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Long Term Care | 10.0% |
| Multi-Family Housing Revenue | 9.6% |
| Healthcare Revenue - Hospitals | 7.7% |
| Airport Revenue | 7.7% |
| Student Loan Revenue | 6.4% |
| Utilities - Other | 6.1% |
| Universities - Colleges | 5.2% |
| Secondary Schools | 4.4% |
| Miscellaneous Revenue - Other | 3.6% |
| Single Family Housing - State | 3.2% |
| Other Industries | 31.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.7% |
| AA | 29.2% |
| A | 32.0% |
| BBB | 18.0% |
| BB | 6.3% |
| B | 0.9% |
| CCC | 0.1% |
| Not Rated | 7.2% |
| Money Market Funds | 4.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MIUR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFIAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $40 | 0.78% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A1-MMIDX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A1 | $27 | 0.53% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBA1-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MMIBX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $77 | 1.53% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B1-MMIGX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B1 | $65 | 1.28% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBB1-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MMICX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $77 | 1.53% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MIMIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $27 | 0.53% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Municipal Income Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPMNX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Municipal Income Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $23 | 0.46% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 6171579199 | Average Effective Maturity (yrs): | 19.4 |
| Total Number of Holdings: | 2132 | Average Effective Duration (yrs): | 8.4 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.2% |
| Money Market Funds | 2.8% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Airport Revenue | 10.1% |
| Multi-Family Housing Revenue | 9.0% |
| Utilities - Other | 7.1% |
| Healthcare Revenue - Long Term Care | 5.2% |
| Single Family Housing - State | 4.9% |
| Miscellaneous Revenue - Other | 4.6% |
| General Obligations - Schools | 4.2% |
| State & Local Agencies | 3.8% |
| Water & Sewer Utility Revenue | 3.5% |
| Other Industries | 29.2% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 4.6% |
| AA | 30.0% |
| A | 32.6% |
| BBB | 15.2% |
| BB | 3.8% |
| B | 0.7% |
| CCC | 0.1% |
| CC | 0.2% |
| Not Rated | 10.0% |
| Money Market Funds | 2.8% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

LMBR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Arkansas

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFARX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Arkansas Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $36 | 0.70% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 141082119 | Average Effective Maturity (yrs): | 17.9 |
| Total Number of Holdings: | 187 | Average Effective Duration (yrs): | 8.0 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.7% |
| Money Market Funds | 1.3% |

---

 **Industries**

---

| | |
|:---|:---|
| Sales & Excise Tax Revenue | 19.7% |
| Water & Sewer Utility Revenue | 15.8% |
| Universities - Colleges | 12.4% |
| Healthcare Revenue - Hospitals | 11.9% |
| General Obligations - Schools | 10.2% |
| Single Family Housing - State | 7.2% |
| Miscellaneous Revenue - Other | 4.9% |
| Utilities - Other | 4.0% |
| Tax - Other | 3.2% |
| Tobacco | 2.6% |
| Other Industries | 6.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.0% |
| AA | 61.5% |
| A | 19.0% |
| BBB | 10.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 6.7% |
| Money Market Funds | 1.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MARA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Arkansas

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBARX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Arkansas Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $74 | 1.45% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 141082119 | Average Effective Maturity (yrs): | 17.9 |
| Total Number of Holdings: | 187 | Average Effective Duration (yrs): | 8.0 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.7% |
| Money Market Funds | 1.3% |

---

 **Industries**

---

| | |
|:---|:---|
| Sales & Excise Tax Revenue | 19.7% |
| Water & Sewer Utility Revenue | 15.8% |
| Universities - Colleges | 12.4% |
| Healthcare Revenue - Hospitals | 11.9% |
| General Obligations - Schools | 10.2% |
| Single Family Housing - State | 7.2% |
| Miscellaneous Revenue - Other | 4.9% |
| Utilities - Other | 4.0% |
| Tax - Other | 3.2% |
| Tobacco | 2.6% |
| Other Industries | 6.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.0% |
| AA | 61.5% |
| A | 19.0% |
| BBB | 10.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 6.7% |
| Money Market Funds | 1.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MARB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Arkansas

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MARLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Arkansas Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $31 | 0.60% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 141082119 | Average Effective Maturity (yrs): | 17.9 |
| Total Number of Holdings: | 187 | Average Effective Duration (yrs): | 8.0 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.7% |
| Money Market Funds | 1.3% |

---

 **Industries**

---

| | |
|:---|:---|
| Sales & Excise Tax Revenue | 19.7% |
| Water & Sewer Utility Revenue | 15.8% |
| Universities - Colleges | 12.4% |
| Healthcare Revenue - Hospitals | 11.9% |
| General Obligations - Schools | 10.2% |
| Single Family Housing - State | 7.2% |
| Miscellaneous Revenue - Other | 4.9% |
| Utilities - Other | 4.0% |
| Tax - Other | 3.2% |
| Tobacco | 2.6% |
| Other Industries | 6.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.0% |
| AA | 61.5% |
| A | 19.0% |
| BBB | 10.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 6.7% |
| Money Market Funds | 1.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MARI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Arkansas

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPRAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Arkansas Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $26 | 0.52% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 141082119 | Average Effective Maturity (yrs): | 17.9 |
| Total Number of Holdings: | 187 | Average Effective Duration (yrs): | 8.0 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.7% |
| Money Market Funds | 1.3% |

---

 **Industries**

---

| | |
|:---|:---|
| Sales & Excise Tax Revenue | 19.7% |
| Water & Sewer Utility Revenue | 15.8% |
| Universities - Colleges | 12.4% |
| Healthcare Revenue - Hospitals | 11.9% |
| General Obligations - Schools | 10.2% |
| Single Family Housing - State | 7.2% |
| Miscellaneous Revenue - Other | 4.9% |
| Utilities - Other | 4.0% |
| Tax - Other | 3.2% |
| Tobacco | 2.6% |
| Other Industries | 6.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.0% |
| AA | 61.5% |
| A | 19.0% |
| BBB | 10.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 6.7% |
| Money Market Funds | 1.3% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MARR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> California

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MCFTX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS California Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $34 | 0.67% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 711358503 | Average Effective Maturity (yrs): | 19.9 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 9.4 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.3% |
| General Obligations - Schools | 14.2% |
| Airport Revenue | 11.2% |
| Healthcare Revenue - Hospitals | 10.5% |
| Utilities - Other | 7.5% |
| Secondary Schools | 4.5% |
| State & Local Agencies | 4.4% |
| Tax Assessment | 3.8% |
| Universities - Colleges | 3.7% |
| Water & Sewer Utility Revenue | 3.4% |
| Other Industries | 19.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 47.2% |
| A | 23.8% |
| BBB | 11.5% |
| BB | 2.7% |
| B | 0.3% |
| Not Rated | 10.2% |
| Money Market Funds | 2.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MCAA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> California

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBCAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS California Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $72 | 1.42% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 711358503 | Average Effective Maturity (yrs): | 19.9 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 9.4 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.3% |
| General Obligations - Schools | 14.2% |
| Airport Revenue | 11.2% |
| Healthcare Revenue - Hospitals | 10.5% |
| Utilities - Other | 7.5% |
| Secondary Schools | 4.5% |
| State & Local Agencies | 4.4% |
| Tax Assessment | 3.8% |
| Universities - Colleges | 3.7% |
| Water & Sewer Utility Revenue | 3.4% |
| Other Industries | 19.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 47.2% |
| A | 23.8% |
| BBB | 11.5% |
| BB | 2.7% |
| B | 0.3% |
| Not Rated | 10.2% |
| Money Market Funds | 2.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MCAB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> California

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MCCAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS California Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $79 | 1.57% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 711358503 | Average Effective Maturity (yrs): | 19.9 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 9.4 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.3% |
| General Obligations - Schools | 14.2% |
| Airport Revenue | 11.2% |
| Healthcare Revenue - Hospitals | 10.5% |
| Utilities - Other | 7.5% |
| Secondary Schools | 4.5% |
| State & Local Agencies | 4.4% |
| Tax Assessment | 3.8% |
| Universities - Colleges | 3.7% |
| Water & Sewer Utility Revenue | 3.4% |
| Other Industries | 19.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 47.2% |
| A | 23.8% |
| BBB | 11.5% |
| BB | 2.7% |
| B | 0.3% |
| Not Rated | 10.2% |
| Money Market Funds | 2.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MCAC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> California

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MCAVX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS California Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $29 | 0.57% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 711358503 | Average Effective Maturity (yrs): | 19.9 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 9.4 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.3% |
| General Obligations - Schools | 14.2% |
| Airport Revenue | 11.2% |
| Healthcare Revenue - Hospitals | 10.5% |
| Utilities - Other | 7.5% |
| Secondary Schools | 4.5% |
| State & Local Agencies | 4.4% |
| Tax Assessment | 3.8% |
| Universities - Colleges | 3.7% |
| Water & Sewer Utility Revenue | 3.4% |
| Other Industries | 19.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 47.2% |
| A | 23.8% |
| BBB | 11.5% |
| BB | 2.7% |
| B | 0.3% |
| Not Rated | 10.2% |
| Money Market Funds | 2.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MCAI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> California

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPOAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS California Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $26 | 0.51% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 711358503 | Average Effective Maturity (yrs): | 19.9 |
| Total Number of Holdings: | 396 | Average Effective Duration (yrs): | 9.4 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.3% |
| General Obligations - Schools | 14.2% |
| Airport Revenue | 11.2% |
| Healthcare Revenue - Hospitals | 10.5% |
| Utilities - Other | 7.5% |
| Secondary Schools | 4.5% |
| State & Local Agencies | 4.4% |
| Tax Assessment | 3.8% |
| Universities - Colleges | 3.7% |
| Water & Sewer Utility Revenue | 3.4% |
| Other Industries | 19.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 47.2% |
| A | 23.8% |
| BBB | 11.5% |
| BB | 2.7% |
| B | 0.3% |
| Not Rated | 10.2% |
| Money Market Funds | 2.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MCAR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Georgia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MMGAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Georgia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $46 | 0.90% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 108011058 | Average Effective Maturity (yrs): | 20.1 |
| Total Number of Holdings: | 186 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.8% |
| Money Market Funds | 1.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 12.5% |
| Universities - Colleges | 10.8% |
| Water & Sewer Utility Revenue | 9.2% |
| Multi-Family Housing Revenue | 9.2% |
| Utilities - Municipal Owned | 8.3% |
| Single Family Housing - State | 8.3% |
| Miscellaneous Revenue - Other | 7.1% |
| Sales & Excise Tax Revenue | 5.5% |
| General Obligations - General Purpose | 4.8% |
| Airport Revenue | 4.0% |
| Other Industries | 19.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.9% |
| AA | 47.3% |
| A | 27.4% |
| BBB | 8.2% |
| BB | 0.5% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.3% |
| Money Market Funds | 1.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MGAA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Georgia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBGAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Georgia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $84 | 1.65% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 108011058 | Average Effective Maturity (yrs): | 20.1 |
| Total Number of Holdings: | 186 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.8% |
| Money Market Funds | 1.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 12.5% |
| Universities - Colleges | 10.8% |
| Water & Sewer Utility Revenue | 9.2% |
| Multi-Family Housing Revenue | 9.2% |
| Utilities - Municipal Owned | 8.3% |
| Single Family Housing - State | 8.3% |
| Miscellaneous Revenue - Other | 7.1% |
| Sales & Excise Tax Revenue | 5.5% |
| General Obligations - General Purpose | 4.8% |
| Airport Revenue | 4.0% |
| Other Industries | 19.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.9% |
| AA | 47.3% |
| A | 27.4% |
| BBB | 8.2% |
| BB | 0.5% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.3% |
| Money Market Funds | 1.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MGAB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Georgia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MGATX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Georgia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $33 | 0.65% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 108011058 | Average Effective Maturity (yrs): | 20.1 |
| Total Number of Holdings: | 186 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.8% |
| Money Market Funds | 1.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 12.5% |
| Universities - Colleges | 10.8% |
| Water & Sewer Utility Revenue | 9.2% |
| Multi-Family Housing Revenue | 9.2% |
| Utilities - Municipal Owned | 8.3% |
| Single Family Housing - State | 8.3% |
| Miscellaneous Revenue - Other | 7.1% |
| Sales & Excise Tax Revenue | 5.5% |
| General Obligations - General Purpose | 4.8% |
| Airport Revenue | 4.0% |
| Other Industries | 19.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.9% |
| AA | 47.3% |
| A | 27.4% |
| BBB | 8.2% |
| BB | 0.5% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.3% |
| Money Market Funds | 1.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MGAI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Georgia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPGOX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Georgia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $30 | 0.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 108011058 | Average Effective Maturity (yrs): | 20.1 |
| Total Number of Holdings: | 186 | Average Effective Duration (yrs): | 9.3 |
| Portfolio Turnover Rate (%): | 11 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.8% |
| Money Market Funds | 1.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 12.5% |
| Universities - Colleges | 10.8% |
| Water & Sewer Utility Revenue | 9.2% |
| Multi-Family Housing Revenue | 9.2% |
| Utilities - Municipal Owned | 8.3% |
| Single Family Housing - State | 8.3% |
| Miscellaneous Revenue - Other | 7.1% |
| Sales & Excise Tax Revenue | 5.5% |
| General Obligations - General Purpose | 4.8% |
| Airport Revenue | 4.0% |
| Other Industries | 19.1% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 8.9% |
| AA | 47.3% |
| A | 27.4% |
| BBB | 8.2% |
| BB | 0.5% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.3% |
| Money Market Funds | 1.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MGAR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Alabama

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFALX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Alabama Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $46 | 0.90% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 68116104 | Average Effective Maturity (yrs): | 19.2 |
| Total Number of Holdings: | 153 | Average Effective Duration (yrs): | 9.0 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - General Purpose | 14.1% |
| Universities - Colleges | 13.2% |
| Water & Sewer Utility Revenue | 10.0% |
| Sales & Excise Tax Revenue | 9.0% |
| Tax - Other | 8.4% |
| Single Family Housing - State | 8.2% |
| Healthcare Revenue - Hospitals | 7.4% |
| State & Local Agencies | 4.8% |
| General Obligations - Schools | 4.6% |
| Utilities - Other | 4.6% |
| Other Industries | 14.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.3% |
| AA | 44.1% |
| A | 33.0% |
| BBB | 14.2% |
| BB | 0.6% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.2% |
| Money Market Funds | 1.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MALA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Alabama

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBABX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Alabama Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $84 | 1.65% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 68116104 | Average Effective Maturity (yrs): | 19.2 |
| Total Number of Holdings: | 153 | Average Effective Duration (yrs): | 9.0 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - General Purpose | 14.1% |
| Universities - Colleges | 13.2% |
| Water & Sewer Utility Revenue | 10.0% |
| Sales & Excise Tax Revenue | 9.0% |
| Tax - Other | 8.4% |
| Single Family Housing - State | 8.2% |
| Healthcare Revenue - Hospitals | 7.4% |
| State & Local Agencies | 4.8% |
| General Obligations - Schools | 4.6% |
| Utilities - Other | 4.6% |
| Other Industries | 14.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.3% |
| AA | 44.1% |
| A | 33.0% |
| BBB | 14.2% |
| BB | 0.6% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.2% |
| Money Market Funds | 1.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MALB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Alabama

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MLALX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Alabama Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $33 | 0.65% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 68116104 | Average Effective Maturity (yrs): | 19.2 |
| Total Number of Holdings: | 153 | Average Effective Duration (yrs): | 9.0 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - General Purpose | 14.1% |
| Universities - Colleges | 13.2% |
| Water & Sewer Utility Revenue | 10.0% |
| Sales & Excise Tax Revenue | 9.0% |
| Tax - Other | 8.4% |
| Single Family Housing - State | 8.2% |
| Healthcare Revenue - Hospitals | 7.4% |
| State & Local Agencies | 4.8% |
| General Obligations - Schools | 4.6% |
| Utilities - Other | 4.6% |
| Other Industries | 14.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.3% |
| AA | 44.1% |
| A | 33.0% |
| BBB | 14.2% |
| BB | 0.6% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.2% |
| Money Market Funds | 1.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MALI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Alabama

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPOLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Alabama Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $30 | 0.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 68116104 | Average Effective Maturity (yrs): | 19.2 |
| Total Number of Holdings: | 153 | Average Effective Duration (yrs): | 9.0 |
| Portfolio Turnover Rate (%): | 7 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.6% |
| Money Market Funds | 1.4% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - General Purpose | 14.1% |
| Universities - Colleges | 13.2% |
| Water & Sewer Utility Revenue | 10.0% |
| Sales & Excise Tax Revenue | 9.0% |
| Tax - Other | 8.4% |
| Single Family Housing - State | 8.2% |
| Healthcare Revenue - Hospitals | 7.4% |
| State & Local Agencies | 4.8% |
| General Obligations - Schools | 4.6% |
| Utilities - Other | 4.6% |
| Other Industries | 14.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.3% |
| AA | 44.1% |
| A | 33.0% |
| BBB | 14.2% |
| BB | 0.6% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 6.2% |
| Money Market Funds | 1.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MALR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Maryland

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFSMX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Maryland Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $44 | 0.86% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 150148743 | Average Effective Maturity (yrs): | 17.4 |
| Total Number of Holdings: | 224 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.6% |
| Money Market Funds | 3.4% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 16.2% |
| State & Local Agencies | 15.7% |
| General Obligations - General Purpose | 10.9% |
| Multi-Family Housing Revenue | 10.0% |
| Single Family Housing - State | 6.7% |
| Universities - Colleges | 4.1% |
| Airport Revenue | 3.4% |
| Tax Assessment | 3.1% |
| Transportation - Special Tax | 3.0% |
| Universities - Dormitories | 2.7% |
| Other Industries | 20.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.3% |
| AA | 38.7% |
| A | 27.7% |
| BBB | 10.6% |
| BB | 0.5% |
| B | 0.0% |
| CCC | 0.1% |
| Not Rated | 7.7% |
| Money Market Funds | 3.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMDA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Maryland

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBMDX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Maryland Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $82 | 1.61% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 150148743 | Average Effective Maturity (yrs): | 17.4 |
| Total Number of Holdings: | 224 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.6% |
| Money Market Funds | 3.4% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 16.2% |
| State & Local Agencies | 15.7% |
| General Obligations - General Purpose | 10.9% |
| Multi-Family Housing Revenue | 10.0% |
| Single Family Housing - State | 6.7% |
| Universities - Colleges | 4.1% |
| Airport Revenue | 3.4% |
| Tax Assessment | 3.1% |
| Transportation - Special Tax | 3.0% |
| Universities - Dormitories | 2.7% |
| Other Industries | 20.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.3% |
| AA | 38.7% |
| A | 27.7% |
| BBB | 10.6% |
| BB | 0.5% |
| B | 0.0% |
| CCC | 0.1% |
| Not Rated | 7.7% |
| Money Market Funds | 3.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMDB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Maryland

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MMDIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Maryland Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $31 | 0.61% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 150148743 | Average Effective Maturity (yrs): | 17.4 |
| Total Number of Holdings: | 224 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.6% |
| Money Market Funds | 3.4% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 16.2% |
| State & Local Agencies | 15.7% |
| General Obligations - General Purpose | 10.9% |
| Multi-Family Housing Revenue | 10.0% |
| Single Family Housing - State | 6.7% |
| Universities - Colleges | 4.1% |
| Airport Revenue | 3.4% |
| Tax Assessment | 3.1% |
| Transportation - Special Tax | 3.0% |
| Universities - Dormitories | 2.7% |
| Other Industries | 20.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.3% |
| AA | 38.7% |
| A | 27.7% |
| BBB | 10.6% |
| BB | 0.5% |
| B | 0.0% |
| CCC | 0.1% |
| Not Rated | 7.7% |
| Money Market Funds | 3.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMDI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Maryland

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPMDX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Maryland Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $28 | 0.55% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 150148743 | Average Effective Maturity (yrs): | 17.4 |
| Total Number of Holdings: | 224 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.6% |
| Money Market Funds | 3.4% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 16.2% |
| State & Local Agencies | 15.7% |
| General Obligations - General Purpose | 10.9% |
| Multi-Family Housing Revenue | 10.0% |
| Single Family Housing - State | 6.7% |
| Universities - Colleges | 4.1% |
| Airport Revenue | 3.4% |
| Tax Assessment | 3.1% |
| Transportation - Special Tax | 3.0% |
| Universities - Dormitories | 2.7% |
| Other Industries | 20.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.3% |
| AA | 38.7% |
| A | 27.7% |
| BBB | 10.6% |
| BB | 0.5% |
| B | 0.0% |
| CCC | 0.1% |
| Not Rated | 7.7% |
| Money Market Funds | 3.4% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMDR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Massachusetts

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFSSX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $42 | 0.82% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 394401504 | Average Effective Maturity (yrs): | 18.5 |
| Total Number of Holdings: | 269 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Universities - Colleges | 18.1% |
| Healthcare Revenue - Hospitals | 17.4% |
| General Obligations - General Purpose | 14.4% |
| Sales & Excise Tax Revenue | 6.5% |
| Multi-Family Housing Revenue | 6.2% |
| Airport Revenue | 5.4% |
| Student Loan Revenue | 5.2% |
| Single Family Housing - State | 4.0% |
| Utilities - Other | 3.4% |
| Miscellaneous Revenue - Other | 2.3% |
| Other Industries | 14.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 5.0% |
| AA | 45.8% |
| A | 20.0% |
| BBB | 19.4% |
| BB | 2.3% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 4.2% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMAA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Massachusetts

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBMAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $79 | 1.57% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 394401504 | Average Effective Maturity (yrs): | 18.5 |
| Total Number of Holdings: | 269 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Universities - Colleges | 18.1% |
| Healthcare Revenue - Hospitals | 17.4% |
| General Obligations - General Purpose | 14.4% |
| Sales & Excise Tax Revenue | 6.5% |
| Multi-Family Housing Revenue | 6.2% |
| Airport Revenue | 5.4% |
| Student Loan Revenue | 5.2% |
| Single Family Housing - State | 4.0% |
| Utilities - Other | 3.4% |
| Miscellaneous Revenue - Other | 2.3% |
| Other Industries | 14.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 5.0% |
| AA | 45.8% |
| A | 20.0% |
| BBB | 19.4% |
| BB | 2.3% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 4.2% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMAB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Massachusetts

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MTALX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $29 | 0.57% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 394401504 | Average Effective Maturity (yrs): | 18.5 |
| Total Number of Holdings: | 269 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Universities - Colleges | 18.1% |
| Healthcare Revenue - Hospitals | 17.4% |
| General Obligations - General Purpose | 14.4% |
| Sales & Excise Tax Revenue | 6.5% |
| Multi-Family Housing Revenue | 6.2% |
| Airport Revenue | 5.4% |
| Student Loan Revenue | 5.2% |
| Single Family Housing - State | 4.0% |
| Utilities - Other | 3.4% |
| Miscellaneous Revenue - Other | 2.3% |
| Other Industries | 14.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 5.0% |
| AA | 45.8% |
| A | 20.0% |
| BBB | 19.4% |
| BB | 2.3% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 4.2% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMAI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Massachusetts

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPMAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Massachusetts Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $25 | 0.49% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 394401504 | Average Effective Maturity (yrs): | 18.5 |
| Total Number of Holdings: | 269 | Average Effective Duration (yrs): | 7.9 |
| Portfolio Turnover Rate (%): | 8 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Universities - Colleges | 18.1% |
| Healthcare Revenue - Hospitals | 17.4% |
| General Obligations - General Purpose | 14.4% |
| Sales & Excise Tax Revenue | 6.5% |
| Multi-Family Housing Revenue | 6.2% |
| Airport Revenue | 5.4% |
| Student Loan Revenue | 5.2% |
| Single Family Housing - State | 4.0% |
| Utilities - Other | 3.4% |
| Miscellaneous Revenue - Other | 2.3% |
| Other Industries | 14.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 5.0% |
| AA | 45.8% |
| A | 20.0% |
| BBB | 19.4% |
| BB | 2.3% |
| B | 0.1% |
| CC | 0.1% |
| Not Rated | 4.2% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMAR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Mississippi

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MISSX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Mississippi Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $39 | 0.76% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 63218460 | Average Effective Maturity (yrs): | 18.4 |
| Total Number of Holdings: | 133 | Average Effective Duration (yrs): | 8.5 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.4% |
| Money Market Funds | 1.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Single Family Housing - State | 14.8% |
| General Obligations - Schools | 13.9% |
| General Obligations - General Purpose | 13.6% |
| Universities - Colleges | 13.3% |
| Water & Sewer Utility Revenue | 10.3% |
| State & Local Agencies | 5.8% |
| Sales & Excise Tax Revenue | 5.6% |
| Tax - Other | 4.3% |
| Healthcare Revenue - Hospitals | 3.2% |
| Multi-Family Housing Revenue | 2.9% |
| Other Industries | 10.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 67.4% |
| A | 14.9% |
| BBB | 8.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 7.6% |
| Money Market Funds | 1.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMPA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Mississippi

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBMSX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Mississippi Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $72 | 1.41% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 63218460 | Average Effective Maturity (yrs): | 18.4 |
| Total Number of Holdings: | 133 | Average Effective Duration (yrs): | 8.5 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.4% |
| Money Market Funds | 1.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Single Family Housing - State | 14.8% |
| General Obligations - Schools | 13.9% |
| General Obligations - General Purpose | 13.6% |
| Universities - Colleges | 13.3% |
| Water & Sewer Utility Revenue | 10.3% |
| State & Local Agencies | 5.8% |
| Sales & Excise Tax Revenue | 5.6% |
| Tax - Other | 4.3% |
| Healthcare Revenue - Hospitals | 3.2% |
| Multi-Family Housing Revenue | 2.9% |
| Other Industries | 10.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 67.4% |
| A | 14.9% |
| BBB | 8.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 7.6% |
| Money Market Funds | 1.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMPB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Mississippi

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MMSTX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Mississippi Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $34 | 0.66% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 63218460 | Average Effective Maturity (yrs): | 18.4 |
| Total Number of Holdings: | 133 | Average Effective Duration (yrs): | 8.5 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.4% |
| Money Market Funds | 1.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Single Family Housing - State | 14.8% |
| General Obligations - Schools | 13.9% |
| General Obligations - General Purpose | 13.6% |
| Universities - Colleges | 13.3% |
| Water & Sewer Utility Revenue | 10.3% |
| State & Local Agencies | 5.8% |
| Sales & Excise Tax Revenue | 5.6% |
| Tax - Other | 4.3% |
| Healthcare Revenue - Hospitals | 3.2% |
| Multi-Family Housing Revenue | 2.9% |
| Other Industries | 10.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 67.4% |
| A | 14.9% |
| BBB | 8.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 7.6% |
| Money Market Funds | 1.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMPI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Mississippi

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPMSX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Mississippi Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $30 | 0.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 63218460 | Average Effective Maturity (yrs): | 18.4 |
| Total Number of Holdings: | 133 | Average Effective Duration (yrs): | 8.5 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.4% |
| Money Market Funds | 1.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Single Family Housing - State | 14.8% |
| General Obligations - Schools | 13.9% |
| General Obligations - General Purpose | 13.6% |
| Universities - Colleges | 13.3% |
| Water & Sewer Utility Revenue | 10.3% |
| State & Local Agencies | 5.8% |
| Sales & Excise Tax Revenue | 5.6% |
| Tax - Other | 4.3% |
| Healthcare Revenue - Hospitals | 3.2% |
| Multi-Family Housing Revenue | 2.9% |
| Other Industries | 10.7% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AA | 67.4% |
| A | 14.9% |
| BBB | 8.1% |
| BB | 0.3% |
| B | 0.1% |
| Not Rated | 7.6% |
| Money Market Funds | 1.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MMPR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> New York

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MSNYX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New York Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $42 | 0.83% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 182204136 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 182 | Average Effective Duration (yrs): | 8.7 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.1% |
| Money Market Funds | 2.9% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 15.2% |
| Healthcare Revenue - Hospitals | 12.5% |
| Airport Revenue | 8.2% |
| Transportation - Special Tax | 6.5% |
| Secondary Schools | 5.7% |
| Universities - Colleges | 5.6% |
| Miscellaneous Revenue - Other | 5.5% |
| Tax - Other | 5.5% |
| State & Local Agencies | 4.2% |
| General Obligations - General Purpose | 3.7% |
| Other Industries | 24.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 32.1% |
| A | 25.1% |
| BBB | 23.1% |
| BB | 2.8% |
| B | 2.4% |
| CCC | 0.1% |
| CC | 0.7% |
| Not Rated | 8.7% |
| Money Market Funds | 2.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNYA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> New York

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBNYX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New York Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $80 | 1.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 182204136 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 182 | Average Effective Duration (yrs): | 8.7 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.1% |
| Money Market Funds | 2.9% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 15.2% |
| Healthcare Revenue - Hospitals | 12.5% |
| Airport Revenue | 8.2% |
| Transportation - Special Tax | 6.5% |
| Secondary Schools | 5.7% |
| Universities - Colleges | 5.6% |
| Miscellaneous Revenue - Other | 5.5% |
| Tax - Other | 5.5% |
| State & Local Agencies | 4.2% |
| General Obligations - General Purpose | 3.7% |
| Other Industries | 24.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 32.1% |
| A | 25.1% |
| BBB | 23.1% |
| BB | 2.8% |
| B | 2.4% |
| CCC | 0.1% |
| CC | 0.7% |
| Not Rated | 8.7% |
| Money Market Funds | 2.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNYB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> New York

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MCNYX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New York Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $80 | 1.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 182204136 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 182 | Average Effective Duration (yrs): | 8.7 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.1% |
| Money Market Funds | 2.9% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 15.2% |
| Healthcare Revenue - Hospitals | 12.5% |
| Airport Revenue | 8.2% |
| Transportation - Special Tax | 6.5% |
| Secondary Schools | 5.7% |
| Universities - Colleges | 5.6% |
| Miscellaneous Revenue - Other | 5.5% |
| Tax - Other | 5.5% |
| State & Local Agencies | 4.2% |
| General Obligations - General Purpose | 3.7% |
| Other Industries | 24.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 32.1% |
| A | 25.1% |
| BBB | 23.1% |
| BB | 2.8% |
| B | 2.4% |
| CCC | 0.1% |
| CC | 0.7% |
| Not Rated | 8.7% |
| Money Market Funds | 2.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNYC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> New York

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MNYLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New York Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $29 | 0.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 182204136 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 182 | Average Effective Duration (yrs): | 8.7 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.1% |
| Money Market Funds | 2.9% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 15.2% |
| Healthcare Revenue - Hospitals | 12.5% |
| Airport Revenue | 8.2% |
| Transportation - Special Tax | 6.5% |
| Secondary Schools | 5.7% |
| Universities - Colleges | 5.6% |
| Miscellaneous Revenue - Other | 5.5% |
| Tax - Other | 5.5% |
| State & Local Agencies | 4.2% |
| General Obligations - General Purpose | 3.7% |
| Other Industries | 24.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 32.1% |
| A | 25.1% |
| BBB | 23.1% |
| BB | 2.8% |
| B | 2.4% |
| CCC | 0.1% |
| CC | 0.7% |
| Not Rated | 8.7% |
| Money Market Funds | 2.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNYI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> New York

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPNYX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS New York Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $25 | 0.50% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 182204136 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 182 | Average Effective Duration (yrs): | 8.7 |
| Portfolio Turnover Rate (%): | 6 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.1% |
| Money Market Funds | 2.9% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 15.2% |
| Healthcare Revenue - Hospitals | 12.5% |
| Airport Revenue | 8.2% |
| Transportation - Special Tax | 6.5% |
| Secondary Schools | 5.7% |
| Universities - Colleges | 5.6% |
| Miscellaneous Revenue - Other | 5.5% |
| Tax - Other | 5.5% |
| State & Local Agencies | 4.2% |
| General Obligations - General Purpose | 3.7% |
| Other Industries | 24.5% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 32.1% |
| A | 25.1% |
| BBB | 23.1% |
| BB | 2.8% |
| B | 2.4% |
| CCC | 0.1% |
| CC | 0.7% |
| Not Rated | 8.7% |
| Money Market Funds | 2.9% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNYR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> North Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MSNCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS North Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $43 | 0.84% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 513297728 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 280 | Average Effective Duration (yrs): | 8.6 |
| Portfolio Turnover Rate (%): | 2 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 15.7% |
| State & Local Agencies | 9.7% |
| Single Family Housing - State | 9.6% |
| Universities - Colleges | 9.0% |
| Healthcare Revenue - Hospitals | 8.3% |
| Healthcare Revenue - Long Term Care | 8.1% |
| Airport Revenue | 7.5% |
| Multi-Family Housing Revenue | 4.4% |
| General Obligations - General Purpose | 4.2% |
| Toll Roads | 4.1% |
| Other Industries | 16.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.7% |
| AA | 53.5% |
| A | 15.7% |
| BBB | 12.0% |
| BB | 0.7% |
| B | 0.1% |
| CCC | 0.5% |
| Not Rated | 7.7% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNCA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> North Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBNCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS North Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $80 | 1.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 513297728 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 280 | Average Effective Duration (yrs): | 8.6 |
| Portfolio Turnover Rate (%): | 2 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 15.7% |
| State & Local Agencies | 9.7% |
| Single Family Housing - State | 9.6% |
| Universities - Colleges | 9.0% |
| Healthcare Revenue - Hospitals | 8.3% |
| Healthcare Revenue - Long Term Care | 8.1% |
| Airport Revenue | 7.5% |
| Multi-Family Housing Revenue | 4.4% |
| General Obligations - General Purpose | 4.2% |
| Toll Roads | 4.1% |
| Other Industries | 16.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.7% |
| AA | 53.5% |
| A | 15.7% |
| BBB | 12.0% |
| BB | 0.7% |
| B | 0.1% |
| CCC | 0.5% |
| Not Rated | 7.7% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNCB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> North Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MCNCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS North Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $80 | 1.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 513297728 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 280 | Average Effective Duration (yrs): | 8.6 |
| Portfolio Turnover Rate (%): | 2 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 15.7% |
| State & Local Agencies | 9.7% |
| Single Family Housing - State | 9.6% |
| Universities - Colleges | 9.0% |
| Healthcare Revenue - Hospitals | 8.3% |
| Healthcare Revenue - Long Term Care | 8.1% |
| Airport Revenue | 7.5% |
| Multi-Family Housing Revenue | 4.4% |
| General Obligations - General Purpose | 4.2% |
| Toll Roads | 4.1% |
| Other Industries | 16.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.7% |
| AA | 53.5% |
| A | 15.7% |
| BBB | 12.0% |
| BB | 0.7% |
| B | 0.1% |
| CCC | 0.5% |
| Not Rated | 7.7% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNCC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> North Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MNCLX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS North Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $30 | 0.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 513297728 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 280 | Average Effective Duration (yrs): | 8.6 |
| Portfolio Turnover Rate (%): | 2 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 15.7% |
| State & Local Agencies | 9.7% |
| Single Family Housing - State | 9.6% |
| Universities - Colleges | 9.0% |
| Healthcare Revenue - Hospitals | 8.3% |
| Healthcare Revenue - Long Term Care | 8.1% |
| Airport Revenue | 7.5% |
| Multi-Family Housing Revenue | 4.4% |
| General Obligations - General Purpose | 4.2% |
| Toll Roads | 4.1% |
| Other Industries | 16.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.7% |
| AA | 53.5% |
| A | 15.7% |
| BBB | 12.0% |
| BB | 0.7% |
| B | 0.1% |
| CCC | 0.5% |
| Not Rated | 7.7% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNCI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> North Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPNCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS North Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $26 | 0.52% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 513297728 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 280 | Average Effective Duration (yrs): | 8.6 |
| Portfolio Turnover Rate (%): | 2 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.9% |
| Money Market Funds | 3.1% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 15.7% |
| State & Local Agencies | 9.7% |
| Single Family Housing - State | 9.6% |
| Universities - Colleges | 9.0% |
| Healthcare Revenue - Hospitals | 8.3% |
| Healthcare Revenue - Long Term Care | 8.1% |
| Airport Revenue | 7.5% |
| Multi-Family Housing Revenue | 4.4% |
| General Obligations - General Purpose | 4.2% |
| Toll Roads | 4.1% |
| Other Industries | 16.3% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 6.7% |
| AA | 53.5% |
| A | 15.7% |
| BBB | 12.0% |
| BB | 0.7% |
| B | 0.1% |
| CCC | 0.5% |
| Not Rated | 7.7% |
| Money Market Funds | 3.1% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MNCR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Pennsylvania

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFPAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Pennsylvania Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $35 | 0.69% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 179786078 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 235 | Average Effective Duration (yrs): | 8.2 |
| Portfolio Turnover Rate (%): | 3 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.3% |
| Money Market Funds | 1.7% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - Schools | 14.0% |
| Healthcare Revenue - Hospitals | 13.6% |
| Universities - Colleges | 12.4% |
| Single Family Housing - State | 8.8% |
| Water & Sewer Utility Revenue | 6.4% |
| General Obligations - General Purpose | 5.9% |
| Healthcare Revenue - Long Term Care | 4.9% |
| Airport Revenue | 4.1% |
| Student Loan Revenue | 3.7% |
| Multi-Family Housing Revenue | 3.5% |
| Other Industries | 21.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.7% |
| AA | 45.5% |
| A | 29.7% |
| BBB | 11.9% |
| BB | 4.0% |
| B | 0.0% |
| Not Rated | 6.5% |
| Money Market Funds | 1.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MPAA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Pennsylvania

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBPAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Pennsylvania Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $73 | 1.44% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 179786078 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 235 | Average Effective Duration (yrs): | 8.2 |
| Portfolio Turnover Rate (%): | 3 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.3% |
| Money Market Funds | 1.7% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - Schools | 14.0% |
| Healthcare Revenue - Hospitals | 13.6% |
| Universities - Colleges | 12.4% |
| Single Family Housing - State | 8.8% |
| Water & Sewer Utility Revenue | 6.4% |
| General Obligations - General Purpose | 5.9% |
| Healthcare Revenue - Long Term Care | 4.9% |
| Airport Revenue | 4.1% |
| Student Loan Revenue | 3.7% |
| Multi-Family Housing Revenue | 3.5% |
| Other Industries | 21.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.7% |
| AA | 45.5% |
| A | 29.7% |
| BBB | 11.9% |
| BB | 4.0% |
| B | 0.0% |
| Not Rated | 6.5% |
| Money Market Funds | 1.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MPAB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Pennsylvania

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MPALX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Pennsylvania Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $30 | 0.59% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 179786078 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 235 | Average Effective Duration (yrs): | 8.2 |
| Portfolio Turnover Rate (%): | 3 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.3% |
| Money Market Funds | 1.7% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - Schools | 14.0% |
| Healthcare Revenue - Hospitals | 13.6% |
| Universities - Colleges | 12.4% |
| Single Family Housing - State | 8.8% |
| Water & Sewer Utility Revenue | 6.4% |
| General Obligations - General Purpose | 5.9% |
| Healthcare Revenue - Long Term Care | 4.9% |
| Airport Revenue | 4.1% |
| Student Loan Revenue | 3.7% |
| Multi-Family Housing Revenue | 3.5% |
| Other Industries | 21.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.7% |
| AA | 45.5% |
| A | 29.7% |
| BBB | 11.9% |
| BB | 4.0% |
| B | 0.0% |
| Not Rated | 6.5% |
| Money Market Funds | 1.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MPAI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Pennsylvania

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPPAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Pennsylvania Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $26 | 0.52% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 179786078 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 235 | Average Effective Duration (yrs): | 8.2 |
| Portfolio Turnover Rate (%): | 3 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 98.3% |
| Money Market Funds | 1.7% |

---

 **Industries**

---

| | |
|:---|:---|
| General Obligations - Schools | 14.0% |
| Healthcare Revenue - Hospitals | 13.6% |
| Universities - Colleges | 12.4% |
| Single Family Housing - State | 8.8% |
| Water & Sewer Utility Revenue | 6.4% |
| General Obligations - General Purpose | 5.9% |
| Healthcare Revenue - Long Term Care | 4.9% |
| Airport Revenue | 4.1% |
| Student Loan Revenue | 3.7% |
| Multi-Family Housing Revenue | 3.5% |
| Other Industries | 21.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 0.7% |
| AA | 45.5% |
| A | 29.7% |
| BBB | 11.9% |
| BB | 4.0% |
| B | 0.0% |
| Not Rated | 6.5% |
| Money Market Funds | 1.7% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MPAR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> South Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFSCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS South Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $44 | 0.86% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 219785946 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 212 | Average Effective Duration (yrs): | 9.1 |
| Portfolio Turnover Rate (%): | 10 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 13.5% |
| Healthcare Revenue - Hospitals | 13.1% |
| Single Family Housing - State | 10.3% |
| State & Local Agencies | 8.2% |
| Universities - Colleges | 6.4% |
| Airport Revenue | 5.0% |
| Utilities - Municipal Owned | 5.0% |
| General Obligations - Schools | 4.8% |
| Multi-Family Housing Revenue | 4.8% |
| Port Revenue | 4.3% |
| Other Industries | 22.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.0% |
| AA | 33.7% |
| A | 36.4% |
| BBB | 5.9% |
| BB | 2.4% |
| B | 0.1% |
| Not Rated | 6.9% |
| Money Market Funds | 2.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MSCA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> South Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBSCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS South Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $81 | 1.61% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 219785946 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 212 | Average Effective Duration (yrs): | 9.1 |
| Portfolio Turnover Rate (%): | 10 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 13.5% |
| Healthcare Revenue - Hospitals | 13.1% |
| Single Family Housing - State | 10.3% |
| State & Local Agencies | 8.2% |
| Universities - Colleges | 6.4% |
| Airport Revenue | 5.0% |
| Utilities - Municipal Owned | 5.0% |
| General Obligations - Schools | 4.8% |
| Multi-Family Housing Revenue | 4.8% |
| Port Revenue | 4.3% |
| Other Industries | 22.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.0% |
| AA | 33.7% |
| A | 36.4% |
| BBB | 5.9% |
| BB | 2.4% |
| B | 0.1% |
| Not Rated | 6.9% |
| Money Market Funds | 2.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MSCB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> South Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MTSCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS South Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $31 | 0.61% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 219785946 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 212 | Average Effective Duration (yrs): | 9.1 |
| Portfolio Turnover Rate (%): | 10 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 13.5% |
| Healthcare Revenue - Hospitals | 13.1% |
| Single Family Housing - State | 10.3% |
| State & Local Agencies | 8.2% |
| Universities - Colleges | 6.4% |
| Airport Revenue | 5.0% |
| Utilities - Municipal Owned | 5.0% |
| General Obligations - Schools | 4.8% |
| Multi-Family Housing Revenue | 4.8% |
| Port Revenue | 4.3% |
| Other Industries | 22.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.0% |
| AA | 33.7% |
| A | 36.4% |
| BBB | 5.9% |
| BB | 2.4% |
| B | 0.1% |
| Not Rated | 6.9% |
| Money Market Funds | 2.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MSCI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> South Carolina

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPOCX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS South Carolina Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $27 | 0.54% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 219785946 | Average Effective Maturity (yrs): | 20.3 |
| Total Number of Holdings: | 212 | Average Effective Duration (yrs): | 9.1 |
| Portfolio Turnover Rate (%): | 10 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 97.4% |
| Money Market Funds | 2.6% |

---

 **Industries**

---

| | |
|:---|:---|
| Water & Sewer Utility Revenue | 13.5% |
| Healthcare Revenue - Hospitals | 13.1% |
| Single Family Housing - State | 10.3% |
| State & Local Agencies | 8.2% |
| Universities - Colleges | 6.4% |
| Airport Revenue | 5.0% |
| Utilities - Municipal Owned | 5.0% |
| General Obligations - Schools | 4.8% |
| Multi-Family Housing Revenue | 4.8% |
| Port Revenue | 4.3% |
| Other Industries | 22.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 12.0% |
| AA | 33.7% |
| A | 36.4% |
| BBB | 5.9% |
| BB | 2.4% |
| B | 0.1% |
| Not Rated | 6.9% |
| Money Market Funds | 2.6% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MSCR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MSVAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $42 | 0.83% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358037982 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 234 | Average Effective Duration (yrs): | 8.3 |
| Portfolio Turnover Rate (%): | 4 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.8% |
| Money Market Funds | 4.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.1% |
| Healthcare Revenue - Hospitals | 12.8% |
| Water & Sewer Utility Revenue | 8.7% |
| State & Local Agencies | 8.5% |
| Universities - Colleges | 6.7% |
| General Obligations - General Purpose | 6.7% |
| Toll Roads | 6.4% |
| Sales & Excise Tax Revenue | 5.9% |
| Transportation - Special Tax | 3.6% |
| Healthcare Revenue - Long Term Care | 3.4% |
| Other Industries | 19.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.7% |
| AA | 49.7% |
| A | 17.6% |
| BBB | 9.7% |
| BB | 1.2% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.1% |
| Not Rated | 5.1% |
| Money Market Funds | 4.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MVAA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBVAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $80 | 1.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358037982 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 234 | Average Effective Duration (yrs): | 8.3 |
| Portfolio Turnover Rate (%): | 4 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.8% |
| Money Market Funds | 4.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.1% |
| Healthcare Revenue - Hospitals | 12.8% |
| Water & Sewer Utility Revenue | 8.7% |
| State & Local Agencies | 8.5% |
| Universities - Colleges | 6.7% |
| General Obligations - General Purpose | 6.7% |
| Toll Roads | 6.4% |
| Sales & Excise Tax Revenue | 5.9% |
| Transportation - Special Tax | 3.6% |
| Healthcare Revenue - Long Term Care | 3.4% |
| Other Industries | 19.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.7% |
| AA | 49.7% |
| A | 17.6% |
| BBB | 9.7% |
| BB | 1.2% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.1% |
| Not Rated | 5.1% |
| Money Market Funds | 4.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MVAB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class C-MVACX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| C | $80 | 1.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358037982 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 234 | Average Effective Duration (yrs): | 8.3 |
| Portfolio Turnover Rate (%): | 4 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.8% |
| Money Market Funds | 4.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.1% |
| Healthcare Revenue - Hospitals | 12.8% |
| Water & Sewer Utility Revenue | 8.7% |
| State & Local Agencies | 8.5% |
| Universities - Colleges | 6.7% |
| General Obligations - General Purpose | 6.7% |
| Toll Roads | 6.4% |
| Sales & Excise Tax Revenue | 5.9% |
| Transportation - Special Tax | 3.6% |
| Healthcare Revenue - Long Term Care | 3.4% |
| Other Industries | 19.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.7% |
| AA | 49.7% |
| A | 17.6% |
| BBB | 9.7% |
| BB | 1.2% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.1% |
| Not Rated | 5.1% |
| Money Market Funds | 4.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MVAC-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MIVAX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $29 | 0.58% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358037982 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 234 | Average Effective Duration (yrs): | 8.3 |
| Portfolio Turnover Rate (%): | 4 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.8% |
| Money Market Funds | 4.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.1% |
| Healthcare Revenue - Hospitals | 12.8% |
| Water & Sewer Utility Revenue | 8.7% |
| State & Local Agencies | 8.5% |
| Universities - Colleges | 6.7% |
| General Obligations - General Purpose | 6.7% |
| Toll Roads | 6.4% |
| Sales & Excise Tax Revenue | 5.9% |
| Transportation - Special Tax | 3.6% |
| Healthcare Revenue - Long Term Care | 3.4% |
| Other Industries | 19.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.7% |
| AA | 49.7% |
| A | 17.6% |
| BBB | 9.7% |
| BB | 1.2% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.1% |
| Not Rated | 5.1% |
| Money Market Funds | 4.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MVAI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPVOX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $25 | 0.50% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 358037982 | Average Effective Maturity (yrs): | 18.7 |
| Total Number of Holdings: | 234 | Average Effective Duration (yrs): | 8.3 |
| Portfolio Turnover Rate (%): | 4 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 95.8% |
| Money Market Funds | 4.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Multi-Family Housing Revenue | 14.1% |
| Healthcare Revenue - Hospitals | 12.8% |
| Water & Sewer Utility Revenue | 8.7% |
| State & Local Agencies | 8.5% |
| Universities - Colleges | 6.7% |
| General Obligations - General Purpose | 6.7% |
| Toll Roads | 6.4% |
| Sales & Excise Tax Revenue | 5.9% |
| Transportation - Special Tax | 3.6% |
| Healthcare Revenue - Long Term Care | 3.4% |
| Other Industries | 19.0% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 11.7% |
| AA | 49.7% |
| A | 17.6% |
| BBB | 9.7% |
| BB | 1.2% |
| B | 0.3% |
| CCC | 0.4% |
| CC | 0.1% |
| Not Rated | 5.1% |
| Money Market Funds | 4.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MVAR6-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> West Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class A-MFWVX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS West Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| A | $44 | 0.87% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 86682823 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 136 | Average Effective Duration (yrs): | 7.8 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 94.8% |
| Money Market Funds | 5.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Single Family Housing - State | 14.6% |
| Water & Sewer Utility Revenue | 11.8% |
| State & Local Agencies | 9.4% |
| Universities - Colleges | 9.0% |
| General Obligations - General Purpose | 6.2% |
| Miscellaneous Revenue - Other | 5.1% |
| Sales & Excise Tax Revenue | 4.4% |
| General Obligations - Schools | 4.3% |
| Tax - Other | 3.6% |
| Other Industries | 10.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 14.6% |
| AA | 29.4% |
| A | 31.6% |
| BBB | 8.2% |
| BB | 2.2% |
| B | 0.1% |
| Not Rated | 8.7% |
| Money Market Funds | 5.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MWVA-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> West Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class B-MBWVX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS West Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| B | $82 | 1.62% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 86682823 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 136 | Average Effective Duration (yrs): | 7.8 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 94.8% |
| Money Market Funds | 5.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Single Family Housing - State | 14.6% |
| Water & Sewer Utility Revenue | 11.8% |
| State & Local Agencies | 9.4% |
| Universities - Colleges | 9.0% |
| General Obligations - General Purpose | 6.2% |
| Miscellaneous Revenue - Other | 5.1% |
| Sales & Excise Tax Revenue | 4.4% |
| General Obligations - Schools | 4.3% |
| Tax - Other | 3.6% |
| Other Industries | 10.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 14.6% |
| AA | 29.4% |
| A | 31.6% |
| BBB | 8.2% |
| BB | 2.2% |
| B | 0.1% |
| Not Rated | 8.7% |
| Money Market Funds | 5.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MWVB-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> West Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class I-MWVIX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS West Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| I | $32 | 0.62% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 86682823 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 136 | Average Effective Duration (yrs): | 7.8 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 94.8% |
| Money Market Funds | 5.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Single Family Housing - State | 14.6% |
| Water & Sewer Utility Revenue | 11.8% |
| State & Local Agencies | 9.4% |
| Universities - Colleges | 9.0% |
| General Obligations - General Purpose | 6.2% |
| Miscellaneous Revenue - Other | 5.1% |
| Sales & Excise Tax Revenue | 4.4% |
| General Obligations - Schools | 4.3% |
| Tax - Other | 3.6% |
| Other Industries | 10.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 14.6% |
| AA | 29.4% |
| A | 31.6% |
| BBB | 8.2% |
| BB | 2.2% |
| B | 0.1% |
| Not Rated | 8.7% |
| Money Market Funds | 5.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MWVI-SEM

![MFSLOGO_RED.EPS](images_1167.jpg)

MFS<sup>®</sup> West Virginia

Municipal Bond Fund

![TSR_Ribbon_red](images_1171.jpg)

Class R6-MPWVX

Semiannual Shareholder Report

This semiannual shareholder report contains important information about MFS West Virginia Municipal Bond Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at funds.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last six months?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| R6 | $28 | 0.55% |

---

FUND STATISTICS AS OF 9/30/25

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 86682823 | Average Effective Maturity (yrs): | 18.3 |
| Total Number of Holdings: | 136 | Average Effective Duration (yrs): | 7.8 |
| Portfolio Turnover Rate (%): | 5 |  |  |

---

Where the fund holds derivatives, they are not included in the total number of portfolio holdings.

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 9/30/25)

 **Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 94.8% |
| Money Market Funds | 5.2% |

---

 **Industries**

---

| | |
|:---|:---|
| Healthcare Revenue - Hospitals | 15.6% |
| Single Family Housing - State | 14.6% |
| Water & Sewer Utility Revenue | 11.8% |
| State & Local Agencies | 9.4% |
| Universities - Colleges | 9.0% |
| General Obligations - General Purpose | 6.2% |
| Miscellaneous Revenue - Other | 5.1% |
| Sales & Excise Tax Revenue | 4.4% |
| General Obligations - Schools | 4.3% |
| Tax - Other | 3.6% |
| Other Industries | 10.8% |

---

 **Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 14.6% |
| AA | 29.4% |
| A | 31.6% |
| BBB | 8.2% |
| BB | 2.2% |
| B | 0.1% |
| Not Rated | 8.7% |
| Money Market Funds | 5.2% |

---

Ratings are assigned using Moody's, Fitch, and Standard & Poor's and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.

For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).

#### ADDITIONAL INFORMATION
You can find the fund's summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at funds.mfs.com. Proxy voting information is available without charge by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC's website at http://www.sec.gov.

#### IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-225-2606 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.

MWVR6-SEM

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1(b):
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.

------

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.

------

MFS Municipal Intermediate Fund

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Municipal Intermediate Fund

**Portfolio of Investments - 9/30/25 (unaudited)**

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 – 94.8% | Municipal Bonds – 94.8% | Municipal Bonds – 94.8% |
| Alabama – 3.7% | Alabama – 3.7% | Alabama – 3.7% |
| Baldwin County, AL, Industrial Development Authority, County Solid Waste Disposal Rev. (Novelis Corp. Project), "B", 4.625%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| $135000 | &nbsp;&nbsp; $135285 |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 465000 | &nbsp;&nbsp; 475587 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 4%, 6/01/2051 (Put Date 12/01/2031) | 185000 | &nbsp;&nbsp; 191220 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 730000 | &nbsp;&nbsp; 759331 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5.5%, 10/01/2054 (Put Date 6/01/2032) | 250000 | &nbsp;&nbsp; 276429 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5%, 5/01/2055 (Put Date 7/01/2031) | 365000 | &nbsp;&nbsp; 396148 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345000 | &nbsp;&nbsp; 367964 |
| Black Belt Energy Gas District, AL, Gas Supply Rev., "D-1", 4%, 7/01/2052 (Put Date 6/01/2027) | 315000 | &nbsp;&nbsp; 320573 |
| Board of Trustees of Alabama State University, General Tuition & Fee Rev., AGM, 5.25%, 9/01/2038  | 650000 | &nbsp;&nbsp; 722736 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B-1", 5.75%, 4/01/2054 (Put Date 11/01/2031) | 345000 | &nbsp;&nbsp; 386550 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", BAM, 5%, 8/01/2037 <br>| 1275000 | &nbsp;&nbsp; 1388923 |
| Jefferson County, AL, Sewer Rev. Warrants, 5%, 10/01/2038  | 750000 | &nbsp;&nbsp; 807623 |
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), "A", 4%, <br> 2/01/2037 <br>| 1110000 | &nbsp;&nbsp; 1084294 |
| Southeast Alabama Energy Authority (Project No. 2), "A", 4%, 12/01/2051 (Put Date 12/01/2031) | 750000 | &nbsp;&nbsp; 768493 |
| Southeast Alabama Energy Authority (Project No. 3), "A-1", 5.5%, 1/01/2053 (Put Date 12/01/2029) | 215000 | &nbsp;&nbsp; 233477 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1000000 | &nbsp;&nbsp; 1060041 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 515000 | &nbsp;&nbsp; 542827 |
| Southeast Alabama Energy Authority, "C", 5%, 10/01/2055 (Put Date 11/01/2032) | 1230000 | &nbsp;&nbsp; 1341669 |
| Southeast Alabama Gas Supply District Refunding Rev. (Project No. 2), "B", 5%, 6/01/2049 (Put Date 5/01/2032) | 500000 | &nbsp;&nbsp; 542070 |
|  |  | &nbsp;&nbsp; $11801240 |
| Alaska – 0.5% | Alaska – 0.5% | Alaska – 0.5% |
| Alaska Housing Finance Corp., General Mortgage Rev. II, "C", 5.75%, 12/01/2052  | $305000 | &nbsp;&nbsp; $323913 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039  | 1300000 | &nbsp;&nbsp; 1414843 |
|  |  | &nbsp;&nbsp; $1738756 |
| Arizona – 2.4% | Arizona – 2.4% | Arizona – 2.4% |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033  | $465000 | &nbsp;&nbsp; $465803 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 4.43%, 7/01/2033  | 500000 | &nbsp;&nbsp; 500683 |
| Arizona Industrial Development Authority, Multi-Family (Hacienda Del Rio Project), FNMA, 4.5%, 6/01/2041  | 797730 | &nbsp;&nbsp; 810547 |
| Arizona Industrial Development Authority, Multi-Family Housing Rev. (Unity at West Glendale Project), 5%, <br> 3/01/2045 (Put Date 9/01/2026)<br>| 67000 | &nbsp;&nbsp; 67764 |
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | 1255000 | &nbsp;&nbsp; 1276326 |
| Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), "A", 4.125%, 9/01/2032 (Put Date 3/31/2026) | 155000 | &nbsp;&nbsp; 155554 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional School Projects), "A", 5%, 7/01/2035  | 1000000 | &nbsp;&nbsp; 1054586 |
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), "B", 0.875%, <br> 6/01/2043 (Put Date 10/01/2026)<br>| 15000 | &nbsp;&nbsp; 14561 |
| Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6.5%, 3/01/2055  | 275000 | &nbsp;&nbsp; 308246 |
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 3.85%, <br> 12/01/2035 (Put Date 11/03/2025)<br>| 1600000 | &nbsp;&nbsp; 1599753 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona <br> State University Project), "A", 5%, 7/01/2026 <br>| 200000 | &nbsp;&nbsp; 201977 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "B", GNMA, 6.5%, 1/01/2055  | 330000 | &nbsp;&nbsp; 368149 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, 6/15/2038  | 500000 | &nbsp;&nbsp; 508277 |

---

MIUFS-SEM

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), "A", 4%, 12/01/2026  | $245000 | &nbsp;&nbsp; $245181 |
|  |  | &nbsp;&nbsp; $7577407 |
| Arkansas – 0.1% | Arkansas – 0.1% | Arkansas – 0.1% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028  | $135000 | &nbsp;&nbsp; $134761 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2027  | 125000 | &nbsp;&nbsp; 125262 |
|  |  | &nbsp;&nbsp; $260023 |
| California – 4.5% | California – 4.5% | California – 4.5% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, <br> 1/01/2054 (Put Date 10/01/2031)<br>| $770000 | &nbsp;&nbsp; $821522 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| 285000 | &nbsp;&nbsp; 307241 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 12/01/2055 (Put Date 10/01/2033)<br>| 490000 | &nbsp;&nbsp; 525927 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, <br> 10/01/2054 (Put Date 11/01/2030)<br>| 395000 | &nbsp;&nbsp; 432555 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, <br> 1/01/2056 (Put Date 8/01/2033)<br>| 1675000 | &nbsp;&nbsp; 1868682 |
| California Health Facilities Financing Authority Rev. (Providence St. Joseph Health), "C", 5.25%, 10/01/2050 (Put Date 10/01/2035) | 1500000 | &nbsp;&nbsp; 1687867 |
| California Municipal Finance Authority Rev. (Healthcore Northbay Properties), "A", 5.69%, 9/01/2035  | 388000 | &nbsp;&nbsp; 395547 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.875%, <br> 3/01/2054 (Put Date 3/01/2034)<br>| 655000 | &nbsp;&nbsp; 653331 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 3.45%, <br> 10/01/2041 (Put Date 10/02/2028)<br>| 50000 | &nbsp;&nbsp; 49544 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.1%, <br> 12/01/2044 (Put Date 12/01/2025)<br>| 200000 | &nbsp;&nbsp; 200089 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 5), "A", 4%, <br> 8/01/2036 (n)<br>| 325000 | &nbsp;&nbsp; 311604 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), "A", 5%, <br> 8/01/2032 (n)<br>| 500000 | &nbsp;&nbsp; 516029 |
| California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033  | 620000 | &nbsp;&nbsp; 639785 |
| California Statewide Communities Development Authority Rev, "C-2", 4.375%, 9/02/2040  | 900000 | &nbsp;&nbsp; 889889 |
| California Statewide Communities Development Authority Rev. (Adventist Health System West), "A", 4.125%, 3/01/2034  | 90000 | &nbsp;&nbsp; 90056 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2034  | 715000 | &nbsp;&nbsp; 715493 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2044  | 130000 | &nbsp;&nbsp; 129995 |
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A <br> CHF Irvine LLC), 5%, 5/15/2030 <br>| 80000 | &nbsp;&nbsp; 82679 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 470000 | &nbsp;&nbsp; 514619 |
| Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), "E", 5%, <br> 7/01/2043 (Put Date 7/01/2026)<br>| 221000 | &nbsp;&nbsp; 223191 |
| Los Angeles, CA, Harbor Department Refunding Rev., "A-2", AGM, 5%, 8/01/2036  | 780000 | &nbsp;&nbsp; 870603 |
| Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), "B", 3.75%, 4/01/2034  | 56737 | &nbsp;&nbsp; 57591 |
| Los Angeles, CA, Housing Authority, Multi-Family Housing Rev. (M-TEBS) + (Homekey Portfolio), "C", 3.75%, 4/01/2034  | 141842 | &nbsp;&nbsp; 143978 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2029  | 90000 | &nbsp;&nbsp; 96375 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2030  | 240000 | &nbsp;&nbsp; 261259 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2039  | 1000000 | &nbsp;&nbsp; 1060509 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2037  | 750000 | &nbsp;&nbsp; 836009 |
| Southern California Public Power Authority, Clean Energy Project Rev., "A", 5%, 4/01/2055 (Put Date 9/01/2030) | 190000 | &nbsp;&nbsp; 204396 |
|  |  | &nbsp;&nbsp; $14586365 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – 2.9% | Colorado – 2.9% | Colorado – 2.9% |
| Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043  | $540000 | &nbsp;&nbsp; $577365 |
| Adams County, CO, Bromley Park Metropolitan District No. 3, General Obligation, AGM, 5%, 12/01/2039  | 905000 | &nbsp;&nbsp; 972567 |
| Boulder County, CO, STC Metropolitan District No. 2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", <br> AGM, 5%, 12/01/2036 <br>| 1285000 | &nbsp;&nbsp; 1380592 |
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026  | 125000 | &nbsp;&nbsp; 124897 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.25%, 11/01/2037  | 1000000 | &nbsp;&nbsp; 1085457 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035  | 975000 | &nbsp;&nbsp; 1061040 |
| Colorado Middle-Income Housing Authority, NHP Foundation (602 Galena Street-Frisco, CO), "A", 4.5%, 7/01/2035  | 235000 | &nbsp;&nbsp; 237413 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 5%, 12/01/2040  | 720000 | &nbsp;&nbsp; 752218 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Refunding Rev. (District No. 1), "A", AGM, 5%, 12/01/2036  | 390000 | &nbsp;&nbsp; 420061 |
| Greeley, CO, City Center West Residential Metropolitan District No. 2 Weld County General Obligation Refunding Rev., AGM, 5.25%, <br> 12/01/2040 <br>| 302000 | &nbsp;&nbsp; 323411 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5%, 6/01/2035  | 1000000 | &nbsp;&nbsp; 1110802 |
| Southern Ute Indian Tribe, CO, Indian Reservation, "A", 5%, 4/01/2035  | 1250000 | &nbsp;&nbsp; 1349675 |
|  |  | &nbsp;&nbsp; $9395498 |
| Connecticut – 1.1% | Connecticut – 1.1% | Connecticut – 1.1% |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), "F", 4%, 7/01/2030  | $1000000 | &nbsp;&nbsp; $990578 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 5%, 11/15/2031  | 1530000 | &nbsp;&nbsp; 1639444 |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "E-1", GNMA, 5.5%, 11/15/2052  | 515000 | &nbsp;&nbsp; 540862 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 470000 | &nbsp;&nbsp; 476096 |
|  |  | &nbsp;&nbsp; $3646980 |
| Delaware – 0.6% | Delaware – 0.6% | Delaware – 0.6% |
| Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), 4.65%, 1/01/2041  | $735000 | &nbsp;&nbsp; $756132 |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055  | 950000 | &nbsp;&nbsp; 1034049 |
|  |  | &nbsp;&nbsp; $1790181 |
| District of Columbia – 1.5% | District of Columbia – 1.5% | District of Columbia – 1.5% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2034 (n) | $250000 | &nbsp;&nbsp; $256108 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2049 (n) | 250000 | &nbsp;&nbsp; 223703 |
| District of Columbia, Housing Finance Agency (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) | 110000 | &nbsp;&nbsp; 114889 |
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, "A-2", 4.1%, 9/01/2046 (Put Date 9/01/2030) | 1250000 | &nbsp;&nbsp; 1305342 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Mortgage Rev. (Edmonson), 5%, <br> 12/01/2028 (Put Date 12/01/2027)<br>| 327000 | &nbsp;&nbsp; 341795 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", FHA, <br> 5%, 3/01/2028 <br>| 1250000 | &nbsp;&nbsp; 1309863 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045  | 100000 | &nbsp;&nbsp; 92726 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2034  | 960000 | &nbsp;&nbsp; 1074487 |
|  |  | &nbsp;&nbsp; $4718913 |
| Florida – 5.9% | Florida – 5.9% | Florida – 5.9% |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%, 10/01/2035  | $400000 | &nbsp;&nbsp; $408546 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC), "A", 4.75%, 7/01/2040  | 200000 | &nbsp;&nbsp; 196965 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "A", 4.9%, 6/15/2035  | 750000 | &nbsp;&nbsp; 768613 |
| Florida Development Finance Corp., Senior Living Refunding Rev. (Mayflower Retirement Community Project), "A", 4%, <br> 6/01/2028 (n)<br>| 500000 | &nbsp;&nbsp; 496535 |
| Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), "A", 4.375%, <br> 10/01/2054 (Put Date 10/01/2031)<br>| 520000 | &nbsp;&nbsp; 524937 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.75%, 6/01/2038 (n) | 500000 | &nbsp;&nbsp; 453425 |
| Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), "B", GNMA, 5%, <br> 2/01/2027 (Put Date 2/01/2026)<br>| 450000 | &nbsp;&nbsp; 452875 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "B-2", 4.45%, 11/15/2031  | 1300000 | &nbsp;&nbsp; 1312495 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., "A", 5%, 10/01/2031  | $1005000 | &nbsp;&nbsp; $1006387 |
| Jacksonville, FL, Housing Authority, General Rev. (Westwood Apartments), 5%, 2/01/2034  | 1380000 | &nbsp;&nbsp; 1480283 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2043  | 365000 | &nbsp;&nbsp; 384841 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-1", 4.75%, 11/15/2029  | 30000 | &nbsp;&nbsp; 30259 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-2", 4.375%, <br> 11/15/2029 <br>| 25000 | &nbsp;&nbsp; 25177 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036  | 1000000 | &nbsp;&nbsp; 1074229 |
| Okaloosa County, FL, Industrial Development Authority Rev. (Air Force Enlisted Village, Inc. Project), 4.375%, 5/15/2035 (w) | 1000000 | &nbsp;&nbsp; 1001817 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2036 <br>| 1000000 | &nbsp;&nbsp; 971618 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2042  | 500000 | &nbsp;&nbsp; 526717 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2043  | 500000 | &nbsp;&nbsp; 523412 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2044  | 500000 | &nbsp;&nbsp; 521400 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Jupiter Medical Center Project), "A", 5.25%, 11/01/2037  | 570000 | &nbsp;&nbsp; 617201 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026  | 230000 | &nbsp;&nbsp; 230323 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031  | 750000 | &nbsp;&nbsp; 758156 |
| Palm Beach County, FL, Health Facilities Authority, Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2033  | 350000 | &nbsp;&nbsp; 377108 |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC), "A", 5.5%, 10/01/2035  | 625000 | &nbsp;&nbsp; 686856 |
| Pasco County, FL, Capital Improvement Cigarette Tax Allocation, "A", AGM, 5.5%, 9/01/2038  | 1000000 | &nbsp;&nbsp; 1105333 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040  | 100000 | &nbsp;&nbsp; 90297 |
| Pompano Beach, FL, Rev. (John Knox Village Project), 5%, 9/01/2039  | 800000 | &nbsp;&nbsp; 799958 |
| Pompano Beach, FL, Rev. (John Knox Village Project), "A", 4%, 9/01/2036  | 550000 | &nbsp;&nbsp; 520404 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2026  | 190000 | &nbsp;&nbsp; 189044 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "B2", 4.5%, 1/01/2030  | 130000 | &nbsp;&nbsp; 130412 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.2%, 5/01/2039  | 105000 | &nbsp;&nbsp; 101784 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 3.75%, 5/01/2029  | 100000 | &nbsp;&nbsp; 100540 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033  | 1000000 | &nbsp;&nbsp; 1030002 |
|  |  | &nbsp;&nbsp; $18897949 |
| Georgia – 3.6% | Georgia – 3.6% | Georgia – 3.6% |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-1", 5%, 4/01/2034 (n) | $185000 | &nbsp;&nbsp; $187377 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) | 187000 | &nbsp;&nbsp; 189422 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), "A", 4.75%, 6/01/2043  | 1000000 | &nbsp;&nbsp; 1044000 |
| Burke County, GA, Development Authority, Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, <br> 10/01/2032 (Put Date 5/21/2026)<br>| 250000 | &nbsp;&nbsp; 251301 |
| Decatur, GA, Housing Authority, Multi-Family Housing Rev. (Calvin Court Project), 3.6%, 8/01/2028 (Put Date 8/01/2027) | 426000 | &nbsp;&nbsp; 431918 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2040  | 250000 | &nbsp;&nbsp; 251757 |
| DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034  | 840000 | &nbsp;&nbsp; 837267 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2053 (Put Date 6/01/2030) | 1000000 | &nbsp;&nbsp; 1065382 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 975000 | &nbsp;&nbsp; 1060695 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "B", 5%, 12/01/2052 (Put Date 6/01/2029) | 500000 | &nbsp;&nbsp; 529749 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 5%, 9/01/2053 (Put Date 9/01/2030) | 455000 | &nbsp;&nbsp; 488112 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 500000 | &nbsp;&nbsp; 546604 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2037  | 250000 | &nbsp;&nbsp; 271800 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2038  | 250000 | &nbsp;&nbsp; 269530 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2039  | 250000 | &nbsp;&nbsp; 266847 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2040  | 500000 | &nbsp;&nbsp; 529176 |
| Georgia Municipal Gas Authority Rev. (Mid-State Energy Commission Project), BAM, 5%, 9/01/2050 (w) | 1000000 | &nbsp;&nbsp; 1023928 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University), "B", 4%, 9/01/2039  | 985000 | &nbsp;&nbsp; 983984 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2040  | 500000 | &nbsp;&nbsp; 525434 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 5.5%, 6/01/2040  | 865000 | &nbsp;&nbsp; 866110 |
|  |  | &nbsp;&nbsp; $11620393 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Guam – 0.4% | Guam – 0.4% | Guam – 0.4% |
| Guam Government Business Privilege Tax Refunding Rev., "D", 5%, 11/15/2031  | $270000 | &nbsp;&nbsp; $270729 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 30000 | &nbsp;&nbsp; 27866 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 60000 | &nbsp;&nbsp; 60584 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 175000 | &nbsp;&nbsp; 175375 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 380000 | &nbsp;&nbsp; 383398 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 300000 | &nbsp;&nbsp; 300308 |
|  |  | &nbsp;&nbsp; $1218260 |
| Hawaii – 0.3% | Hawaii – 0.3% | Hawaii – 0.3% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043  | $800000 | &nbsp;&nbsp; $830689 |
| Idaho – 0.7% | Idaho – 0.7% | Idaho – 0.7% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $480000 | &nbsp;&nbsp; $525243 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), "A", 6%, <br> 7/01/2039 (n)<br>| 735000 | &nbsp;&nbsp; 746982 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 4%, <br> 5/01/2031 <br>| 220000 | &nbsp;&nbsp; 225781 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 4%, <br> 5/01/2035 <br>| 425000 | &nbsp;&nbsp; 425445 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), "A", 5.5%, 5/01/2043  | 350000 | &nbsp;&nbsp; 361799 |
|  |  | &nbsp;&nbsp; $2285250 |
| Illinois – 5.6% | Illinois – 5.6% | Illinois – 5.6% |
| Bellwood, IL, Tax Increment Rev., (Workforce Housing Project), 5%, 12/01/2036  | $750000 | &nbsp;&nbsp; $782540 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 245000 | &nbsp;&nbsp; 227845 |
| Chicago, IL, Board of Education, "A", NPFG, 5.5%, 12/01/2026  | 50000 | &nbsp;&nbsp; 50747 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 6.1%, 4/01/2036  | 455000 | &nbsp;&nbsp; 468403 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2041  | 1000000 | &nbsp;&nbsp; 1013213 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 7%, 12/01/2044  | 390000 | &nbsp;&nbsp; 390106 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5%, 12/01/2030  | 500000 | &nbsp;&nbsp; 518671 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5.25%, 12/01/2036  | 500000 | &nbsp;&nbsp; 511411 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2041  | 225000 | &nbsp;&nbsp; 188030 |
| Chicago, IL, General Obligation, "A", 5.25%, 1/01/2038  | 1000000 | &nbsp;&nbsp; 1019056 |
| Chicago, IL, Midway Airport Rev., "A", BAM, 5.5%, 1/01/2040  | 1000000 | &nbsp;&nbsp; 1086857 |
| Chicago, IL, O'Hare International Airport Rev., Special Facilities, 5%, 7/01/2033  | 170000 | &nbsp;&nbsp; 175288 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2033  | 400000 | &nbsp;&nbsp; 437360 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2034  | 200000 | &nbsp;&nbsp; 217193 |
| Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Refunding Dedicated Rev. (City Colleges), <br> BAM, 5%, 12/01/2038 <br>| 1000000 | &nbsp;&nbsp; 1057418 |
| Illinois Finance Authority Refunding Rev. (Silver Cross Hospital & Medical Centers), "B-2", 5%, 8/15/2044 (Put Date 8/15/2035) | 625000 | &nbsp;&nbsp; 681552 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032  | 655000 | &nbsp;&nbsp; 679243 |
| Illinois Finance Authority Rev. (OSF Healthcare System), "A", 4.125%, 11/15/2037  | 70000 | &nbsp;&nbsp; 67399 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5.625%, 5/15/2030  | 855000 | &nbsp;&nbsp; 896803 |
| Illinois Finance Authority Rev. (UChicago Medicine), "A-3", 5%, 8/15/2064 (Put Date 8/15/2035) | 1500000 | &nbsp;&nbsp; 1653760 |
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), "B", 3.25%, 5/15/2027 (a)(d) | 21398 | &nbsp;&nbsp; 1070 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 4.25%, <br> 7/01/2041 <br>| 555000 | &nbsp;&nbsp; 555803 |
| Illinois Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 11/01/2044 (Put Date 11/03/2025) | 435000 | &nbsp;&nbsp; 435094 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 1100000 | &nbsp;&nbsp; 1101497 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035)<br>| 385000 | &nbsp;&nbsp; 395187 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035)<br>| 670000 | &nbsp;&nbsp; 687728 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, <br> 5/01/2040 (Put Date 9/01/2028)<br>| $250000 | &nbsp;&nbsp; $256401 |
| Monroe & St. Clair Counties, IL, Community Unit School District No. 4, Columbia Debt Certificates, 5.5%, 7/01/2040  | 300000 | &nbsp;&nbsp; 300180 |
| Northeastern, IL, Board of Trustees, University Certificates of Participation (Capital Improvement Projects), BAM, 5.25%, 7/01/2037  | 400000 | &nbsp;&nbsp; 433113 |
| Rock Island County, IL, School District No. 41, General Obligation, "A", AGM, 5%, 1/01/2043  | 1000000 | &nbsp;&nbsp; 1045007 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2027  | 30000 | &nbsp;&nbsp; 30830 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2037  | 115000 | &nbsp;&nbsp; 126425 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 150000 | &nbsp;&nbsp; 159205 |
| Tazewell County, IL, School District No. 52, General Obligation, BAM, 6.5%, 12/01/2042 (w) | 225000 | &nbsp;&nbsp; 263641 |
|  |  | &nbsp;&nbsp; $17914076 |
| Indiana – 2.5% | Indiana – 2.5% | Indiana – 2.5% |
| Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 5.25%, 2/01/2042  | $490000 | &nbsp;&nbsp; $520881 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 2.45%, 11/15/2025  | 30000 | &nbsp;&nbsp; 29917 |
| Indiana Finance Authority Rev. (Greenwood Village South Project), "C-2", 3.75%, 5/15/2032  | 100000 | &nbsp;&nbsp; 100188 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036  | 780000 | &nbsp;&nbsp; 823958 |
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026  | 200000 | &nbsp;&nbsp; 201258 |
| Indiana Finance Authority, Health System Rev. (Indiana University Health), "D-5", 5%, 10/01/2054 (Put Date 10/01/2037) | 1000000 | &nbsp;&nbsp; 1104179 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029  | 120000 | &nbsp;&nbsp; 122133 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5%, 5/01/2035  | 530000 | &nbsp;&nbsp; 558343 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5%, 6/01/2038  | 800000 | &nbsp;&nbsp; 829037 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., "1A", 5%, 6/01/2031  | 1000000 | &nbsp;&nbsp; 1059077 |
| Indianapolis, IN, Local Public Improvement Bond Bank (Indianapolis Airport Authority Project), "B", 5%, 1/01/2033  | 1130000 | &nbsp;&nbsp; 1250505 |
| Indianapolis, IN, Local Public Improvement Bond Bank Rev. (Convention Center Hotel), "E", 5.5%, 3/01/2038  | 500000 | &nbsp;&nbsp; 534273 |
| Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 750000 | &nbsp;&nbsp; 799635 |
|  |  | &nbsp;&nbsp; $7933384 |
| Iowa – 0.9% | Iowa – 0.9% | Iowa – 0.9% |
| Bondurant, IA, General Obligation, "B", 5.25%, 6/01/2038  | $1000000 | &nbsp;&nbsp; $1082512 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033  | 1150000 | &nbsp;&nbsp; 1239316 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2034  | 350000 | &nbsp;&nbsp; 374376 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | 5000 | &nbsp;&nbsp; 4826 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 115000 | &nbsp;&nbsp; 88922 |
|  |  | &nbsp;&nbsp; $2789952 |
| Kansas – 0.3% | Kansas – 0.3% | Kansas – 0.3% |
| Garden City, KS, Sales Tax Special Obligation Rev. (Sports of the World Star Bond Project-Phase II), 4.25%, 6/01/2033  | $160000 | &nbsp;&nbsp; $158452 |
| Kansas Development Finance Authority, Multi-Family Mortgage-Backed (Sycamore Village), FNMA, 4.17%, 11/01/2041  | 180337 | &nbsp;&nbsp; 177240 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 5.75%, 12/01/2033  | 700000 | &nbsp;&nbsp; 725039 |
|  |  | &nbsp;&nbsp; $1060731 |
| Kentucky – 0.4% | Kentucky – 0.4% | Kentucky – 0.4% |
| Kentucky Higher Education Student Loan Corp. Rev., "A-1", 5%, 6/01/2031  | $500000 | &nbsp;&nbsp; $529277 |
| Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028) | 275000 | &nbsp;&nbsp; 281809 |
| Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), "A", 4.7%, 6/01/2054 (Put Date 6/01/2027) | 210000 | &nbsp;&nbsp; 212253 |
| Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), "A", 4.7%, 6/01/2054 (Put Date 6/01/2027) | 345000 | &nbsp;&nbsp; 348702 |
|  |  | &nbsp;&nbsp; $1372041 |
| Louisiana – 0.4% | Louisiana – 0.4% | Louisiana – 0.4% |
| Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054  | $255000 | &nbsp;&nbsp; $285689 |
| Shreveport, LA, General Obligation, AGM, 5%, 3/01/2041  | 1000000 | &nbsp;&nbsp; 1043176 |
|  |  | &nbsp;&nbsp; $1328865 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Maine – 0.8% | Maine – 0.8% | Maine – 0.8% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) | $100000 | &nbsp;&nbsp; $98457 |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), "R-3", 5%, 8/01/2035  | 400000 | &nbsp;&nbsp; 406472 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5.25%, 12/01/2031  | 965000 | &nbsp;&nbsp; 1049599 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037  | 430000 | &nbsp;&nbsp; 445026 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037  | 500000 | &nbsp;&nbsp; 500313 |
|  |  | &nbsp;&nbsp; $2499867 |
| Maryland – 0.5% | Maryland – 0.5% | Maryland – 0.5% |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2038  | $450000 | &nbsp;&nbsp; $450773 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington Internation Thurgood Marshall <br> Airport), "A", AGM, 5%, 8/01/2034 <br>| 1000000 | &nbsp;&nbsp; 1113287 |
|  |  | &nbsp;&nbsp; $1564060 |
| Massachusetts – 2.0% | Massachusetts – 2.0% | Massachusetts – 2.0% |
| Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040  | $990000 | &nbsp;&nbsp; $995633 |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026  | 100000 | &nbsp;&nbsp; 99789 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 4.25%, 7/01/2034  | 500000 | &nbsp;&nbsp; 505071 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "N", 5.25%, 10/01/2036  | 500000 | &nbsp;&nbsp; 507298 |
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), "I", 4%, 7/01/2036  | 90000 | &nbsp;&nbsp; 86529 |
| Massachusetts Development Finance Agency Rev., Brown University Health (Lifespan Obligated Group), "B", 5%, <br> 8/15/2055 (Put Date 8/15/2031)<br>| 270000 | &nbsp;&nbsp; 294724 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034  | 1140000 | &nbsp;&nbsp; 1233873 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 3.625%, 7/01/2038  | 220000 | &nbsp;&nbsp; 216399 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 4.25%, 7/01/2044  | 125000 | &nbsp;&nbsp; 125293 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 5%, 7/01/2032  | 1000000 | &nbsp;&nbsp; 1079355 |
| Massachusetts Housing Finance Agency, "D-3", FHA, 3.35%, 6/01/2027  | 1000000 | &nbsp;&nbsp; 1000722 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "225", 5.5%, 12/01/2052  | 415000 | &nbsp;&nbsp; 441032 |
|  |  | &nbsp;&nbsp; $6585718 |
| Michigan – 2.0% | Michigan – 2.0% | Michigan – 2.0% |
| Michigan Finance Authority, Higher Education Facilities, Limited Obligation Rev. (Kalamazoo College Project), 5%, 12/01/2036  | $330000 | &nbsp;&nbsp; $361373 |
| Michigan Finance Authority, Hospital Refunding Rev. (Corewell Health), "B-2", 5%, 8/15/2055 (Put Date 6/01/2035) | 945000 | &nbsp;&nbsp; 1049748 |
| Michigan Finance Authority, Hospital Rev. (Bronson Healthcare Group, Inc.), "B", 5%, 11/15/2044 (Put Date 11/16/2026) | 325000 | &nbsp;&nbsp; 327560 |
| Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, <br> 12/01/2042 (Put Date 4/01/2026)<br>| 515000 | &nbsp;&nbsp; 518794 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 3.7%, 4/01/2030  | 800000 | &nbsp;&nbsp; 801527 |
| Michigan Housing Development Authority, Single Family Mortgage Rev., "D", 5.5%, 6/01/2053  | 295000 | &nbsp;&nbsp; 312269 |
| Michigan Strategic Fund (Waste Management, Inc.), 4.125%, 8/01/2027  | 300000 | &nbsp;&nbsp; 302262 |
| Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), "DT", 3.875%, <br> 6/01/2053 (Put Date 6/03/2030)<br>| 1000000 | &nbsp;&nbsp; 979876 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035  | 1000000 | &nbsp;&nbsp; 1003730 |
| Wayne County, MI, Airport Authority Rev., "B", 5.25%, 12/01/2039  | 700000 | &nbsp;&nbsp; 762246 |
|  |  | &nbsp;&nbsp; $6419385 |
| Minnesota – 0.3% | Minnesota – 0.3% | Minnesota – 0.3% |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 3%, 7/01/2026  | $125000 | &nbsp;&nbsp; $123501 |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042  | 1000000 | &nbsp;&nbsp; 947659 |
|  |  | &nbsp;&nbsp; $1071160 |
| Mississippi – 0.1% | Mississippi – 0.1% | Mississippi – 0.1% |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040  | $65000 | &nbsp;&nbsp; $66091 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 7.5%, 6/01/2044  | 125000 | &nbsp;&nbsp; 150564 |
|  |  | &nbsp;&nbsp; $216655 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Missouri – 0.4% | Missouri – 0.4% | Missouri – 0.4% |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (City of Independence, Missouri-Public Safety Projects), "A", <br> AGM, 5%, 12/01/2036 <br>| $285000 | &nbsp;&nbsp; $311361 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026  | 150000 | &nbsp;&nbsp; 150649 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "E", GNMA, <br> 6.5%, 5/01/2054 <br>| 275000 | &nbsp;&nbsp; 309012 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026  | 125000 | &nbsp;&nbsp; 124155 |
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., "B", <br> 3.375%, 12/01/2031 <br>| 70000 | &nbsp;&nbsp; 69463 |
| St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment <br> Project), "A", 4.875%, 6/15/2034 <br>| 360000 | &nbsp;&nbsp; 364861 |
|  |  | &nbsp;&nbsp; $1329501 |
| Montana – 0.2% | Montana – 0.2% | Montana – 0.2% |
| Forsyth, MT, Pollution Control Rev. (Avista Corp. Colstrip Project), "A", 3.875%, 10/01/2032  | $410000 | &nbsp;&nbsp; $420749 |
| Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill Project), "B-2", 4.25%, 5/15/2030  | 380000 | &nbsp;&nbsp; 382339 |
|  |  | &nbsp;&nbsp; $803088 |
| Nebraska – 0.3% | Nebraska – 0.3% | Nebraska – 0.3% |
| Omaha, NE, Airport Authority, Facilities Rev., AGM, 5%, 12/15/2036  | $1000000 | &nbsp;&nbsp; $1088510 |
| Nevada – 0.2% | Nevada – 0.2% | Nevada – 0.2% |
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., "A", 5%, 7/01/2026  | $455000 | &nbsp;&nbsp; $462438 |
| Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), "F", 4.125%, 3/01/2036 (Put Date 10/01/2029) | 115000 | &nbsp;&nbsp; 116400 |
|  |  | &nbsp;&nbsp; $578838 |
| New Hampshire – 2.7% | New Hampshire – 2.7% | New Hampshire – 2.7% |
| National Finance Authority, NH, Affordable Housing Certificates, "A-1", 4.75%, 6/20/2041 (Put Date 6/01/2035) | $1249454 | &nbsp;&nbsp; $1266723 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion BioSquare, Inc.), "A", 5.88%, 12/15/2038  | 915000 | &nbsp;&nbsp; 929934 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), "A", 5%, 5/15/2034  | 590000 | &nbsp;&nbsp; 600037 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion BioSquare, Inc.), "B", 9.58%, 12/15/2038  | 55000 | &nbsp;&nbsp; 55770 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street LLC), "B", 8.33%, 5/15/2034  | 100000 | &nbsp;&nbsp; 103268 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, 5.25%, <br> 12/01/2042 <br>| 1070000 | &nbsp;&nbsp; 1140475 |
| National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044  | 490000 | &nbsp;&nbsp; 491499 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 268304 | &nbsp;&nbsp; 265239 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 214076 | &nbsp;&nbsp; 206224 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.168%, 1/20/2041  | 99570 | &nbsp;&nbsp; 90831 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.25%, 7/20/2041  | 155473 | &nbsp;&nbsp; 150912 |
| National Finance Authority, NH, Rev., Taxable (Centurion Foundation), "C", 11%, 12/15/2038  | 30000 | &nbsp;&nbsp; 30399 |
| National Finance Authority, NH, Solid Waste Disposal Refunding Rev. (Waste Management, Inc. Project), "A-4", 4%, <br> 8/01/2038 (Put Date 7/01/2026)<br>| 855000 | &nbsp;&nbsp; 855218 |
| National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch & Fort Bend Counties, TX), 4.875%, 12/01/2033  | 100000 | &nbsp;&nbsp; 100001 |
| National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030  | 156000 | &nbsp;&nbsp; 156553 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5%, 4/01/2027  | 105000 | &nbsp;&nbsp; 107411 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035  | 110000 | &nbsp;&nbsp; 122389 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2037  | 245000 | &nbsp;&nbsp; 267863 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2040  | 290000 | &nbsp;&nbsp; 309063 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038  | 255000 | &nbsp;&nbsp; 260545 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), "B", 5%, 11/01/2033  | 100000 | &nbsp;&nbsp; 107773 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Edvance Corp. Issue), "B", 4%, 11/01/2044  | 135000 | &nbsp;&nbsp; 128885 |
| New Hampshire Heath & Education Facility Authority Rev. (Riverwoods at Exeter), 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 1069822 |
|  |  | &nbsp;&nbsp; $8816834 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – 1.0% | New Jersey – 1.0% | New Jersey – 1.0% |
| Camden County, NJ, Improvement Authority, Multi-Family Housing Rev. (Northgate I Apartments Project), 5%, <br> 3/01/2027 (Put Date 3/01/2026)<br>| $375000 | &nbsp;&nbsp; $378035 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035  | 170000 | &nbsp;&nbsp; 175663 |
| New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), "B", 3.75%, <br> 11/01/2034 (Put Date 6/01/2028)<br>| 260000 | &nbsp;&nbsp; 262224 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 5%, 12/01/2033  | 1000000 | &nbsp;&nbsp; 1084221 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 440000 | &nbsp;&nbsp; 437891 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology Inc., Project), <br> 4.125%, 7/01/2033 <br>| 600000 | &nbsp;&nbsp; 612096 |
| South Jersey Transportation Authority, NJ, System Rev., "A", BAM, 5%, 11/01/2037  | 375000 | &nbsp;&nbsp; 408812 |
|  |  | &nbsp;&nbsp; $3358942 |
| New Mexico – 0.7% | New Mexico – 0.7% | New Mexico – 0.7% |
| Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), "D", 3.9%, <br> 6/01/2040 (Put Date 6/01/2028)<br>| $1000000 | &nbsp;&nbsp; $1014006 |
| New Mexico Finance Authority, Public Project Revolving Rev., "A-2", 5%, 6/01/2034  | 600000 | &nbsp;&nbsp; 607028 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, "E", GNMA, 6.25%, 9/01/2053  | 465000 | &nbsp;&nbsp; 509735 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "D", GNMA, 5.25%, 3/01/2053  | 85000 | &nbsp;&nbsp; 89207 |
|  |  | &nbsp;&nbsp; $2219976 |
| New York – 4.0% | New York – 4.0% | New York – 4.0% |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2032  | $300000 | &nbsp;&nbsp; $317853 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036  | 750000 | &nbsp;&nbsp; 790181 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 4.125%, 12/01/2035  | 1250000 | &nbsp;&nbsp; 1288794 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2041  | 340000 | &nbsp;&nbsp; 364017 |
| Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), "B", 5%, 7/01/2028  | 330000 | &nbsp;&nbsp; 346255 |
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), "A", 5%, 12/01/2027  | 685000 | &nbsp;&nbsp; 713590 |
| Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), "C-1", 4%, 11/15/2035  | 500000 | &nbsp;&nbsp; 502822 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Keeler Park Coummunity Partners LP Project), 4.84%, <br> 11/01/2040 <br>| 640959 | &nbsp;&nbsp; 660832 |
| New York Dormitory Authority Rev. (New School), "A", 5%, 7/01/2042  | 500000 | &nbsp;&nbsp; 511297 |
| New York Dormitory Authority Rev. (Pace University), "A", 5.25%, 5/01/2040  | 375000 | &nbsp;&nbsp; 392198 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044  | 560000 | &nbsp;&nbsp; 584056 |
| New York Energy Research & Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), "C", 4%, <br> 4/01/2034 (Put Date 4/01/2034)<br>| 680000 | &nbsp;&nbsp; 694833 |
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 4.25%, <br> 9/01/2050 (Put Date 9/03/2030) (n)<br>| 250000 | &nbsp;&nbsp; 252307 |
| New York Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), "D-1", 4.35%, 11/01/2044  | 625000 | &nbsp;&nbsp; 611121 |
| New York Housing Finance Agency Affordable Housing Rev., "A-2", 2.5%, 11/01/2060 (Put Date 5/01/2027) | 895000 | &nbsp;&nbsp; 888303 |
| New York Housing Finance Agency Affordable Housing Rev., "G-2", 3.45%, 5/01/2062 (Put Date 5/01/2027) | 65000 | &nbsp;&nbsp; 65012 |
| New York State Energy Research & Development Authority, Pollution Control Rev. (Rochester Gas & Electric Corp. Project), "B", 4%, <br> 5/15/2032 <br>| 1220000 | &nbsp;&nbsp; 1246374 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 165000 | &nbsp;&nbsp; 172414 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 10/01/2040 <br>| 250000 | &nbsp;&nbsp; 252611 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), 5.5%, 6/30/2041 <br>| 750000 | &nbsp;&nbsp; 780156 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), "A", 5%, <br> 12/01/2032 <br>| 270000 | &nbsp;&nbsp; 288078 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), "F-2-A", 3.4%, <br> 11/01/2062 (Put Date 12/22/2026)<br>| 560000 | &nbsp;&nbsp; 560047 |
| New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "D", 4.37%, 5/01/2044  | 100000 | &nbsp;&nbsp; 103396 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), 4.3%, <br> 6/01/2046 (Put Date 5/01/2041)<br>| $589603 | &nbsp;&nbsp; $589860 |
|  |  | &nbsp;&nbsp; $12976407 |
| North Carolina – 1.8% | North Carolina – 1.8% | North Carolina – 1.8% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project Aero), <br> 3.75%, 12/01/2027 (Put Date 11/01/2025)<br>| $50000 | &nbsp;&nbsp; $50007 |
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039  | 320000 | &nbsp;&nbsp; 342626 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038  | 320000 | &nbsp;&nbsp; 342309 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 1.9%, 7/01/2032  | 780000 | &nbsp;&nbsp; 690928 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 5%, <br> 3/01/2028 <br>| 125000 | &nbsp;&nbsp; 128481 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2030 <br>| 145000 | &nbsp;&nbsp; 146289 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5%, <br> 10/01/2036 (w)<br>| 250000 | &nbsp;&nbsp; 258335 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5.25%, <br> 10/01/2037 (w)<br>| 330000 | &nbsp;&nbsp; 342642 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", 5%, 9/01/2034  | 900000 | &nbsp;&nbsp; 941341 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "A", 5%, 10/01/2039 <br>| 500000 | &nbsp;&nbsp; 515361 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "B1", 4.25%, 10/01/2028 <br>| 65000 | &nbsp;&nbsp; 65020 |
| North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Refunding Rev. (A Political Subdivision of the State <br> of North Carolina), "A", 5%, 6/01/2045 <br>| 1250000 | &nbsp;&nbsp; 1290631 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2040  | 985000 | &nbsp;&nbsp; 526180 |
|  |  | &nbsp;&nbsp; $5640150 |
| North Dakota – 0.3% | North Dakota – 0.3% | North Dakota – 0.3% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039  | $985000 | &nbsp;&nbsp; $825519 |
| Horace, ND, Temporary Refunding Improvement, "B", 4.85%, 8/01/2026  | 160000 | &nbsp;&nbsp; 160064 |
|  |  | &nbsp;&nbsp; $985583 |
| Ohio – 4.2% | Ohio – 4.2% | Ohio – 4.2% |
| Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "B-2", 5%, 10/01/2051 (Put Date 6/04/2030) | $500000 | &nbsp;&nbsp; $548828 |
| Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Country Ridge Apartments Project), 4.375%, 12/01/2041  | 1000000 | &nbsp;&nbsp; 978809 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034  | 500000 | &nbsp;&nbsp; 525220 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Waldren Woods Project), 4%, 6/01/2034  | 190000 | &nbsp;&nbsp; 189365 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035  | 205000 | &nbsp;&nbsp; 224661 |
| Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), "A", 4.25%, 5/15/2035  | 1115000 | &nbsp;&nbsp; 1137707 |
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, <br> 12/01/2027 (Put Date 12/01/2025)<br>| 200000 | &nbsp;&nbsp; 200511 |
| EHOVE Joint Vocational School District, OH, General Obligation School Improvement, 5.5%, 12/01/2036  | 350000 | &nbsp;&nbsp; 393102 |
| EHOVE Joint Vocational School District, OH, General Obligation School Improvement, 5.5%, 12/01/2037  | 375000 | &nbsp;&nbsp; 417591 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2036 <br>| 500000 | &nbsp;&nbsp; 556227 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2037 <br>| 355000 | &nbsp;&nbsp; 393251 |
| Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.25%, 12/01/2042  | 250000 | &nbsp;&nbsp; 259823 |
| Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.25%, 12/01/2043  | 250000 | &nbsp;&nbsp; 258340 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.25%, 1/01/2038  | 750000 | &nbsp;&nbsp; 781873 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "C", 3.65%, 12/01/2027  | 810000 | &nbsp;&nbsp; 811229 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "A", 4.25%, 11/01/2039 (Put Date 6/01/2027) | 145000 | &nbsp;&nbsp; 148002 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "B", 4%, 9/01/2030 (Put Date 6/01/2027) | 170000 | &nbsp;&nbsp; 173335 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – 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) | $500000 | &nbsp;&nbsp; $511255 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032  | 600000 | &nbsp;&nbsp; 633877 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), "A", 5.7%, 8/01/2043  | 250000 | &nbsp;&nbsp; 255935 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Thornwood Commons), 5%, 12/01/2026 (Put Date 12/01/2025) | 205000 | &nbsp;&nbsp; 205629 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "C", FNMA, 5.75%, 3/01/2054  | 500000 | &nbsp;&nbsp; 531092 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036  | 200000 | &nbsp;&nbsp; 201416 |
| Shelby & Darke Counties, OH, Fort Laramie Local School District, Certificates of Participation, 5.25%, 12/01/2045  | 385000 | &nbsp;&nbsp; 394455 |
| Strongsville, OH, Various Purpose Anticipation Notes, 5%, 12/10/2025  | 1850000 | &nbsp;&nbsp; 1855199 |
| Warren County, OH, Healthcare Facilities Improvement & Refunding Rev. (Otterbein Homes Obligated Group), 5%, 7/01/2042  | 650000 | &nbsp;&nbsp; 666483 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2044  | 240000 | &nbsp;&nbsp; 238169 |
|  |  | &nbsp;&nbsp; $13491384 |
| Oklahoma – 0.8% | Oklahoma – 0.8% | Oklahoma – 0.8% |
| Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037  | $355000 | &nbsp;&nbsp; $239202 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "D", GNMA, 6.5%, 9/01/2054  | 465000 | &nbsp;&nbsp; 522264 |
| Oklahoma Turnpike Authority, Turnpike System Refunding Second Senior Rev., "B", 5%, 1/01/2037 (w) | 325000 | &nbsp;&nbsp; 369758 |
| Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 7/01/2056  | 875000 | &nbsp;&nbsp; 967112 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035  | 500000 | &nbsp;&nbsp; 571860 |
|  |  | &nbsp;&nbsp; $2670196 |
| Oregon – 0.5% | Oregon – 0.5% | Oregon – 0.5% |
| Lincoln County, OR, Coast Community College District General Obligation, 5%, 6/15/2041  | $380000 | &nbsp;&nbsp; $413267 |
| Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), "A", 4.9%, 9/15/2035  | 430000 | &nbsp;&nbsp; 447454 |
| Oregon Health & Sciences University Rev., "B", 3.375%, 7/01/2039  | 115000 | &nbsp;&nbsp; 105496 |
| Portland, OR, International Airport Rev., 5.25%, 7/01/2041  | 500000 | &nbsp;&nbsp; 533750 |
|  |  | &nbsp;&nbsp; $1499967 |
| Pennsylvania – 7.2% | Pennsylvania – 7.2% | Pennsylvania – 7.2% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034  | $990000 | &nbsp;&nbsp; $1042770 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036  | 1285000 | &nbsp;&nbsp; 1412574 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036  | 245000 | &nbsp;&nbsp; 253318 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2039  | 650000 | &nbsp;&nbsp; 695503 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2040  | 845000 | &nbsp;&nbsp; 894683 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy Charter <br> School Project), 5.5%, 6/15/2038 (n)<br>| 500000 | &nbsp;&nbsp; 517572 |
| Allentown, PA, Neighborhood Improvement Zone, Development Authority Tax Refunding Rev., 5%, 5/01/2026  | 10000 | &nbsp;&nbsp; 10066 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 104000 | &nbsp;&nbsp; 108706 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 800000 | &nbsp;&nbsp; 723381 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, 6% <br> to 6/30/2044 <br>| 23000 | &nbsp;&nbsp; 16222 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 126000 | &nbsp;&nbsp; 124324 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030  | 455000 | &nbsp;&nbsp; 404614 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 4.75%, <br> 12/15/2037 <br>| 80000 | &nbsp;&nbsp; 80365 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.72% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037  | 795000 | &nbsp;&nbsp; 743051 |
| Doylestown, PA, Hospital Authority Rev., 5%, 7/01/2031  | 100000 | &nbsp;&nbsp; 106552 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 10000 | &nbsp;&nbsp; 9188 |
| Erie County, PA, Sewer Authority Rev., BAM, 5%, 12/01/2042 (w) | 835000 | &nbsp;&nbsp; 872423 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, 5/01/2033  | 400000 | &nbsp;&nbsp; 403232 |
| Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania <br> Project), BAM, 5%, 5/01/2031 <br>| 440000 | &nbsp;&nbsp; 478408 |
| Indiana County, PA, Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania <br> Project), BAM, 5%, 5/01/2032 <br>| 450000 | &nbsp;&nbsp; 485241 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035  | 1585000 | &nbsp;&nbsp; 1570687 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5%, 2/01/2040  | $1000000 | &nbsp;&nbsp; $1022981 |
| Pennsylvania Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4%, 6/01/2039  | 630000 | &nbsp;&nbsp; 618265 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5%, 7/01/2038  | 1000000 | &nbsp;&nbsp; 1035907 |
| Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038  | 865000 | &nbsp;&nbsp; 867666 |
| Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburg Medical Center), "A", 5%, <br> 3/15/2060 (Put Date 3/15/2035)<br>| 1035000 | &nbsp;&nbsp; 1142029 |
| Pennsylvania Economic Development Financing Authority, Junior Insured Parking Rev. (Capitol Region Parking System), "C", AGM, <br> 5%, 1/01/2033 <br>| 1000000 | &nbsp;&nbsp; 1103207 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, <br> 12/31/2033 <br>| 1000000 | &nbsp;&nbsp; 1089511 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5.5%, 6/30/2042 <br>| 775000 | &nbsp;&nbsp; 822507 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 5%, 12/31/2028 <br>| 150000 | &nbsp;&nbsp; 151773 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 4%, 3/15/2034 <br>| 85000 | &nbsp;&nbsp; 85137 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 5%, 6/01/2033  | 631000 | &nbsp;&nbsp; 676252 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2027  | 200000 | &nbsp;&nbsp; 204381 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 5000 | &nbsp;&nbsp; 4493 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A-1", 4.75%, 6/01/2046  | 430000 | &nbsp;&nbsp; 430428 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 5.75%, 10/01/2053  | 490000 | &nbsp;&nbsp; 520167 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043  | 225000 | &nbsp;&nbsp; 233495 |
| Philadelphia, PA, Airport Refunding Rev., "B", 5%, 7/01/2037  | 775000 | &nbsp;&nbsp; 787006 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5%, <br> 6/15/2032 <br>| 100000 | &nbsp;&nbsp; 103459 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039  | 355000 | &nbsp;&nbsp; 368340 |
| Philadelphia, PA, School District, "A", 5.25%, 9/01/2038  | 410000 | &nbsp;&nbsp; 451390 |
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, <br> 5/15/2026 <br>| 500000 | &nbsp;&nbsp; 497528 |
|  |  | &nbsp;&nbsp; $23168802 |
| Puerto Rico – 0.5% | Puerto Rico – 0.5% | Puerto Rico – 0.5% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | $292016 | &nbsp;&nbsp; $312387 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 40810 | &nbsp;&nbsp; 45224 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 38698 | &nbsp;&nbsp; 38263 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 29854 | &nbsp;&nbsp; 28331 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 40591 | &nbsp;&nbsp; 36348 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 42214 | &nbsp;&nbsp; 36436 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 49801 | &nbsp;&nbsp; 35569 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | 100000 | &nbsp;&nbsp; 68500 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 165000 | &nbsp;&nbsp; 113025 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 260000 | &nbsp;&nbsp; 178100 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 130000 | &nbsp;&nbsp; 89050 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp; 9985 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 70000 | &nbsp;&nbsp; 47950 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp; 902 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 23000 | &nbsp;&nbsp; 22469 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 20000 | &nbsp;&nbsp; 18795 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 164000 | &nbsp;&nbsp; 158272 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 39000 | &nbsp;&nbsp; 36208 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 597000 | &nbsp;&nbsp; 488344 |
|  |  | &nbsp;&nbsp; $1764158 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Rhode Island – 1.1% | Rhode Island – 1.1% | Rhode Island – 1.1% |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, "78-A", 5.5%, 10/01/2052  | $640000 | &nbsp;&nbsp; $679730 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2034  | 1000000 | &nbsp;&nbsp; 1066493 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 4.125%, 12/01/2042  | 740000 | &nbsp;&nbsp; 712560 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 145000 | &nbsp;&nbsp; 137074 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2033  | 1015000 | &nbsp;&nbsp; 1086494 |
|  |  | &nbsp;&nbsp; $3682351 |
| South Carolina – 1.6% | South Carolina – 1.6% | South Carolina – 1.6% |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2044  | $750000 | &nbsp;&nbsp; $781320 |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035  | 555000 | &nbsp;&nbsp; 556247 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 4.5%, 10/01/2033  | 415000 | &nbsp;&nbsp; 415686 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043  | 280000 | &nbsp;&nbsp; 270118 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031) | 650000 | &nbsp;&nbsp; 709422 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5%, 9/01/2032  | 665000 | &nbsp;&nbsp; 702579 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 100000 | &nbsp;&nbsp; 100892 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "B-2", 5%, <br> 11/01/2049 (Put Date 11/01/2032)<br>| 410000 | &nbsp;&nbsp; 455683 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047  | 1000000 | &nbsp;&nbsp; 1001573 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal Home <br> at Still Hopes), "A", 5%, 4/01/2038 <br>| 280000 | &nbsp;&nbsp; 280595 |
|  |  | &nbsp;&nbsp; $5274115 |
| Tennessee – 3.3% | Tennessee – 3.3% | Tennessee – 3.3% |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, <br> 10/01/2035 <br>| $500000 | &nbsp;&nbsp; $500107 |
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041  | 415000 | &nbsp;&nbsp; 380035 |
| Knox County, TN, Health Educational & Housing Facility, Board Multi-Family Housing Rev. (Westview Towers Project), 3.95%, <br> 12/01/2027 (Put Date 12/01/2025)<br>| 70000 | &nbsp;&nbsp; 70090 |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036  | 750000 | &nbsp;&nbsp; 755541 |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036  | 1000000 | &nbsp;&nbsp; 1004646 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A1", BAM, 5%, 7/01/2040 <br>| 1000000 | &nbsp;&nbsp; 1052273 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5%, 7/01/2044 <br>| 300000 | &nbsp;&nbsp; 307303 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 4.75%, 7/01/2027 <br>| 100000 | &nbsp;&nbsp; 93636 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board Senior Tax Increment Rev. <br> (Graceland Project), "A", 5.5%, 7/01/2037 <br>| 100000 | &nbsp;&nbsp; 74706 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University <br> Project), "A", 5%, 10/01/2041 <br>| 1000000 | &nbsp;&nbsp; 973199 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5.25%, 7/01/2033  | 1150000 | &nbsp;&nbsp; 1284956 |
| Nashville, TN, Metropolitan Development & Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500000 | &nbsp;&nbsp; 505646 |
| Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), <br> 5.25%, 12/01/2049 <br>| 550000 | &nbsp;&nbsp; 470338 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685000 | &nbsp;&nbsp; 739267 |
| Tennessee Energy Acquisition Corp., Gas Project Refunding Rev., "A", 5%, 12/01/2035  | 750000 | &nbsp;&nbsp; 811114 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028) | 750000 | &nbsp;&nbsp; 782961 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "C", 5%, 2/01/2027  | 80000 | &nbsp;&nbsp; 81498 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "4", 4%, 7/01/2043  | 645000 | &nbsp;&nbsp; 603879 |
|  |  | &nbsp;&nbsp; $10491195 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – 9.3% | Texas – 9.3% | Texas – 9.3% |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040  | $870000 | &nbsp;&nbsp; $875336 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2029  | 145000 | &nbsp;&nbsp; 146604 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2031  | 220000 | &nbsp;&nbsp; 222245 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2026  | 95000 | &nbsp;&nbsp; 95086 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2028  | 75000 | &nbsp;&nbsp; 75637 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 5.125%, 4/01/2043  | 265000 | &nbsp;&nbsp; 276295 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 4%, 4/01/2045  | 180000 | &nbsp;&nbsp; 161377 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1-A", 5%, 4/01/2033  | 500000 | &nbsp;&nbsp; 538968 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1-A", 5%, 4/01/2034  | 435000 | &nbsp;&nbsp; 466484 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major <br> Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2039 <br>| 750000 | &nbsp;&nbsp; 791160 |
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | 145000 | &nbsp;&nbsp; 145015 |
| Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035  | 1000000 | &nbsp;&nbsp; 1010480 |
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) | 100000 | &nbsp;&nbsp; 100048 |
| Dowdell, TX, Public Utility District, "A", BAM, 2%, 9/01/2026  | 200000 | &nbsp;&nbsp; 197333 |
| El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039  | 100000 | &nbsp;&nbsp; 98140 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034  | 765000 | &nbsp;&nbsp; 774422 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 155000 | &nbsp;&nbsp; 151237 |
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037  | 95000 | &nbsp;&nbsp; 104134 |
| Fort Worth, TX, Chaparral PFC Residential Development Rev. (Chaparral Ranch Project), 4%, 10/01/2035  | 830000 | &nbsp;&nbsp; 813289 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043  | 755000 | &nbsp;&nbsp; 808780 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2032  | 750000 | &nbsp;&nbsp; 826318 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2037  | 340000 | &nbsp;&nbsp; 362051 |
| Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042  | 865000 | &nbsp;&nbsp; 922229 |
| Houston, TX, Airport System Refunding Rev., "A", AGM, 5%, 7/01/2034  | 1000000 | &nbsp;&nbsp; 1099747 |
| Houston, TX, Airport System Refunding Rev., "A", AGM, 5%, 7/01/2038  | 665000 | &nbsp;&nbsp; 706269 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.25%, 7/15/2034  | 500000 | &nbsp;&nbsp; 535436 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.5%, 7/15/2038  | 545000 | &nbsp;&nbsp; 584734 |
| Las Varas, TX, Public Facility Corp. Essential Function Housing Development (Amara Apartments), 4.25%, 10/01/2035  | 680000 | &nbsp;&nbsp; 671071 |
| Lavon, TX, Special Assessment Rev. (Trails of Lavon Public Improvement District Projects), 4.25%, 9/15/2032  | 741000 | &nbsp;&nbsp; 748977 |
| Matagorda County, TX, Navigation District No. 1, Pollution Control Rev. (Central Power & Light Co.), 4.25%, 5/01/2030  | 500000 | &nbsp;&nbsp; 521889 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035  | 100000 | &nbsp;&nbsp; 95999 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036  | 500000 | &nbsp;&nbsp; 470703 |
| Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2040  | 1345000 | &nbsp;&nbsp; 1416565 |
| Memorial, TX, City Redevelopment Authority, Tax Increment Contract Rev., AGM, 5%, 9/01/2041  | 645000 | &nbsp;&nbsp; 671770 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project), 5%, <br> 12/01/2064 (Put Date 6/01/2030)<br>| 245000 | &nbsp;&nbsp; 253785 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", <br> 4.25%, 10/01/2030 <br>| 205000 | &nbsp;&nbsp; 205946 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2035 <br>| 350000 | &nbsp;&nbsp; 343739 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2034  | 585000 | &nbsp;&nbsp; 629307 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035  | 455000 | &nbsp;&nbsp; 486346 |
| North Texas Higher Education Authority, Inc., Tax-Exempt Education Loan Rev., "A", 5%, 6/01/2033 (w) | 400000 | &nbsp;&nbsp; 426502 |
| North Texas Municipal Water District, Water System Refunding Rev., 5%, 9/01/2043  | 1000000 | &nbsp;&nbsp; 1065622 |
| Panola County, TX, Carthage Independent School District, Unlimited Tax School Building, Texas PSF, 5%, 8/15/2038  | 250000 | &nbsp;&nbsp; 256266 |
| Port Houston, TX, First Lien Rev., 4%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 1006573 |
| Princeton, TX, Special Assessment Rev. (Eastridge Public Improvement District Improvement Area No. 3 Project), 5%, 9/01/2044  | 500000 | &nbsp;&nbsp; 478764 |
| Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 5%, <br> 2/15/2038 <br>| 1550000 | &nbsp;&nbsp; 1556069 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056  | 1250000 | &nbsp;&nbsp; 1386854 |
| Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (TELA Supported), "A", 5%, <br> 10/01/2043 <br>| 360000 | &nbsp;&nbsp; 367704 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., "B", 5.5%, 1/01/2054 (Put Date 1/01/2034) | 930000 | &nbsp;&nbsp; 1046976 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Texas Municipal Power Agency, Transmission System Refunding Rev., BAM, 5.5%, 9/01/2045  | $435000 | &nbsp;&nbsp; $468656 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038  | 175000 | &nbsp;&nbsp; 184644 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040  | 635000 | &nbsp;&nbsp; 666149 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034  | 1000000 | &nbsp;&nbsp; 1110844 |
| Texas Public Finance Authority Rev. (Texas Southern University), "A", BAM, 5%, 5/01/2026  | 125000 | &nbsp;&nbsp; 126058 |
| Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), "A", 4%, 12/01/2033  | 75000 | &nbsp;&nbsp; 75480 |
| Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, <br> 6/01/2045 (Put Date 6/01/2027)<br>| 335000 | &nbsp;&nbsp; 335582 |
|  |  | &nbsp;&nbsp; $29963694 |
| U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2025  | $100000 | &nbsp;&nbsp; $100000 |
| Utah – 0.7% | Utah – 0.7% | Utah – 0.7% |
| Salt Lake City, UT, Airport Rev. (International Airport), "A", 5.25%, 7/01/2037  | $1000000 | &nbsp;&nbsp; $1088776 |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "C", 5%, 7/15/2035  | 181000 | &nbsp;&nbsp; 182115 |
| Utah Housing Corp., Mortgage-Backed Securities, "I", GNMA, 5%, 9/21/2052  | 614335 | &nbsp;&nbsp; 627835 |
| Utah Housing Corp., Single Family Mortgage Rev., "A", GNMA, 6.5%, 1/01/2054  | 105000 | &nbsp;&nbsp; 114922 |
| Utah Infrastructure Agency Telecommunications & Franchise Rev. (Pleasant Grove City Project), 2%, 10/15/2025  | 125000 | &nbsp;&nbsp; 124918 |
|  |  | &nbsp;&nbsp; $2138566 |
| Vermont – 0.9% | Vermont – 0.9% | Vermont – 0.9% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2032  | $1000000 | &nbsp;&nbsp; $1079257 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2032  | 1700000 | &nbsp;&nbsp; 1834736 |
|  |  | &nbsp;&nbsp; $2913993 |
| Virginia – 1.0% | Virginia – 1.0% | Virginia – 1.0% |
| Chesapeake, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric and Power Company Project), "A", <br> 3.65%, 2/01/2032 (Put Date 10/01/2027)<br>| $305000 | &nbsp;&nbsp; $309813 |
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), "A", 3.65%, <br> 11/01/2035 (Put Date 10/01/2027)<br>| 85000 | &nbsp;&nbsp; 86341 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster - Canterbury on Chesapeake Bay), <br> 5%, 9/01/2029 <br>| 95000 | &nbsp;&nbsp; 97912 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), "B-3", <br> 5.375%, 9/01/2029 <br>| 750000 | &nbsp;&nbsp; 757362 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5%, 10/01/2031  | 180000 | &nbsp;&nbsp; 180468 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038  | 695000 | &nbsp;&nbsp; 715978 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), "C", 5%, 6/01/2042  | 500000 | &nbsp;&nbsp; 491200 |
| York, VA, Economic Development Authority, Pollution Control Rev. (Virginia Electric and Power Company Project), "A", 3.65%, <br> 5/01/2033 (Put Date 10/01/2027)<br>| 610000 | &nbsp;&nbsp; 619625 |
|  |  | &nbsp;&nbsp; $3258699 |
| Washington – 2.7% | Washington – 2.7% | Washington – 2.7% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037  | $210000 | &nbsp;&nbsp; $203059 |
| King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040  | 865000 | &nbsp;&nbsp; 893129 |
| Klickitat County, WA, Public Utility District No. 1 Electric System Refunding Rev., AGM, 5%, 12/01/2034  | 1350000 | &nbsp;&nbsp; 1528834 |
| Pacific County, WA, Public Healthcare Services District No. 3 Unlimited Tax General Obligation (Ocean Beach Hospital and Medical <br> Clinics), 5.25%, 12/01/2039 <br>| 500000 | &nbsp;&nbsp; 538515 |
| Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042  | 460000 | &nbsp;&nbsp; 479447 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033  | 750000 | &nbsp;&nbsp; 763407 |
| Spokane County, WA, Airport Rev., 5.25%, 1/01/2044  | 1115000 | &nbsp;&nbsp; 1154737 |
| Vancouver, WA, Housing Authority Rev. (Cougar Creek Project), "A", 4%, 10/01/2034  | 220000 | &nbsp;&nbsp; 222894 |
| Vancouver, WA, Housing Authority Rev. (Navalia and Alena Projects), 4%, 8/01/2034  | 880000 | &nbsp;&nbsp; 867297 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – continued | Washington – continued | Washington – continued |
| Washington State Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041  | $1000000 | &nbsp;&nbsp; $966651 |
| Washington State Housing Finance Commission, Multi-Family Rev. (Mill at First Hill Apartments Project), FNMA, 4.15%, 7/01/2034  | 105000 | &nbsp;&nbsp; 108029 |
| Washington State Housing Finance Commission, Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald Heights <br> Project), "B-1", 5%, 7/01/2038 <br>| 795000 | &nbsp;&nbsp; 823076 |
|  |  | &nbsp;&nbsp; $8549075 |
| West Virginia – 0.3% | West Virginia – 0.3% | West Virginia – 0.3% |
| Ohio County, WV, Commission Tax Increment Refunding & Improvement Rev. (The Highlands Project), 5%, 6/01/2034  | $300000 | &nbsp;&nbsp; $318269 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell <br> Project), "A", 3%, 6/01/2037 (Put Date 6/18/2027)<br>| 330000 | &nbsp;&nbsp; 326910 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%, <br> 4/15/2055 (Put Date 5/15/2032)<br>| 230000 | &nbsp;&nbsp; 232482 |
|  |  | &nbsp;&nbsp; $877661 |
| Wisconsin – 5.1% | Wisconsin – 5.1% | Wisconsin – 5.1% |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), "A", 4%, 4/01/2040  | $1000000 | &nbsp;&nbsp; $969473 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2027  | 290000 | &nbsp;&nbsp; 289603 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2028  | 195000 | &nbsp;&nbsp; 195040 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2029  | 310000 | &nbsp;&nbsp; 310557 |
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), "A", 5%, 12/01/2037  | 200000 | &nbsp;&nbsp; 215695 |
| Wisconsin Health & Educational Facilities Authority Rev. (Fort HealthCare, Inc.), "B", 5%, 10/01/2054 (Put Date 10/03/2034) | 1000000 | &nbsp;&nbsp; 1092732 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 4.5%, 3/15/2033  | 155000 | &nbsp;&nbsp; 158892 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030  | 400000 | &nbsp;&nbsp; 399848 |
| Wisconsin Housing & Economic Development Authority, Home Ownership Rev., GNMA, 6%, 3/01/2055  | 980000 | &nbsp;&nbsp; 1077491 |
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.875%, 4/01/2045  | 155000 | &nbsp;&nbsp; 154590 |
| Wisconsin Public Finance Authority Rev., (Kahala Nui Project), 5%, 11/15/2034  | 335000 | &nbsp;&nbsp; 367962 |
| Wisconsin Public Finance Authority Rev., (Kahala Nui Project), 5%, 11/15/2036  | 435000 | &nbsp;&nbsp; 469897 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033  | 1125000 | &nbsp;&nbsp; 1210637 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5.25%, 7/01/2028  | 90000 | &nbsp;&nbsp; 90089 |
| Wisconsin Public Finance Authority, Education Refunding Rev., (Pinecrest Academy of Nevada - Sloan Canyon Campus Project), "A", <br> 4%, 7/15/2039 (n)<br>| 1000000 | &nbsp;&nbsp; 908110 |
| Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), "A", 5%, 12/15/2035  | 695000 | &nbsp;&nbsp; 717082 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032  | 1100000 | &nbsp;&nbsp; 1159704 |
| Wisconsin Public Finance Authority, Housing Rev. (Aggie Apartment Life Holding Corp. II LLC Project), 5%, 6/01/2034  | 1100000 | &nbsp;&nbsp; 1175088 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, <br> 8/01/2027 (a)(d)(n)<br>| 105000 | &nbsp;&nbsp; 84000 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), "B-1", 6.81%, 4/28/2036  | 305000 | &nbsp;&nbsp; 312436 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, "1-A", FHLMC, 4.1%, 9/25/2039 (n) | 605000 | &nbsp;&nbsp; 594469 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Foothill Affordable Housing Foundation-Elliot Baymeadows <br> Apartments Project), FNMA, 4.5%, 7/01/2067 (Put Date 7/01/2035)<br>| 770000 | &nbsp;&nbsp; 792933 |
| Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), "A-1", 5.25%, 7/01/2037  | 670000 | &nbsp;&nbsp; 726875 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2030 <br>| 535000 | &nbsp;&nbsp; 542373 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5%, <br> 5/15/2030 (n)<br>| 250000 | &nbsp;&nbsp; 253203 |
| Wisconsin Public Finance Authority, Solid Waste Disposal Refunding Rev. (Waste Management, Inc. Project), "A-2", 3.85%, <br> 10/01/2025 (Put Date 10/01/2025)<br>| 750000 | &nbsp;&nbsp; 750000 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, <br> 6/01/2035 <br>| 855000 | &nbsp;&nbsp; 904840 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5%, 6/15/2030  | 185000 | &nbsp;&nbsp; 196563 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, 6/15/2035  | 175000 | &nbsp;&nbsp; 189725 |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., (Astro Texas Land Projects), <br> Capital Appreciation, 0%, 12/15/2037 <br>| $141000 | &nbsp;&nbsp; $70888 |
|  |  | &nbsp;&nbsp; $16380795 |
| **Total Municipal Bonds (Identified Cost, $301,803,068)** |  | &nbsp;&nbsp; **$305146278** |
| Other Municipal Bonds – 0.3% | Other Municipal Bonds – 0.3% | Other Municipal Bonds – 0.3% |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |  |
| Affordable Housing Opportunities Trust Certificates, AH-01, "A", 3.528%, 5/01/2039 (n) | $275000 | &nbsp;&nbsp; $229590 |
| Freddie Mac, 4.685%, 10/25/2040 | 356089 | &nbsp;&nbsp; 365439 |
| Freddie Mac, 4.615%, 8/25/2041 | 381514 | &nbsp;&nbsp; 388072 |
| **Total Other Municipal Bonds (Identified Cost, $974,254)** |  | &nbsp;&nbsp; **$983101** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Transportation - Services – 0.2% | Transportation - Services – 0.2% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | $500000 | &nbsp;&nbsp; $424788 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 219865 | &nbsp;&nbsp; 74512 |
| **Total Bonds (Identified Cost, $565,882)** |  | &nbsp;&nbsp; **$499300** |
| Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% |
| General Obligations - General Purpose – 0.0% | General Obligations - General Purpose – 0.0% |  |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $91,258) | $160102 | &nbsp;&nbsp; $105868 |
| Mutual Funds (h) – 4.5% | Mutual Funds (h) – 4.5% | Mutual Funds (h) – 4.5% |
| Money Market Funds – 4.5% | Money Market Funds – 4.5% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $14,647,189) | 14645429 | &nbsp;&nbsp; $14646893 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 492766 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$321874206** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $14,646,893 and $306,734,547, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $7,035,960, representing 2.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

------

MFS Municipal Intermediate Fund

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| PSF | Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either <br> daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

**See Notes to Financial Statements**

------

MFS Municipal Intermediate Fund

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 9/30/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $303,434,462) | &nbsp;&nbsp; $306734547 |
| Investments in affiliated issuers, at value (identified cost, $14,647,189) | &nbsp;&nbsp; 14646893 |
| Cash | &nbsp;&nbsp; 5024 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 1196694 |
| Fund shares sold | &nbsp;&nbsp; 607171 |
| Interest and dividends | &nbsp;&nbsp; 3847650 |
| Receivable from investment adviser | &nbsp;&nbsp; 17037 |
| Other assets | &nbsp;&nbsp; 201 |
| Total assets | &nbsp;&nbsp; $327055217 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $19484 |
| When-issued investments purchased | &nbsp;&nbsp; 4547066 |
| Fund shares reacquired | &nbsp;&nbsp; 480500 |
| Payable to affiliates |  |
| Administrative services fee | &nbsp;&nbsp; 283 |
| Shareholder servicing costs | &nbsp;&nbsp; 45794 |
| Distribution and service fees | &nbsp;&nbsp; 2805 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 85079 |
| Total liabilities | &nbsp;&nbsp; $5181011 |
| Net assets | &nbsp;&nbsp; $321874206 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $321936889 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (62683)<br>|
| Net assets | &nbsp;&nbsp; $321874206 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 34728020 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $201529445 | &nbsp;&nbsp;&nbsp; 21737877 | &nbsp;&nbsp;&nbsp; $9.27 |
| Class C | &nbsp;&nbsp;&nbsp; 942875 | &nbsp;&nbsp;&nbsp; 101893 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 |
| Class I | &nbsp;&nbsp;&nbsp; 95270993 | &nbsp;&nbsp;&nbsp; 10282322 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Class R6 | &nbsp;&nbsp;&nbsp; 24130893 | &nbsp;&nbsp;&nbsp; 2605928 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 $9.68 [100 / 95.75 x $9.27]. 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**

------

MFS Municipal Intermediate Fund

**Financial Statements** \| **Statement of Operations**

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.

---

| | |
|:---|:---|
| **Six months ended 9/30/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $5788301 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 215809 |
| Other | &nbsp;&nbsp; 37 |
| Total investment income | &nbsp;&nbsp; $6004147 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $497279 |
| Distribution and service fees | &nbsp;&nbsp; 237296 |
| Shareholder servicing costs | &nbsp;&nbsp; 79063 |
| Administrative services fee | &nbsp;&nbsp; 23557 |
| Independent Trustees' compensation | &nbsp;&nbsp; 3804 |
| Custodian fee | &nbsp;&nbsp; 30702 |
| Shareholder communications | &nbsp;&nbsp; 4549 |
| Audit and tax fees | &nbsp;&nbsp; 31891 |
| Legal fees | &nbsp;&nbsp; 1889 |
| Registration fees | &nbsp;&nbsp; 64701 |
| Miscellaneous | &nbsp;&nbsp; 18006 |
| Total expenses | &nbsp;&nbsp; $992737 |
| Fees paid indirectly | &nbsp;&nbsp; (204)<br>|
| Reduction of expenses by investment adviser | &nbsp;&nbsp; (138151)<br>|
| Net expenses | &nbsp;&nbsp; $854382 |
| Net investment income (loss) | &nbsp;&nbsp; $5149765 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(256282)<br>|
| Affiliated issuers | &nbsp;&nbsp; 542 |
| Net realized gain (loss) | &nbsp;&nbsp; $(255740)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $5132583 |
| Affiliated issuers | &nbsp;&nbsp; (419)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $5132164 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $4876424 |
| Change in net assets from operations | &nbsp;&nbsp; $10026189 |

---

**See Notes to Financial Statements**

------

MFS Municipal Intermediate Fund

**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.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**9/30/25** <br>**(unaudited)**<br>| <br>**3/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $5149765 | &nbsp;&nbsp; $7104172 |
| Net realized gain (loss) | (255740)<br>| &nbsp;&nbsp; 107159 |
| Net unrealized gain (loss) | 5132164 | &nbsp;&nbsp; (2830169)<br>|
| Change in net assets from operations | $10026189 | &nbsp;&nbsp; $4381162 |
| Total distributions to shareholders | $(5097484)<br>| &nbsp;&nbsp; $(7047203)<br>|
| Change in net assets from fund share transactions | $73325405 | &nbsp;&nbsp; $69508651 |
| Total change in net assets | $78254110 | &nbsp;&nbsp; $66842610 |
| **Net assets** |  |  |
| At beginning of period | 243620096 | &nbsp;&nbsp; 176777486 |
| At end of period | $321874206 | &nbsp;&nbsp; $243620096 |

---

**See Notes to Financial Statements**

------

MFS Municipal Intermediate Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal 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**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22(c)** |
| Net asset value, beginning of period | $9.14 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.59)<br>|
| Total from investment operations | $0.29 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.00<br> (w)<br>| &nbsp;&nbsp; $(0.46)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.08)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total distributions declared to shareholders | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.13)<br>|
| Net asset value, end of period (x) | $9.27 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.41 |
| Total return (%) (r)(s)(t)(x) | 3.22<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.62)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> (a)<br>|
| Expenses after expense reductions (f) | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (a)<br>|
| Net investment income (loss) | 3.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> (a)<br>|
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 165<br> (n)<br>|
| Net assets at end of period (000 omitted) | $201529 | &nbsp;&nbsp; $173884 | &nbsp;&nbsp; $131133 | &nbsp;&nbsp; $97424 | &nbsp;&nbsp; $54967 |

---

**See Notes to Financial Statements**

------

MFS Municipal Intermediate Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22(c)** |
| Net asset value, beginning of period | $9.13 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.03 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.53)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.03)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total distributions declared to shareholders | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.08)<br>|
| Net asset value, end of period (x) | $9.25 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $9.39 |
| Total return (%) (r)(s)(t)(x) | 2.72<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (5.32)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 1.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> (a)<br>|
| Expenses after expense reductions (f) | 1.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> (a)<br>|
| Net investment income (loss) | 2.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (a)<br>|
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 165<br> (n)<br>|
| Net assets at end of period (000 omitted) | $943 | &nbsp;&nbsp; $1001 | &nbsp;&nbsp; $873 | &nbsp;&nbsp; $659 | &nbsp;&nbsp; $74 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22(c)** |
| Net asset value, beginning of period | $9.14 | &nbsp;&nbsp; $9.23 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total from investment operations | $0.30 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.45)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.10)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total distributions declared to shareholders | $(0.17)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.15)<br>|
| Net asset value, end of period (x) | $9.27 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.23 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.40 |
| Total return (%) (r)(s)(t)(x) | 3.33<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (4.53)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> (a)<br>|
| Expenses after expense reductions (f) | 0.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (a)<br>|
| Net investment income (loss) | 3.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> (a)<br>|
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 165<br> (n)<br>|
| Net assets at end of period (000 omitted) | $95271 | &nbsp;&nbsp; $52266 | &nbsp;&nbsp; $35663 | &nbsp;&nbsp; $34682 | &nbsp;&nbsp; $20041 |

---

**See Notes to Financial Statements**

------

MFS Municipal Intermediate Fund

*Financial Highlights - continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22(c)** |
| Net asset value, beginning of period | $9.13 | &nbsp;&nbsp; $9.23 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $10.00 |
| **Income (loss) from investment operations** |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.08 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total from investment operations | $0.30 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.44)<br>|
| **Less distributions declared to shareholders** |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.11)<br>|
| From net realized gain |  |  |  | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>|
| Total distributions declared to shareholders | $(0.17)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $9.26 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.23 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $9.40 |
| Total return (%) (r)(s)(t)(x) | 3.37<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (4.49)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |
| Expenses before expense reductions (f) | 0.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (a)<br>|
| Expenses after expense reductions (f) | 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> (a)<br>|
| Net investment income (loss) | 3.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (a)<br>|
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 165<br> (n)<br>|
| Net assets at end of period (000 omitted) | $24131 | &nbsp;&nbsp; $16469 | &nbsp;&nbsp; $9108 | &nbsp;&nbsp; $5607 | &nbsp;&nbsp; $383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, May 18, 2021, through the stated period end.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

MFS Municipal Intermediate Fund

**Notes to Financial Statements (unaudited)**

**(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 and developments 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. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. 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 certain distributions made by the fund could be taxable to shareholders.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**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 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.

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $306235247 | $— | $306235247 |
| U.S. Corporate Bonds |  | 499300 |  | 499300 |
| Investment Companies | 14646893 |  |  | 14646893 |
| Total | $14646893 | $306734547 | $— | $321381440 |

---

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.

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

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.

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 six months ended September 30, 2025, 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 generally 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.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**3/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $328733 |
| Tax-exempt income | &nbsp;&nbsp; 6718470 |
| Total distributions | &nbsp;&nbsp; $7047203 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | |
|:---|:---|
| **As of 9/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $318110943 |
| Gross appreciation | &nbsp;&nbsp; 5421263 |
| Gross depreciation | &nbsp;&nbsp; (2150766)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $3270497 |
| **As of 3/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 145583 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 624497 |
| Capital loss carryforwards | &nbsp;&nbsp; (3151768)<br>|
| Other temporary differences | &nbsp;&nbsp; (705308)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1904392)<br>|

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of March 31, 2025, 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 | $(1554166)<br>|
| Long-Term | (1597602)<br>|
| Total | $(3151768)<br>|

---

**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 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:

---

| | | |
|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**9/30/25**<br>| **Year** <br>**ended** <br>**3/31/25**<br>|
| Class A | $3261592 | &nbsp;&nbsp; $5053916 |
| Class C | 13588 | &nbsp;&nbsp; 24691 |
| Class I | 1451660 | &nbsp;&nbsp; 1527748 |
| Class R6 | 370644 | &nbsp;&nbsp; 440848 |
| Total | $5097484 | &nbsp;&nbsp; $7047203 |

---

**(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, 2026. For the six months ended September 30, 2025, this management fee reduction amounted to $19,950, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended September 30, 2025 was equivalent to an annual effective rate of 0.34% of the fund's average daily net assets.

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

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** | **Classes** | **Classes** | **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, 2026. For the six months ended September 30, 2025, this reduction amounted to $118,201, 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 $1,325 for the six months ended September 30, 2025, as its portion of the initial sales charge on sales of Class A shares of the fund.

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** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $232381 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 4915 |
| Total Distribution and Service Fees  |  |  |  |  | $237296 |

---

(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 six months ended September 30, 2025 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 six months ended September 30, 2025.

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 six months ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $5162 |
| Class C |  |

---

**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 six months ended September 30, 2025, the fee was $1,687, which equated to 0.0012% 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 six months ended September 30, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $77,376.

**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 six months ended September 30, 2025 was equivalent to an annual effective rate of 0.0166% of the fund's average daily net assets.

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

**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.

MFS purchased or redeemed fund shares on the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class A | 13 | $118 |
| 8/19/2024 | Redemption | Class I | 15 | 136 |

---

**(4) Portfolio Securities**

For the six months ended September 30, 2025, purchases and sales of investments, other than short-term obligations, aggregated $83,284,425 and $18,773,814, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**9/30/25** | **Six months ended** <br>**9/30/25** | **Year ended** <br>**3/31/25** | **Year ended** <br>**3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 5006320 | &nbsp;&nbsp; $45518009 | &nbsp;&nbsp; 7131517 | &nbsp;&nbsp; $66000828 |
| Class C | 314 | &nbsp;&nbsp; 2856 | &nbsp;&nbsp; 47584 | &nbsp;&nbsp; 439983 |
| Class I | 5773280 | &nbsp;&nbsp; 52376875 | &nbsp;&nbsp; 4013133 | &nbsp;&nbsp; 37086660 |
| Class R6 | 1390100 | &nbsp;&nbsp; 12621515 | &nbsp;&nbsp; 976340 | &nbsp;&nbsp; 9010298 |
|  | 12170014 | &nbsp;&nbsp; $110519255 | &nbsp;&nbsp; 12168574 | &nbsp;&nbsp; $112537769 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 347707 | &nbsp;&nbsp; $3172725 | &nbsp;&nbsp; 530444 | &nbsp;&nbsp; $4898344 |
| Class C | 1492 | &nbsp;&nbsp; 13588 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 24691 |
| Class I | 158520 | &nbsp;&nbsp; 1446698 | &nbsp;&nbsp; 164653 | &nbsp;&nbsp; 1519682 |
| Class R6 | 38402 | &nbsp;&nbsp; 350218 | &nbsp;&nbsp; 47110 | &nbsp;&nbsp; 434521 |
|  | 546121 | &nbsp;&nbsp; $4983229 | &nbsp;&nbsp; 744887 | &nbsp;&nbsp; $6877238 |
| Shares reacquired |  |  |  |  |
| Class A | (2635052)<br>| &nbsp;&nbsp; $(23985588)<br>| &nbsp;&nbsp; (2838228)<br>| &nbsp;&nbsp; $(26189267)<br>|
| Class C | (9588)<br>| &nbsp;&nbsp; (87261)<br>| &nbsp;&nbsp; (35305)<br>| &nbsp;&nbsp; (324668)<br>|
| Class I | (1369600)<br>| &nbsp;&nbsp; (12416623)<br>| &nbsp;&nbsp; (2320568)<br>| &nbsp;&nbsp; (21487019)<br>|
| Class R6 | (626112)<br>| &nbsp;&nbsp; (5687607)<br>| &nbsp;&nbsp; (206988)<br>| &nbsp;&nbsp; (1905402)<br>|
|  | (4640352)<br>| &nbsp;&nbsp; $(42177079)<br>| &nbsp;&nbsp; (5401089)<br>| &nbsp;&nbsp; $(49906356)<br>|
| Net change |  |  |  |  |
| Class A | 2718975 | &nbsp;&nbsp; $24705146 | &nbsp;&nbsp; 4823733 | &nbsp;&nbsp; $44709905 |
| Class C | (7782)<br>| &nbsp;&nbsp; (70817)<br>| &nbsp;&nbsp; 14959 | &nbsp;&nbsp; 140006 |
| Class I | 4562200 | &nbsp;&nbsp; 41406950 | &nbsp;&nbsp; 1857218 | &nbsp;&nbsp; 17119323 |
| Class R6 | 802390 | &nbsp;&nbsp; 7284126 | &nbsp;&nbsp; 816462 | &nbsp;&nbsp; 7539417 |
|  | 8075783 | &nbsp;&nbsp; $73325405 | &nbsp;&nbsp; 7512372 | &nbsp;&nbsp; $69508651 |

---

------

MFS Municipal Intermediate Fund

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 12, 2026 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 six months ended September 30, 2025, the fund's commitment fee and interest expense were $658 and $0, respectively, and are included in "Miscellaneous" expense 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 for the six months ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $4971326 | &nbsp;&nbsp; $67196904 | &nbsp;&nbsp; $57521460 | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $(419)<br>| &nbsp;&nbsp; $14646893 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $215809 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Municipal Intermediate Fund.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Municipal Intermediate Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Municipal Intermediate Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

------

MFS Municipal Intermediate Fund

**Board Review of Investment Advisory Agreement**

**MFS Municipal Intermediate Fund**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I Shares in comparison to the performance of funds in its Broadridge performance universe over the three-year period ended December 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this three-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period ended December 31, 2024 relative to the Broadridge performance universe. The Fund commenced operations on May 18, 2021; therefore, no performance data for the five-year period was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

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MFS Municipal Intermediate Fund

*Board Review of Investment Advisory Agreement - continued*

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal-year period), the Fund's effective advisory fee rate and the Fund's total expense ratio were each lower than the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1 billion and $2.5 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

------

MFS Municipal Intermediate Fund

*Board Review of Investment Advisory Agreement - continued*

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

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MFS Municipal Income Fund

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

MFS Municipal Income Fund

**Portfolio of Investments - 9/30/25 (unaudited)**

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 95.8% | Municipal Bonds – 95.8% | Municipal Bonds – 95.8% |
| Alabama – 3.7% | Alabama – 3.7% | Alabama – 3.7% |
| Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033  | $620000 | &nbsp;&nbsp; $620641 |
| Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.5%, 9/01/2045  | 860000 | &nbsp;&nbsp; 923027 |
| Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.75%, 9/01/2050  | 1110000 | &nbsp;&nbsp; 1196171 |
| Baldwin County, AL, Industrial Development Authority, County Solid Waste Disposal Rev. (Novelis Corp. Project), "B", 4.625%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 1105000 | &nbsp;&nbsp; 1107330 |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| 10495000 | &nbsp;&nbsp; 10733939 |
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035  | 240000 | &nbsp;&nbsp; 245915 |
| Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038  | 1245000 | &nbsp;&nbsp; 1247196 |
| Black Belt Energy Gas District, AL, Gas Prepay Rev., "A-1", 4%, 12/01/2049 (Put Date 12/01/2025) | 4825000 | &nbsp;&nbsp; 4841115 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 4%, 6/01/2051 (Put Date 12/01/2031) | 12920000 | &nbsp;&nbsp; 13354376 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 14750000 | &nbsp;&nbsp; 15342652 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5.5%, 10/01/2054 (Put Date 6/01/2032) | 23250000 | &nbsp;&nbsp; 25707936 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C", 5%, 5/01/2055 (Put Date 7/01/2031) | 10520000 | &nbsp;&nbsp; 11417756 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, 11/01/2053 (Put Date 12/01/2028) | 6810000 | &nbsp;&nbsp; 7263289 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032) | 17190000 | &nbsp;&nbsp; 18584583 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B-1", 5.75%, 4/01/2054 (Put Date 11/01/2031) | 14150000 | &nbsp;&nbsp; 15854171 |
| Homewood, AL, Educational Building Authority Rev. (CHF - Horizons II LLC, Student Housing & Parking Project at Samford <br> University), "C", 5.5%, 10/01/2054 <br>| 1540000 | &nbsp;&nbsp; 1556645 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.25%, 8/01/2053 <br>| 2235000 | &nbsp;&nbsp; 2276685 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.5%, 8/01/2058 <br>| 1885000 | &nbsp;&nbsp; 1946255 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", BAM, 5%, 8/01/2056 <br>| 4115000 | &nbsp;&nbsp; 4139640 |
| Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., "A", 5.25%, 9/01/2052  | 9730000 | &nbsp;&nbsp; 10011051 |
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053  | 15180000 | &nbsp;&nbsp; 15893169 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 4.75%, 7/01/2064  | 965000 | &nbsp;&nbsp; 941958 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 5.25%, 7/01/2064  | 940000 | &nbsp;&nbsp; 966646 |
| Southeast Alabama Energy Authority (Project No. 2), "A", 4%, 12/01/2051 (Put Date 12/01/2031) | 9535000 | &nbsp;&nbsp; 9770103 |
| Southeast Alabama Energy Authority (Project No. 3), "A-1", 5.5%, 1/01/2053 (Put Date 12/01/2029) | 5485000 | &nbsp;&nbsp; 5956377 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029) | 18165000 | &nbsp;&nbsp; 19255648 |
| Southeast Alabama Energy Authority (Project No. 6), 5%, 1/01/2054 (Put Date 6/01/2030) | 6875000 | &nbsp;&nbsp; 7353226 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 13835000 | &nbsp;&nbsp; 14582538 |
| Stadium Trace Village District, AL, Development Incentive Anticipation Bonds, 3.625%, 3/01/2036  | 1115000 | &nbsp;&nbsp; 1004592 |
| University of North Alabama, General Fee Rev., "B", BAM, 5%, 11/01/2038  | 1185000 | &nbsp;&nbsp; 1232090 |
| University of South Alabama Facilities Rev., "A", BAM, 5%, 4/01/2049  | 1955000 | &nbsp;&nbsp; 1980778 |
| University of South Alabama Facilities Rev., "A", BAM, 5.25%, 4/01/2054  | 3595000 | &nbsp;&nbsp; 3769631 |
|  |  | &nbsp;&nbsp; $231077129 |
| Alaska – 0.2% | Alaska – 0.2% | Alaska – 0.2% |
| Alaska Municipal Bond Bank, General Obligation, "2", 5.25%, 12/01/2047  | $1580000 | &nbsp;&nbsp; $1623775 |
| Alaska Municipal Bond Bank, General Obligation, "2", 5.25%, 12/01/2052  | 1975000 | &nbsp;&nbsp; 2011652 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 6%, 10/01/2050  | 1845000 | &nbsp;&nbsp; 1994587 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2054  | 5260000 | &nbsp;&nbsp; 5429303 |
|  |  | &nbsp;&nbsp; $11059317 |

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LMBFS-SEM

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – 1.7% | Arizona – 1.7% | Arizona – 1.7% |
| Arizona Board of Regents, State University System Rev., "B", 4%, 7/01/2053  | $10795000 | &nbsp;&nbsp; $9825723 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.25%, 7/01/2043  | 120000 | &nbsp;&nbsp; 117888 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.375%, 7/01/2053  | 440000 | &nbsp;&nbsp; 418761 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058  | 415000 | &nbsp;&nbsp; 399938 |
| Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), "A", 5%, 7/01/2052  | 975000 | &nbsp;&nbsp; 932116 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "A", 5.125%, 7/01/2037 (n) | 790000 | &nbsp;&nbsp; 791928 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "A", 5.25%, 7/01/2047 (n) | 590000 | &nbsp;&nbsp; 571098 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2037 (n) | 95000 | &nbsp;&nbsp; 95293 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2047 (n) | 130000 | &nbsp;&nbsp; 121743 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "D", 5%, 7/01/2051 (n) | 810000 | &nbsp;&nbsp; 741130 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "F", 5%, 7/01/2037  | 790000 | &nbsp;&nbsp; 802034 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "F", 5%, 7/01/2047  | 1850000 | &nbsp;&nbsp; 1853659 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "F", 5%, 7/01/2052  | 1475000 | &nbsp;&nbsp; 1470740 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2037 (n) | 130000 | &nbsp;&nbsp; 130401 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2047 (n) | 130000 | &nbsp;&nbsp; 121743 |
| Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), "G", 5%, 7/01/2051 (n) | 245000 | &nbsp;&nbsp; 224169 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 5.25%, 7/01/2053  | 440000 | &nbsp;&nbsp; 409430 |
| Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), "A", 5.5%, 7/01/2058  | 440000 | &nbsp;&nbsp; 419055 |
| Arizona Industrial Development Authority, Education Rev. (Great Hearts Arizona Projects), "A", 5%, 7/01/2045  | 1000000 | &nbsp;&nbsp; 999646 |
| Arizona Industrial Development Authority, Education Rev. (Great Hearts Arizona Projects), "A", 5%, 7/01/2050  | 380000 | &nbsp;&nbsp; 368563 |
| Arizona Industrial Development Authority, Education Rev. (Great Hearts Arizona Projects), "A", 5.25%, 7/01/2055  | 1750000 | &nbsp;&nbsp; 1741920 |
| Arizona Industrial Development Authority, Education Rev. (Great Hearts Arizona Projects), "A", 5.25%, 7/01/2060  | 1515000 | &nbsp;&nbsp; 1495698 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2047  | 300000 | &nbsp;&nbsp; 296988 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2057  | 385000 | &nbsp;&nbsp; 373041 |
| Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), "A", 5%, 7/01/2062  | 535000 | &nbsp;&nbsp; 513243 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2036  | 870000 | &nbsp;&nbsp; 859450 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2038  | 475000 | &nbsp;&nbsp; 455025 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2039  | 590000 | &nbsp;&nbsp; 560458 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2040  | 630000 | &nbsp;&nbsp; 591363 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4%, 11/01/2051  | 1965000 | &nbsp;&nbsp; 1648164 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev., "A", 4.25%, 11/01/2052  | 2760000 | &nbsp;&nbsp; 2403179 |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University <br> Foundation), "A", 2.125%, 7/01/2033 <br>| 1015000 | &nbsp;&nbsp; 856743 |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University <br> Foundation), "A", 3%, 7/01/2035 <br>| 510000 | &nbsp;&nbsp; 481089 |
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), "A", 5%, 11/15/2042  | 2855000 | &nbsp;&nbsp; 2862153 |
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), "A", 5%, 11/15/2048  | 3150000 | &nbsp;&nbsp; 3115940 |
| La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public <br> Schools Project), "A", 5%, 2/15/2038 <br>| 535000 | &nbsp;&nbsp; 537090 |
| La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public <br> Schools Project), "A", 5%, 2/15/2048 <br>| 465000 | &nbsp;&nbsp; 433992 |
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047  | 655000 | &nbsp;&nbsp; 630832 |
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053  | 4375000 | &nbsp;&nbsp; 4473559 |
| Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), "A", 5%, 1/01/2038  | 2360000 | &nbsp;&nbsp; 2399162 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, <br> 7/01/2049 (n)<br>| 430000 | &nbsp;&nbsp; 429574 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, <br> 7/01/2049 (n)<br>| 365000 | &nbsp;&nbsp; 345251 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.25%, <br> 7/01/2050 <br>| 1370000 | &nbsp;&nbsp; 1335185 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5%, 7/01/2054  | 545000 | &nbsp;&nbsp; 539205 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.25%, <br> 7/01/2055 <br>| 1230000 | &nbsp;&nbsp; 1188538 |

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MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "A", 5.5%, <br> 7/01/2060 <br>| $2460000 | &nbsp;&nbsp; $2440774 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "B", 5%, <br> 7/01/2039 (n)<br>| 680000 | &nbsp;&nbsp; 685796 |
| Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), "B", 5%, <br> 7/01/2054 (n)<br>| 1615000 | &nbsp;&nbsp; 1505475 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 5.75%, 3/01/2056  | 3305000 | &nbsp;&nbsp; 3670357 |
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Co. of New Mexico Palo Verde Project), "B", 0.875%, <br> 6/01/2043 (Put Date 10/01/2026)<br>| 625000 | &nbsp;&nbsp; 606687 |
| Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Charge Rev., "A", 5%, 7/01/2045  | 7865000 | &nbsp;&nbsp; 8011768 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n) | 370000 | &nbsp;&nbsp; 370012 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2035 (n) | 115000 | &nbsp;&nbsp; 115003 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2045 (n) | 450000 | &nbsp;&nbsp; 424801 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), "A", 5%, 7/01/2046 (n) | 270000 | &nbsp;&nbsp; 252533 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2036  | 555000 | &nbsp;&nbsp; 555093 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2041  | 445000 | &nbsp;&nbsp; 444981 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2046  | 705000 | &nbsp;&nbsp; 692009 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 665000 | &nbsp;&nbsp; 665256 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 730000 | &nbsp;&nbsp; 697969 |
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n) | 480000 | &nbsp;&nbsp; 455319 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4%, <br> 12/01/2041 (n)<br>| 1885000 | &nbsp;&nbsp; 1426966 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4%, <br> 12/01/2051 (n)<br>| 6255000 | &nbsp;&nbsp; 4137925 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "A", 4.15%, <br> 12/01/2057 (n)<br>| 2355000 | &nbsp;&nbsp; 1512422 |
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), "B", 5.75%, <br> 12/15/2057 (n)<br>| 2750000 | &nbsp;&nbsp; 1948974 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2044 <br>| 335000 | &nbsp;&nbsp; 330933 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2049 <br>| 815000 | &nbsp;&nbsp; 795019 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - <br> Arizona State University Project), "A", 5%, 7/01/2059 <br>| 665000 | &nbsp;&nbsp; 631279 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - <br> Arizona State University Project), "A", 5%, 7/01/2037 <br>| 395000 | &nbsp;&nbsp; 399115 |
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - <br> Arizona State University Project), "A", 5%, 7/01/2042 <br>| 480000 | &nbsp;&nbsp; 480706 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2041 (n)<br>| 185000 | &nbsp;&nbsp; 158487 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2041 (n)<br>| 995000 | &nbsp;&nbsp; 852405 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2051 (n)<br>| 1105000 | &nbsp;&nbsp; 849665 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2051 (n)<br>| 285000 | &nbsp;&nbsp; 219144 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2057 (n)<br>| 250000 | &nbsp;&nbsp; 186315 |
| Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%, <br> 6/15/2057 (n)<br>| 1245000 | &nbsp;&nbsp; 927849 |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 6.75%, <br> 11/15/2042 (n)<br>| 925000 | &nbsp;&nbsp; 986564 |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 6.875%, <br> 11/15/2052 (n)<br>| 2625000 | &nbsp;&nbsp; 2758042 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Arizona – continued | Arizona – continued | Arizona – continued |
| Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), "A", 7%, 11/15/2057 (n) | $1180000 | &nbsp;&nbsp; $1244776 |
| Salt River, AZ, Agricultural Improvement & Power District, "A", 5%, 1/01/2038  | 6295000 | &nbsp;&nbsp; 6395429 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, <br> 6/15/2053 <br>| 3560000 | &nbsp;&nbsp; 3533753 |
| Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, <br> 6/15/2058 <br>| 2700000 | &nbsp;&nbsp; 2677472 |
|  |  | &nbsp;&nbsp; $105428973 |
| Arkansas – 0.2% | Arkansas – 0.2% | Arkansas – 0.2% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028  | $170000 | &nbsp;&nbsp; $169698 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033  | 345000 | &nbsp;&nbsp; 344995 |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039  | 40000 | &nbsp;&nbsp; 37530 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2027  | 3690000 | &nbsp;&nbsp; 3791934 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2028  | 1595000 | &nbsp;&nbsp; 1660920 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2029  | 1360000 | &nbsp;&nbsp; 1433794 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2037  | 480000 | &nbsp;&nbsp; 492369 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2039  | 380000 | &nbsp;&nbsp; 385644 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2040  | 420000 | &nbsp;&nbsp; 423978 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-2", 5%, <br> 9/01/2044 (Put Date 9/01/2027)<br>| 965000 | &nbsp;&nbsp; 993633 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3%, 7/01/2032  | 135000 | &nbsp;&nbsp; 106303 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3.125%, 7/01/2036  | 370000 | &nbsp;&nbsp; 262805 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4.25%, 7/01/2041  | 145000 | &nbsp;&nbsp; 122924 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2052  | 610000 | &nbsp;&nbsp; 421234 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038  | 1310000 | &nbsp;&nbsp; 1318827 |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2046 <br>| 3930000 | &nbsp;&nbsp; 1387105 |
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042  | 1200000 | &nbsp;&nbsp; 1200401 |
|  |  | &nbsp;&nbsp; $14554094 |
| California – 5.5% | California – 5.5% | California – 5.5% |
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2052  | $6270000 | &nbsp;&nbsp; $3589147 |
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2053  | 3695000 | &nbsp;&nbsp; 939606 |
| Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, "A", AGM, 0%, 10/01/2051  | 8000000 | &nbsp;&nbsp; 2320212 |
| Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, "A", AGM, 0%, 10/01/2052  | 6000000 | &nbsp;&nbsp; 1651302 |
| Alameda, CA, Corridor Transportation Authority Rev., Senior Lien Rev., Capital Appreciation, "A", AGM, 0%, 10/01/2053  | 6000000 | &nbsp;&nbsp; 1566371 |
| Alameda, CA, Corridor Transportation Authority Rev., Subordinate Lien Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2049  | 6270000 | &nbsp;&nbsp; 1995256 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", AGM, 4.125%, 7/01/2041  | 2000000 | &nbsp;&nbsp; 1906203 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", AGM, 4.375%, 7/01/2049  | 1500000 | &nbsp;&nbsp; 1409815 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "B", 5%, <br> 3/01/2056 (Put Date 11/01/2035)<br>| 7870000 | &nbsp;&nbsp; 8629772 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, <br> 1/01/2054 (Put Date 10/01/2031)<br>| 26240000 | &nbsp;&nbsp; 27995776 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| 14840000 | &nbsp;&nbsp; 15998112 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "E", 5%, <br> 2/01/2055 (Put Date 9/01/2032)<br>| 6000000 | &nbsp;&nbsp; 6549692 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, <br> 10/01/2054 (Put Date 11/01/2030)<br>| 12845000 | &nbsp;&nbsp; 14066249 |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), "A", 4%, 6/01/2049  | 700000 | &nbsp;&nbsp; 600423 |
| California Housing Finance Agency Municipal Certificates, "A", 4%, 3/20/2033  | 3522377 | &nbsp;&nbsp; 3593846 |
| California Housing Finance Agency Municipal Certificates, "A", 4.375%, 9/20/2036  | 17897539 | &nbsp;&nbsp; 18287406 |
| California Housing Finance Agency Municipal Certificates, "X", 0.799%, 11/20/2035 (i) | 51737924 | &nbsp;&nbsp; 2185974 |
| California Housing Finance Agency Municipal Certificates, "X", 0.792%, 8/20/2036 (n) | 18485146 | &nbsp;&nbsp; 831774 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), "A", 1.2%, <br> 12/01/2050 (Put Date 6/01/2028)<br>| $6245000 | &nbsp;&nbsp; $5791580 |
| California Mountain House Financing Authority, Utility Systems Rev., BAM, 4.125%, 12/01/2048  | 1000000 | &nbsp;&nbsp; 965752 |
| California Mountain House Financing Authority, Utility Systems Rev., BAM, 4.25%, 12/01/2052  | 2000000 | &nbsp;&nbsp; 1934919 |
| California M-S-R Energy Authority, Gas Rev., "A", 7%, 11/01/2034  | 470000 | &nbsp;&nbsp; 570256 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2042  | 1380000 | &nbsp;&nbsp; 1386050 |
| California Municipal Finance Authority Rev. (Healthcore Northbay Properties), "A", 5.69%, 9/01/2035  | 7565000 | &nbsp;&nbsp; 7712137 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2036  | 1190000 | &nbsp;&nbsp; 1196848 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2041  | 1060000 | &nbsp;&nbsp; 1061515 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2047  | 2975000 | &nbsp;&nbsp; 2957082 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039  | 1695000 | &nbsp;&nbsp; 1408909 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2052  | 3185000 | &nbsp;&nbsp; 3254148 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), "A", 4%, 11/01/2036 (n) | 1515000 | &nbsp;&nbsp; 1422329 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 2.4%, <br> 10/01/2044 (Put Date 10/01/2029)<br>| 3370000 | &nbsp;&nbsp; 3220382 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.1%, <br> 12/01/2044 (Put Date 12/01/2025)<br>| 1625000 | &nbsp;&nbsp; 1625724 |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 2420000 | &nbsp;&nbsp; 2047045 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037  | 405000 | &nbsp;&nbsp; 407999 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047  | 405000 | &nbsp;&nbsp; 394117 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), "A", 4%, 10/15/2026  | 330000 | &nbsp;&nbsp; 331927 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2036 (n) | 1105000 | &nbsp;&nbsp; 1092526 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 4%, 8/01/2051  | 550000 | &nbsp;&nbsp; 448811 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 4%, 8/01/2061 (n) | 890000 | &nbsp;&nbsp; 698016 |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", 5%, <br> 7/01/2045 (n)<br>| 1055000 | &nbsp;&nbsp; 1055056 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 4%, 7/01/2050 (n) | 2740000 | &nbsp;&nbsp; 2292578 |
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), "A", 5%, 3/01/2034  | 790000 | &nbsp;&nbsp; 815456 |
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), "A", 5%, 3/01/2035  | 1160000 | &nbsp;&nbsp; 1194169 |
| California Statewide Communities Development Authority Rev. (California Baptist University), "A", 3.5%, 11/01/2027 (n) | 1290000 | &nbsp;&nbsp; 1281130 |
| California Statewide Communities Development Authority Rev. (California Baptist University), "A", 5%, 11/01/2032 (n) | 385000 | &nbsp;&nbsp; 392339 |
| California Statewide Communities Development Authority Rev. (California Baptist University), "A", 5%, 11/01/2041 (n) | 755000 | &nbsp;&nbsp; 741912 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.25%, 8/15/2052  | 2640000 | &nbsp;&nbsp; 2717565 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057  | 5000000 | &nbsp;&nbsp; 5141509 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2044  | 2085000 | &nbsp;&nbsp; 2084920 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, <br> 12/01/2056 (n)<br>| 8560000 | &nbsp;&nbsp; 8240323 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.5%, 12/01/2058  | 5820000 | &nbsp;&nbsp; 5791954 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5%, 7/01/2029 (n)<br>| 390000 | &nbsp;&nbsp; 399559 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2039 (n)<br>| 375000 | &nbsp;&nbsp; 379511 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2049 (n)<br>| 1415000 | &nbsp;&nbsp; 1392631 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2052 (n)<br>| 615000 | &nbsp;&nbsp; 596508 |
| California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), "A-1", 2.65%, <br> 12/01/2046 (n)<br>| 6810000 | &nbsp;&nbsp; 5675975 |
| California Statewide Communities Development Authority, Multi-Family Housing Rev. (Apple Tree Village Apartments), "R", <br> 3.95%, 4/01/2060 (Put Date 10/01/2037)<br>| 10200000 | &nbsp;&nbsp; 8606280 |
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, "A", AGM, 0%, 8/01/2031  | 3160000 | &nbsp;&nbsp; 2718880 |
| Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, "A", AGM, 0%, 8/01/2033  | 2195000 | &nbsp;&nbsp; 1747141 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 12325000 | &nbsp;&nbsp; 11229665 |
| Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058  | 10305000 | &nbsp;&nbsp; 9316912 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – continued | California – continued | California – continued |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5%, 5/15/2036  | $1345000 | &nbsp;&nbsp; $1435027 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5%, 5/15/2037  | 1005000 | &nbsp;&nbsp; 1065313 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5%, 5/15/2038  | 2210000 | &nbsp;&nbsp; 2326995 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5%, 5/15/2039  | 3275000 | &nbsp;&nbsp; 3428475 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5.25%, 5/15/2038  | 1395000 | &nbsp;&nbsp; 1436528 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5%, 5/15/2044  | 2840000 | &nbsp;&nbsp; 2859088 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2046  | 1415000 | &nbsp;&nbsp; 1086231 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2050  | 880000 | &nbsp;&nbsp; 649741 |
| Montebello, CA, Public Financing Authority, Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), "A", 5%, 6/01/2041  | 5115000 | &nbsp;&nbsp; 5145082 |
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), "A", 5.875%, 8/01/2028  | 1465000 | &nbsp;&nbsp; 1591017 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", AGM, 0%, 8/01/2029  | 2425000 | &nbsp;&nbsp; 2193850 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", AGM, 0%, 8/01/2030  | 3110000 | &nbsp;&nbsp; 2734135 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 155000 | &nbsp;&nbsp; 147764 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 75000 | &nbsp;&nbsp; 71499 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2027  | 130000 | &nbsp;&nbsp; 123931 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2029  | 225000 | &nbsp;&nbsp; 203395 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2029  | 125000 | &nbsp;&nbsp; 112997 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2030  | 180000 | &nbsp;&nbsp; 158334 |
| Oceanside, CA, Unified School District General Obligation, Capital Appreciation, "A", ETM, AGM, 0%, 8/01/2030  | 125000 | &nbsp;&nbsp; 109954 |
| Pomona, CA, Unified School District, General Obligation, "F", BAM, 3%, 8/01/2048  | 765000 | &nbsp;&nbsp; 580113 |
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Community Facilities District No. 2003-1, "A-1", AGM, 5.25%, <br> 9/01/2052 <br>| 6700000 | &nbsp;&nbsp; 6964420 |
| River Islands, CA, Public Finance Authority, Community Facilities District No. 2016-1, AGM, 5.25%, 9/01/2052  | 1575000 | &nbsp;&nbsp; 1637158 |
| Riverside County, CA, Transportation Commission Rev. (Limited Tax), "A", 2%, 6/01/2029  | 1585000 | &nbsp;&nbsp; 1524099 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 4%, 7/01/2041  | 1310000 | &nbsp;&nbsp; 1237345 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 4%, 7/01/2046  | 1500000 | &nbsp;&nbsp; 1347009 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2046  | 1875000 | &nbsp;&nbsp; 1899159 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2051  | 1875000 | &nbsp;&nbsp; 1892300 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 4%, 7/01/2056  | 2060000 | &nbsp;&nbsp; 1782851 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2042  | 8275000 | &nbsp;&nbsp; 8844797 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "C", 5.5%, 5/01/2043  | 6145000 | &nbsp;&nbsp; 6532412 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "E", 5%, 5/01/2038  | 3385000 | &nbsp;&nbsp; 3483800 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "E", 5%, 5/01/2039  | 3855000 | &nbsp;&nbsp; 3952064 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "E", 5%, 5/01/2040  | 1800000 | &nbsp;&nbsp; 1835870 |
| San Francisco, CA, City & County Airports Commission, Refunding Rev., "C", 5.75%, 5/01/2048  | 5975000 | &nbsp;&nbsp; 6376064 |
| San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), "A", 5%, <br> 8/01/2043 <br>| 270000 | &nbsp;&nbsp; 270094 |
| San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, "A", NPFG, 0%, 9/01/2026  | 4015000 | &nbsp;&nbsp; 3930212 |
| Southern California Public Power Authority, Clean Energy Project Rev., "A", 5%, 4/01/2055 (Put Date 9/01/2030) | 5420000 | &nbsp;&nbsp; 5830677 |
| State of California, Veterans General Obligation, "CU", 4.85%, 12/01/2046  | 1445000 | &nbsp;&nbsp; 1491149 |
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), "E", 3%, 8/01/2051  | 1685000 | &nbsp;&nbsp; 1264476 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2045 (n) | 6640000 | &nbsp;&nbsp; 6243740 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2061 (n) | 6760000 | &nbsp;&nbsp; 6004479 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, <br> "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n)<br>| 9605000 | &nbsp;&nbsp; 4528741 |
| West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, "C", AGM, 0%, 8/01/2029  | 2710000 | &nbsp;&nbsp; 2456327 |
|  |  | &nbsp;&nbsp; $336645693 |
| Colorado – 3.4% | Colorado – 3.4% | Colorado – 3.4% |
| Adams & Arapahoe Counties, CO, Joint School District No. 28 J, Certificates of Participation, BAM, 5.5%, 12/01/2050  | $3160000 | &nbsp;&nbsp; $3377996 |
| Adams & Arapahoe Counties, CO, Joint School District No. 28 J, Certificates of Participation, BAM, 5.5%, 12/01/2054  | 4855000 | &nbsp;&nbsp; 5170643 |
| Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, 5%, 12/01/2043  | 325000 | &nbsp;&nbsp; 336159 |
| Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, AGM, 5%, 12/01/2052  | 645000 | &nbsp;&nbsp; 655396 |
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032  | 56000 | &nbsp;&nbsp; 57726 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – continued | Colorado – continued | Colorado – continued |
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), "A", 5%, 12/01/2038  | $805000 | &nbsp;&nbsp; $805311 |
| Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), <br> "A", 4.25%, 7/01/2043 <br>| 3105000 | &nbsp;&nbsp; 2869588 |
| Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), <br> "A", 4.5%, 7/01/2053 <br>| 5250000 | &nbsp;&nbsp; 4770194 |
| Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), <br> "A", 4.5%, 7/01/2058 <br>| 3780000 | &nbsp;&nbsp; 3381724 |
| Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037  | 430000 | &nbsp;&nbsp; 430475 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030  | 335000 | &nbsp;&nbsp; 335433 |
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034  | 385000 | &nbsp;&nbsp; 385958 |
| Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029  | 720000 | &nbsp;&nbsp; 721008 |
| Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), "A", 4%, 12/01/2048  | 2710000 | &nbsp;&nbsp; 2370082 |
| Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031  | 1460000 | &nbsp;&nbsp; 1467043 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038  | 240000 | &nbsp;&nbsp; 244465 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048  | 290000 | &nbsp;&nbsp; 290052 |
| Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053  | 305000 | &nbsp;&nbsp; 300073 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Liberty Common School <br> Project), "A", BAM, 5%, 1/15/2044 <br>| 595000 | &nbsp;&nbsp; 617553 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Liberty Common School <br> Project), "A", BAM, 5%, 1/15/2049 <br>| 2075000 | &nbsp;&nbsp; 2134895 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Rev. (Pinnacle Charter School, Inc. <br> Project), "A", 4%, 12/01/2041 <br>| 1315000 | &nbsp;&nbsp; 1232834 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy <br> Project), 5%, 12/01/2040 <br>| 2800000 | &nbsp;&nbsp; 2835811 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy <br> Project), 5%, 12/01/2050 <br>| 14255000 | &nbsp;&nbsp; 13939793 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy <br> Project), "A", 5%, 3/15/2040 <br>| 1380000 | &nbsp;&nbsp; 1408846 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy <br> Project), "A", 5%, 3/15/2050 <br>| 2825000 | &nbsp;&nbsp; 2822015 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy <br> Project), "A", 5%, 3/15/2055 <br>| 4165000 | &nbsp;&nbsp; 4132914 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (American Academy Project), 5%, 12/01/2055  | 4905000 | &nbsp;&nbsp; 4755823 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, <br> 9/01/2050 <br>| 385000 | &nbsp;&nbsp; 327199 |
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, <br> 9/01/2055 <br>| 690000 | &nbsp;&nbsp; 573185 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Highline Academy Charter School Project), 5.75%, <br> 12/01/2061 <br>| 3140000 | &nbsp;&nbsp; 3307114 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.5%, 11/01/2047  | 2915000 | &nbsp;&nbsp; 3028077 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.25%, 11/01/2052  | 4430000 | &nbsp;&nbsp; 4535185 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044  | 4025000 | &nbsp;&nbsp; 3588292 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 8090000 | &nbsp;&nbsp; 6896647 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2045  | 1955000 | &nbsp;&nbsp; 1985662 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2050  | 2635000 | &nbsp;&nbsp; 2644439 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5.125%, 12/01/2055  | 1780000 | &nbsp;&nbsp; 1778901 |
| Colorado Health Facilities Authority Rev. (Sanford Health), "A", 5%, 11/01/2039  | 7395000 | &nbsp;&nbsp; 7650277 |
| Colorado Health Facilities Authority Rev. (SCL Health System), "A", 4%, 1/01/2036  | 935000 | &nbsp;&nbsp; 939462 |
| Colorado Health Facilities Authority Rev. (SCL Health System), "A", 4%, 1/01/2037  | 3380000 | &nbsp;&nbsp; 3392100 |
| Colorado Health Facilities Authority Rev. (SCL Health System), "A", 4%, 1/01/2038  | 3895000 | &nbsp;&nbsp; 3898117 |
| Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), "A", 4%, 11/15/2043  | 3685000 | &nbsp;&nbsp; 3361818 |
| Colorado Health Facilities Authority, Hospital Rev. (Adventist System/Sunbelt Obligated Group), "A", 4%, 11/15/2048  | 18540000 | &nbsp;&nbsp; 16897267 |
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035  | 600000 | &nbsp;&nbsp; 596983 |
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037  | 355000 | &nbsp;&nbsp; 344531 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – continued | Colorado – continued | Colorado – continued |
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038  | $280000 | &nbsp;&nbsp; $267484 |
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039  | 280000 | &nbsp;&nbsp; 266906 |
| Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040  | 240000 | &nbsp;&nbsp; 227362 |
| Colorado Housing & Finance Authority, Mortgage-Backed Securities (Fitzsimons Gateway Apartments Project), "A", FNMA, 4.48%, <br> 3/01/2044 <br>| 1647434 | &nbsp;&nbsp; 1638241 |
| Colorado Housing & Finance Authority, Single Family Mortgage, Class I, "C", 4.75%, 5/01/2049 (u) | 2135000 | &nbsp;&nbsp; 2165351 |
| Colorado Housing & Finance Authority, Single Family Mortgage, Class I, "F", GNMA, 5.25%, 11/01/2052  | 4170000 | &nbsp;&nbsp; 4334061 |
| Colorado Housing & Finance Authority, Single Family Mortgage, Class III, "D", 5.75%, 5/01/2053  | 14695000 | &nbsp;&nbsp; 15586200 |
| Colorado Housing & Finance Authority, Single Family Mortgage, Class III, "H", 4.25%, 11/01/2049  | 1710000 | &nbsp;&nbsp; 1731757 |
| Colorado Regional Transportation District, Sales Tax Rev. (FasTracks Project), "A", 5%, 11/01/2036  | 2170000 | &nbsp;&nbsp; 2202971 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | 2700000 | &nbsp;&nbsp; 2476902 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 2535000 | &nbsp;&nbsp; 2241903 |
| Denver, CO, City & County Airport System Rev., "B", 5.5%, 11/15/2040  | 1255000 | &nbsp;&nbsp; 1369684 |
| Denver, CO, City & County Airport System Rev., "B", 5.5%, 11/15/2041  | 500000 | &nbsp;&nbsp; 540932 |
| Denver, CO, City & County Airport System Rev., "B", 5.5%, 11/15/2042  | 235000 | &nbsp;&nbsp; 252137 |
| Denver, CO, City & County Airport System Rev., "B", 5.5%, 11/15/2043  | 1000000 | &nbsp;&nbsp; 1066754 |
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040  | 1290000 | &nbsp;&nbsp; 1292683 |
| Denver, CO, Health & Hospital Authority Rev., "A", 4%, 12/01/2038  | 620000 | &nbsp;&nbsp; 585475 |
| Denver, CO, Health & Hospital Authority Rev., "A", 4%, 12/01/2040  | 1000000 | &nbsp;&nbsp; 917722 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5.25%, 12/01/2045  | 955000 | &nbsp;&nbsp; 956768 |
| Denver, CO, Health & Hospital Authority Rev., "A", 5.125%, 12/01/2050  | 625000 | &nbsp;&nbsp; 630175 |
| Denver, CO, Health & Hospital Authority Rev., "A", 6%, 12/01/2055  | 1970000 | &nbsp;&nbsp; 2109673 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5.375%, 12/01/2045  | 1091000 | &nbsp;&nbsp; 1135940 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5%, 12/01/2050  | 1091000 | &nbsp;&nbsp; 1098735 |
| Erie, CO, Parkdale Community Authority, Limited Tax Supported Rev. (District No.1), "A", AGM, 5.5%, 12/01/2055  | 1091000 | &nbsp;&nbsp; 1131876 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.125%, 6/01/2055  | 3130000 | &nbsp;&nbsp; 3209594 |
| Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.25%, 6/01/2059  | 2660000 | &nbsp;&nbsp; 2733262 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2030  | 1160000 | &nbsp;&nbsp; 1185198 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2031  | 1310000 | &nbsp;&nbsp; 1338013 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2032  | 1385000 | &nbsp;&nbsp; 1413656 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2033  | 1385000 | &nbsp;&nbsp; 1411420 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2034  | 1140000 | &nbsp;&nbsp; 1159517 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2035  | 1285000 | &nbsp;&nbsp; 1304503 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2045  | 4155000 | &nbsp;&nbsp; 4145742 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028  | 800000 | &nbsp;&nbsp; 837099 |
| State of Colorado (Building Excellent Schools Today), "S", COP, AGM, 4%, 3/15/2046  | 12145000 | &nbsp;&nbsp; 11326893 |
| Sterling, CO, Water Resources & Power Development Authority Rev. (Wastewater Utility Enterprise Project), "A", AGM, 5%, <br> 9/01/2055 <br>| 795000 | &nbsp;&nbsp; 817691 |
| Vail, CO, Certificates of Participation, 5.5%, 12/01/2064  | 2645000 | &nbsp;&nbsp; 2806104 |
|  |  | &nbsp;&nbsp; $207511450 |
| Connecticut – 0.7% | Connecticut – 0.7% | Connecticut – 0.7% |
| Connecticut Airport Authority Rev. (Ground Transportation Center Project), "A", 4%, 7/01/2049  | $1550000 | &nbsp;&nbsp; $1343296 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), "E", 5.25%, 7/15/2048  | 1910000 | &nbsp;&nbsp; 1996837 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical), "E", 4.25%, 7/15/2053  | 2195000 | &nbsp;&nbsp; 2007872 |
| Connecticut Health & Educational Facilities Authority Rev. (Masonicare), "F", 5%, 7/01/2043  | 3330000 | &nbsp;&nbsp; 3104431 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 3.5%, 11/15/2033  | 1380000 | &nbsp;&nbsp; 1320894 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 3.75%, 11/15/2034  | 1530000 | &nbsp;&nbsp; 1472028 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 4%, 11/15/2035  | 905000 | &nbsp;&nbsp; 900882 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 4%, 11/15/2036  | 400000 | &nbsp;&nbsp; 397921 |
| Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), "B", 4.25%, 11/15/2039  | 830000 | &nbsp;&nbsp; 823704 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.5%, 10/01/2042 (n) | 2050000 | &nbsp;&nbsp; 2080814 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 4860000 | &nbsp;&nbsp; 4936442 |
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 7145000 | &nbsp;&nbsp; 7201951 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Connecticut – continued | Connecticut – continued | Connecticut – continued |
| Norwalk, CT, Housing Authority Multi-Family (Monterey Village Apartments), FNMA, 4.4%, 9/01/2042  | $2215000 | &nbsp;&nbsp; $2201981 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "C", 4.75%, 10/01/2032  | 8085000 | &nbsp;&nbsp; 8324967 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 3695000 | &nbsp;&nbsp; 3742924 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n) | 145000 | &nbsp;&nbsp; 147505 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n) | 230000 | &nbsp;&nbsp; 226290 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n) | 275000 | &nbsp;&nbsp; 253614 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 5.625%, 4/01/2044  | 485000 | &nbsp;&nbsp; 500202 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n) | 630000 | &nbsp;&nbsp; 526447 |
| Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 6%, 4/01/2052 (n) | 845000 | &nbsp;&nbsp; 891951 |
| West Haven, CT, General Obligation, BAM, 4%, 3/15/2040  | 590000 | &nbsp;&nbsp; 583367 |
|  |  | &nbsp;&nbsp; $44986320 |
| Delaware – 0.4% | Delaware – 0.4% | Delaware – 0.4% |
| Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), "A", 5%, 9/01/2046  | $375000 | &nbsp;&nbsp; $375067 |
| Delaware Economic Development Authority, Retirement Communities Rev. (ACTS Retirement - Life Communities, Inc. Obligated <br> Group), "B", 5.25%, 11/15/2053 <br>| 3670000 | &nbsp;&nbsp; 3674745 |
| Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), HUD Section 8, 4.65%, 1/01/2041  | 19624158 | &nbsp;&nbsp; 20188374 |
|  |  | &nbsp;&nbsp; $24238186 |
| District of Columbia – 0.5% | District of Columbia – 0.5% | District of Columbia – 0.5% |
| District of Columbia Refunding Rev. (Catholic University of America), "A", 5.75%, 10/01/2055  | $2400000 | &nbsp;&nbsp; $2539398 |
| District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035  | 2360000 | &nbsp;&nbsp; 2419406 |
| District of Columbia, Housing Finance Agency, Multi-Family Sustainable Mortgage Rev. (Edmonson), FNMA, 4.8%, 6/01/2045  | 1542325 | &nbsp;&nbsp; 1563894 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030  | 2025000 | &nbsp;&nbsp; 2025372 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035  | 3545000 | &nbsp;&nbsp; 3544886 |
| District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045  | 720000 | &nbsp;&nbsp; 667628 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", <br> AGM, 4%, 10/01/2052 <br>| 2085000 | &nbsp;&nbsp; 1852870 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "B", <br> AGM, 4%, 10/01/2049 <br>| 1455000 | &nbsp;&nbsp; 1316120 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Project), "B", AGM, 4%, 10/01/2053 <br>| 1250000 | &nbsp;&nbsp; 1108831 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 11950000 | &nbsp;&nbsp; 12569458 |
|  |  | &nbsp;&nbsp; $29607863 |
| Florida – 6.6% | Florida – 6.6% | Florida – 6.6% |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), 4%, 10/01/2040 <br>| $520000 | &nbsp;&nbsp; $476601 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), 4%, 10/01/2046 <br>| 700000 | &nbsp;&nbsp; 578387 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), "A", 5.75%, 10/01/2053 <br>| 3935000 | &nbsp;&nbsp; 4068544 |
| Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock at The University of <br> Florida, Inc. Project), "A", 5.75%, 10/01/2060 <br>| 18585000 | &nbsp;&nbsp; 19084634 |
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of <br> Florida), "B-1", 5%, 12/01/2035 <br>| 795000 | &nbsp;&nbsp; 828116 |
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of <br> Florida), "B-1", 5%, 12/01/2036 <br>| 1345000 | &nbsp;&nbsp; 1395092 |
| Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of <br> Florida), "B-1", 5%, 12/01/2037 <br>| 1750000 | &nbsp;&nbsp; 1806914 |
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev., "A-1", 6.9%, 5/01/2036  | 20000 | &nbsp;&nbsp; 20014 |
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030  | 825000 | &nbsp;&nbsp; 825739 |
| Broward County, FL, Airport System Rev., 5%, 10/01/2042  | 855000 | &nbsp;&nbsp; 859506 |
| Broward County, FL, Airport System Rev., "A", 5%, 10/01/2038  | 2360000 | &nbsp;&nbsp; 2426886 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Broward County, FL, Airport System Rev., "A", 5%, 10/01/2039  | $3540000 | &nbsp;&nbsp; $3626485 |
| Broward County, FL, Airport System Rev., "A", 5%, 10/01/2044  | 2755000 | &nbsp;&nbsp; 2773616 |
| Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 4.3%, <br> 5/01/2031 <br>| 95000 | &nbsp;&nbsp; 96137 |
| Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5%, 5/01/2044  | 910000 | &nbsp;&nbsp; 893778 |
| Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5.25%, <br> 5/01/2055 <br>| 695000 | &nbsp;&nbsp; 686304 |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.875%, 10/01/2045  | 340000 | &nbsp;&nbsp; 350432 |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 6.125%, 10/01/2055  | 3875000 | &nbsp;&nbsp; 3995538 |
| Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052  | 4070000 | &nbsp;&nbsp; 3377002 |
| Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), "A", AGM, 5%, <br> 10/01/2049 <br>| 2000000 | &nbsp;&nbsp; 2061204 |
| Collier County, FL, Industrial Development Authority, Healthcare Facilities Rev. (NCH Healthcare System Projects), "A", AGM, 5%, <br> 10/01/2054 <br>| 2115000 | &nbsp;&nbsp; 2159723 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036  | 465000 | &nbsp;&nbsp; 467047 |
| Florida Capital Region Community Development District, Capital Improvement Rev., "A-1", 4.625%, 5/01/2028  | 75000 | &nbsp;&nbsp; 76170 |
| Florida Capital Region Community Development District, Capital Improvement Rev., "A-1", 5.125%, 5/01/2039  | 395000 | &nbsp;&nbsp; 398989 |
| Florida Capital Trust Agency, Air Cargo Rev. (Aero Miami FX LLC), "A", 5.35%, 7/01/2029  | 3185000 | &nbsp;&nbsp; 3189700 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 4%, 8/01/2030  | 60000 | &nbsp;&nbsp; 60569 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 5%, 8/01/2040  | 125000 | &nbsp;&nbsp; 125328 |
| Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), "A", 5%, 8/01/2055  | 385000 | &nbsp;&nbsp; 362251 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of <br> Technology Project), "A", 5.375%, 7/01/2065 <br>| 1350000 | &nbsp;&nbsp; 1291633 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of <br> Technology Project), "A", 5.25%, 7/01/2055 <br>| 775000 | &nbsp;&nbsp; 739519 |
| Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), "A", 3%, 7/01/2031 (n)<br>| 100000 | &nbsp;&nbsp; 96300 |
| Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global <br> Understanding, Inc. Project), "A", 4%, 7/01/2051 (n)<br>| 510000 | &nbsp;&nbsp; 405355 |
| Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), "A", 5%, 6/15/2047  | 250000 | &nbsp;&nbsp; 240495 |
| Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), "A", 5%, 6/15/2052  | 880000 | &nbsp;&nbsp; 829362 |
| Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), "A", 5%, 6/15/2056  | 1290000 | &nbsp;&nbsp; 1205566 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), "C", 4%, 9/15/2030 (n) | 220000 | &nbsp;&nbsp; 214219 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), "C", 5%, 9/15/2040 (n) | 395000 | &nbsp;&nbsp; 367864 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), "C", 5%, 9/15/2050 (n) | 775000 | &nbsp;&nbsp; 663647 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School), "A", 6.125%, 6/15/2050  | 865000 | &nbsp;&nbsp; 887243 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School), "A", 6%, 6/15/2055  | 1750000 | &nbsp;&nbsp; 1767291 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2035  | 120000 | &nbsp;&nbsp; 116429 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2045  | 225000 | &nbsp;&nbsp; 190364 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2055  | 315000 | &nbsp;&nbsp; 251607 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 7/01/2042  | 170000 | &nbsp;&nbsp; 167603 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 7/01/2051  | 155000 | &nbsp;&nbsp; 147292 |
| Florida Development Finance Corp., Educational Facilities Rev. (River City Science Academy Projects), "A-1", 5%, 2/01/2057  | 185000 | &nbsp;&nbsp; 173854 |
| Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), "A", 6%, <br> 6/15/2037 (n)<br>| 305000 | &nbsp;&nbsp; 306960 |
| Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), "A", 6.125%, <br> 6/15/2047 (n)<br>| 930000 | &nbsp;&nbsp; 907301 |
| Florida Development Finance Corp., Healthcare Facilities Rev. (UF Health Jacksonville Project), "A", AGM, 4%, 2/01/2046  | 5120000 | &nbsp;&nbsp; 4805605 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n) | 540000 | &nbsp;&nbsp; 567587 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n) | 320000 | &nbsp;&nbsp; 329250 |
| Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 8860000 | &nbsp;&nbsp; 8085216 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2036 (n) | 645000 | &nbsp;&nbsp; 587400 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2041 (n) | 330000 | &nbsp;&nbsp; 272169 |
| Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2046 (n) | 490000 | &nbsp;&nbsp; 370725 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), "A", 4.375%, <br> 10/01/2054 (Put Date 10/01/2031)<br>| $9850000 | &nbsp;&nbsp; $9943523 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5%, 6/01/2044 (n) | 180000 | &nbsp;&nbsp; 173287 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5.25%, 6/01/2054 (n) | 1065000 | &nbsp;&nbsp; 1014204 |
| Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), "A-1", 5.25%, 6/01/2059  | 710000 | &nbsp;&nbsp; 668540 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031  | 740000 | &nbsp;&nbsp; 780790 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033  | 1020000 | &nbsp;&nbsp; 1063739 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034  | 845000 | &nbsp;&nbsp; 876806 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036  | 645000 | &nbsp;&nbsp; 661999 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037  | 900000 | &nbsp;&nbsp; 857139 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038  | 1240000 | &nbsp;&nbsp; 1163438 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039  | 1480000 | &nbsp;&nbsp; 1368359 |
| Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044  | 2310000 | &nbsp;&nbsp; 2024316 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.5%, 6/01/2033 (n) | 435000 | &nbsp;&nbsp; 416819 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 4.75%, 6/01/2038 (n) | 2475000 | &nbsp;&nbsp; 2244455 |
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 5%, 6/01/2048 (n) | 1785000 | &nbsp;&nbsp; 1525588 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "1", FHLMC, 4%, 7/01/2049  | 925000 | &nbsp;&nbsp; 927964 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "1", GNMA, 3%, 1/01/2052  | 3015000 | &nbsp;&nbsp; 2984499 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "1", GNMA, 3.5%, 7/01/2052  | 5790000 | &nbsp;&nbsp; 5786590 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "2", GNMA, 3%, 7/01/2052  | 3990000 | &nbsp;&nbsp; 3939837 |
| Florida Housing Finance Corp., Homeowner Mortgage Rev., "5", GNMA, 6.25%, 1/01/2055  | 1765000 | &nbsp;&nbsp; 1942805 |
| Florida Local Government Finance Commission, Educational Facilities Rev. (Bridgeprep Academy Projects), "A", 6.25%, 6/15/2055  | 1525000 | &nbsp;&nbsp; 1551051 |
| Florida Local Government Finance Commission, Educational Facilities Rev. (Bridgeprep Academy Projects), "A", 6.125%, <br> 6/15/2065 <br>| 7210000 | &nbsp;&nbsp; 7218066 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.625%, 11/15/2045  | 890000 | &nbsp;&nbsp; 925078 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.75%, 11/15/2055  | 1805000 | &nbsp;&nbsp; 1858330 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "A", 6.875%, 11/15/2064  | 3630000 | &nbsp;&nbsp; 3743412 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2048 (u) | 14640000 | &nbsp;&nbsp; 15239280 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2051 (u) | 8475000 | &nbsp;&nbsp; 8774490 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "B", 5.5%, 10/01/2054 (u) | 5485000 | &nbsp;&nbsp; 5805926 |
| Hillsborough County, FL, Industrial Development Authority, Baycare Health System Rev., "C", 5.5%, 11/15/2054 (u) | 10980000 | &nbsp;&nbsp; 11797417 |
| Hillsborough County, FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), "A", 4%, 8/01/2055  | 1875000 | &nbsp;&nbsp; 1646038 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", 5.25%, 9/01/2050  | 2990000 | &nbsp;&nbsp; 3107578 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", 5.25%, 9/01/2054  | 3135000 | &nbsp;&nbsp; 3243750 |
| Hillsborough County, FL, Solid Waste & Resource Recovery Rev., "A", AGM, 5.25%, 9/01/2054 (u) | 7255000 | &nbsp;&nbsp; 7506668 |
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), "B", 5%, 6/01/2053 (n) | 450000 | &nbsp;&nbsp; 370480 |
| JEA, FL, Water and Sewer System Rev., 5.25%, 10/01/2055  | 19530000 | &nbsp;&nbsp; 20827161 |
| JEA, FL, Water and Sewer System Rev., "A", 5.5%, 10/01/2054 (u) | 10000000 | &nbsp;&nbsp; 10757908 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035  | 95000 | &nbsp;&nbsp; 95057 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045  | 150000 | &nbsp;&nbsp; 144391 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, <br> 5/01/2047 <br>| 480000 | &nbsp;&nbsp; 483627 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.125%, 5/01/2043  | 1075000 | &nbsp;&nbsp; 1133146 |
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054  | 1500000 | &nbsp;&nbsp; 1568397 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u) | 2495000 | &nbsp;&nbsp; 2551490 |
| Lee County, FL, Airport Rev., 5.25%, 10/01/2054 (u) | 4195000 | &nbsp;&nbsp; 4289981 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2044  | 1620000 | &nbsp;&nbsp; 1608024 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2049  | 1740000 | &nbsp;&nbsp; 1672073 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "A", 5.25%, 11/15/2054  | 3195000 | &nbsp;&nbsp; 3162032 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-1", 4.75%, <br> 11/15/2029 <br>| 930000 | &nbsp;&nbsp; 938042 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "B-2", 4.375%, <br> 11/15/2029 <br>| 720000 | &nbsp;&nbsp; 725104 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044  | 2880000 | &nbsp;&nbsp; 2858709 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2054  | $9885000 | &nbsp;&nbsp; $9349332 |
| Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2048  | 10000000 | &nbsp;&nbsp; 9275556 |
| Manatee County, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2053  | 6750000 | &nbsp;&nbsp; 6138537 |
| Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), "B", 4%, 11/15/2051  | 9745000 | &nbsp;&nbsp; 8310654 |
| Miami-Dade County, FL, Aviation Rev., "A", 5.25%, 10/01/2050 (u) | 6860000 | &nbsp;&nbsp; 7133097 |
| Miami-Dade County, FL, Aviation Rev., "A", 5.5%, 10/01/2055 (u) | 7565000 | &nbsp;&nbsp; 7990439 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5.25%, 10/01/2052  | 1630000 | &nbsp;&nbsp; 1650330 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A-1", AGM, 4%, 10/01/2045  | 4880000 | &nbsp;&nbsp; 4351468 |
| Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), "B", 5%, 5/01/2029  | 185000 | &nbsp;&nbsp; 185155 |
| Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), "B", 5%, 5/01/2037  | 110000 | &nbsp;&nbsp; 110028 |
| Midtown Miami, FL, Community Development District, Special Assessment (Parking Garage Project), "A", 5%, 5/01/2037  | 185000 | &nbsp;&nbsp; 185047 |
| Okaloosa, FL, Industrial Development Rev. (Air Force Enlisted Village, Inc. Project), 5.5%, 5/15/2045 (w) | 890000 | &nbsp;&nbsp; 897027 |
| Okaloosa, FL, Industrial Development Rev. (Air Force Enlisted Village, Inc. Project), 5.75%, 5/15/2060 (w) | 1900000 | &nbsp;&nbsp; 1912609 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2036 <br>| 1000000 | &nbsp;&nbsp; 971618 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2042 <br>| 3625000 | &nbsp;&nbsp; 3245767 |
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), "A", 4%, <br> 8/01/2047 <br>| 4085000 | &nbsp;&nbsp; 3450188 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), "A", 5.25%, 10/01/2056  | 15410000 | &nbsp;&nbsp; 16018223 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Presbyterian Retirement Communities Obligated Group Project), 5%, <br> 8/01/2047 <br>| 1900000 | &nbsp;&nbsp; 1851013 |
| Orange County, FL, Health Facilities Authority, Hospital Rev. (Presbyterian Retirement Communities Obligated Group Project), 5%, <br> 8/01/2054 <br>| 1665000 | &nbsp;&nbsp; 1582843 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), "A-1", 5%, 10/01/2044  | 590000 | &nbsp;&nbsp; 594681 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2035 <br>| 435000 | &nbsp;&nbsp; 280565 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2036 <br>| 520000 | &nbsp;&nbsp; 317787 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2037 <br>| 200000 | &nbsp;&nbsp; 115751 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2038 <br>| 610000 | &nbsp;&nbsp; 333510 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2039 <br>| 725000 | &nbsp;&nbsp; 374496 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2040 <br>| 775000 | &nbsp;&nbsp; 376092 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2041 <br>| 865000 | &nbsp;&nbsp; 391798 |
| Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, <br> 10/01/2042 <br>| 695000 | &nbsp;&nbsp; 293397 |
| Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5%, 10/01/2043  | 885000 | &nbsp;&nbsp; 881516 |
| Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2048  | 1800000 | &nbsp;&nbsp; 1794692 |
| Palm Beach County, FL, Educational Facilities Authority Rev. (Palm Beach Atlantic University, Inc.), 5.25%, 10/01/2053  | 2730000 | &nbsp;&nbsp; 2682826 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2047  | 755000 | &nbsp;&nbsp; 756348 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2052  | 985000 | &nbsp;&nbsp; 970558 |
| Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated <br> Group), "B", 5%, 11/15/2042 <br>| 700000 | &nbsp;&nbsp; 704814 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031  | 480000 | &nbsp;&nbsp; 485220 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036  | 790000 | &nbsp;&nbsp; 767558 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041  | 515000 | &nbsp;&nbsp; 461744 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, <br> 6/01/2056 <br>| 3250000 | &nbsp;&nbsp; 2635236 |
| Palm Beach County, FL, Health Facilities Authority, Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049  | 7700000 | &nbsp;&nbsp; 6776227 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), "A", 5.5%, <br> 10/01/2045 <br>| $1500000 | &nbsp;&nbsp; $1521932 |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), "A", 5.75%, <br> 10/01/2055 <br>| 2200000 | &nbsp;&nbsp; 2252314 |
| Palm Beach County, FL, State Rev. (Provident Group - PBAU Properties II LLC - Palm Beach Atlantic University Project), "A", 5.75%, <br> 10/01/2065 <br>| 1500000 | &nbsp;&nbsp; 1528716 |
| Pasco County, FL, Capital Improvement Cigarette Tax Allocation, "A", AGM, 5%, 9/01/2048  | 4540000 | &nbsp;&nbsp; 4642204 |
| Pasco County, FL, Capital Improvement Cigarette Tax Allocation, "A", AGM, 5.75%, 9/01/2054  | 4430000 | &nbsp;&nbsp; 4724736 |
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039  | 540000 | &nbsp;&nbsp; 551414 |
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049  | 700000 | &nbsp;&nbsp; 704962 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040  | 160000 | &nbsp;&nbsp; 144476 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050  | 4215000 | &nbsp;&nbsp; 3386053 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), "A", 4%, 9/01/2051  | 3020000 | &nbsp;&nbsp; 2407242 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), "A", 4%, 9/01/2056  | 4500000 | &nbsp;&nbsp; 3480644 |
| Pompano Beach, FL, Rev. (John Knox Village Project), 5%, 9/01/2039  | 640000 | &nbsp;&nbsp; 639966 |
| South Miami, FL, Health Facilities Authority, Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, <br> 8/15/2047 <br>| 13610000 | &nbsp;&nbsp; 11955807 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2027  | 85000 | &nbsp;&nbsp; 84372 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2028  | 80000 | &nbsp;&nbsp; 79146 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2029  | 85000 | &nbsp;&nbsp; 83812 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2030  | 75000 | &nbsp;&nbsp; 73697 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2031  | 80000 | &nbsp;&nbsp; 78023 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2036  | 375000 | &nbsp;&nbsp; 344452 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2041  | 285000 | &nbsp;&nbsp; 241824 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2046  | 285000 | &nbsp;&nbsp; 224053 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2050  | 275000 | &nbsp;&nbsp; 206022 |
| Sterling Hill Community Development District, FL, Capital Improvement Rev., "B", 5.5%, 11/01/2025 (d) | 42763 | &nbsp;&nbsp; 18816 |
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), "A", 5%, 12/01/2055  | 875000 | &nbsp;&nbsp; 862688 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2034 <br>| 1125000 | &nbsp;&nbsp; 796309 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2035 <br>| 620000 | &nbsp;&nbsp; 417316 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2036 <br>| 955000 | &nbsp;&nbsp; 606904 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2037 <br>| 450000 | &nbsp;&nbsp; 269508 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2038 <br>| 620000 | &nbsp;&nbsp; 349945 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2039 <br>| 620000 | &nbsp;&nbsp; 329883 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2040 <br>| 845000 | &nbsp;&nbsp; 422035 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2041 <br>| 375000 | &nbsp;&nbsp; 175121 |
| Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, <br> 9/01/2042 <br>| 375000 | &nbsp;&nbsp; 163501 |
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), "B", 4%, 7/01/2045  | 3750000 | &nbsp;&nbsp; 3364133 |
| Tampa, FL, Water and Wastewater Systems Rev., "A", 5.25%, 10/01/2057  | 2500000 | &nbsp;&nbsp; 2624146 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "A", 5.5%, 1/01/2055  | 565000 | &nbsp;&nbsp; 540373 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "A", 5.625%, 1/01/2060  | 695000 | &nbsp;&nbsp; 673049 |
| Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), "B-1", 4.625%, 1/01/2030  | 420000 | &nbsp;&nbsp; 421345 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.55%, 5/01/2044  | 240000 | &nbsp;&nbsp; 227860 |
| Wildwood, FL, Middleton Community Development District A, Special Assessment Rev., 4.75%, 5/01/2055  | 200000 | &nbsp;&nbsp; 185785 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4%, 5/01/2034  | 620000 | &nbsp;&nbsp; 621880 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Florida – continued | Florida – continued | Florida – continued |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.85%, 5/01/2038  | $325000 | &nbsp;&nbsp; $331611 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.2%, 5/01/2039  | 225000 | &nbsp;&nbsp; 216999 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5%, 5/01/2043  | 490000 | &nbsp;&nbsp; 492342 |
| Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054  | 935000 | &nbsp;&nbsp; 933025 |
|  |  | &nbsp;&nbsp; $410030153 |
| Georgia – 3.1% | Georgia – 3.1% | Georgia – 3.1% |
| Atlanta, GA, Airport Passenger Facility Charge Rev., "D", 4%, 7/01/2038  | $4680000 | &nbsp;&nbsp; $4607264 |
| Atlanta, GA, Airport Passenger Facility Charge Rev., "D", 4%, 7/01/2039  | 6860000 | &nbsp;&nbsp; 6674212 |
| Atlanta, GA, Airport Rev. (Green Bonds), "B-1", 5.5%, 7/01/2055 (u) | 5490000 | &nbsp;&nbsp; 5807495 |
| Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, "A-1", 0% to <br> 6/15/2028, 6.5% to 12/15/2048 <br>| 5742000 | &nbsp;&nbsp; 5038429 |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-2", 5.5%, 4/01/2039 (n) | 5305000 | &nbsp;&nbsp; 5384509 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 3.625%, 1/01/2031 (n) | 1040000 | &nbsp;&nbsp; 1010200 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2036 (n) | 910000 | &nbsp;&nbsp; 921760 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 2595000 | &nbsp;&nbsp; 2375813 |
| Augusta, GA, Development Authority Rev. (Wellstar Health System, Inc. Project), "A", 5.125%, 4/01/2053  | 9155000 | &nbsp;&nbsp; 9355776 |
| Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051  | 4825000 | &nbsp;&nbsp; 4329410 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044  | 675000 | &nbsp;&nbsp; 626866 |
| Burke County, GA, Development Authority, Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), "C", 4.125%, <br> 11/01/2045 <br>| 2000000 | &nbsp;&nbsp; 1798411 |
| Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053  | 1250000 | &nbsp;&nbsp; 1144403 |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2030 <br>| 505000 | &nbsp;&nbsp; 505353 |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2033 <br>| 860000 | &nbsp;&nbsp; 860358 |
| Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), "A", 5.75%, 4/01/2053  | 4010000 | &nbsp;&nbsp; 4293513 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2045  | 105000 | &nbsp;&nbsp; 103031 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2050  | 375000 | &nbsp;&nbsp; 359221 |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2063  | 500000 | &nbsp;&nbsp; 459629 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034  | 4715000 | &nbsp;&nbsp; 4693885 |
| Fulton County, GA, Development Authority, Hospital Rev. (Wellstar Health System, Inc. Project), "A", 4%, 4/01/2050  | 2670000 | &nbsp;&nbsp; 2332459 |
| Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), 5%, 7/01/2042  | 5275000 | &nbsp;&nbsp; 5269019 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4%, 12/01/2047  | 195000 | &nbsp;&nbsp; 195167 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "C", 4.6%, 12/01/2054  | 7000000 | &nbsp;&nbsp; 6893903 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, 9/15/2026  | 665000 | &nbsp;&nbsp; 678661 |
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, 9/15/2028  | 1370000 | &nbsp;&nbsp; 1457568 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/15/2031  | 4530000 | &nbsp;&nbsp; 4756208 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/15/2043  | 1470000 | &nbsp;&nbsp; 1489067 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2053 (Put Date 6/01/2030) | 17500000 | &nbsp;&nbsp; 18644187 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 11585000 | &nbsp;&nbsp; 12603233 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 4%, 3/01/2050 (Put Date 9/01/2026) | 1670000 | &nbsp;&nbsp; 1683865 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 4%, 5/01/2052 (Put Date 12/01/2028) | 14255000 | &nbsp;&nbsp; 14603081 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 5%, 9/01/2053 (Put Date 9/01/2030) | 9915000 | &nbsp;&nbsp; 10636555 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "D", 5%, 5/01/2054 (Put Date 12/01/2030) | 8570000 | &nbsp;&nbsp; 9181194 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 4%, 1/01/2046  | 945000 | &nbsp;&nbsp; 885070 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2064  | 4175000 | &nbsp;&nbsp; 4193424 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), "A", 5%, 1/01/2056  | 1530000 | &nbsp;&nbsp; 1526181 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), "A", AGM, 4%, 1/01/2046  | 590000 | &nbsp;&nbsp; 552583 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), "A", AGM, 5%, 1/01/2062  | 2125000 | &nbsp;&nbsp; 2115794 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), "A", 5.5%, 7/01/2064  | 4415000 | &nbsp;&nbsp; 4545977 |
| Georgia Ports Authority Rev., 4%, 7/01/2047  | 1900000 | &nbsp;&nbsp; 1778214 |
| Georgia Ports Authority Rev., 4%, 7/01/2052  | 2985000 | &nbsp;&nbsp; 2742548 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Georgia – continued | Georgia – continued | Georgia – continued |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2035 <br>| $155000 | &nbsp;&nbsp; $149471 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2036 <br>| 195000 | &nbsp;&nbsp; 185641 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, <br> 8/01/2037 <br>| 165000 | &nbsp;&nbsp; 154908 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2042  | 3150000 | &nbsp;&nbsp; 3172792 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2045  | 3935000 | &nbsp;&nbsp; 3952196 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.125%, 6/01/2050  | 1125000 | &nbsp;&nbsp; 1119180 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2061  | 1665000 | &nbsp;&nbsp; 1655332 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 6%, 6/01/2050  | 2295000 | &nbsp;&nbsp; 2250842 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 6.25%, 6/01/2061  | 6825000 | &nbsp;&nbsp; 6831194 |
|  |  | &nbsp;&nbsp; $188585052 |
| Guam – 0.1% | Guam – 0.1% | Guam – 0.1% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $2235000 | &nbsp;&nbsp; $2076018 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 6005000 | &nbsp;&nbsp; 6005193 |
|  |  | &nbsp;&nbsp; $8081211 |
| Hawaii – 0.1% | Hawaii – 0.1% | Hawaii – 0.1% |
| Hawaii Airports System Rev., "A", 5.25%, 7/01/2051 (u) | $2515000 | &nbsp;&nbsp; $2633456 |
| Hawaii Airports System Rev., "A", 5.5%, 7/01/2054 (u) | 3880000 | &nbsp;&nbsp; 4134194 |
|  |  | &nbsp;&nbsp; $6767650 |
| Idaho – 0.0% | Idaho – 0.0% | Idaho – 0.0% |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 5%, <br> 5/01/2044 <br>| $450000 | &nbsp;&nbsp; $452968 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 5%, <br> 5/01/2049 <br>| 665000 | &nbsp;&nbsp; 658905 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Sage International School of Middleton Project), "A", 5%, <br> 5/01/2063 <br>| 445000 | &nbsp;&nbsp; 428668 |
| Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), "A", 5.75%, 5/01/2058  | 535000 | &nbsp;&nbsp; 551153 |
|  |  | &nbsp;&nbsp; $2091694 |
| Illinois – 5.9% | Illinois – 5.9% | Illinois – 5.9% |
| Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2050  | $3280000 | &nbsp;&nbsp; $3224409 |
| Bellwood, IL, Tax Increment Rev., Taxable (Workforce Housing Project), 5%, 12/01/2039  | 865000 | &nbsp;&nbsp; 888614 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 7230000 | &nbsp;&nbsp; 6723747 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "A", NPFG, 0%, 12/01/2028  | 7785000 | &nbsp;&nbsp; 6945671 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "A", NPFG, 0%, 12/01/2029  | 2590000 | &nbsp;&nbsp; 2223442 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "A", NPFG, 0%, 12/01/2030  | 1125000 | &nbsp;&nbsp; 926891 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "B-1", NPFG, 0%, 12/01/2026  | 2680000 | &nbsp;&nbsp; 2571905 |
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, "B-1", NPFG, 0%, 12/01/2028  | 3065000 | &nbsp;&nbsp; 2734551 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2036  | 795000 | &nbsp;&nbsp; 803392 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2037  | 795000 | &nbsp;&nbsp; 801922 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2042  | 1405000 | &nbsp;&nbsp; 1392130 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 3000000 | &nbsp;&nbsp; 2954299 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2046  | 2100000 | &nbsp;&nbsp; 2023511 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 6%, 4/01/2046  | 17805000 | &nbsp;&nbsp; 18037889 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 6350000 | &nbsp;&nbsp; 6603021 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 5.5%, 12/01/2038  | 1345000 | &nbsp;&nbsp; 1388431 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 7%, 12/01/2044  | 2000000 | &nbsp;&nbsp; 2000543 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 13010000 | &nbsp;&nbsp; 9929935 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 5.875%, 12/01/2047  | $3665000 | &nbsp;&nbsp; $3685843 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2028  | 1070000 | &nbsp;&nbsp; 1126566 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2029  | 715000 | &nbsp;&nbsp; 762978 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2030  | 535000 | &nbsp;&nbsp; 576968 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2031  | 1425000 | &nbsp;&nbsp; 1546528 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "C", AGM, 5%, 12/01/2030  | 2160000 | &nbsp;&nbsp; 2268017 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5%, 12/01/2042  | 9915000 | &nbsp;&nbsp; 9350250 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 4%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 802101 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2036  | 955000 | &nbsp;&nbsp; 877031 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2039  | 1500000 | &nbsp;&nbsp; 1306123 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2040  | 980000 | &nbsp;&nbsp; 838888 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2041  | 6865000 | &nbsp;&nbsp; 5737015 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "H", 5%, 12/01/2046  | 2895000 | &nbsp;&nbsp; 2622758 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation, "A", 6%, 12/01/2049  | 7535000 | &nbsp;&nbsp; 7677103 |
| Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027  | 1435000 | &nbsp;&nbsp; 1383216 |
| Chicago, IL, General Obligation (Chicago Works), "A", 5.5%, 1/01/2041  | 1740000 | &nbsp;&nbsp; 1757543 |
| Chicago, IL, General Obligation (Chicago Works), "A", 5.5%, 1/01/2043  | 435000 | &nbsp;&nbsp; 436183 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2029  | 5580000 | &nbsp;&nbsp; 5819393 |
| Chicago, IL, General Obligation, "A", 4%, 1/01/2035  | 1970000 | &nbsp;&nbsp; 1890837 |
| Chicago, IL, General Obligation, "A", 5.25%, 1/01/2038  | 7390000 | &nbsp;&nbsp; 7530825 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2039  | 1435000 | &nbsp;&nbsp; 1439077 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2040  | 380000 | &nbsp;&nbsp; 376543 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2044  | 3540000 | &nbsp;&nbsp; 3333828 |
| Chicago, IL, General Obligation, "A", 6%, 1/01/2050  | 7305000 | &nbsp;&nbsp; 7603344 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), "A", 4%, 12/15/2047  | 2605000 | &nbsp;&nbsp; 2260250 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), "A", 4%, 6/15/2052  | 4340000 | &nbsp;&nbsp; 3644026 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, <br> "A", AGM, 0%, 12/15/2056 <br>| 4020000 | &nbsp;&nbsp; 849605 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), "A", 5%, 6/15/2053  | 3335000 | &nbsp;&nbsp; 3262720 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), "A", 5%, 6/15/2057  | 6090000 | &nbsp;&nbsp; 5931268 |
| Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), "B", NPFG, <br> 5.5%, 6/15/2029 <br>| 3340000 | &nbsp;&nbsp; 3519088 |
| Chicago, IL, Midway Airport Refunding Rev., "A", BAM, 5.75%, 1/01/2048  | 1975000 | &nbsp;&nbsp; 2103841 |
| Chicago, IL, Midway Airport Refunding Rev., "A", BAM, 5.5%, 1/01/2053  | 2035000 | &nbsp;&nbsp; 2119263 |
| Chicago, IL, O'Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2042  | 1345000 | &nbsp;&nbsp; 1426290 |
| Chicago, IL, O'Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2043  | 1055000 | &nbsp;&nbsp; 1112855 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 4.5%, 1/01/2048  | 7210000 | &nbsp;&nbsp; 6880361 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, 1/01/2048  | 2610000 | &nbsp;&nbsp; 2613110 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 4.625%, 1/01/2053  | 8650000 | &nbsp;&nbsp; 8274606 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5.5%, 1/01/2055  | 2760000 | &nbsp;&nbsp; 2857671 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5.5%, 1/01/2059  | 4115000 | &nbsp;&nbsp; 4307397 |
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., "A", 5%, 12/01/2045  | 1450000 | &nbsp;&nbsp; 1476580 |
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., "A", 4%, 12/01/2050  | 2365000 | &nbsp;&nbsp; 2159253 |
| Chicago, IL, Transit Authority Second Lien Sales Tax Rev., "A", 5%, 12/01/2057  | 7855000 | &nbsp;&nbsp; 7921435 |
| Chicago, IL, Wastewater Transmission Rev., Second Lien, "A", AGM, 5.25%, 1/01/2053  | 5000000 | &nbsp;&nbsp; 5189671 |
| Chicago, IL, Wastewater Transmission Rev., Second Lien, "A", AGM, 5.25%, 1/01/2058  | 10000000 | &nbsp;&nbsp; 10354055 |
| Illinois Finance Authority Rev. (Ascension Health), "C", 5%, 2/15/2041 (Prerefunded 2/15/2027) | 580000 | &nbsp;&nbsp; 599868 |
| Illinois Finance Authority Rev. (Ascension Health), "C", 5%, 2/15/2041  | 630000 | &nbsp;&nbsp; 637105 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034  | 330000 | &nbsp;&nbsp; 338258 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038  | 405000 | &nbsp;&nbsp; 400317 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042  | 250000 | &nbsp;&nbsp; 234129 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047  | 455000 | &nbsp;&nbsp; 417123 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052  | 395000 | &nbsp;&nbsp; 351593 |
| Illinois Finance Authority Rev. (McKinley Foundation), "A", 5.125%, 11/01/2055 (n) | 2525000 | &nbsp;&nbsp; 2142917 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046  | $7265000 | &nbsp;&nbsp; $7272404 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.5%, 5/15/2042  | 1640000 | &nbsp;&nbsp; 1742164 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.5%, 5/15/2047  | 2385000 | &nbsp;&nbsp; 2493548 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.625%, 5/15/2052  | 1940000 | &nbsp;&nbsp; 2023741 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 6.75%, 5/15/2058  | 2580000 | &nbsp;&nbsp; 2684745 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "A", 5%, 8/01/2042  | 405000 | &nbsp;&nbsp; 405423 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "A", 5%, 8/01/2047  | 820000 | &nbsp;&nbsp; 807503 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", 5%, 8/01/2046  | 645000 | &nbsp;&nbsp; 638787 |
| Illinois Finance Authority Rev. (Rosalind Franklin University), "C", 5%, 8/01/2049  | 630000 | &nbsp;&nbsp; 612299 |
| Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), "A", 5%, 3/01/2047  | 7865000 | &nbsp;&nbsp; 7882644 |
| Illinois Finance Authority Rev., Taxable (McKinley Foundation), "B", 7%, 11/01/2037 (n) | 775000 | &nbsp;&nbsp; 771828 |
| Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at <br> Urbana-Champaign Project), "A", 5%, 10/01/2051 <br>| 335000 | &nbsp;&nbsp; 336301 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 2.25%, <br> 7/01/2033 <br>| 445000 | &nbsp;&nbsp; 379906 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 3%, <br> 7/01/2035 <br>| 250000 | &nbsp;&nbsp; 227174 |
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois <br> Health Services Facility Project), 4%, 10/01/2050 <br>| 2430000 | &nbsp;&nbsp; 2076920 |
| Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), <br> "A", BAM, 5.25%, 10/01/2053 <br>| 5210000 | &nbsp;&nbsp; 5438748 |
| Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), <br> "A", BAM, 5.25%, 10/01/2057 <br>| 6000000 | &nbsp;&nbsp; 6263285 |
| Illinois Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 11/01/2044 (Put Date 11/03/2025) | 6565000 | &nbsp;&nbsp; 6566413 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2028 <br>| 155000 | &nbsp;&nbsp; 158043 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 390000 | &nbsp;&nbsp; 390531 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2047 <br>| 2055000 | &nbsp;&nbsp; 1935474 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2050 <br>| 390000 | &nbsp;&nbsp; 360739 |
| Illinois Housing Development Authority Rev., "A", 4.5%, 10/01/2048  | 1500000 | &nbsp;&nbsp; 1518006 |
| Illinois Housing Development Authority Rev., "A", FHLMC, 3.87%, 11/15/2035 (z) | 7788030 | &nbsp;&nbsp; 7092825 |
| Illinois Housing Development Authority Rev., "A", GNMA, 4.8%, 10/01/2043  | 10180000 | &nbsp;&nbsp; 10266041 |
| Illinois Housing Development Authority Rev., "A", GNMA, 4.9%, 4/01/2047  | 2660000 | &nbsp;&nbsp; 2684565 |
| Illinois Housing Development Authority Rev., "A", GNMA, 3%, 4/01/2051  | 1440000 | &nbsp;&nbsp; 1424494 |
| Illinois Housing Development Authority Rev., "B", FHLMC, 3.87%, 11/15/2035 (z) | 3176124 | &nbsp;&nbsp; 2892604 |
| Illinois Housing Development Authority Rev., "C", FHLMC, 3.87%, 11/15/2035 (z) | 3169366 | &nbsp;&nbsp; 2886450 |
| Illinois Housing Development Authority Rev., "D", FHLMC, 3.87%, 11/01/2051 (z) | 2892041 | &nbsp;&nbsp; 2633881 |
| Illinois Housing Development Authority Rev., "E", FHLMC, 3.87%, 11/15/2035 (z) | 1990269 | &nbsp;&nbsp; 1812606 |
| Kane County, IL, East Aurora School District No. 131, "A", AGM, 4%, 12/01/2036  | 200000 | &nbsp;&nbsp; 201723 |
| Kane County, IL, East Aurora School District No. 131, "A", AGM, 4%, 12/01/2039  | 645000 | &nbsp;&nbsp; 642409 |
| Macon County, IL, Decatur School District No. 61, General Obligation School Rev., "C", AGM, 4%, 1/01/2035  | 1475000 | &nbsp;&nbsp; 1486126 |
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028  | 605000 | &nbsp;&nbsp; 606784 |
| Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029  | 620000 | &nbsp;&nbsp; 621776 |
| Northeastern, IL, University Certificates of Participation (Capital Improvement Projects), BAM, 5.75%, 7/01/2045  | 1345000 | &nbsp;&nbsp; 1432428 |
| Romeoville, IL, Rev. (Lewis University Project), "A", 5%, 10/01/2042  | 1330000 | &nbsp;&nbsp; 1274766 |
| Southern Illinois University Housing & Auxiliary Facilities System Rev., "A", 4%, 4/01/2036  | 515000 | &nbsp;&nbsp; 520227 |
| Southern Illinois University Housing & Auxiliary Facilities System Rev., "A", 4%, 4/01/2038  | 790000 | &nbsp;&nbsp; 783694 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2039  | 350000 | &nbsp;&nbsp; 377905 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2040  | 320000 | &nbsp;&nbsp; 341034 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2041  | 425000 | &nbsp;&nbsp; 448901 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2042  | 500000 | &nbsp;&nbsp; 523636 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – continued | Illinois – continued | Illinois – continued |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2043  | $525000 | &nbsp;&nbsp; $546570 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2044  | 250000 | &nbsp;&nbsp; 258980 |
| St. Clair County, IL, Cahokia Community Unit School District No. 187, General Obligation, "A", AGM, 5%, 1/01/2054  | 860000 | &nbsp;&nbsp; 876984 |
| State of Illinois, General Obligation, 5%, 11/01/2028  | 1580000 | &nbsp;&nbsp; 1617607 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 1310000 | &nbsp;&nbsp; 1390394 |
| State of Illinois, General Obligation, 4.5%, 11/01/2039  | 1495000 | &nbsp;&nbsp; 1490721 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 1220000 | &nbsp;&nbsp; 1278998 |
| State of Illinois, General Obligation, "A", 5%, 11/01/2027  | 7725000 | &nbsp;&nbsp; 8088715 |
| State of Illinois, General Obligation, "A", 5%, 11/01/2028  | 10235000 | &nbsp;&nbsp; 10925893 |
| State of Illinois, General Obligation, "B", 5.25%, 5/01/2047  | 800000 | &nbsp;&nbsp; 826824 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 3700000 | &nbsp;&nbsp; 3872435 |
| State of Illinois, General Obligation, "B", 5.25%, 5/01/2048  | 800000 | &nbsp;&nbsp; 823821 |
| State of Illinois, General Obligation, Taxable, "B", 5.25%, 5/01/2049  | 800000 | &nbsp;&nbsp; 822326 |
| University of Illinois, Auxiliary Facilities System Rev., "A", BAM, 4%, 4/01/2035  | 2320000 | &nbsp;&nbsp; 2375510 |
| University of Illinois, Auxiliary Facilities System Rev., "A", BAM, 4%, 4/01/2036  | 1190000 | &nbsp;&nbsp; 1211902 |
| University of Illinois, Auxiliary Facilities System Rev., "A", BAM, 4%, 4/01/2038  | 1520000 | &nbsp;&nbsp; 1530453 |
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), "B", BAM, 4%, <br> 12/01/2029 <br>| 535000 | &nbsp;&nbsp; 546920 |
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), "B", BAM, 4%, <br> 12/01/2030 <br>| 670000 | &nbsp;&nbsp; 684974 |
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), "B", BAM, 4%, <br> 12/01/2032 <br>| 930000 | &nbsp;&nbsp; 940897 |
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), "B", BAM, 4%, <br> 12/01/2034 <br>| 1385000 | &nbsp;&nbsp; 1395839 |
| Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), "B", BAM, 4%, <br> 12/01/2036 <br>| 1575000 | &nbsp;&nbsp; 1577596 |
| Will County, IL, Joliet School District No. 86 General Obligation, BAM, 4%, 1/01/2049  | 1795000 | &nbsp;&nbsp; 1663548 |
|  |  | &nbsp;&nbsp; $364997324 |
| Indiana – 1.4% | Indiana – 1.4% | Indiana – 1.4% |
| Fishers, IN, Town Hall Building Corp., Lease Rental Rev., "A", BAM, 5.75%, 7/15/2058  | $5000000 | &nbsp;&nbsp; $5513624 |
| Fishers, IN, Town Hall Building Corp., Lease Rental Rev., "A", BAM, 5.75%, 1/15/2063  | 16030000 | &nbsp;&nbsp; 17676678 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5.25%, 3/01/2050  | 1660000 | &nbsp;&nbsp; 1631487 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5.375%, 3/01/2055  | 5350000 | &nbsp;&nbsp; 5296949 |
| Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2048  | 1035000 | &nbsp;&nbsp; 1101885 |
| Indiana Finance Authority, Educational Facilities Rev. (Rose-Hulman Institute of Technology Project), 5.75%, 6/01/2053  | 5325000 | &nbsp;&nbsp; 5640660 |
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028  | 205000 | &nbsp;&nbsp; 209205 |
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033  | 135000 | &nbsp;&nbsp; 135887 |
| Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), "B", 0.95%, <br> 12/01/2038 (Put Date 4/01/2026)<br>| 2260000 | &nbsp;&nbsp; 2230217 |
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051  | 4685000 | &nbsp;&nbsp; 4709106 |
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047  | 2005000 | &nbsp;&nbsp; 1883735 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5%, 5/01/2040  | 305000 | &nbsp;&nbsp; 306736 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.25%, 5/01/2045  | 1090000 | &nbsp;&nbsp; 1072803 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.375%, 5/01/2050  | 1465000 | &nbsp;&nbsp; 1441967 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "B", 5.5%, 5/01/2054  | 1475000 | &nbsp;&nbsp; 1463547 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5%, 6/01/2053  | 1050000 | &nbsp;&nbsp; 1023161 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5.125%, 6/01/2058  | 860000 | &nbsp;&nbsp; 846574 |
| Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), "A", 5.375%, 6/01/2064  | 2580000 | &nbsp;&nbsp; 2592720 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "B-1", GNMA, 3.25%, 7/01/2049  | 660000 | &nbsp;&nbsp; 656851 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., "1-A", 4.5%, 6/01/2039  | 80000 | &nbsp;&nbsp; 80360 |
| Indianapolis, IN, Local Public Improvement Bond Bank Rev. (Convention Center Hotel), "F-1", BAM, 5.25%, 3/01/2067  | 7815000 | &nbsp;&nbsp; 8064096 |
| Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), "E", 6%, 3/01/2053  | 685000 | &nbsp;&nbsp; 710264 |
| Indianapolis, IN, Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel), "E", 6.125%, 3/01/2057  | 770000 | &nbsp;&nbsp; 803424 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Indiana – continued | Indiana – continued | Indiana – continued |
| Indianapolis, IN, Water System First Lien Refunding Rev., "A", 5%, 10/01/2037  | $4130000 | &nbsp;&nbsp; $4304712 |
| Northern Indiana Commuter Transportation District, Limited Obligation Consolidated Rev., 5.25%, 1/01/2049  | 3000000 | &nbsp;&nbsp; 3178721 |
| St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026  | 796000 | &nbsp;&nbsp; 808821 |
| Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 10475000 | &nbsp;&nbsp; 11168239 |
|  |  | &nbsp;&nbsp; $84552429 |
| Iowa – 0.3% | Iowa – 0.3% | Iowa – 0.3% |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2033  | $610000 | &nbsp;&nbsp; $616101 |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2038  | 485000 | &nbsp;&nbsp; 485906 |
| Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), "A", 5%, 3/01/2048  | 885000 | &nbsp;&nbsp; 818222 |
| Iowa Finance Authority, Senior Housing Rev. (Presbyterian Homes Mill Pond Project), 5.75%, 10/01/2055 (w) | 1120000 | &nbsp;&nbsp; 1127140 |
| Iowa Finance Authority, Senior Housing Rev. (Presbyterian Homes Mill Pond Project), 5.875%, 10/01/2065 (w) | 1700000 | &nbsp;&nbsp; 1707823 |
| Iowa Finance Authority, Single Family Mortgage Rev., "A", FNMA, 4%, 7/01/2047  | 180000 | &nbsp;&nbsp; 180731 |
| Iowa Finance Authority, Single Family Mortgage Rev., "A", GNMA, 3%, 1/01/2047  | 1705000 | &nbsp;&nbsp; 1683889 |
| Iowa Finance Authority, Single Family Mortgage Rev., "B", 3%, 7/01/2051  | 4470000 | &nbsp;&nbsp; 4419400 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042  | 620000 | &nbsp;&nbsp; 616729 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047  | 660000 | &nbsp;&nbsp; 662137 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4%, 10/01/2050  | 485000 | &nbsp;&nbsp; 403061 |
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052  | 730000 | &nbsp;&nbsp; 739751 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | 95000 | &nbsp;&nbsp; 91694 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 4615000 | &nbsp;&nbsp; 3568464 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 5%, 12/01/2054  | 1210000 | &nbsp;&nbsp; 1148623 |
|  |  | &nbsp;&nbsp; $18269671 |
| Kansas – 0.4% | Kansas – 0.4% | Kansas – 0.4% |
| Ellis County, KS, Unified School District No. 489 General Obligation, "B", AGM, 4%, 9/01/2052  | $1270000 | &nbsp;&nbsp; $1161204 |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036  | 1020000 | &nbsp;&nbsp; 969600 |
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041  | 535000 | &nbsp;&nbsp; 472503 |
| Kansas Development Finance Authority, Multi-Family Mortgage-Backed (Sycamore Village), FNMA, 4.17%, 11/01/2041  | 1208263 | &nbsp;&nbsp; 1187510 |
| Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033  | 410000 | &nbsp;&nbsp; 415621 |
| Lyon County, KS, School District No. 253 General Obligation, BAM, 4%, 9/01/2039  | 2360000 | &nbsp;&nbsp; 2360312 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032  | 815000 | &nbsp;&nbsp; 850986 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033  | 855000 | &nbsp;&nbsp; 889259 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034  | 905000 | &nbsp;&nbsp; 937591 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036  | 995000 | &nbsp;&nbsp; 1022504 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038  | 1100000 | &nbsp;&nbsp; 1122229 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044  | 1890000 | &nbsp;&nbsp; 1890316 |
| Overland Park, KS, Development Corp. Improvement & Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049  | 3580000 | &nbsp;&nbsp; 3489643 |
| Sedgwick County, KS, Unified School District No. 266 General Obligation, "A", 4%, 9/01/2031  | 905000 | &nbsp;&nbsp; 925276 |
| Sedgwick County, KS, Unified School District No. 266 General Obligation, "A", 4%, 9/01/2032  | 675000 | &nbsp;&nbsp; 687646 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 6.25%, 12/01/2042  | 1260000 | &nbsp;&nbsp; 1283902 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 6.5%, 12/01/2052  | 2310000 | &nbsp;&nbsp; 2332187 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2033  | 915000 | &nbsp;&nbsp; 916930 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2038  | 1465000 | &nbsp;&nbsp; 1406629 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 4.625%, 5/15/2041  | 115000 | &nbsp;&nbsp; 101450 |
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), "I", 5%, 5/15/2047  | 570000 | &nbsp;&nbsp; 484187 |
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments <br> Garage & West Lawn Project), 4.5%, 6/01/2040 <br>| 245000 | &nbsp;&nbsp; 239160 |
|  |  | &nbsp;&nbsp; $25146645 |
| Kentucky – 0.8% | Kentucky – 0.8% | Kentucky – 0.8% |
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), "B", 4.45%, 1/01/2042 (n) | $1915000 | &nbsp;&nbsp; $1846460 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), "B", 5%, 8/15/2041  | 3335000 | &nbsp;&nbsp; 3383535 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), "B", 5%, 8/15/2046  | 2115000 | &nbsp;&nbsp; 2130420 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Kentucky – continued | Kentucky – continued | Kentucky – continued |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5%, 6/01/2037  | $1990000 | &nbsp;&nbsp; $2005042 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5%, 6/01/2041  | 1305000 | &nbsp;&nbsp; 1306225 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5.25%, 6/01/2041  | 1015000 | &nbsp;&nbsp; 1021091 |
| Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), "A", 5%, 6/01/2045  | 1630000 | &nbsp;&nbsp; 1617338 |
| Kentucky Economic Development Finance Authority, Louisville Arena Project Refunding Rev. (Louisville Arena Authority, Inc.), "A", <br> AGM, 5%, 12/01/2047 <br>| 705000 | &nbsp;&nbsp; 702276 |
| Kentucky Higher Education Student Loan Corp. Rev., "B-1", 5%, 6/01/2036  | 5095000 | &nbsp;&nbsp; 5322789 |
| Kentucky Municipal Energy Agency, Power System Rev. (Energy Center I Project), AGM, 5%, 1/01/2055  | 7815000 | &nbsp;&nbsp; 7990698 |
| Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051  | 185000 | &nbsp;&nbsp; 168181 |
| Trimble County, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), "A", 1.3%, <br> 9/01/2044 (Put Date 9/01/2027)<br>| 10000000 | &nbsp;&nbsp; 9346017 |
| Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2049  | 2000000 | &nbsp;&nbsp; 2073585 |
| Warren County, KY, Hospital Rev. (Bowling Green Community Hospital Corp.), 5.25%, 4/01/2054  | 7000000 | &nbsp;&nbsp; 7200364 |
|  |  | &nbsp;&nbsp; $46114021 |
| Louisiana – 1.3% | Louisiana – 1.3% | Louisiana – 1.3% |
| East Baton Rouge, LA, Sewerage Commission, Multi-Modal Rev., "A", 1.3%, 2/01/2041 (Put Date 2/01/2028) | $7420000 | &nbsp;&nbsp; $6968537 |
| Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2049  | 2335000 | &nbsp;&nbsp; 2343204 |
| Louisiana Juban Crossing Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2054  | 1590000 | &nbsp;&nbsp; 1586472 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), "A", 5.625%, <br> 6/01/2045 <br>| 3470000 | &nbsp;&nbsp; 2714971 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - <br> Student Housing & Parking Project), AGM, 5%, 10/01/2048 <br>| 2010000 | &nbsp;&nbsp; 2016948 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James <br> Place of Baton Rouge Project), "A", 6%, 11/15/2035 <br>| 460000 | &nbsp;&nbsp; 460128 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James <br> Place of Baton Rouge Project), "A", 6.25%, 11/15/2045 <br>| 2755000 | &nbsp;&nbsp; 2697308 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2029 (n)<br>| 285000 | &nbsp;&nbsp; 285869 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2039 (n)<br>| 945000 | &nbsp;&nbsp; 867011 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident <br> Group - ULM Properties LLC - University of Louisiana at Monroe Project), "A", 5%, 7/01/2054 (n)<br>| 1515000 | &nbsp;&nbsp; 1226514 |
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 4%, 10/01/2041  | 875000 | &nbsp;&nbsp; 782113 |
| Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), "A", 5%, 4/01/2045  | 3865000 | &nbsp;&nbsp; 3937683 |
| Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge Public-Private Partnership Project), 5.75%, 9/01/2064  | 10735000 | &nbsp;&nbsp; 11017643 |
| Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046  | 7810000 | &nbsp;&nbsp; 7812580 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.375%, 1/01/2040 (n)<br>| 3175000 | &nbsp;&nbsp; 2580480 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.5%, 1/01/2050 (n)<br>| 2175000 | &nbsp;&nbsp; 1664381 |
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), <br> "A-1", 5.1%, 1/01/2057 (n)<br>| 7310000 | &nbsp;&nbsp; 5526599 |
| New Orleans, LA, Aviation Board General Airport Refunding Rev., "B", AGM, 5.25%, 1/01/2042  | 4000000 | &nbsp;&nbsp; 4241136 |
| New Orleans, LA, Aviation Board General Airport Refunding Rev., "B", AGM, 5.25%, 1/01/2043  | 11000000 | &nbsp;&nbsp; 11594714 |
| New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), "A", AGM, 5%, <br> 10/01/2048 <br>| 955000 | &nbsp;&nbsp; 964357 |
| Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., "B", AGM, 5.5%, 4/01/2051  | 1905000 | &nbsp;&nbsp; 2012932 |
| Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., "B", AGM, 5.5%, 4/01/2054  | 2440000 | &nbsp;&nbsp; 2572045 |
| Shreveport, LA, General Obligation, AGM, 5%, 3/01/2054  | 2265000 | &nbsp;&nbsp; 2296429 |
| Shreveport, LA, Water & Sewer Rev., "B", AGM, 4%, 12/01/2044  | 790000 | &nbsp;&nbsp; 722598 |
| Shreveport, LA, Water & Sewer Rev., "B", AGM, 4%, 12/01/2049  | 985000 | &nbsp;&nbsp; 880153 |
|  |  | &nbsp;&nbsp; $79772805 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Maine – 0.5% | Maine – 0.5% | Maine – 0.5% |
| Maine Finance Authority Rev. (University of New England), 5.5%, 7/01/2055  | $6145000 | &nbsp;&nbsp; $6485069 |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, <br> 12/01/2047 (Put Date 6/01/2035)<br>| 935000 | &nbsp;&nbsp; 920568 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2028  | 395000 | &nbsp;&nbsp; 415203 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2029  | 395000 | &nbsp;&nbsp; 417877 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2030  | 395000 | &nbsp;&nbsp; 422160 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5.25%, 12/01/2032  | 995000 | &nbsp;&nbsp; 1083209 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5.25%, 12/01/2033  | 965000 | &nbsp;&nbsp; 1053392 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4%, 12/01/2034  | 1105000 | &nbsp;&nbsp; 1102356 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.125%, 12/01/2035  | 980000 | &nbsp;&nbsp; 975496 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.25%, 12/01/2036  | 970000 | &nbsp;&nbsp; 967934 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.625%, 12/01/2040  | 860000 | &nbsp;&nbsp; 850092 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.75%, 12/01/2041  | 860000 | &nbsp;&nbsp; 853811 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.75%, 12/01/2042  | 810000 | &nbsp;&nbsp; 803371 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.875%, 12/01/2043  | 560000 | &nbsp;&nbsp; 558434 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 4.875%, 12/01/2044  | 535000 | &nbsp;&nbsp; 529275 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2036  | 1160000 | &nbsp;&nbsp; 1174635 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2037  | 945000 | &nbsp;&nbsp; 950878 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2038  | 985000 | &nbsp;&nbsp; 984760 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2039  | 1220000 | &nbsp;&nbsp; 1204878 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2040  | 1735000 | &nbsp;&nbsp; 1692866 |
| Maine Health & Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2050  | 6175000 | &nbsp;&nbsp; 5530600 |
| Maine Housing Authority Mortgage, "C", 4%, 11/15/2050  | 1235000 | &nbsp;&nbsp; 1245422 |
| Maine Housing Authority Mortgage, "E", 5%, 11/15/2052  | 1130000 | &nbsp;&nbsp; 1170541 |
|  |  | &nbsp;&nbsp; $31392827 |
| Maryland – 1.5% | Maryland – 1.5% | Maryland – 1.5% |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026  | $380000 | &nbsp;&nbsp; $383610 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033  | 790000 | &nbsp;&nbsp; 800503 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034  | 2875000 | &nbsp;&nbsp; 2907406 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042  | 1635000 | &nbsp;&nbsp; 1594951 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046  | 1070000 | &nbsp;&nbsp; 1032910 |
| Baltimore, MD, Project Rev. (Water Projects), "A", 5%, 7/01/2041  | 3935000 | &nbsp;&nbsp; 3978166 |
| Baltimore, MD, Special Obligation Refunding (East Baltimore Research Park Project), "A", 5%, 9/01/2038  | 1235000 | &nbsp;&nbsp; 1241991 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 250000 | &nbsp;&nbsp; 249831 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 335000 | &nbsp;&nbsp; 339182 |
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), "B", 4.625%, 7/01/2043 (n) | 675000 | &nbsp;&nbsp; 639428 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.125%, 2/15/2034 (n) | 150000 | &nbsp;&nbsp; 147394 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.375%, 2/15/2039 (n) | 155000 | &nbsp;&nbsp; 149263 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.5%, 2/15/2047 (n) | 870000 | &nbsp;&nbsp; 793409 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "A", 4.5%, <br> 9/01/2048 <br>| 2945000 | &nbsp;&nbsp; 2995932 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", 4.5%, <br> 9/01/2048 <br>| 2380000 | &nbsp;&nbsp; 2412589 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 6.25%, 9/01/2055 <br>| 15760000 | &nbsp;&nbsp; 17747301 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood <br> Marshall Airport), "A", AGM, 5.25%, 8/01/2054 <br>| 8120000 | &nbsp;&nbsp; 8447984 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown <br> Project), AGM, 5.125%, 7/01/2059 <br>| 2895000 | &nbsp;&nbsp; 2940872 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, <br> 6/01/2035 <br>| 550000 | &nbsp;&nbsp; 554380 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park-Leonardtown Project), <br> AGM, 5.25%, 7/01/2064 <br>| 3985000 | &nbsp;&nbsp; 4067327 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Maryland – continued | Maryland – continued | Maryland – continued |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n) | $615000 | &nbsp;&nbsp; $599070 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n) | 655000 | &nbsp;&nbsp; 601734 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2038  | 145000 | &nbsp;&nbsp; 130400 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2048  | 435000 | &nbsp;&nbsp; 345670 |
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2058  | 1270000 | &nbsp;&nbsp; 945638 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), "A", 5.5%, 1/01/2036  | 4005000 | &nbsp;&nbsp; 4078649 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2033  | 1340000 | &nbsp;&nbsp; 1365619 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2038  | 3815000 | &nbsp;&nbsp; 3849768 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2051 <br>| 4985000 | &nbsp;&nbsp; 1367403 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2052 <br>| 7475000 | &nbsp;&nbsp; 1948542 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2053 <br>| 3665000 | &nbsp;&nbsp; 908059 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2054 <br>| 5485000 | &nbsp;&nbsp; 1291909 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2055 <br>| 3390000 | &nbsp;&nbsp; 759027 |
| Maryland Stadium Authority, Built to Learn Rev., 5.25%, 6/01/2051 (u) | 19390000 | &nbsp;&nbsp; 20488684 |
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), "A-1", 5%, 11/01/2037  | 150000 | &nbsp;&nbsp; 149579 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042  | 250000 | &nbsp;&nbsp; 235162 |
|  |  | &nbsp;&nbsp; $92489342 |
| Massachusetts – 2.6% | Massachusetts – 2.6% | Massachusetts – 2.6% |
| Commonwealth of Massachusetts Transportation Rev., "A", 5%, 6/01/2043  | $7310000 | &nbsp;&nbsp; $7448082 |
| Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2045  | 1460000 | &nbsp;&nbsp; 1474483 |
| Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2055  | 585000 | &nbsp;&nbsp; 580072 |
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), "2018 I-2", 5%, 7/01/2053  | 6820000 | &nbsp;&nbsp; 6839200 |
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), "K", 5%, 7/01/2031  | 890000 | &nbsp;&nbsp; 959257 |
| Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), "K", 5%, 7/01/2032  | 905000 | &nbsp;&nbsp; 970362 |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), "G", 4.375%, 7/01/2052  | 6700000 | &nbsp;&nbsp; 5967693 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "J-1", 5%, 7/01/2048  | 2360000 | &nbsp;&nbsp; 2378814 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "N", AGM, 5.5%, 7/01/2055  | 12205000 | &nbsp;&nbsp; 13049989 |
| Massachusetts Development Finance Agency Rev. (Emerson College), "A", 5.25%, 1/01/2042  | 200000 | &nbsp;&nbsp; 200425 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 5%, 10/01/2043  | 2765000 | &nbsp;&nbsp; 2583275 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 4%, 10/01/2046  | 625000 | &nbsp;&nbsp; 498803 |
| Massachusetts Development Finance Agency Rev. (Lasell Village, Inc.), 5.25%, 7/01/2050  | 1375000 | &nbsp;&nbsp; 1377269 |
| Massachusetts Development Finance Agency Rev. (Lowell General Hospital), "G", 5%, 7/01/2037  | 2145000 | &nbsp;&nbsp; 2089552 |
| Massachusetts Development Finance Agency Rev. (Mass General Brigham), "D", 5%, 7/01/2054  | 17000000 | &nbsp;&nbsp; 17561059 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2044  | 485000 | &nbsp;&nbsp; 472646 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2054  | 4405000 | &nbsp;&nbsp; 4133092 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1405000 | &nbsp;&nbsp; 1422627 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 1830000 | &nbsp;&nbsp; 1781539 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 6355000 | &nbsp;&nbsp; 5998787 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "S", 5%, 7/01/2032  | 1005000 | &nbsp;&nbsp; 1054233 |
| Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n) | 400000 | &nbsp;&nbsp; 390186 |
| Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n) | 1045000 | &nbsp;&nbsp; 951411 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5.5%, 7/01/2045  | 125000 | &nbsp;&nbsp; 128868 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 6%, 7/01/2050  | 1635000 | &nbsp;&nbsp; 1744546 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 4140000 | &nbsp;&nbsp; 3305505 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5.25%, 7/01/2055  | 4085000 | &nbsp;&nbsp; 4035932 |
| Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2060  | 1365000 | &nbsp;&nbsp; 1395471 |
| Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2065  | 1865000 | &nbsp;&nbsp; 1903759 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "K", 5%, 7/01/2038  | 1025000 | &nbsp;&nbsp; 1035581 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Massachusetts – continued | Massachusetts – continued | Massachusetts – continued |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2039  | $1470000 | &nbsp;&nbsp; $1475090 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 4%, 7/01/2044  | 1765000 | &nbsp;&nbsp; 1496681 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2044  | 1755000 | &nbsp;&nbsp; 1701424 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "C", AGM, 5%, 10/01/2032  | 670000 | &nbsp;&nbsp; 737555 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "C", AGM, 5%, 10/01/2033  | 415000 | &nbsp;&nbsp; 452418 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 905000 | &nbsp;&nbsp; 865893 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2046  | 8040000 | &nbsp;&nbsp; 6863319 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3%, 7/01/2051  | 2580000 | &nbsp;&nbsp; 1737859 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2052  | 8155000 | &nbsp;&nbsp; 6730238 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 3%, 7/01/2035  | 25000 | &nbsp;&nbsp; 24830 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 2%, 7/01/2037  | 295000 | &nbsp;&nbsp; 242308 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5.5%, 7/01/2055  | 7595000 | &nbsp;&nbsp; 7633924 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 2.625%, 7/01/2036  | 10000 | &nbsp;&nbsp; 9813 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3.75%, 7/01/2047  | 9100000 | &nbsp;&nbsp; 7361864 |
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., "D", 5%, 7/01/2054  | 5805000 | &nbsp;&nbsp; 5553307 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2037  | 3080000 | &nbsp;&nbsp; 3178597 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2038  | 3870000 | &nbsp;&nbsp; 3975233 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2039  | 6275000 | &nbsp;&nbsp; 6420690 |
| Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), "A", 5%, 7/01/2035  | 395000 | &nbsp;&nbsp; 413759 |
| Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), "A", 5%, 7/01/2036  | 790000 | &nbsp;&nbsp; 823708 |
| Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), "A", 5%, 7/01/2037  | 1130000 | &nbsp;&nbsp; 1172902 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047  | 4785000 | &nbsp;&nbsp; 3665577 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052  | 3015000 | &nbsp;&nbsp; 2219217 |
|  |  | &nbsp;&nbsp; $158488724 |
| Michigan – 1.4% | Michigan – 1.4% | Michigan – 1.4% |
| Board of Trustees of Northern Michigan University Rev., "A", 5.5%, 6/01/2050  | $270000 | &nbsp;&nbsp; $290361 |
| Board of Trustees of Northern Michigan University Rev., "A", 5.5%, 6/01/2055  | 4000000 | &nbsp;&nbsp; 4274479 |
| Great Lakes Water Authority, Michigan Water Supply System Rev., "B", BAM, 5%, 7/01/2046  | 4520000 | &nbsp;&nbsp; 4539242 |
| Great Lakes Water Authority, Michigan Water Supply System Rev., "D", 5%, 7/01/2036  | 2485000 | &nbsp;&nbsp; 2515070 |
| Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051  | 990000 | &nbsp;&nbsp; 999822 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 4.7%, 10/01/2054  | 6635000 | &nbsp;&nbsp; 6577232 |
| Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052  | 1370000 | &nbsp;&nbsp; 1236200 |
| Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054  | 1330000 | &nbsp;&nbsp; 1248024 |
| Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 5.5%, 2/28/2057  | 1200000 | &nbsp;&nbsp; 1239103 |
| Michigan Finance Authority, Higher Education Facilities, Limited Obligation Rev. (Kalamazoo College Project), 6%, 12/01/2054  | 2860000 | &nbsp;&nbsp; 3098694 |
| Michigan Finance Authority, Hospital Rev. (McLaren Health Care), "D-1", 1.2%, 10/15/2030 (Put Date 4/13/2028) | 2005000 | &nbsp;&nbsp; 1909326 |
| Michigan Finance Authority, Hospital Rev. (McLaren Health Care), "D-2", 1.2%, 10/15/2038 (Put Date 4/13/2028) | 2515000 | &nbsp;&nbsp; 2389100 |
| Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030  | 790000 | &nbsp;&nbsp; 819461 |
| Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031  | 1575000 | &nbsp;&nbsp; 1629780 |
| Michigan Finance Authority, Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048  | 2285000 | &nbsp;&nbsp; 2301370 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 5.15%, 10/01/2058  | 11055000 | &nbsp;&nbsp; 11246023 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 4.75%, 10/01/2059  | 15980000 | &nbsp;&nbsp; 15884216 |
| Michigan Housing Development Authority, Single-Family Mortgage Rev., "D", 6.25%, 6/01/2055  | 7685000 | &nbsp;&nbsp; 8475107 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048  | 3935000 | &nbsp;&nbsp; 3874638 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035  | 7315000 | &nbsp;&nbsp; 7342285 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.25%, 12/31/2038  | 2300000 | &nbsp;&nbsp; 2273236 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5.75%, 12/01/2050  | 485000 | &nbsp;&nbsp; 527290 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 370000 | &nbsp;&nbsp; 370115 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 805000 | &nbsp;&nbsp; 805010 |
| Wayne County, MI, Detroit School District, "A", 5%, 5/01/2036  | 790000 | &nbsp;&nbsp; 838919 |
| Wayne County, MI, Detroit School District, "A", 5%, 5/01/2037  | 870000 | &nbsp;&nbsp; 917737 |
|  |  | &nbsp;&nbsp; $87621840 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Minnesota – 0.8% | Minnesota – 0.8% | Minnesota – 0.8% |
| Center City, MN, Health Care Facilities Rev. (Hazelden Betty Ford Foundation Project), 5%, 11/01/2044  | $655000 | &nbsp;&nbsp; $669841 |
| Center City, MN, Health Care Facilities Rev. (Hazelden Betty Ford Foundation Project), 5%, 11/01/2047  | 565000 | &nbsp;&nbsp; 568358 |
| Dakota County, MN, Community Development Agency Multi-Family Housing Rev. (Heart of the City Apartments Project), FNMA, <br> 4.2%, 5/01/2043 <br>| 4795000 | &nbsp;&nbsp; 4539148 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2031  | 840000 | &nbsp;&nbsp; 812059 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2036  | 1330000 | &nbsp;&nbsp; 1197943 |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2041  | 555000 | &nbsp;&nbsp; 460319 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2043  | 2195000 | &nbsp;&nbsp; 2065927 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2043  | 2010000 | &nbsp;&nbsp; 2030549 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2048  | 2585000 | &nbsp;&nbsp; 2351099 |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2048  | 1585000 | &nbsp;&nbsp; 1594584 |
| Duluth, MN, Independent School District No. 709, "A", COP, 4.2%, 3/01/2034  | 240000 | &nbsp;&nbsp; 245013 |
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., "B", 5.25%, 1/01/2049  | 5255000 | &nbsp;&nbsp; 5453432 |
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., "C", 5%, 1/01/2041  | 1180000 | &nbsp;&nbsp; 1191810 |
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., "C", 5%, 1/01/2046  | 2360000 | &nbsp;&nbsp; 2372601 |
| Minnesota Housing Finance Agency, Residential Housing, "A", 4.25%, 7/01/2049 (u) | 6820000 | &nbsp;&nbsp; 6914252 |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037  | 1170000 | &nbsp;&nbsp; 1174054 |
| St. Cloud, MN, Health Care Rev. (Centracare Health System), 5%, 5/01/2054  | 14350000 | &nbsp;&nbsp; 14574613 |
| St. Cloud, MN, Health Care Rev. (Centracare Health System), "A", 5%, 5/01/2046  | 2865000 | &nbsp;&nbsp; 2873408 |
| St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), "A", 5.5%, <br> 7/01/2052 (n)<br>| 240000 | &nbsp;&nbsp; 224012 |
|  |  | &nbsp;&nbsp; $51313022 |
| Mississippi – 0.7% | Mississippi – 0.7% | Mississippi – 0.7% |
| Hinds County, MS, Certificates of Participation (Lease Purchase Project), "A", BAM, 4.625%, 9/01/2054 (n) | $5760000 | &nbsp;&nbsp; $5166445 |
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), "A", 5.25%, 1/01/2034  | 1935000 | &nbsp;&nbsp; 2160750 |
| Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026  | 770000 | &nbsp;&nbsp; 779401 |
| Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, <br> 3/01/2048 <br>| 3150000 | &nbsp;&nbsp; 3176488 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, <br> 12/01/2040 <br>| 390000 | &nbsp;&nbsp; 396545 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", 4%, 12/01/2044  | 405000 | &nbsp;&nbsp; 407847 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 7.5%, 6/01/2044  | 375000 | &nbsp;&nbsp; 451693 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 7.5%, 6/01/2049  | 935000 | &nbsp;&nbsp; 1127732 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), "A", 5%, 9/01/2046  | 1500000 | &nbsp;&nbsp; 1474165 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, <br> 1/01/2039 <br>| 595000 | &nbsp;&nbsp; 572965 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, <br> 1/01/2040 <br>| 335000 | &nbsp;&nbsp; 319023 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), "IV", 5%, 10/01/2035  | 945000 | &nbsp;&nbsp; 991303 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), "IV", 5%, 10/01/2039  | 670000 | &nbsp;&nbsp; 685523 |
| Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), "A", 4%, 6/01/2048  | 10990000 | &nbsp;&nbsp; 10250333 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), "A", 4%, 6/01/2053  | 8350000 | &nbsp;&nbsp; 7649402 |
| Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053  | 3980000 | &nbsp;&nbsp; 4335817 |
|  |  | &nbsp;&nbsp; $39945432 |
| Missouri – 1.1% | Missouri – 1.1% | Missouri – 1.1% |
| Jackson County, MO, Special Obligations, "A", 5.25%, 12/01/2058 (u) | $10000000 | &nbsp;&nbsp; $10438777 |
| Jackson County, MO, Special Obligations, "A", 5.25%, 12/01/2058  | 5250000 | &nbsp;&nbsp; 5480358 |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization <br> Project), "B", 5%, 3/01/2054 <br>| 8055000 | &nbsp;&nbsp; 7939943 |
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization <br> Project), "B", AGM, 5%, 3/01/2055 <br>| 4465000 | &nbsp;&nbsp; 4426930 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Missouri – continued | Missouri – continued | Missouri – continued |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2040 (n)<br>| $160000 | &nbsp;&nbsp; $159097 |
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), "B", 5%, <br> 2/01/2050 (n)<br>| 1825000 | &nbsp;&nbsp; 1756273 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036  | 945000 | &nbsp;&nbsp; 912780 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037  | 300000 | &nbsp;&nbsp; 284798 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041  | 380000 | &nbsp;&nbsp; 336454 |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051  | 1405000 | &nbsp;&nbsp; 1119961 |
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), 5.5%, 12/01/2048  | 3995000 | &nbsp;&nbsp; 4238972 |
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), "A", 5%, 6/01/2030  | 3935000 | &nbsp;&nbsp; 4187210 |
| Missouri Health & Educational Facilities Authority Rev. (Mercy Health), "A", 5%, 6/01/2031  | 2490000 | &nbsp;&nbsp; 2641240 |
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), "A", 4%, 2/15/2044  | 1810000 | &nbsp;&nbsp; 1654558 |
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), "A", 4%, 2/15/2049  | 3935000 | &nbsp;&nbsp; 3446826 |
| Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), "A", 4%, 2/15/2054  | 3580000 | &nbsp;&nbsp; 3055087 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "A", <br> 3.75%, 5/01/2038 <br>| 15000 | &nbsp;&nbsp; 15000 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "A", <br> FNMA, 4.25%, 5/01/2049 <br>| 1240000 | &nbsp;&nbsp; 1250513 |
| Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), "G", <br> GNMA, 5.5%, 5/01/2055 <br>| 5245000 | &nbsp;&nbsp; 5657100 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030  | 290000 | &nbsp;&nbsp; 277704 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035  | 215000 | &nbsp;&nbsp; 190414 |
| Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., "B", <br> 4%, 12/01/2037 <br>| 1115000 | &nbsp;&nbsp; 1080962 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2030  | 115000 | &nbsp;&nbsp; 115030 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5%, 8/15/2035  | 95000 | &nbsp;&nbsp; 93456 |
| St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), "A", 5.125%, 8/15/2045  | 205000 | &nbsp;&nbsp; 178442 |
| St. Louis, MO, Airport Rev. (Lambert International Airport), "B", AGM, 5.25%, 7/01/2054  | 1895000 | &nbsp;&nbsp; 1949007 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 3.875%, 11/15/2029  | 110000 | &nbsp;&nbsp; 105793 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 4.375%, 11/15/2035  | 580000 | &nbsp;&nbsp; 528855 |
| St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), "A", 4.75%, 11/15/2047  | 1805000 | &nbsp;&nbsp; 1546289 |
| St. Louis, MO, Industrial Development Authority, Tax Increment & Special District Rev. (Union Station Phase 2 Redevelopment <br> Project), "A", 5.75%, 6/15/2054 <br>| 1205000 | &nbsp;&nbsp; 1209718 |
| St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, <br> 10/01/2049 <br>| 2385000 | &nbsp;&nbsp; 2428813 |
|  |  | &nbsp;&nbsp; $68706360 |
| Montana – 0.0% | Montana – 0.0% | Montana – 0.0% |
| Montana Board of Housing Single Family Program, HUD, "A-2", 3%, 12/01/2043  | $20000 | &nbsp;&nbsp; $19964 |
| Nebraska – 0.1% | Nebraska – 0.1% | Nebraska – 0.1% |
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), "A", 5%, 9/01/2034  | $670000 | &nbsp;&nbsp; $729030 |
| Nebraska Investment Finance Authority, Single Family Housing Rev., "C", FHLMC, 4%, 9/01/2048  | 1125000 | &nbsp;&nbsp; 1133157 |
| Omaha, NE, Airport Authority, Facilities Rev., AGM, 5.25%, 12/15/2054  | 5935000 | &nbsp;&nbsp; 6124545 |
|  |  | &nbsp;&nbsp; $7986732 |
| Nevada – 0.3% | Nevada – 0.3% | Nevada – 0.3% |
| Clark County, NV, School District, General Obligation, "A", AGM, 4%, 6/15/2037  | $710000 | &nbsp;&nbsp; $716864 |
| Clark County, NV, School District, General Obligation, "A", AGM, 4%, 6/15/2039  | 1555000 | &nbsp;&nbsp; 1548211 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 4.5%, <br> 12/15/2029 (n)<br>| 245000 | &nbsp;&nbsp; 245217 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2035 (n)<br>| 500000 | &nbsp;&nbsp; 500182 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Nevada – continued | Nevada – continued | Nevada – continued |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2038 (n)<br>| $1005000 | &nbsp;&nbsp; $995552 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", <br> 5.125%, 12/15/2045 (n)<br>| 600000 | &nbsp;&nbsp; 567910 |
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), "A", 5%, <br> 12/15/2048 (n)<br>| 2835000 | &nbsp;&nbsp; 2583569 |
| Nevada Housing Division, Single Family Mortgage Rev., "A", GNMA, 3%, 4/01/2051  | 1370000 | &nbsp;&nbsp; 1353483 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4%, 6/01/2048  | 365000 | &nbsp;&nbsp; 335219 |
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4.125%, 6/01/2058  | 450000 | &nbsp;&nbsp; 416419 |
| Reno-Tahoe, NV, Airport Authority Rev., "A", 5.25%, 7/01/2049  | 2195000 | &nbsp;&nbsp; 2255001 |
| Reno-Tahoe, NV, Airport Authority Rev., "A", 5.25%, 7/01/2054  | 1785000 | &nbsp;&nbsp; 1828196 |
| Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), "C", 4.125%, 3/01/2036 (Put Date 10/01/2029) | 1420000 | &nbsp;&nbsp; 1437285 |
| Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Company Projects), "F", 4.125%, 3/01/2036 (Put Date 10/01/2029) | 1945000 | &nbsp;&nbsp; 1968676 |
|  |  | &nbsp;&nbsp; $16751784 |
| New Hampshire – 3.5% | New Hampshire – 3.5% | New Hampshire – 3.5% |
| National Finance Authority, NH, Lease Rent Rev. (Centurion BioSquare, Inc.), "A", 5.88%, 12/15/2038  | $27905000 | &nbsp;&nbsp; $28360449 |
| National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), "A", 5%, 5/15/2034  | 16680000 | &nbsp;&nbsp; 16963758 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion BioSquare, Inc.), "B", 9.58%, 12/15/2038  | 1680000 | &nbsp;&nbsp; 1703528 |
| National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Foundation West Main Street LLC), "B", 8.33%, 5/15/2034  | 1200000 | &nbsp;&nbsp; 1239212 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, 5.25%, <br> 6/01/2051 <br>| 2520000 | &nbsp;&nbsp; 2618888 |
| National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), "A", BAM, 4.5%, <br> 6/01/2053 <br>| 1130000 | &nbsp;&nbsp; 1089378 |
| National Finance Authority, NH, Multi-Family Housing Rev., 4.45%, 7/01/2044  | 13890000 | &nbsp;&nbsp; 13932489 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 9211163 | &nbsp;&nbsp; 9105910 |
| National Finance Authority, NH, Municipal Certificates, "2-A", 3.875%, 1/20/2038  | 7470106 | &nbsp;&nbsp; 6934123 |
| National Finance Authority, NH, Municipal Certificates, "3-A", 4.163%, 10/20/2041  | 5992103 | &nbsp;&nbsp; 5732858 |
| National Finance Authority, NH, Municipal Certificates, "4-B", 4.18%, 5/20/2042  | 5630341 | &nbsp;&nbsp; 4941169 |
| National Finance Authority, NH, Municipal Certificates, "A", 4.125%, 1/20/2034  | 6381462 | &nbsp;&nbsp; 6415772 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 5177642 | &nbsp;&nbsp; 4987745 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4%, 10/20/2036  | 6386000 | &nbsp;&nbsp; 6127351 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.168%, 1/20/2041  | 1842046 | &nbsp;&nbsp; 1680383 |
| National Finance Authority, NH, Municipal Certificates, "X-2", 0.674%, 10/20/2036 (i) | 28036215 | &nbsp;&nbsp; 1187508 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.25%, 7/20/2041  | 4515908 | &nbsp;&nbsp; 4383447 |
| National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), "B", 3.75%, <br> 7/01/2045 (Put Date 7/02/2040) (n)<br>| 2290000 | &nbsp;&nbsp; 1885136 |
| National Finance Authority, NH, Resource Recovery Refunding Rev., "B", 4.625%, 11/01/2042 (n) | 1855000 | &nbsp;&nbsp; 1670998 |
| National Finance Authority, NH, Rev. (Abilene Christian University Energy Projects), "A", 5%, 11/01/2049  | 5000000 | &nbsp;&nbsp; 5024827 |
| National Finance Authority, NH, Rev. (Abilene Christian University Energy Projects), "A", 5.25%, 11/01/2054  | 4805000 | &nbsp;&nbsp; 4886248 |
| National Finance Authority, NH, Rev. (Presbyterian Senior Living Project), "A", 5.25%, 7/01/2048  | 2160000 | &nbsp;&nbsp; 2153242 |
| National Finance Authority, NH, Rev. (Winston-Salem Sustainable Energy Partners), "A", 5.5%, 6/01/2050  | 23440000 | &nbsp;&nbsp; 24476385 |
| National Finance Authority, NH, Rev., Taxable (Centurion Foundation), "C", 11%, 12/15/2038  | 915000 | &nbsp;&nbsp; 927180 |
| National Finance Authority, NH, Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041  | 840000 | &nbsp;&nbsp; 748354 |
| National Finance Authority, NH, Special Rev. (Caldwell Ranch Project, Branch & Fort Bend Counties, TX), 4.875%, 12/01/2033  | 2333000 | &nbsp;&nbsp; 2333030 |
| National Finance Authority, NH, Special Rev. (Emberly & Canterra Creek Projects, Fort Bend & Brazoria Counties, TX), 5.375%, <br> 12/01/2031 <br>| 4804000 | &nbsp;&nbsp; 4817377 |
| National Finance Authority, NH, Special Rev. (Highland Project, Montgomery County, TX), 5.125%, 12/15/2030  | 3914000 | &nbsp;&nbsp; 3927873 |
| National Finance Authority, NH, Special Rev. (Tamarron Project, Fort Bend County, TX), 5.25%, 12/01/2035  | 5899000 | &nbsp;&nbsp; 5899393 |
| National Finance Authority, NH, Special Rev. (Valencia Project, Brazoria County, TX), 5.3%, 12/01/2032  | 4477000 | &nbsp;&nbsp; 4488026 |
| New Hampshire Health & Education Facilities Authority Rev. (Covenant Health), 4%, 7/01/2037  | 12920000 | &nbsp;&nbsp; 11029340 |
| New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Rev., "E", GNMA, 6.25%, 7/01/2055  | 11465000 | &nbsp;&nbsp; 12858260 |
| New Hampshire National, NH, Municipal Certificates, "A-2", 4.216%, 11/20/2042  | 9361976 | &nbsp;&nbsp; 8620962 |
|  |  | &nbsp;&nbsp; $213150599 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – 2.4% | New Jersey – 2.4% | New Jersey – 2.4% |
| Atlantic City, NJ, Tax Appeal Refunding (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), "A", BAM, 5%, <br> 3/01/2032 <br>| $3875000 | &nbsp;&nbsp; $3990372 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2042  | 225000 | &nbsp;&nbsp; 236804 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2047  | 620000 | &nbsp;&nbsp; 647011 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2052  | 570000 | &nbsp;&nbsp; 591847 |
| Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062  | 1880000 | &nbsp;&nbsp; 1943292 |
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), "N1", AAC, 5.5%, 9/01/2026  | 2775000 | &nbsp;&nbsp; 2847100 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027  | 370000 | &nbsp;&nbsp; 370831 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028  | 370000 | &nbsp;&nbsp; 370706 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031  | 1115000 | &nbsp;&nbsp; 1117253 |
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042  | 345000 | &nbsp;&nbsp; 345311 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing <br> Project), "A", 5%, 1/01/2030 <br>| 865000 | &nbsp;&nbsp; 865162 |
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing <br> Project), "A", 5%, 1/01/2035 <br>| 1235000 | &nbsp;&nbsp; 1231698 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), "DDD", 5%, 6/15/2042  | 2250000 | &nbsp;&nbsp; 2346668 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, <br> 1/01/2035 <br>| 1850000 | &nbsp;&nbsp; 1911629 |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.625%, <br> 1/01/2045 <br>| 1885000 | &nbsp;&nbsp; 1948009 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., "A", BAM, 3.125%, <br> 7/01/2031 <br>| 2000000 | &nbsp;&nbsp; 1966181 |
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029  | 2030000 | &nbsp;&nbsp; 2032777 |
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), "A", 5.625%, 11/15/2030  | 3185000 | &nbsp;&nbsp; 3190618 |
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), "C", 5%, <br> 6/15/2042 <br>| 2665000 | &nbsp;&nbsp; 2715241 |
| New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), "E", 0.85%, 12/01/2025  | 1550000 | &nbsp;&nbsp; 1540018 |
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), <br> 5%, 10/01/2032 <br>| 1655000 | &nbsp;&nbsp; 1736503 |
| New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), <br> 5%, 10/01/2037 <br>| 1670000 | &nbsp;&nbsp; 1720235 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., "B", 4%, 12/01/2044  | 11420000 | &nbsp;&nbsp; 10823408 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 3.25%, 12/01/2039  | 795000 | &nbsp;&nbsp; 773135 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 8610000 | &nbsp;&nbsp; 8568719 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "A", 5%, 12/01/2028  | 315000 | &nbsp;&nbsp; 331596 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "A", 5%, 12/01/2029  | 435000 | &nbsp;&nbsp; 461060 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 5%, 12/01/2028  | 1145000 | &nbsp;&nbsp; 1205325 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 5%, 12/01/2029  | 1115000 | &nbsp;&nbsp; 1181797 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 3.5%, 12/01/2039  | 3025000 | &nbsp;&nbsp; 2935937 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 2.5%, 12/01/2040  | 1275000 | &nbsp;&nbsp; 1195704 |
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev. (Immediate Delivery), "C-1", 5.5%, <br> 12/01/2055 <br>| 2325000 | &nbsp;&nbsp; 2337799 |
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., "B", 4.25%, 12/01/2045  | 12265000 | &nbsp;&nbsp; 12045227 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., "C", 5%, 12/01/2053  | 1475000 | &nbsp;&nbsp; 1413735 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., "C", 5.25%, 12/01/2054  | 1005000 | &nbsp;&nbsp; 995332 |
| New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Rev., "C", 3.25%, 12/01/2051  | 700000 | &nbsp;&nbsp; 493851 |
| New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., "E", 3.5%, 4/01/2051  | 5170000 | &nbsp;&nbsp; 5167161 |
| New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., "H", 3%, 10/01/2052  | 5570000 | &nbsp;&nbsp; 5484308 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5%, 6/01/2032  | 2360000 | &nbsp;&nbsp; 2461108 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5%, 6/01/2033  | 2360000 | &nbsp;&nbsp; 2450705 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5%, 6/01/2034  | 2360000 | &nbsp;&nbsp; 2436715 |
| New Jersey Transportation Trust Fund Authority, "A", 4.25%, 6/15/2040  | 3975000 | &nbsp;&nbsp; 3971001 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2035  | 840000 | &nbsp;&nbsp; 909183 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2038  | 1200000 | &nbsp;&nbsp; 1272353 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – continued | New Jersey – continued | New Jersey – continued |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2040  | $840000 | &nbsp;&nbsp; $881538 |
| New Jersey Transportation Trust Fund Authority, "AA", 4.25%, 6/15/2044  | 955000 | &nbsp;&nbsp; 918937 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2045  | 2225000 | &nbsp;&nbsp; 2030443 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032) | 2405000 | &nbsp;&nbsp; 2856148 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, "A", 0%, 12/15/2037  | 19665000 | &nbsp;&nbsp; 12158358 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, "C", AAC, 0%, 12/15/2035  | 2930000 | &nbsp;&nbsp; 2009118 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, "C", AAC, 0%, 12/15/2036  | 7645000 | &nbsp;&nbsp; 4978492 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, "C", AAC, 0%, 12/15/2028  | 5010000 | &nbsp;&nbsp; 4573285 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, "C", AGM, 0%, 12/15/2032  | 2635000 | &nbsp;&nbsp; 2097474 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, "C", NPFG, 0%, 12/15/2027  | 3730000 | &nbsp;&nbsp; 3507385 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, "C", NPFG, 0%, 12/15/2031  | 3935000 | &nbsp;&nbsp; 3249838 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), <br> 4.5%, 7/01/2040 <br>| 335000 | &nbsp;&nbsp; 330123 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), <br> 5%, 7/01/2044 <br>| 500000 | &nbsp;&nbsp; 498920 |
| South Jersey, NJ, Transportation Authority System Rev., "A", AGM, 5%, 11/01/2033  | 575000 | &nbsp;&nbsp; 620309 |
| South Jersey, NJ, Transportation Authority System Rev., "A", BAM, 5.25%, 11/01/2052  | 2760000 | &nbsp;&nbsp; 2908245 |
|  |  | &nbsp;&nbsp; $148199038 |
| New Mexico – 0.1% | New Mexico – 0.1% | New Mexico – 0.1% |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "A-1", FNMA, 4%, 1/01/2049  | $365000 | &nbsp;&nbsp; $367462 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "C", FNMA, 4%, 1/01/2049  | 765000 | &nbsp;&nbsp; 766939 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "D", GNMA, 5.25%, 3/01/2053  | 4285000 | &nbsp;&nbsp; 4497102 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), 5%, 5/15/2042  | 115000 | &nbsp;&nbsp; 111185 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2034  | 425000 | &nbsp;&nbsp; 434231 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2039  | 165000 | &nbsp;&nbsp; 163895 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2044  | 170000 | &nbsp;&nbsp; 161429 |
| Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), "A", 5%, 5/15/2049  | 445000 | &nbsp;&nbsp; 407244 |
|  |  | &nbsp;&nbsp; $6909487 |
| New York – 6.6% | New York – 6.6% | New York – 6.6% |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034  | $790000 | &nbsp;&nbsp; $806242 |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036  | 1420000 | &nbsp;&nbsp; 1307456 |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037  | 1180000 | &nbsp;&nbsp; 1061801 |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038  | 985000 | &nbsp;&nbsp; 976666 |
| Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039  | 1065000 | &nbsp;&nbsp; 1038445 |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 14120000 | &nbsp;&nbsp; 13741752 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2052  | 290000 | &nbsp;&nbsp; 276449 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "B", 5%, 7/01/2062  | 2170000 | &nbsp;&nbsp; 2021847 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2057  | 1615000 | &nbsp;&nbsp; 1609817 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062  | 2025000 | &nbsp;&nbsp; 2001930 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.375%, 12/01/2046  | 430000 | &nbsp;&nbsp; 456116 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.5%, 12/01/2051  | 455000 | &nbsp;&nbsp; 478826 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2050  | 2145000 | &nbsp;&nbsp; 2211783 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055  | 3725000 | &nbsp;&nbsp; 3831193 |
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), "A", 4%, 11/01/2032  | 380000 | &nbsp;&nbsp; 364861 |
| New York Dormitory Authority Rev. (New School), "A", 4.25%, 7/01/2050  | 2200000 | &nbsp;&nbsp; 1988589 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4%, 5/01/2045  | 4380000 | &nbsp;&nbsp; 3974014 |
| New York Dormitory Authority Rev. (Rochester Institute of Technology), "A", 5%, 7/01/2040  | 995000 | &nbsp;&nbsp; 1029621 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054  | 7835000 | &nbsp;&nbsp; 8188948 |
| New York Dormitory Authority Rev., State Personal Income Tax, "A", 4%, 3/15/2048  | 840000 | &nbsp;&nbsp; 781983 |
| New York Dormitory Authority Rev., State Personal Income Tax, "A", 5.25%, 3/15/2052  | 4785000 | &nbsp;&nbsp; 5036398 |
| New York Dormitory Authority Rev., State Personal Income Tax, "E", 4%, 3/15/2042  | 14455000 | &nbsp;&nbsp; 13872747 |
| New York Dormitory Authority, Montefiore Obligated Group Rev., 5.5%, 11/01/2044  | 685000 | &nbsp;&nbsp; 722508 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| New York Dormitory Authority, Montefiore Obligated Group Rev., 5.5%, 11/01/2047  | $750000 | &nbsp;&nbsp; $783810 |
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 4.25%, <br> 9/01/2050 (Put Date 9/03/2030) (n)<br>| 250000 | &nbsp;&nbsp; 252307 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 15300000 | &nbsp;&nbsp; 15299914 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "2", 5.375%, 11/15/2040 (n) | 2510000 | &nbsp;&nbsp; 2510419 |
| New York Power Authority, Green Transmission Project Rev., "A", AGM, 4%, 11/15/2047  | 1565000 | &nbsp;&nbsp; 1461575 |
| New York State Thruway Authority, Personal Income Tax Rev., "A", 4%, 3/15/2043  | 10645000 | &nbsp;&nbsp; 10181240 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046  | 7000000 | &nbsp;&nbsp; 6121512 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053  | 1740000 | &nbsp;&nbsp; 1446329 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5.375%, 8/01/2036 <br>| 2620000 | &nbsp;&nbsp; 2724187 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 1/01/2031 <br>| 6400000 | &nbsp;&nbsp; 6597110 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 1/01/2032 <br>| 1835000 | &nbsp;&nbsp; 1885732 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 10/01/2035 <br>| 4395000 | &nbsp;&nbsp; 4591560 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 4%, 1/01/2036 <br>| 1035000 | &nbsp;&nbsp; 995936 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 4360000 | &nbsp;&nbsp; 4555912 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 10/01/2040 <br>| 5050000 | &nbsp;&nbsp; 5102742 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", 5.5%, <br> 12/31/2060 <br>| 13295000 | &nbsp;&nbsp; 13570282 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", AGM, <br> 5.25%, 12/31/2054 <br>| 10020000 | &nbsp;&nbsp; 10207698 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital <br> Appreciation, "B", AGM, 0%, 12/31/2054 <br>| 3245000 | &nbsp;&nbsp; 2049363 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), 6%, 6/30/2054 <br>| 20015000 | &nbsp;&nbsp; 20856779 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5%, 6/30/2054 <br>| 5780000 | &nbsp;&nbsp; 5767744 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 29265000 | &nbsp;&nbsp; 29278892 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 29020000 | &nbsp;&nbsp; 29379056 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2046 <br>| 10000000 | &nbsp;&nbsp; 9900708 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", <br> 5%, 12/01/2036 <br>| 40000 | &nbsp;&nbsp; 41675 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", <br> 4%, 12/01/2039 <br>| 400000 | &nbsp;&nbsp; 374584 |
| New York, NY, City Housing Development Corp., Housing Impact (Sustainable Development Bonds), "A", 4.8%, 2/01/2053  | 6270000 | &nbsp;&nbsp; 6255413 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "D-1", 4.5%, 11/01/2054  | 5350000 | &nbsp;&nbsp; 5302079 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031  | 1443121 | &nbsp;&nbsp; 1484407 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "F", 5.25%, 12/15/2031 (n) | 2426471 | &nbsp;&nbsp; 2503137 |
| New York, NY, General Obligation, "B-1", 5%, 12/01/2041  | 2755000 | &nbsp;&nbsp; 2776337 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", 4.75%, 11/01/2048  | 1645000 | &nbsp;&nbsp; 1655540 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", 4.85%, 11/01/2053  | 835000 | &nbsp;&nbsp; 842128 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "A-1", 4.85%, <br> 11/01/2053 <br>| 2625000 | &nbsp;&nbsp; 2647407 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "A-1", 4.95%, <br> 11/01/2058 <br>| 2500000 | &nbsp;&nbsp; 2512601 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New York – continued | New York – continued | New York – continued |
| New York, NY, Housing Finance Agency, State Personal Income Tax Rev., "A-1", 5%, 6/15/2054  | $4000000 | &nbsp;&nbsp; $4093274 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028  | 1090000 | &nbsp;&nbsp; 1090330 |
| New York, NY, Industrial Development Agency, PILOT Refunding Rev. (Yankee Stadium Project), "A", AGM, 3%, 3/01/2040  | 3155000 | &nbsp;&nbsp; 2699778 |
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., "CC-1", 5%, 6/15/2046  | 5505000 | &nbsp;&nbsp; 5515807 |
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., "CC-1", 5%, 6/15/2048  | 4055000 | &nbsp;&nbsp; 4105155 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2036  | 1575000 | &nbsp;&nbsp; 1597547 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2039  | 2755000 | &nbsp;&nbsp; 2740346 |
| New York, NY, Transitional Finance Authority, "A", 4%, 11/01/2034  | 790000 | &nbsp;&nbsp; 809059 |
| New York, NY, Transitional Finance Authority, "C", 4%, 2/01/2041  | 6035000 | &nbsp;&nbsp; 5872601 |
| New York, NY, Transitional Finance Authority, "C-1", 4%, 5/01/2045  | 7865000 | &nbsp;&nbsp; 7389327 |
| New York, NY, Transitional Finance Authority, "D", 5.5%, 5/01/2052  | 3000000 | &nbsp;&nbsp; 3246627 |
| New York, NY, Transitional Finance Authority, "F", 4%, 2/01/2051  | 15000000 | &nbsp;&nbsp; 13901328 |
| New York, NY, Transitional Finance Authority, "F-1", 5.25%, 2/01/2053  | 3500000 | &nbsp;&nbsp; 3681577 |
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052  | 2260000 | &nbsp;&nbsp; 1878340 |
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052  | 1215000 | &nbsp;&nbsp; 1092328 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045  | 1125000 | &nbsp;&nbsp; 1022199 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2050  | 2810000 | &nbsp;&nbsp; 2498909 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055  | 9010000 | &nbsp;&nbsp; 7892521 |
| Port Authority of NY & NJ (223rd Series), 4%, 7/15/2038  | 2210000 | &nbsp;&nbsp; 2177200 |
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2038  | 2360000 | &nbsp;&nbsp; 2478537 |
| Port Authority of NY & NJ (226th Series), 5%, 10/15/2039  | 1750000 | &nbsp;&nbsp; 1824936 |
| Schenectady County, NY, Capital Resource Corp. Rev. (Union College Project), 5.25%, 7/01/2052  | 555000 | &nbsp;&nbsp; 575913 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2028  | 1315000 | &nbsp;&nbsp; 1098649 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2029  | 1915000 | &nbsp;&nbsp; 1551515 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2030  | 1475000 | &nbsp;&nbsp; 1170183 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2031  | 1825000 | &nbsp;&nbsp; 1426885 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2032  | 3370000 | &nbsp;&nbsp; 2602525 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2033  | 2970000 | &nbsp;&nbsp; 2272703 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2034  | 2660000 | &nbsp;&nbsp; 2020480 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2035  | 3550000 | &nbsp;&nbsp; 2680106 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2036  | 1160000 | &nbsp;&nbsp; 871286 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, 6/01/2041  | 2135000 | &nbsp;&nbsp; 2136036 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 4%, 5/15/2051  | 8500000 | &nbsp;&nbsp; 7755624 |
| Triborough Bridge & Tunnel Authority Rev., NY, Sales Tax Rev. (MTA Bridges and Tunnels), "A-1", 5.25%, 5/15/2064  | 20000000 | &nbsp;&nbsp; 21041752 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, <br> 11/01/2047 <br>| 1205000 | &nbsp;&nbsp; 1230733 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, <br> 11/01/2048 <br>| 1465000 | &nbsp;&nbsp; 1566869 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%, <br> 11/01/2049 <br>| 1675000 | &nbsp;&nbsp; 1788647 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, <br> 11/01/2051 <br>| 590000 | &nbsp;&nbsp; 598537 |
|  |  | &nbsp;&nbsp; $409692276 |
| North Carolina – 0.9% | North Carolina – 0.9% | North Carolina – 0.9% |
| Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048  | $735000 | &nbsp;&nbsp; $751970 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2032  | 790000 | &nbsp;&nbsp; 812158 |
| North Carolina Education Assistance Authority, Student Loan Rev., "A", 5%, 6/01/2043  | 1290000 | &nbsp;&nbsp; 1335184 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "44", 4%, 7/01/2050  | 575000 | &nbsp;&nbsp; 579955 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "46-A", GNMA, 3%, 7/01/2051  | 6460000 | &nbsp;&nbsp; 6382457 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "55-A", GNMA, 6.25%, 7/01/2055  | 3005000 | &nbsp;&nbsp; 3321524 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2029 <br>| 220000 | &nbsp;&nbsp; 221582 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| North Carolina – continued | North Carolina – continued | North Carolina – continued |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2036 <br>| $1070000 | &nbsp;&nbsp; $1034813 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2041 <br>| 370000 | &nbsp;&nbsp; 334316 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2051 <br>| 6585000 | &nbsp;&nbsp; 5307673 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, <br> 3/01/2036 <br>| 465000 | &nbsp;&nbsp; 449709 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, <br> 3/01/2042 <br>| 175000 | &nbsp;&nbsp; 155300 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025  | 35000 | &nbsp;&nbsp; 35000 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030  | 205000 | &nbsp;&nbsp; 205276 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035  | 225000 | &nbsp;&nbsp; 225303 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2040 <br>| 720000 | &nbsp;&nbsp; 729982 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2045 <br>| 690000 | &nbsp;&nbsp; 690007 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2050 <br>| 690000 | &nbsp;&nbsp; 678908 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", 4%, <br> 1/01/2052 <br>| 1370000 | &nbsp;&nbsp; 1099353 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "B-1", 4.75%, <br> 9/01/2029 <br>| 410000 | &nbsp;&nbsp; 410104 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "B-2", 4.5%, <br> 9/01/2029 <br>| 625000 | &nbsp;&nbsp; 625163 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "B-3", 4.25%, <br> 9/01/2028 <br>| 1090000 | &nbsp;&nbsp; 1090299 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "A", 5%, 10/01/2044 <br>| 570000 | &nbsp;&nbsp; 570740 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "A", 5%, 10/01/2049 <br>| 150000 | &nbsp;&nbsp; 147651 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2042  | 480000 | &nbsp;&nbsp; 481901 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047  | 940000 | &nbsp;&nbsp; 941587 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2051  | 1920000 | &nbsp;&nbsp; 1921805 |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2054  | 1650000 | &nbsp;&nbsp; 1651762 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031  | 1260000 | &nbsp;&nbsp; 1292344 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036  | 9165000 | &nbsp;&nbsp; 9608395 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, 0%, 1/01/2050  | 9265000 | &nbsp;&nbsp; 2896624 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, 0%, 1/01/2051  | 9000000 | &nbsp;&nbsp; 2663463 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, 0%, 1/01/2053  | 4500000 | &nbsp;&nbsp; 1195296 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2030  | 985000 | &nbsp;&nbsp; 1072251 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2032  | 790000 | &nbsp;&nbsp; 846756 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2033  | 790000 | &nbsp;&nbsp; 842366 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027  | 1190000 | &nbsp;&nbsp; 1198368 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031  | 985000 | &nbsp;&nbsp; 970875 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033  | 1085000 | &nbsp;&nbsp; 1037495 |
|  |  | &nbsp;&nbsp; $55815715 |
| North Dakota – 0.3% | North Dakota – 0.3% | North Dakota – 0.3% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", AGM, 5%, 12/01/2048  | $535000 | &nbsp;&nbsp; $545195 |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), "A", AGM, 5%, 12/01/2053  | 1315000 | &nbsp;&nbsp; 1331286 |
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), "D", 4.25%, 1/01/2049 (u) | 2480000 | &nbsp;&nbsp; 2496593 |
| North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), "F", 5%, 1/01/2053  | 1915000 | &nbsp;&nbsp; 1989887 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| North Dakota – continued | North Dakota – continued | North Dakota – continued |
| North Dakota State Board of Higher Education, Housing & Auxiliary Facilities Rev. (University of North Dakota), "A", AGM, 4%, <br> 4/01/2039 <br>| $1845000 | &nbsp;&nbsp; $1845024 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2034  | 3065000 | &nbsp;&nbsp; 3074945 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2038  | 2850000 | &nbsp;&nbsp; 2791462 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2048  | 160000 | &nbsp;&nbsp; 149649 |
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), "C", 5%, 6/01/2053  | 1170000 | &nbsp;&nbsp; 1071604 |
|  |  | &nbsp;&nbsp; $15295645 |
| Ohio – 3.5% | Ohio – 3.5% | Ohio – 3.5% |
| Bedford, OH, School District General Obligations, School Improvement, BAM, 5.5%, 12/01/2058  | $5945000 | &nbsp;&nbsp; $6263285 |
| Brunswick, OH, School District, Classroom Facilities & School Improvement, Unlimited Tax General Obligation, BAM, 5.25%, <br> 12/01/2053 <br>| 4585000 | &nbsp;&nbsp; 4760106 |
| Brunswick, OH, School District, Classroom Facilities & School Improvement, Unlimited Tax General Obligation, BAM, 5.5%, <br> 12/01/2060 <br>| 8490000 | &nbsp;&nbsp; 8919266 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | 11550000 | &nbsp;&nbsp; 9696156 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 13285000 | &nbsp;&nbsp; 11332601 |
| Columbus, OH, Metropolitan Housing Authority, Affordable Housing Rev. (Cobblestone Manor Project), 4.625%, 8/01/2042  | 580000 | &nbsp;&nbsp; 574810 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 4%, 12/01/2034  | 6275000 | &nbsp;&nbsp; 6345499 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", 5.5%, 1/01/2055 (u) | 28125000 | &nbsp;&nbsp; 29460350 |
| Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), "A", 5.25%, 5/15/2045  | 320000 | &nbsp;&nbsp; 327914 |
| Columbus-Franklin County, OH, Finance Authority, Development Rev. (Quarry Trails Phase III Project), "A", 5.5%, 5/15/2055  | 1200000 | &nbsp;&nbsp; 1227395 |
| Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing (Caravel Apartments), "A", FNMA, 4.46%, 11/01/2044  | 3870418 | &nbsp;&nbsp; 3812726 |
| Columbus-Franklin County, OH, Finance Authority, Multi-Family Housing Rev. (Westerville Crossing Apartments), "A", FNMA, <br> 4.375%, 6/01/2043 <br>| 11060000 | &nbsp;&nbsp; 10836366 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, 2/15/2047  | 3200000 | &nbsp;&nbsp; 2912943 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, 2/15/2047  | 2730000 | &nbsp;&nbsp; 2672775 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2052  | 1575000 | &nbsp;&nbsp; 1459731 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052  | 8630000 | &nbsp;&nbsp; 8629749 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2057  | 890000 | &nbsp;&nbsp; 885807 |
| Cuyahoga County, OH, Metropolitan Housing Authority, General Rev. (2045 Initiative Project), 2%, 12/01/2031  | 2305000 | &nbsp;&nbsp; 2072479 |
| Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), "A", 4%, 12/01/2055 (n) | 665000 | &nbsp;&nbsp; 520489 |
| Cuyahoga County, OH, Port Authority, Financing Rev. (Flats East Bank Project), "B", 4.5%, 12/01/2055 (n) | 290000 | &nbsp;&nbsp; 239039 |
| Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, <br> 12/01/2049 <br>| 1415000 | &nbsp;&nbsp; 1472601 |
| Fayette County, OH, Hospital Facilities Improvement Rev. (Adena Health System Obligated Group Project), AGM, 5.25%, <br> 12/01/2054 <br>| 1700000 | &nbsp;&nbsp; 1761065 |
| Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), "A", 4%, 5/15/2047  | 3260000 | &nbsp;&nbsp; 3011825 |
| Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.5%, 12/01/2050  | 340000 | &nbsp;&nbsp; 349413 |
| Gahanna-Jefferson and Franklin Counties, OH, City School District Certificates of Participation, 5.5%, 6/01/2055  | 1510000 | &nbsp;&nbsp; 1548838 |
| Greene County, OH, Port Authority Economic Development, Facilities Rev. (Community First Solutions Obligated Group), "B", 5%, <br> 5/15/2059 <br>| 3375000 | &nbsp;&nbsp; 3127872 |
| Hamilton County, OH, Healthcare Improvement & Refunding Rev. (Life Enriching Communities Project), 5.5%, 1/01/2050  | 770000 | &nbsp;&nbsp; 779298 |
| Hamilton County, OH, Healthcare Improvement & Refunding Rev. (Life Enriching Communities Project), 5.5%, 1/01/2055  | 1415000 | &nbsp;&nbsp; 1427022 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), 5%, 1/01/2051  | 3340000 | &nbsp;&nbsp; 3161138 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.25%, 1/01/2038  | 250000 | &nbsp;&nbsp; 260624 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.5%, 1/01/2043  | 755000 | &nbsp;&nbsp; 780080 |
| Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), "A", 5.75%, 1/01/2053  | 1420000 | &nbsp;&nbsp; 1461351 |
| Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2053  | 700000 | &nbsp;&nbsp; 720654 |
| Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2055  | 550000 | &nbsp;&nbsp; 565880 |
| Huron County, OH, Norwalk City School District, School Facilities (General Obligation-Unlimited Tax), 5%, 11/01/2061  | 430000 | &nbsp;&nbsp; 441105 |
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), "A", 5%, 8/01/2049  | 7745000 | &nbsp;&nbsp; 7772534 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2041  | 2470000 | &nbsp;&nbsp; 2258404 |
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2047  | 1555000 | &nbsp;&nbsp; 1334579 |
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), "A", 5%, 11/15/2034  | 790000 | &nbsp;&nbsp; 825408 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – continued | Ohio – continued | Ohio – continued |
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), "A", 4%, 11/15/2038  | $1775000 | &nbsp;&nbsp; $1695755 |
| Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), "A", 4%, 11/15/2045  | 850000 | &nbsp;&nbsp; 728163 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "B", 3.7%, 7/01/2028  | 3500000 | &nbsp;&nbsp; 3503877 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "C", 3.65%, 12/01/2027  | 5275000 | &nbsp;&nbsp; 5283006 |
| Ohio Air Quality Development Authority Refunding Rev. (American Electric Power Co. Project), "C", 3.7%, 4/01/2028  | 3000000 | &nbsp;&nbsp; 3003418 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "A", 4.25%, <br> 11/01/2039 (Put Date 6/01/2027)<br>| 2615000 | &nbsp;&nbsp; 2669145 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "B", 4%, 9/01/2030 (Put Date 6/01/2027) | 3105000 | &nbsp;&nbsp; 3165911 |
| Ohio Air Quality Development Authority Rev. (American Electric Power Co.), "B", 2.6%, 6/01/2041 (Put Date 10/01/2029) | 3630000 | &nbsp;&nbsp; 3485981 |
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 2930000 | &nbsp;&nbsp; 2947972 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042  | 1135000 | &nbsp;&nbsp; 1149807 |
| Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052  | 1850000 | &nbsp;&nbsp; 1866907 |
| Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041  | 2360000 | &nbsp;&nbsp; 2371905 |
| Ohio Higher Educational Facility Commission Rev. (Xavier University Project), 5.25%, 5/01/2049  | 2060000 | &nbsp;&nbsp; 2092628 |
| Ohio Higher Educational Facility Commission Rev. (Xavier University Project), 5.25%, 5/01/2054  | 3245000 | &nbsp;&nbsp; 3278291 |
| Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), "A", 5.7%, 8/01/2043  | 3180000 | &nbsp;&nbsp; 3255492 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "A", 4.8%, 9/01/2048  | 8260000 | &nbsp;&nbsp; 8394305 |
| Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), "A", 4.9%, 9/01/2053  | 3955000 | &nbsp;&nbsp; 4016771 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036  | 500000 | &nbsp;&nbsp; 488789 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038  | 490000 | &nbsp;&nbsp; 466717 |
| Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040  | 465000 | &nbsp;&nbsp; 427765 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), "C", AGM, 5.25%, <br> 12/01/2048 <br>| 400000 | &nbsp;&nbsp; 415120 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), "C", AGM, 5.25%, <br> 12/01/2058 <br>| 270000 | &nbsp;&nbsp; 278543 |
| Port of Greater Cincinnati, OH, Development Authority Rev. (Duke Energy Convention Center Project), "C", AGM, 5.25%, <br> 12/01/2063 <br>| 450000 | &nbsp;&nbsp; 464238 |
| Warren County, OH, Healthcare Facilities Improvement & Refunding Rev. (Otterbein Homes Obligated Group), 5%, 7/01/2049  | 4525000 | &nbsp;&nbsp; 4529763 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2044  | 575000 | &nbsp;&nbsp; 570613 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2049  | 2000000 | &nbsp;&nbsp; 1931376 |
| Warren County, OH, Hospital Facilities Refunding Rev. (Community First Solutions Obligated Group), "A", 5%, 5/15/2052  | 2000000 | &nbsp;&nbsp; 1900282 |
| Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2049  | 740000 | &nbsp;&nbsp; 767017 |
| Yellow Springs, OH, Exempted Villages School District, Certificates of Participation, BAM, 5.25%, 12/01/2053  | 2850000 | &nbsp;&nbsp; 2950287 |
|  |  | &nbsp;&nbsp; $214109021 |
| Oklahoma – 0.6% | Oklahoma – 0.6% | Oklahoma – 0.6% |
| Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045  | $3120000 | &nbsp;&nbsp; $2104030 |
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045  | 2715000 | &nbsp;&nbsp; 2236659 |
| Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042  | 80000 | &nbsp;&nbsp; 72560 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "A", 5.5%, 8/15/2041  | 3920000 | &nbsp;&nbsp; 3986389 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "A", 5.5%, 8/15/2044  | 3960000 | &nbsp;&nbsp; 3961924 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5%, 8/15/2038  | 895000 | &nbsp;&nbsp; 908230 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2043  | 315000 | &nbsp;&nbsp; 316827 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2048  | 900000 | &nbsp;&nbsp; 899100 |
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.5%, 8/15/2057  | 9390000 | &nbsp;&nbsp; 9405108 |
| Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), "C", 5.45%, 8/15/2028  | 6087000 | &nbsp;&nbsp; 6004237 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "A", 4.75%, 9/01/2048  | 670000 | &nbsp;&nbsp; 681239 |
| Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), "C", GNMA, 6%, 3/01/2056  | 5960000 | &nbsp;&nbsp; 6617607 |
| Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2035  | 1300000 | &nbsp;&nbsp; 1486835 |
|  |  | &nbsp;&nbsp; $38680745 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Oregon – 0.8% | Oregon – 0.8% | Oregon – 0.8% |
| Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), "A", 4%, 8/15/2050  | $3015000 | &nbsp;&nbsp; $2602840 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2041  | 2370000 | &nbsp;&nbsp; 2001394 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "A", 4%, 12/01/2051  | 1750000 | &nbsp;&nbsp; 1291150 |
| Oregon Facilities Authority Rev. (Legacy Health Project), "A", 5%, 6/01/2046  | 7945000 | &nbsp;&nbsp; 7959788 |
| Oregon Facilities Authority, Charter School Rev. (Redmond Proficiency Academy Project), "A", 6%, 6/15/2065  | 655000 | &nbsp;&nbsp; 661268 |
| Oregon Facilities Authority, Lease Rent Rev. (Legacy Health System - Centurion Foundation), "A", 4.9%, 9/15/2035  | 14015000 | &nbsp;&nbsp; 14583870 |
| Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Redmond Landing Apartments Project), "K-1", <br> FNMA, 4.33%, 11/01/2043 <br>| 2428000 | &nbsp;&nbsp; 2388506 |
| Port of Portland, OR, International Airport Rev., "24B", 5%, 7/01/2042  | 1055000 | &nbsp;&nbsp; 1059476 |
| Port of Portland, OR, International Airport Rev., "A", 5.25%, 7/01/2054 (u) | 10965000 | &nbsp;&nbsp; 11348679 |
| Redmond, OR, Full Faith & Credit (Airport Expansion Project), "A", 5.5%, 6/01/2052  | 2440000 | &nbsp;&nbsp; 2577195 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2036  | 575000 | &nbsp;&nbsp; 572360 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2046  | 690000 | &nbsp;&nbsp; 603000 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2046  | 1360000 | &nbsp;&nbsp; 1188522 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2051  | 580000 | &nbsp;&nbsp; 490655 |
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), "A", 5%, 11/15/2056  | 3325000 | &nbsp;&nbsp; 2758271 |
|  |  | &nbsp;&nbsp; $52086974 |
| Pennsylvania – 6.3% | Pennsylvania – 6.3% | Pennsylvania – 6.3% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2054  | $2350000 | &nbsp;&nbsp; $2198942 |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2059  | 1245000 | &nbsp;&nbsp; 1148411 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2048  | 3185000 | &nbsp;&nbsp; 3332346 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2050  | 11690000 | &nbsp;&nbsp; 12418043 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2053  | 5175000 | &nbsp;&nbsp; 5389281 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2055  | 7955000 | &nbsp;&nbsp; 8411673 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | 5185000 | &nbsp;&nbsp; 4677503 |
| Allentown, PA, City School District Rev., "C", BAM, 4%, 2/01/2035  | 905000 | &nbsp;&nbsp; 917952 |
| Allentown, PA, City School District Rev., "C", BAM, 4%, 2/01/2036  | 870000 | &nbsp;&nbsp; 876092 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy <br> Charter School Project), 5%, 7/01/2059 (n)<br>| 1630000 | &nbsp;&nbsp; 1498339 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy <br> Charter School Project), 5.5%, 6/15/2038 (n)<br>| 160000 | &nbsp;&nbsp; 165623 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy <br> Charter School Project), 5.75%, 6/15/2043 (n)<br>| 330000 | &nbsp;&nbsp; 337305 |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy <br> Charter School Project), 6%, 6/15/2053 (n)<br>| 575000 | &nbsp;&nbsp; 588295 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 135000 | &nbsp;&nbsp; 138652 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 330000 | &nbsp;&nbsp; 329998 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n) | 800000 | &nbsp;&nbsp; 816528 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 1260000 | &nbsp;&nbsp; 1263140 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, <br> 5/01/2027 (n)<br>| 580000 | &nbsp;&nbsp; 590639 |
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, "A", BAM, 4%, 3/15/2036  | 850000 | &nbsp;&nbsp; 859846 |
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, "A", BAM, 4%, 3/15/2037  | 395000 | &nbsp;&nbsp; 398064 |
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, "A", BAM, 4%, 3/15/2038  | 395000 | &nbsp;&nbsp; 397415 |
| Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, "A", BAM, 4%, 3/15/2041  | 1970000 | &nbsp;&nbsp; 1946322 |
| Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035  | 1795000 | &nbsp;&nbsp; 1810743 |
| Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036  | 675000 | &nbsp;&nbsp; 676926 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 2420000 | &nbsp;&nbsp; 2529493 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 19469000 | &nbsp;&nbsp; 17604392 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, <br> 6% to 6/30/2044 <br>| 8606000 | &nbsp;&nbsp; 6069976 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 3279000 | &nbsp;&nbsp; 3235376 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044  | 810000 | &nbsp;&nbsp; 728172 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050  | $7225000 | &nbsp;&nbsp; $6126273 |
| Bucks County, PA, Water & Sewer Authority, Sewer System Rev., "A", AGM, 5.25%, 12/01/2047  | 1710000 | &nbsp;&nbsp; 1809439 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051  | 535000 | &nbsp;&nbsp; 412068 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 4.75%, <br> 12/15/2037 <br>| 880000 | &nbsp;&nbsp; 884013 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, <br> 12/15/2047 <br>| 420000 | &nbsp;&nbsp; 400674 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, <br> 12/15/2051 <br>| 510000 | &nbsp;&nbsp; 475606 |
| Cumberland County, PA, Cumberland Valley School District, General Obligation, "A", BAM, 5%, 12/01/2049  | 1160000 | &nbsp;&nbsp; 1197361 |
| Cumberland County, PA, Cumberland Valley School District, General Obligation, "A", BAM, 5%, 12/01/2053  | 1955000 | &nbsp;&nbsp; 2012122 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033  | 415000 | &nbsp;&nbsp; 401286 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038  | 95000 | &nbsp;&nbsp; 94872 |
| Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049  | 3355000 | &nbsp;&nbsp; 2935764 |
| Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063  | 800000 | &nbsp;&nbsp; 849674 |
| Delaware County, PA, Upper Darby School District, General Obligation, "A", BAM, 4%, 4/01/2046  | 475000 | &nbsp;&nbsp; 442882 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.72% ((67% of SOFR - 3mo. + 0.26161%) + 0.75%), 6/01/2037  | 5755000 | &nbsp;&nbsp; 5378938 |
| Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039  | 1050000 | &nbsp;&nbsp; 1138204 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 420000 | &nbsp;&nbsp; 385916 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029) | 50000 | &nbsp;&nbsp; 53999 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 415000 | &nbsp;&nbsp; 419552 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2035  | 200000 | &nbsp;&nbsp; 213745 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2038  | 340000 | &nbsp;&nbsp; 354994 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 5%, 5/01/2048  | 275000 | &nbsp;&nbsp; 266936 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "A", 5%, 5/01/2044  | 350000 | &nbsp;&nbsp; 351929 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "B", 5%, 5/01/2054  | 400000 | &nbsp;&nbsp; 385600 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "B", 5%, 5/01/2059  | 280000 | &nbsp;&nbsp; 266513 |
| Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049  | 2235000 | &nbsp;&nbsp; 2244792 |
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), "A", 4%, 7/01/2049  | 7900000 | &nbsp;&nbsp; 6836095 |
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, "B", 0%, 12/01/2036  | 9515000 | &nbsp;&nbsp; 6134755 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2039  | 215000 | &nbsp;&nbsp; 216189 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2040  | 765000 | &nbsp;&nbsp; 763956 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2041  | 565000 | &nbsp;&nbsp; 558858 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2042  | 585000 | &nbsp;&nbsp; 574025 |
| Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 4.5%, 1/01/2045  | 2015000 | &nbsp;&nbsp; 1815974 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044  | 1550000 | &nbsp;&nbsp; 1400168 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049  | 1480000 | &nbsp;&nbsp; 1272126 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "A", 4%, 9/01/2049  | 1815000 | &nbsp;&nbsp; 1560073 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", 4%, 5/01/2047  | 1750000 | &nbsp;&nbsp; 1524568 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", AGM, 3.125%, 5/01/2053  | 2415000 | &nbsp;&nbsp; 1741601 |
| Montgomery County, PA, Higher Education & Health Authority Rev.(Thomas Jefferson University), 4%, 9/01/2051  | 2980000 | &nbsp;&nbsp; 2554803 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), <br> 5%, 1/01/2030 <br>| 790000 | &nbsp;&nbsp; 790388 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), <br> 5.375%, 1/01/2050 <br>| 7060000 | &nbsp;&nbsp; 6480973 |
| Montgomery County, PA, Industrial Development Authority, Retirement Communities Rev. (Acts Retirement - Life Communities, <br> Inc. Obligated Group), "A", 5.25%, 11/15/2053 <br>| 1500000 | &nbsp;&nbsp; 1501939 |
| Montgomery County, PA, Industrial Development Authority, Retirement Communities Rev. (Acts Retirement - Life Communities, <br> Inc. Obligated Group), "C", 5%, 11/15/2045 <br>| 1820000 | &nbsp;&nbsp; 1807061 |
| Montour County, PA, Geisinger Authority, Health System Rev., "A", 4%, 4/01/2039  | 2615000 | &nbsp;&nbsp; 2549797 |
| Montour County, PA, Geisinger Authority, Health System Rev., "A", 4%, 4/01/2050  | 5000000 | &nbsp;&nbsp; 4429961 |
| Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke's University Health Network Project), "A-1", AGM, <br> 5.25%, 8/15/2053 <br>| 13560000 | &nbsp;&nbsp; 14197705 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2032  | 355000 | &nbsp;&nbsp; 363122 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2033  | $475000 | &nbsp;&nbsp; $483866 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2044  | 1035000 | &nbsp;&nbsp; 972063 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049  | 630000 | &nbsp;&nbsp; 574174 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-1", 5.25%, 7/01/2049  | 1180000 | &nbsp;&nbsp; 1173891 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5%, 7/01/2042  | 1755000 | &nbsp;&nbsp; 1768925 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-2", 5.25%, 7/01/2046  | 940000 | &nbsp;&nbsp; 944736 |
| Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038  | 16660000 | &nbsp;&nbsp; 16711349 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2035 <br>| 1190000 | &nbsp;&nbsp; 821374 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2036 <br>| 1255000 | &nbsp;&nbsp; 821506 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2037 <br>| 1215000 | &nbsp;&nbsp; 753659 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2038 <br>| 1245000 | &nbsp;&nbsp; 730116 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2039 <br>| 1365000 | &nbsp;&nbsp; 749581 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2040 <br>| 1315000 | &nbsp;&nbsp; 670905 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2041 <br>| 1265000 | &nbsp;&nbsp; 603563 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2042 <br>| 1215000 | &nbsp;&nbsp; 543899 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", 0%, 1/01/2043 <br>| 1160000 | &nbsp;&nbsp; 488614 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", BAM, 0%, 1/01/2046 <br>| 2750000 | &nbsp;&nbsp; 1022288 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-2", BAM, 0%, 1/01/2047 <br>| 2865000 | &nbsp;&nbsp; 1009780 |
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital <br> Appreciation, "B-3", 0%, 1/01/2049 <br>| 5775000 | &nbsp;&nbsp; 1200950 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> 5.25%, 6/30/2053 <br>| 11855000 | &nbsp;&nbsp; 11908342 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 17360000 | &nbsp;&nbsp; 17480661 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5.75%, 12/31/2062 <br>| 2575000 | &nbsp;&nbsp; 2715987 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 4.125%, 12/31/2038 <br>| 1330000 | &nbsp;&nbsp; 1259413 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 5%, 6/30/2042 <br>| 8855000 | &nbsp;&nbsp; 8866048 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, <br> 7/01/2041 (Put Date 7/01/2027)<br>| 3925000 | &nbsp;&nbsp; 3954688 |
| Pennsylvania Economic Development Financing Authority, UPMC Rev., "A", 4%, 5/15/2048  | 3250000 | &nbsp;&nbsp; 2885606 |
| Pennsylvania Economic Development Financing Authority, UPMC Rev., "A", 4%, 5/15/2053  | 4265000 | &nbsp;&nbsp; 3624875 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 4839000 | &nbsp;&nbsp; 4713937 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5%, 6/01/2051  | 3477000 | &nbsp;&nbsp; 3325580 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5.5%, 6/01/2052  | 5601000 | &nbsp;&nbsp; 5636987 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2030  | 200000 | &nbsp;&nbsp; 211706 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 870000 | &nbsp;&nbsp; 781848 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4.5%, 6/01/2043  | 560000 | &nbsp;&nbsp; 568170 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4%, 6/01/2044  | 6915000 | &nbsp;&nbsp; 6833937 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A-1", 4.75%, 6/01/2046  | 4694000 | &nbsp;&nbsp; 4698675 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), "A", 5%, 3/01/2039  | 200000 | &nbsp;&nbsp; 206413 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Cambridge Square), "A", 5.55%, 11/01/2042  | $2547875 | &nbsp;&nbsp; $2791478 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 4.75%, 4/01/2033 (u) | 800000 | &nbsp;&nbsp; 801182 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 4.75%, 4/01/2033  | 430000 | &nbsp;&nbsp; 430636 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "135B", 5%, 4/01/2030  | 1905000 | &nbsp;&nbsp; 2027164 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "135B", 5%, 10/01/2030  | 1105000 | &nbsp;&nbsp; 1179867 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 5.75%, 10/01/2053  | 9655000 | &nbsp;&nbsp; 10249417 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), "A", AGM, 5%, <br> 6/01/2030 <br>| 1575000 | &nbsp;&nbsp; 1612396 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2045  | 755000 | &nbsp;&nbsp; 778082 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2049  | 560000 | &nbsp;&nbsp; 572362 |
| Philadelphia, PA, Airport Refunding Rev., "B", AGM, 5%, 7/01/2042  | 8790000 | &nbsp;&nbsp; 8835996 |
| Philadelphia, PA, Airport Rev., "B", 5%, 7/01/2034  | 4200000 | &nbsp;&nbsp; 4293789 |
| Philadelphia, PA, Airport Rev., "B", 5%, 7/01/2042  | 3920000 | &nbsp;&nbsp; 3937897 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.625%, 8/01/2036  | 250000 | &nbsp;&nbsp; 251267 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.75%, 8/01/2046  | 965000 | &nbsp;&nbsp; 965755 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "A", 5.375%, 8/01/2051  | 1205000 | &nbsp;&nbsp; 1202791 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "B", 6%, 8/01/2051  | 845000 | &nbsp;&nbsp; 846137 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2042  | 8505000 | &nbsp;&nbsp; 8544584 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.125%, <br> 6/15/2042 <br>| 335000 | &nbsp;&nbsp; 325933 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.25%, <br> 6/15/2052 <br>| 380000 | &nbsp;&nbsp; 359536 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), "A", 5.375%, <br> 6/15/2057 <br>| 180000 | &nbsp;&nbsp; 171788 |
| Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), "A", 5.5%, <br> 7/01/2053 <br>| 12225000 | &nbsp;&nbsp; 13152843 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "I", 5%, 12/01/2037 (Prerefunded 12/01/2026)<br>| 1545000 | &nbsp;&nbsp; 1585431 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "I", 5%, 12/01/2058 (Prerefunded 12/01/2026)<br>| 6530000 | &nbsp;&nbsp; 6696510 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "III", 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)<br>| 350000 | &nbsp;&nbsp; 359922 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "III", 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)<br>| 400000 | &nbsp;&nbsp; 412479 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2037 <br>| 670000 | &nbsp;&nbsp; 670029 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2042 <br>| 1530000 | &nbsp;&nbsp; 1450138 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2049 <br>| 1330000 | &nbsp;&nbsp; 1178314 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), "A", 5.125%, 9/01/2045  | 355000 | &nbsp;&nbsp; 355063 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Holy Family University Project), "A", 5.375%, 9/01/2055  | 1860000 | &nbsp;&nbsp; 1866884 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060  | 7085000 | &nbsp;&nbsp; 7355974 |
| Philadelphia, PA, Gas Works Rev., "14", AGM, 5%, 10/01/2033  | 2290000 | &nbsp;&nbsp; 2329840 |
| Philadelphia, PA, School District General Obligation, "B", 5%, 9/01/2043  | 915000 | &nbsp;&nbsp; 933016 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038  | 205000 | &nbsp;&nbsp; 206088 |
| Philadelphia, PA, School District General Obligation, Taxable, "A", 5.5%, 9/01/2048  | 10745000 | &nbsp;&nbsp; 11344568 |
| Pittsburgh, PA, Water & Sewer System Authority Rev., "A", AGM, 4.25%, 9/01/2053  | 2910000 | &nbsp;&nbsp; 2743233 |
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046  | 2320000 | &nbsp;&nbsp; 2203518 |
| Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048  | 3440000 | &nbsp;&nbsp; 3191889 |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, <br> 7/01/2035 <br>| 65000 | &nbsp;&nbsp; 65045 |
| Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051  | 1190000 | &nbsp;&nbsp; 1083539 |
| West Shore, PA, Area Authority Rev. (Messiah Village Project), "A", 5%, 7/01/2030  | 350000 | &nbsp;&nbsp; 350157 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| West Shore, PA, Area Authority Rev. (Messiah Village Project), "A", 5%, 7/01/2035  | $345000 | &nbsp;&nbsp; $345007 |
|  |  | &nbsp;&nbsp; $391708432 |
| Puerto Rico – 1.6% | Puerto Rico – 1.6% | Puerto Rico – 1.6% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | $1584778 | &nbsp;&nbsp; $1695331 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 2704937 | &nbsp;&nbsp; 2997506 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 1459691 | &nbsp;&nbsp; 1443286 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 2865019 | &nbsp;&nbsp; 2794166 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 1126601 | &nbsp;&nbsp; 1069145 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 1531429 | &nbsp;&nbsp; 1371343 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 1592259 | &nbsp;&nbsp; 1374312 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 1878095 | &nbsp;&nbsp; 1341367 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | 3140000 | &nbsp;&nbsp; 2150900 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 5075000 | &nbsp;&nbsp; 3476375 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 7990000 | &nbsp;&nbsp; 5473150 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 3005000 | &nbsp;&nbsp; 2058425 |
| Puerto Rico Electric Power Authority Rev., "NN", NPFG, 4.75%, 7/01/2033  | 1405000 | &nbsp;&nbsp; 1362465 |
| Puerto Rico Electric Power Authority Rev., "RR", AGM, 5%, 7/01/2028  | 380000 | &nbsp;&nbsp; 380043 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 375000 | &nbsp;&nbsp; 367355 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 4105000 | &nbsp;&nbsp; 2811925 |
| Puerto Rico Electric Power Authority Rev., "TT", NPFG, 5%, 7/01/2026  | 30000 | &nbsp;&nbsp; 29968 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 1090000 | &nbsp;&nbsp; 1079966 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2026  | 940000 | &nbsp;&nbsp; 941305 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 3755000 | &nbsp;&nbsp; 3784499 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 2455000 | &nbsp;&nbsp; 2474357 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 370000 | &nbsp;&nbsp; 369437 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 2150000 | &nbsp;&nbsp; 1472750 |
| Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), "B", 5%, <br> 3/01/2027 (Put Date 3/01/2026)<br>| 1435000 | &nbsp;&nbsp; 1446016 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities <br> Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 1610000 | &nbsp;&nbsp; 1611085 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.5%, 7/01/2034  | 311000 | &nbsp;&nbsp; 311095 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 104000 | &nbsp;&nbsp; 93763 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 766000 | &nbsp;&nbsp; 748327 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 1988000 | &nbsp;&nbsp; 1868243 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 24407000 | &nbsp;&nbsp; 23554510 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 5124000 | &nbsp;&nbsp; 4902541 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 1435000 | &nbsp;&nbsp; 1332270 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 11027000 | &nbsp;&nbsp; 9020054 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 10791000 | &nbsp;&nbsp; 8104200 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 6188000 | &nbsp;&nbsp; 2102164 |
|  |  | &nbsp;&nbsp; $97413644 |
| Rhode Island – 0.5% | Rhode Island – 0.5% | Rhode Island – 0.5% |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5.25%, 9/15/2043  | $555000 | &nbsp;&nbsp; $590158 |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5.25%, 9/15/2044  | 1000000 | &nbsp;&nbsp; 1056952 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), "B", 4%, 11/01/2037  | 525000 | &nbsp;&nbsp; 526245 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), "B", 4%, 11/01/2038  | 555000 | &nbsp;&nbsp; 550994 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), "B", 4%, 11/01/2039  | 675000 | &nbsp;&nbsp; 661588 |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), "B", 4%, 11/01/2040  | 710000 | &nbsp;&nbsp; 687884 |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, "84-A", GNMA, 5%, 4/01/2044  | 700000 | &nbsp;&nbsp; 716743 |
| Rhode Island Housing & Mortgage Finance Corp., Homeownership Opportunity, "84-A", GNMA, 5%, 4/01/2049  | 235000 | &nbsp;&nbsp; 241246 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2028  | 690000 | &nbsp;&nbsp; 726779 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2029  | 555000 | &nbsp;&nbsp; 590022 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Rhode Island – continued | Rhode Island – continued | Rhode Island – continued |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 5%, 12/01/2030  | $515000 | &nbsp;&nbsp; $549409 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 2.25%, 12/01/2039  | 1400000 | &nbsp;&nbsp; 1224012 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 4.125%, 12/01/2042  | 5895000 | &nbsp;&nbsp; 5676408 |
| Rhode Island Student Loan Authority, Education Loan Rev., "A", 4.125%, 12/01/2043  | 6980000 | &nbsp;&nbsp; 6653911 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 4130000 | &nbsp;&nbsp; 3904227 |
| Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, "1", 4.125%, 12/01/2041  | 3535000 | &nbsp;&nbsp; 3448141 |
| Rhode Island Student Loan Authority, Student Loan Rev., "A", 3.5%, 12/01/2034  | 910000 | &nbsp;&nbsp; 886874 |
| Rhode Island Student Loan Authority, Student Loan Rev., "A", 3.625%, 12/01/2037  | 3015000 | &nbsp;&nbsp; 2959530 |
|  |  | &nbsp;&nbsp; $31651123 |
| South Carolina – 2.5% | South Carolina – 2.5% | South Carolina – 2.5% |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2049  | $1910000 | &nbsp;&nbsp; $1971832 |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2054  | 3835000 | &nbsp;&nbsp; 3944297 |
| Charleston, SC, Housing Authority, General Rev. (Kiawah Homes), 5%, 12/01/2041  | 920000 | &nbsp;&nbsp; 933476 |
| Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028  | 515000 | &nbsp;&nbsp; 538349 |
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), "A", 5%, 10/01/2040  | 3055000 | &nbsp;&nbsp; 3076793 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "A-1", 5.25%, 10/01/2054 (Put Date 8/01/2031) | 3995000 | &nbsp;&nbsp; 4352458 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031) | 13450000 | &nbsp;&nbsp; 14679582 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.5%, 7/01/2055 (u) | 5560000 | &nbsp;&nbsp; 6350485 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 5%, 1/01/2052  | 9655000 | &nbsp;&nbsp; 10097727 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2055  | 13935000 | &nbsp;&nbsp; 15485521 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 1950000 | &nbsp;&nbsp; 1967397 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, <br> 6/01/2036 (n)<br>| 380000 | &nbsp;&nbsp; 326361 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, <br> 6/01/2046 (n)<br>| 420000 | &nbsp;&nbsp; 302151 |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 5.5%, <br> 11/01/2054 <br>| 3190000 | &nbsp;&nbsp; 3364661 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.25%, 11/15/2039 <br>| 375000 | &nbsp;&nbsp; 394405 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.5%, 11/15/2044 <br>| 345000 | &nbsp;&nbsp; 348174 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, <br> 12/01/2044 <br>| 4840000 | &nbsp;&nbsp; 4453815 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047  | 14430000 | &nbsp;&nbsp; 14452697 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), "A", 5%, 5/01/2048  | 5260000 | &nbsp;&nbsp; 5284999 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2047 <br>| 2060000 | &nbsp;&nbsp; 1914401 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2048 <br>| 790000 | &nbsp;&nbsp; 730109 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, <br> 4/01/2052 <br>| 1195000 | &nbsp;&nbsp; 1084114 |
| South Carolina Ports Authority Rev., "B", 4%, 7/01/2035  | 2680000 | &nbsp;&nbsp; 2689654 |
| South Carolina Ports Authority Rev., "B", 4%, 7/01/2037  | 4165000 | &nbsp;&nbsp; 4136912 |
| South Carolina Ports Authority Rev., "B", 4%, 7/01/2039  | 4120000 | &nbsp;&nbsp; 4011726 |
| South Carolina Ports Authority Rev., "B", 5%, 7/01/2044  | 6295000 | &nbsp;&nbsp; 6364333 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2050  | 2065000 | &nbsp;&nbsp; 2143166 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5.25%, 12/01/2050  | 2205000 | &nbsp;&nbsp; 2292690 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5.5%, 12/01/2054  | 5000000 | &nbsp;&nbsp; 5315691 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2055  | 5120000 | &nbsp;&nbsp; 5287895 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2055  | 4820000 | &nbsp;&nbsp; 4913867 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5.25%, 12/01/2054  | 1425000 | &nbsp;&nbsp; 1474638 |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 2.641%, 12/01/2026  | 6285000 | &nbsp;&nbsp; 6154111 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| South Carolina – continued | South Carolina – continued | South Carolina – continued |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 2.771%, 12/01/2027  | $2910000 | &nbsp;&nbsp; $2803300 |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 2.923%, 12/01/2028  | 2165000 | &nbsp;&nbsp; 2056108 |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 2.993%, 12/01/2029  | 1420000 | &nbsp;&nbsp; 1328466 |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 3.043%, 12/01/2030  | 455000 | &nbsp;&nbsp; 418430 |
| South Carolina Student Loan Corp., Student Loan Rev., Taxable, "A", 3.593%, 12/01/2039  | 1195000 | &nbsp;&nbsp; 1159622 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 5%, 4/15/2048  | 3635000 | &nbsp;&nbsp; 3657336 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", AGM, 4%, 4/15/2045  | 1070000 | &nbsp;&nbsp; 1006257 |
|  |  | &nbsp;&nbsp; $153268006 |
| South Dakota – 0.1% | South Dakota – 0.1% | South Dakota – 0.1% |
| South Dakota Housing Development Authority, Homeownership Mortgage, "B", 4.5%, 11/01/2048 (u) | $2885000 | &nbsp;&nbsp; $2915783 |
| Tennessee – 2.3% | Tennessee – 2.3% | Tennessee – 2.3% |
| Cleveland, TN, Health & Educational Facilities, Board of Multi-Family Housing Rev. (Horizon Square Apartments Project), FNMA, <br> 4.2%, 5/01/2040 <br>| $2641000 | &nbsp;&nbsp; $2623976 |
| Hamilton County & Chattanooga, TN, Sports Authority, Public Facilities Rev. (Stadium Project), "A", 5.75%, 12/01/2050  | 1500000 | &nbsp;&nbsp; 1663920 |
| Hamilton County & Chattanooga, TN, Sports Authority, Public Facilities Rev. (Stadium Project), "A", 6%, 12/01/2055  | 1455000 | &nbsp;&nbsp; 1639776 |
| Knox County, TN, Health Educational & Housing Facility, Board Hospital Rev. (Covenant Health), "A", 5%, 1/01/2042  | 5505000 | &nbsp;&nbsp; 5543006 |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036  | 2210000 | &nbsp;&nbsp; 2226326 |
| Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2040  | 7445000 | &nbsp;&nbsp; 7491599 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5%, 7/01/2044 <br>| 1470000 | &nbsp;&nbsp; 1505783 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 4.5%, 7/01/2046 <br>| 1100000 | &nbsp;&nbsp; 1069658 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5%, 7/01/2049 <br>| 1200000 | &nbsp;&nbsp; 1222216 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5.125%, 7/01/2054 <br>| 1000000 | &nbsp;&nbsp; 1021051 |
| Knox County, TN, Health Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5.125%, 7/01/2059 <br>| 1560000 | &nbsp;&nbsp; 1585746 |
| Knox County, TN, Health, Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030  | 625000 | &nbsp;&nbsp; 637590 |
| Knox County, TN, Health, Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030  | 4525000 | &nbsp;&nbsp; 4709739 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.25%, 7/01/2049 <br>| 580000 | &nbsp;&nbsp; 598159 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.5%, 7/01/2054 <br>| 680000 | &nbsp;&nbsp; 712898 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5.5%, 7/01/2059 <br>| 630000 | &nbsp;&nbsp; 660053 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "A-1", BAM, 5%, 7/01/2064 <br>| 1625000 | &nbsp;&nbsp; 1640927 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "B-1", BAM, 5.25%, 7/01/2064 <br>| 2115000 | &nbsp;&nbsp; 2158589 |
| Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC - <br> University of Tennessee Project), "C", BAM, 5.125%, 7/01/2064 <br>| 275000 | &nbsp;&nbsp; 279894 |
| Knoxville, TN, Metropolitan Airport Authority Rev., "A", 5.25%, 6/01/2049  | 5300000 | &nbsp;&nbsp; 5570054 |
| Knoxville, TN, Metropolitan Airport Authority Rev., "A", 5.25%, 6/01/2054  | 7250000 | &nbsp;&nbsp; 7575118 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2035  | 3055000 | &nbsp;&nbsp; 3250323 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2036  | 3205000 | &nbsp;&nbsp; 3386944 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2037  | 3370000 | &nbsp;&nbsp; 3537818 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2038  | 3535000 | &nbsp;&nbsp; 3685659 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2039  | 3710000 | &nbsp;&nbsp; 3846209 |
| Memphis-Shelby County, TN, Airport Authority Rev., "A", 5%, 7/01/2040  | 1540000 | &nbsp;&nbsp; 1585463 |
| Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., "A", AGM, 5.25%, <br> 7/01/2053 <br>| 1200000 | &nbsp;&nbsp; 1248182 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tennessee – continued | Tennessee – continued | Tennessee – continued |
| Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., "A", AGM, 5.25%, <br> 7/01/2056 <br>| $2995000 | &nbsp;&nbsp; $3111019 |
| Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., "B", AGM, <br> 5.25%, 7/01/2053 <br>| 4795000 | &nbsp;&nbsp; 4980868 |
| Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., "B", AGM, <br> 5.25%, 7/01/2056 <br>| 5565000 | &nbsp;&nbsp; 5772859 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5%, 7/01/2035  | 1340000 | &nbsp;&nbsp; 1409067 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5.5%, 7/01/2052  | 5055000 | &nbsp;&nbsp; 5261154 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5%, 7/01/2054  | 7865000 | &nbsp;&nbsp; 7885685 |
| Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt <br> Mortgage-Backed (Ben Allen Ridge Apartments Project), "A", 4.75%, 2/01/2048 <br>| 8995306 | &nbsp;&nbsp; 8840614 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2032 <br>| 445000 | &nbsp;&nbsp; 344373 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2033 <br>| 630000 | &nbsp;&nbsp; 464355 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2037 <br>| 570000 | &nbsp;&nbsp; 336592 |
| Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis <br> Project), Capital Appreciation, 0%, 4/01/2038 <br>| 475000 | &nbsp;&nbsp; 263526 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 19225000 | &nbsp;&nbsp; 20748051 |
| Tennessee Energy Acquisition Corp., Gas Project Refunding Rev., "A", 5%, 12/01/2035  | 8245000 | &nbsp;&nbsp; 8916843 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 1210000 | &nbsp;&nbsp; 1228635 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "1", 3.75%, 7/01/2039  | 685000 | &nbsp;&nbsp; 663279 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "1", 4%, 1/01/2043  | 490000 | &nbsp;&nbsp; 491378 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "3", 4.25%, 7/01/2049  | 520000 | &nbsp;&nbsp; 523754 |
|  |  | &nbsp;&nbsp; $143918728 |
| Texas – 8.6% | Texas – 8.6% | Texas – 8.6% |
| Anna, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 2/15/2053  | $795000 | &nbsp;&nbsp; $727918 |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.75%, 6/15/2055  | 610000 | &nbsp;&nbsp; 613194 |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.875%, 6/15/2065  | 3640000 | &nbsp;&nbsp; 3663909 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.75%, 6/15/2049  | 915000 | &nbsp;&nbsp; 822969 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.875%, 6/15/2054  | 1050000 | &nbsp;&nbsp; 939982 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Basis Texas Charter Schools, Inc.), 4.875%, 6/15/2059  | 415000 | &nbsp;&nbsp; 365810 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), "A", Texas PSF, 4%, 8/15/2048  | 1400000 | &nbsp;&nbsp; 1277919 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), "A", Texas PSF, 4%, 8/15/2053  | 1000000 | &nbsp;&nbsp; 901935 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), "A", Texas PSF, 4.125%, 8/15/2058  | 1500000 | &nbsp;&nbsp; 1367640 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.125%, 8/15/2042  | 2915000 | &nbsp;&nbsp; 2839636 |
| Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.375%, 8/15/2052  | 3130000 | &nbsp;&nbsp; 2971526 |
| Arlington, TX, Senior Lien Special Tax Rev., "A", AGM, 5%, 2/15/2043  | 4015000 | &nbsp;&nbsp; 4070653 |
| Austin, TX, Affordable PFC, Inc., Multi-Family Housing Rev. (Village at Collinwood Apartments), "A", FNMA, 4.45%, 3/01/2043  | 1725000 | &nbsp;&nbsp; 1707394 |
| Austin, TX, Airport System Rev., 5%, 11/15/2052  | 1315000 | &nbsp;&nbsp; 1325548 |
| Austin, TX, Airport System Rev., "B", 5%, 11/15/2041  | 845000 | &nbsp;&nbsp; 847927 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2029  | 565000 | &nbsp;&nbsp; 571252 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2031  | 830000 | &nbsp;&nbsp; 838470 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "A", 5%, 1/01/2034  | 160000 | &nbsp;&nbsp; 160522 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2026  | 390000 | &nbsp;&nbsp; 390355 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2028  | 250000 | &nbsp;&nbsp; 252124 |
| Austin, TX, Convention Center (Convention Enterprises, Inc.), "B", 5%, 1/01/2030  | 365000 | &nbsp;&nbsp; 368031 |
| Belton, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2052  | 2250000 | &nbsp;&nbsp; 2059993 |
| Bexar County, TX, Southwest Independent School District, Texas PSF, 4%, 2/01/2053  | 15000000 | &nbsp;&nbsp; 13469813 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 2.35%, 4/01/2040  | 25000 | &nbsp;&nbsp; 24757 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 3%, 4/01/2040  | 710000 | &nbsp;&nbsp; 564444 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 5.125%, 4/01/2043  | 8345000 | &nbsp;&nbsp; 8700683 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., "1A", 4%, 4/01/2045  | $5245000 | &nbsp;&nbsp; $4702360 |
| Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, "1A", 3.414%, 4/01/2040  | 55000 | &nbsp;&nbsp; 54828 |
| Brock, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 8/15/2048  | 7975000 | &nbsp;&nbsp; 7387199 |
| Chambers County, TX, Public Facilities Corp. Lease Rev. (Justice Center Project), 5.5%, 6/01/2055  | 11980000 | &nbsp;&nbsp; 12623648 |
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), Texas PSF, 5%, 8/15/2055  | 8165000 | &nbsp;&nbsp; 8334619 |
| Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), Texas PSF, 4.25%, 8/15/2052  | 2500000 | &nbsp;&nbsp; 2301029 |
| Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), "A", Texas PSF, 5.25%, 2/15/2049  | 3930000 | &nbsp;&nbsp; 4104919 |
| College of the Mainland, TX, General Obligation, 4%, 8/15/2044  | 1765000 | &nbsp;&nbsp; 1662172 |
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), "A", 2.5%, 10/01/2031  | 390000 | &nbsp;&nbsp; 347900 |
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), "A", 4%, 10/01/2050  | 1165000 | &nbsp;&nbsp; 891034 |
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), "B", 3.5%, 10/01/2031 (n) | 275000 | &nbsp;&nbsp; 237293 |
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), "B", 5%, 10/01/2050 (n) | 535000 | &nbsp;&nbsp; 406341 |
| Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), "C", 4%, 10/01/2046  | 265000 | &nbsp;&nbsp; 238165 |
| Crowley, TX, Independent School District (Tarrant and Johnson Counties), Texas PSF, 4.25%, 2/01/2053  | 8960000 | &nbsp;&nbsp; 8482744 |
| Dallas Fort Worth, TX, International Airport, Joint Refunding & Improvements Rev., "A1", 5.5%, 11/01/2050 (u) | 5490000 | &nbsp;&nbsp; 5814569 |
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (West Virgina Apartments), FNMA, 4.35%, 10/01/2041  | 3065000 | &nbsp;&nbsp; 3078617 |
| Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2035  | 4065000 | &nbsp;&nbsp; 4107601 |
| Dallas, TX, Love Field Airport Modernization Corp., General Airport Rev., 5%, 11/01/2036  | 6170000 | &nbsp;&nbsp; 6225958 |
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) | 6090000 | &nbsp;&nbsp; 6092938 |
| Denton County, TX, Lakes Fresh Water Supply District, BAM, 4%, 9/01/2048  | 5385000 | &nbsp;&nbsp; 4786270 |
| East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.5%, 8/15/2043  | 1000000 | &nbsp;&nbsp; 985547 |
| East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2047  | 1450000 | &nbsp;&nbsp; 1375027 |
| East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2050  | 2400000 | &nbsp;&nbsp; 2240461 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026  | 515000 | &nbsp;&nbsp; 520751 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027  | 790000 | &nbsp;&nbsp; 809370 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028  | 850000 | &nbsp;&nbsp; 881455 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029  | 555000 | &nbsp;&nbsp; 581212 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030  | 630000 | &nbsp;&nbsp; 666245 |
| Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031  | 870000 | &nbsp;&nbsp; 913120 |
| El Paso County, TX, Hospital District Refunding Rev., BAM, 4.125%, 2/15/2049  | 1000000 | &nbsp;&nbsp; 931874 |
| El Paso County, TX, Hospital District Refunding Rev., BAM, 4.25%, 2/15/2054  | 195000 | &nbsp;&nbsp; 181396 |
| El Paso, TX, EP La Privada PFC Residential Development Rev. (Home Essential Function Housing Program, LA Privada Apartments), <br> 4.5%, 6/01/2040 <br>| 6265000 | &nbsp;&nbsp; 6266869 |
| El Paso, TX, Residential Development Rev. (EL Paso Royal Apartments Project), 4.25%, 10/01/2039  | 1350000 | &nbsp;&nbsp; 1324893 |
| El Paso, TX, Water & Sewer Rev., 5.25%, 3/01/2050 (u) | 16525000 | &nbsp;&nbsp; 17522118 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4.25%, 12/01/2034  | 12650000 | &nbsp;&nbsp; 12805805 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 2590000 | &nbsp;&nbsp; 2527118 |
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2048  | 7905000 | &nbsp;&nbsp; 7229275 |
| Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2053  | 5535000 | &nbsp;&nbsp; 4998673 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), "A", 5.5%, 3/01/2050  | 3255000 | &nbsp;&nbsp; 3422237 |
| Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052 (Prerefunded 2/15/2032) | 190000 | &nbsp;&nbsp; 205279 |
| Fredericksburg, TX, Independent School District, Unlimited Tax Building, 4%, 2/15/2052  | 3815000 | &nbsp;&nbsp; 3465577 |
| Galveston County, TX, Municipal Utility District No. 45, BAM, 4.375%, 9/01/2039  | 1280000 | &nbsp;&nbsp; 1286253 |
| Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2042  | 1110000 | &nbsp;&nbsp; 1088856 |
| Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2045  | 1260000 | &nbsp;&nbsp; 1227558 |
| Galveston County, TX, Municipal Utility District No. 56, AGM, 4.5%, 6/01/2047  | 1600000 | &nbsp;&nbsp; 1545503 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2038  | 230000 | &nbsp;&nbsp; 242869 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2039  | 500000 | &nbsp;&nbsp; 524415 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., 6%, 8/01/2043  | 325000 | &nbsp;&nbsp; 350764 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.25%, 8/01/2036  | 715000 | &nbsp;&nbsp; 770601 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.25%, 8/01/2037  | 225000 | &nbsp;&nbsp; 240435 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.25%, 8/01/2038  | 1250000 | &nbsp;&nbsp; 1323955 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.5%, 8/01/2040  | 525000 | &nbsp;&nbsp; 557104 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.5%, 8/01/2042  | 525000 | &nbsp;&nbsp; 552219 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Galveston, TX, Wharves & Terminal, First Lien Rev., "A", 5.5%, 8/01/2044  | $400000 | &nbsp;&nbsp; $415913 |
| Gray and Roberts Counties, TX, Pampa Independent School District, Unlimited Tax School Building, Texas PSF, 4.125%, 8/15/2058  | 2420000 | &nbsp;&nbsp; 2206459 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, <br> 7/01/2052 <br>| 7825000 | &nbsp;&nbsp; 7105758 |
| Harris County, TX, Houston Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2046  | 3350000 | &nbsp;&nbsp; 1154668 |
| Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2046  | 1615000 | &nbsp;&nbsp; 1448852 |
| Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2048  | 1755000 | &nbsp;&nbsp; 1557792 |
| Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2050  | 1915000 | &nbsp;&nbsp; 1679143 |
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2041  | 710000 | &nbsp;&nbsp; 326257 |
| Houston, TX, Airport System Refunding Rev., "A", AGM, 5.25%, 7/01/2053  | 6970000 | &nbsp;&nbsp; 7199954 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029  | 100000 | &nbsp;&nbsp; 100027 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), "A", 5%, 7/01/2027  | 525000 | &nbsp;&nbsp; 534167 |
| Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal Improvement Projects), "B-1", 5%, <br> 7/15/2030 <br>| 2175000 | &nbsp;&nbsp; 2175547 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.25%, 7/15/2034  | 1525000 | &nbsp;&nbsp; 1633079 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B-2", 5%, 7/15/2027  | 715000 | &nbsp;&nbsp; 727792 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037  | 190000 | &nbsp;&nbsp; 164911 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Baptist University Project), 4%, 10/01/2051  | 630000 | &nbsp;&nbsp; 489401 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.125%, 10/01/2051  | 400000 | &nbsp;&nbsp; 371683 |
| Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.25%, 10/01/2054  | 1085000 | &nbsp;&nbsp; 1019026 |
| Hunt County, TX, Caddo Mills Independent School District, Texas PSF, 5.25%, 8/15/2056  | 10000000 | &nbsp;&nbsp; 10579622 |
| Hunt County, TX, City of Greenville Electric System Rev., 5.25%, 2/15/2049 (u) | 9050000 | &nbsp;&nbsp; 9412409 |
| Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), "A", 5%, 10/15/2044  | 1235000 | &nbsp;&nbsp; 1235549 |
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038  | 190000 | &nbsp;&nbsp; 191157 |
| Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043  | 345000 | &nbsp;&nbsp; 330962 |
| Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042  | 1960000 | &nbsp;&nbsp; 1949304 |
| Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042  | 1370000 | &nbsp;&nbsp; 1362524 |
| Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048  | 2580000 | &nbsp;&nbsp; 2522681 |
| Kaufman County, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048  | 1810000 | &nbsp;&nbsp; 1769788 |
| Lower Colorado River Authority, TX, Transmission Contract Rev. (LCRA Transmission Services Corp. Project), AGM, 5.25%, <br> 5/15/2054 <br>| 9970000 | &nbsp;&nbsp; 10436127 |
| Mesquite, TX, Housing Finance Corp., Multi-Family (Wooded Lake), "A", FNMA, 4.53%, 2/01/2044  | 3860195 | &nbsp;&nbsp; 3838802 |
| Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2045  | 1035000 | &nbsp;&nbsp; 960175 |
| Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2047  | 1145000 | &nbsp;&nbsp; 1049330 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas <br> Woman's University Housing Project), "A-1", AGM, 5%, 7/01/2058 <br>| 1400000 | &nbsp;&nbsp; 1404201 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-2", <br> 4.625%, 10/01/2030 <br>| 3605000 | &nbsp;&nbsp; 3628083 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", <br> 4.25%, 10/01/2030 <br>| 1465000 | &nbsp;&nbsp; 1471758 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2032 <br>| 420000 | &nbsp;&nbsp; 394762 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2037 <br>| 1260000 | &nbsp;&nbsp; 1110525 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2042 <br>| 900000 | &nbsp;&nbsp; 725094 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, <br> 1/01/2047 <br>| 1475000 | &nbsp;&nbsp; 1093075 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, <br> 1/01/2057 <br>| 3155000 | &nbsp;&nbsp; 2201485 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, <br> 1/01/2057 <br>| 2100000 | &nbsp;&nbsp; 1707313 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2040  | 1075000 | &nbsp;&nbsp; 1100715 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2055  | 1280000 | &nbsp;&nbsp; 1200860 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060  | $1000000 | &nbsp;&nbsp; $924256 |
| Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), "A", Texas PSF, 4%, 6/15/2052  | 1375000 | &nbsp;&nbsp; 1228048 |
| Newark, TX, Higher Education Finance Corp. Rev. (Hughen Center, Inc.), "A", 5.25%, 8/15/2060  | 3925000 | &nbsp;&nbsp; 4090162 |
| Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2051  | 2645000 | &nbsp;&nbsp; 1947701 |
| Pflugerville, TX, Combination Tax & Limited Rev., 4%, 8/01/2049  | 3185000 | &nbsp;&nbsp; 2908251 |
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039  | 240000 | &nbsp;&nbsp; 235315 |
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040  | 280000 | &nbsp;&nbsp; 266365 |
| Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041  | 280000 | &nbsp;&nbsp; 262874 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 3%, 1/01/2050 (n) | 1540000 | &nbsp;&nbsp; 1016476 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", 10%, <br> 7/01/2026 <br>| 9375000 | &nbsp;&nbsp; 9417755 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 1645000 | &nbsp;&nbsp; 1641975 |
| San Antonio, TX, Electric & Gas Systems Refunding Rev., "D", 5.25%, 2/01/2054 (u) | 7020000 | &nbsp;&nbsp; 7402269 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 2035000 | &nbsp;&nbsp; 2012003 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Sageland Flats Apartments), "A", FNMA, 4.55%, 3/01/2043  | 3695000 | &nbsp;&nbsp; 3683188 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family Tax-Exempt (Residences at Pearsall Park), "A", FNMA, 4.43%, <br> 4/01/2043 <br>| 2312000 | &nbsp;&nbsp; 2277906 |
| San Antonio, TX, Water Rev. (A Political Subdivision of the State of Texas Located Primary in Bexar County), "B", 5.25%, <br> 5/15/2052 <br>| 15000000 | &nbsp;&nbsp; 15696704 |
| Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2048  | 1500000 | &nbsp;&nbsp; 1577157 |
| Shallowater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 5.25%, 2/15/2053  | 2800000 | &nbsp;&nbsp; 2927016 |
| Sweetwater, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053  | 5000000 | &nbsp;&nbsp; 4517918 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2044  | 1475000 | &nbsp;&nbsp; 1468788 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), "A", 4%, 7/01/2053  | 9115000 | &nbsp;&nbsp; 7978757 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), "D", 5%, <br> 11/15/2051 <br>| 6025000 | &nbsp;&nbsp; 6142372 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., <br> Querencia Project), 5%, 11/15/2030 <br>| 915000 | &nbsp;&nbsp; 915763 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., <br> Querencia Project), 5%, 11/15/2035 <br>| 1075000 | &nbsp;&nbsp; 1075206 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton Museum Way), 5.75%, <br> 12/01/2054 (a)(d)<br>| 5308852 | &nbsp;&nbsp; 4493409 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), 5%, 10/01/2049  | 160000 | &nbsp;&nbsp; 155342 |
| Tarrant County, TX, Hospital District, 4.25%, 8/15/2053  | 4340000 | &nbsp;&nbsp; 4007664 |
| Temple, TX, Reinvestment Zone 1 Rev., "A", BAM, 4%, 8/01/2037  | 160000 | &nbsp;&nbsp; 159969 |
| Temple, TX, Reinvestment Zone 1 Rev., "A", BAM, 4%, 8/01/2038  | 135000 | &nbsp;&nbsp; 133261 |
| Temple, TX, Reinvestment Zone 1 Rev., "A", BAM, 4%, 8/01/2041  | 160000 | &nbsp;&nbsp; 151224 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 4980000 | &nbsp;&nbsp; 4543886 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 2010000 | &nbsp;&nbsp; 1801110 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., "A", 4.75%, 1/01/2049 (u) | 5120000 | &nbsp;&nbsp; 5187455 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., "A", GNMA, 3.5%, 7/01/2052  | 5085000 | &nbsp;&nbsp; 5080651 |
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., "A", 5.5%, 9/01/2052  | 4170000 | &nbsp;&nbsp; 4446914 |
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., "A", GNMA, 5.125%, 9/01/2048  | 2000000 | &nbsp;&nbsp; 2039799 |
| Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., "A", GNMA, 4.75%, 3/01/2049  | 1150000 | &nbsp;&nbsp; 1165653 |
| Texas Highway 380 Municipal Management District No. 1, Unlimited Tax Road, AGM, 4%, 5/01/2048  | 6740000 | &nbsp;&nbsp; 6108235 |
| Texas Municipal Gas Acquisition & Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031  | 3030000 | &nbsp;&nbsp; 3288837 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., "B", 5.5%, 1/01/2054 (Put Date 1/01/2034) | 29755000 | &nbsp;&nbsp; 33497596 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) | 10000000 | &nbsp;&nbsp; 10922470 |
| Texas Municipal Power Agency Transmission System Refunding Rev., BAM, 5.5%, 9/01/2050  | 910000 | &nbsp;&nbsp; 967648 |
| Texas Municipal Power Agency Transmission System Refunding Rev., BAM, 5.5%, 9/01/2055  | 2540000 | &nbsp;&nbsp; 2688885 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040  | 1365000 | &nbsp;&nbsp; 1431958 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), <br> 5%, 6/30/2058 <br>| 6230000 | &nbsp;&nbsp; 6117476 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2041  | 2750000 | &nbsp;&nbsp; 2866195 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2042  | $825000 | &nbsp;&nbsp; $854554 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043  | 2010000 | &nbsp;&nbsp; 2073063 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2037  | 270000 | &nbsp;&nbsp; 291816 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2038  | 500000 | &nbsp;&nbsp; 535997 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039  | 600000 | &nbsp;&nbsp; 638390 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2040  | 500000 | &nbsp;&nbsp; 528673 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2041  | 500000 | &nbsp;&nbsp; 524895 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2042  | 500000 | &nbsp;&nbsp; 521012 |
| Texas Rockwall Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2053  | 2280000 | &nbsp;&nbsp; 2066746 |
| Texas State Affordable Housing Corp., Single Family Mortgage Rev., "A", GNMA, 5.5%, 9/01/2053  | 3325000 | &nbsp;&nbsp; 3518551 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 5.5%, 8/01/2042  | 1500000 | &nbsp;&nbsp; 1628755 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 5.75%, 8/01/2047  | 2145000 | &nbsp;&nbsp; 2321681 |
| Texas State Technical College System Rev., Financing System Improvement, "A", AGM, 6%, 8/01/2054  | 2065000 | &nbsp;&nbsp; 2243506 |
| Texas Transportation Commission, State Highway 249 System Rev., "A", 5%, 8/01/2057  | 3225000 | &nbsp;&nbsp; 3259947 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2039  | 295000 | &nbsp;&nbsp; 156220 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2040  | 295000 | &nbsp;&nbsp; 147149 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2042  | 810000 | &nbsp;&nbsp; 359891 |
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2043  | 665000 | &nbsp;&nbsp; 279233 |
| Texas Water Development Board, State Water Implementation Rev., "A", 4%, 4/15/2048  | 3995000 | &nbsp;&nbsp; 3642402 |
| Texas Water Development Board, State Water Implementation Rev., "A" , 5%, 10/15/2049  | 14210000 | &nbsp;&nbsp; 14868429 |
| White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 4%, 8/15/2052  | 2015000 | &nbsp;&nbsp; 1826996 |
|  |  | &nbsp;&nbsp; $530433940 |
| U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% | U.S. Virgin Islands – 0.0% |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2025  | $285000 | &nbsp;&nbsp; $285000 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 1365000 | &nbsp;&nbsp; 1375587 |
|  |  | &nbsp;&nbsp; $1660587 |
| Utah – 0.6% | Utah – 0.6% | Utah – 0.6% |
| Salt Lake City, UT, Airport Rev. (International Airport), "A", 5.5%, 7/01/2053 (u) | $13000000 | &nbsp;&nbsp; $13611877 |
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2043  | 1340000 | &nbsp;&nbsp; 1367503 |
| Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2049  | 1450000 | &nbsp;&nbsp; 1453386 |
| Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037  | 790000 | &nbsp;&nbsp; 794040 |
| Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042  | 2750000 | &nbsp;&nbsp; 2754199 |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "B", AGM, 5.5%, <br> 6/01/2055 <br>| 1340000 | &nbsp;&nbsp; 1428515 |
| Utah Housing Corp., Mortgage-Backed Securities, "I", 2.5%, 8/21/2051  | 0 | &nbsp;&nbsp; 0 |
| Utah Housing Corp., Single Family Mortgage Rev., "A", GNMA, 6.5%, 1/01/2054  | 3155000 | &nbsp;&nbsp; 3453118 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "G", GNMA, 4.5%, 7/21/2049  | 456136 | &nbsp;&nbsp; 452887 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "H", GNMA, 4.5%, 8/21/2049  | 295137 | &nbsp;&nbsp; 293022 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "I", GNMA, 4%, 9/21/2049  | 435480 | &nbsp;&nbsp; 423852 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "J", GNMA, 2.5%, 9/21/2051  | 8914613 | &nbsp;&nbsp; 7620753 |
| Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, "G", GNMA, 3.5%, 2/21/2050  | 701336 | &nbsp;&nbsp; 667009 |
| Wakara Ridge, UT, Public Infrastructure District, Special Assessment (Wakara Ridge Assessment Area), 5.625%, 12/01/2054  | 4571048 | &nbsp;&nbsp; 4628281 |
|  |  | &nbsp;&nbsp; $38948442 |
| Vermont – 0.4% | Vermont – 0.4% | Vermont – 0.4% |
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, <br> 4/01/2036 (Put Date 4/03/2028) (n)<br>| $815000 | &nbsp;&nbsp; $822074 |
| Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), "A-2", 4.375%, <br> 6/01/2052 (Put Date 6/01/2032)<br>| 1160000 | &nbsp;&nbsp; 1154861 |
| Vermont Housing Finance Agency, Multi-Purpose Rev., "A", GNMA, 6%, 11/01/2053  | 2437000 | &nbsp;&nbsp; 2653411 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.625%, 6/15/2029  | 120000 | &nbsp;&nbsp; 119797 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2029  | 395000 | &nbsp;&nbsp; 414188 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Vermont – continued | Vermont – continued | Vermont – continued |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.75%, 6/15/2030  | $125000 | &nbsp;&nbsp; $124844 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2031  | 445000 | &nbsp;&nbsp; 477940 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2033  | 120000 | &nbsp;&nbsp; 119926 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2034  | 130000 | &nbsp;&nbsp; 129927 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3%, 6/15/2035  | 3140000 | &nbsp;&nbsp; 3046506 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2035  | 335000 | &nbsp;&nbsp; 326632 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 3.375%, 6/15/2036  | 2725000 | &nbsp;&nbsp; 2597981 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.125%, 6/15/2036  | 735000 | &nbsp;&nbsp; 718916 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.25%, 6/15/2037  | 780000 | &nbsp;&nbsp; 771783 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.375%, 6/15/2038  | 685000 | &nbsp;&nbsp; 666955 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 2.375%, 6/15/2039  | 590000 | &nbsp;&nbsp; 544803 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.5%, 6/15/2039  | 735000 | &nbsp;&nbsp; 719006 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.375%, 6/15/2040  | 925000 | &nbsp;&nbsp; 910036 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4.5%, 6/15/2040  | 825000 | &nbsp;&nbsp; 788833 |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 4%, 6/15/2041  | 5150000 | &nbsp;&nbsp; 4895283 |
| Vermont Student Assistance Corp., Education Loan Rev., "B", 4.375%, 6/15/2046  | 605000 | &nbsp;&nbsp; 528950 |
| Vermont Student Assistance Corp., Education Loan Rev., "B", 4%, 6/15/2047  | 995000 | &nbsp;&nbsp; 820819 |
|  |  | &nbsp;&nbsp; $23353471 |
| Virginia – 2.1% | Virginia – 2.1% | Virginia – 2.1% |
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, <br> 4/01/2027 (Put Date 4/01/2027)<br>| $320000 | &nbsp;&nbsp; $309545 |
| Commonwealth of Virginia, University Health System General Rev., "A", 4%, 7/01/2040  | 10345000 | &nbsp;&nbsp; 10349967 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5.25%, 7/01/2059  | 14250000 | &nbsp;&nbsp; 15091595 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5.25%, 7/01/2064  | 12385000 | &nbsp;&nbsp; 13098030 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), "A", <br> 5%, 10/01/2052 <br>| 3620000 | &nbsp;&nbsp; 3615910 |
| Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), ETM, AGM, 5.758%, 8/23/2027  | 1150000 | &nbsp;&nbsp; 1150000 |
| Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, FSA, 5.736%, <br> 8/23/2027 (p)<br>| 1150000 | &nbsp;&nbsp; 1251368 |
| Lynchburg, VA, Economic Development Authority, Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2055  | 4080000 | &nbsp;&nbsp; 3389951 |
| Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), "B", 4%, 11/01/2048  | 10590000 | &nbsp;&nbsp; 9679827 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n) | 50000 | &nbsp;&nbsp; 50490 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 270000 | &nbsp;&nbsp; 271710 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 715000 | &nbsp;&nbsp; 649406 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1195000 | &nbsp;&nbsp; 1158644 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), 7%, <br> 9/01/2053 <br>| 4300000 | &nbsp;&nbsp; 4708847 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), "A", <br> 6.5%, 9/01/2043 <br>| 1535000 | &nbsp;&nbsp; 1675045 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), "A", 7%, <br> 9/01/2059 <br>| 6400000 | &nbsp;&nbsp; 6976062 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2030 (n) | 630000 | &nbsp;&nbsp; 593774 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 565000 | &nbsp;&nbsp; 502141 |
| Virginia Housing Development Authority, Rental Housing, "D", 4.875%, 8/01/2065  | 22080000 | &nbsp;&nbsp; 22320405 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5%, 10/01/2031  | 495000 | &nbsp;&nbsp; 496287 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 4%, 1/01/2039  | 6020000 | &nbsp;&nbsp; 5819615 |
| Virginia Small Business Financing Authority Rev. (Pinnacle Living), 5%, 6/01/2052  | 2710000 | &nbsp;&nbsp; 2484751 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054  | 1370000 | &nbsp;&nbsp; 1389670 |
| Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 185000 | &nbsp;&nbsp; 173711 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & <br> Mary Project), "B", AGM, 4.25%, 7/01/2058 <br>| 925000 | &nbsp;&nbsp; 864871 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & <br> Mary Project), "B", AGM, 4.375%, 7/01/2063 <br>| 4050000 | &nbsp;&nbsp; 3826690 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Virginia – continued | Virginia – continued | Virginia – continued |
| Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - <br> William & Mary Project), "A", AGM, 5.25%, 7/01/2053 <br>| $810000 | &nbsp;&nbsp; $852283 |
| Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - <br> William & Mary Project), "A", AGM, 4.125%, 7/01/2058 <br>| 4195000 | &nbsp;&nbsp; 3862169 |
| Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - <br> William & Mary Project), "A", AGM, 4.375%, 7/01/2063 <br>| 11360000 | &nbsp;&nbsp; 10737272 |
|  |  | &nbsp;&nbsp; $127350036 |
| Washington – 1.8% | Washington – 1.8% | Washington – 1.8% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037  | $10030000 | &nbsp;&nbsp; $9698502 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2033  | 1485000 | &nbsp;&nbsp; 1517302 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2038  | 1900000 | &nbsp;&nbsp; 1904103 |
| Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2048  | 3645000 | &nbsp;&nbsp; 3323654 |
| King County, WA, Housing Authority, Housing Refunding Rev., 5.375%, 7/01/2045  | 2220000 | &nbsp;&nbsp; 2314358 |
| King County, WA, Public Hospital District No. 2 General Obligation (EvergreenHealth), 5.25%, 12/01/2045  | 3265000 | &nbsp;&nbsp; 3428975 |
| Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042  | 8960000 | &nbsp;&nbsp; 9338789 |
| Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026  | 4220000 | &nbsp;&nbsp; 4143237 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "B", 4%, 8/01/2047  | 1185000 | &nbsp;&nbsp; 1062095 |
| Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2038  | 7865000 | &nbsp;&nbsp; 8099322 |
| Spokane County, WA, Airport Rev., "B", 5.25%, 1/01/2049  | 1990000 | &nbsp;&nbsp; 2041859 |
| Spokane County, WA, Airport Rev., "B", 5.25%, 1/01/2054  | 18010000 | &nbsp;&nbsp; 18425525 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), "A", 5%, 12/01/2042  | 2875000 | &nbsp;&nbsp; 2911590 |
| Vancouver, WA, Housing Authority, Multi-Family Rev., (Esther Short Project), 4.5%, 10/01/2042  | 995000 | &nbsp;&nbsp; 997834 |
| Washington State Housing Finance Commission, Non-Profit Housing Refunding Rev. (Emerald Heights Project), "A", 5%, <br> 7/01/2043 <br>| 1045000 | &nbsp;&nbsp; 1050469 |
| Washington State Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050  | 1970000 | &nbsp;&nbsp; 1978101 |
| Washington State Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055  | 5005000 | &nbsp;&nbsp; 5048304 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027  | 395000 | &nbsp;&nbsp; 410584 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035  | 395000 | &nbsp;&nbsp; 399734 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037  | 1345000 | &nbsp;&nbsp; 1352300 |
| Washington State Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042  | 5100000 | &nbsp;&nbsp; 4701216 |
| Washington State Higher Education Facilities Authority Refunding Rev. (Gonzaga University Project), 4%, 4/01/2041  | 2380000 | &nbsp;&nbsp; 2300631 |
| Washington State Housing Finance Commission, Multi-Family Mortgage-Backed (Camas Flats Apartments Project), "A", FNMA, <br> 4.55%, 8/01/2043 <br>| 965000 | &nbsp;&nbsp; 959758 |
| Washington State Housing Finance Commission, Municipal Certificates, "A", 3.5%, 12/20/2035  | 15943751 | &nbsp;&nbsp; 15361155 |
| Washington State Housing Finance Commission, Municipal Certificates, "A", 4.221%, 3/01/2050  | 3529430 | &nbsp;&nbsp; 3392731 |
| Washington State Housing Finance Commission, Non-profit Housing Refunding Rev. (Emerald Heights Project), "A", 5%, <br> 7/01/2048 <br>| 920000 | &nbsp;&nbsp; 898771 |
| Washington State Housing Finance Commission, Non-Profit Rev. (Blakeley & Laurel Villages Portfolio), "A", BAM, 5.25%, <br> 7/01/2055 <br>| 2245000 | &nbsp;&nbsp; 2264479 |
| Washington State Housing Finance Commission, Non-Profit Rev. (Blakeley & Laurel Villages Portfolio), "A", BAM, 5.25%, <br> 7/01/2064 <br>| 1865000 | &nbsp;&nbsp; 1868415 |
| Whatcom County, WA, Public Utility District No. 1, Limited Tax General Obligation, Taxable (Private Activity), "A", BAM, 5.5%, <br> 12/01/2044 <br>| 700000 | &nbsp;&nbsp; 736779 |
| Whatcom County, WA, Public Utility District No. 1, Taxable, "A", BAM, 5.5%, 12/01/2041  | 165000 | &nbsp;&nbsp; 177058 |
| Whatcom County, WA, Public Utility District No. 1, Taxable, "A", BAM, 5.5%, 12/01/2042  | 485000 | &nbsp;&nbsp; 516094 |
|  |  | &nbsp;&nbsp; $112623724 |
| West Virginia – 0.9% | West Virginia – 0.9% | West Virginia – 0.9% |
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic <br> Opportunity Development District), "A", 4.125%, 6/01/2043 (n)<br>| $1010000 | &nbsp;&nbsp; $866530 |
| Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), <br> "B", 4.875%, 6/01/2043 (n)<br>| 2130000 | &nbsp;&nbsp; 1991967 |
| Ohio County, WV, County Commission Tax Increment Refunding & Improvement Rev. (Highlands Project), 5.25%, 6/01/2044  | 360000 | &nbsp;&nbsp; 361758 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| West Virginia – continued | West Virginia – continued | West Virginia – continued |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell <br> Project), "A", 3%, 6/01/2037 (Put Date 6/18/2027)<br>| $3610000 | &nbsp;&nbsp; $3576193 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), <br> "A", 0.625%, 12/01/2038 (Put Date 12/15/2025)<br>| 2625000 | &nbsp;&nbsp; 2611362 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), 4.625%, <br> 4/15/2055 (Put Date 5/15/2032)<br>| 4390000 | &nbsp;&nbsp; 4437382 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2038  | 665000 | &nbsp;&nbsp; 677507 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2039  | 200000 | &nbsp;&nbsp; 202912 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "B", 5.375%, 9/01/2053  | 19920000 | &nbsp;&nbsp; 20915263 |
| West Virginia Hospital Finance Authority Hospital Rev. (Vandalia Health Group), "B", 5.5%, 9/01/2048  | 12995000 | &nbsp;&nbsp; 13856218 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", AGM, 4%, <br> 6/01/2051 <br>| 5505000 | &nbsp;&nbsp; 5112251 |
| West Virginia Housing Development Fund, "A", FHA, 3.75%, 11/01/2038  | 480000 | &nbsp;&nbsp; 471714 |
| West Virginia Water Development Authority Rev. (Loan Program II), "A-II", 5%, 11/01/2033  | 535000 | &nbsp;&nbsp; 544836 |
|  |  | &nbsp;&nbsp; $55625893 |
| Wisconsin – 4.0% | Wisconsin – 4.0% | Wisconsin – 4.0% |
| University of Wisconsin Hospitals and Clinics Authority Rev., "B", 4%, 4/01/2051  | $10905000 | &nbsp;&nbsp; $9811555 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2032  | 515000 | &nbsp;&nbsp; 405894 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2033  | 785000 | &nbsp;&nbsp; 592010 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2034  | 750000 | &nbsp;&nbsp; 539429 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2035  | 1120000 | &nbsp;&nbsp; 766453 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2036  | 1150000 | &nbsp;&nbsp; 747246 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2037  | 1865000 | &nbsp;&nbsp; 1143463 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2038  | 2025000 | &nbsp;&nbsp; 1167998 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2039  | 2200000 | &nbsp;&nbsp; 1194080 |
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2040  | 950000 | &nbsp;&nbsp; 485143 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2032  | 525000 | &nbsp;&nbsp; 413775 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2033  | 505000 | &nbsp;&nbsp; 380847 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2034  | 470000 | &nbsp;&nbsp; 338042 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2035  | 600000 | &nbsp;&nbsp; 410600 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2036  | 580000 | &nbsp;&nbsp; 376872 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2037  | 585000 | &nbsp;&nbsp; 358674 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2038  | 600000 | &nbsp;&nbsp; 346073 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2039  | 560000 | &nbsp;&nbsp; 303948 |
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2040  | 140000 | &nbsp;&nbsp; 71495 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), "A", 4%, 4/01/2040  | 17300000 | &nbsp;&nbsp; 16771883 |
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), "A", 5.5%, 12/01/2052  | 4335000 | &nbsp;&nbsp; 4584138 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "A", AGM, 4%, 2/15/2036  | 945000 | &nbsp;&nbsp; 959618 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "A", AGM, 4%, 2/15/2037  | 870000 | &nbsp;&nbsp; 878563 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "A", BAM, 5.25%, 2/15/2054  | 1995000 | &nbsp;&nbsp; 2100595 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "C", 4%, 2/15/2042  | 2315000 | &nbsp;&nbsp; 2127333 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "C", 5%, 2/15/2047  | 635000 | &nbsp;&nbsp; 635939 |
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), "C", 4%, 2/15/2050  | 2260000 | &nbsp;&nbsp; 1996615 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 4.75%, 3/15/2043  | 505000 | &nbsp;&nbsp; 482834 |
| Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), "A", 5%, 3/15/2053  | 510000 | &nbsp;&nbsp; 484451 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037  | 2520000 | &nbsp;&nbsp; 2356271 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047  | 3680000 | &nbsp;&nbsp; 2977036 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057  | 5220000 | &nbsp;&nbsp; 3877849 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2039  | 645000 | &nbsp;&nbsp; 637144 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2046  | 1445000 | &nbsp;&nbsp; 1312691 |
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2054  | 6435000 | &nbsp;&nbsp; 5610538 |
| Wisconsin Housing & Economic Development Authority, Home Ownership Rev., "D", 4%, 3/01/2047  | 1345000 | &nbsp;&nbsp; 1355072 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Housing & Economic Development Authority, Multi-Family Housing, Taxable (Flats at Bishop Woods Project), "E", 4%, <br> 12/15/2031 <br>| $10000000 | &nbsp;&nbsp; $10313534 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047  | 295000 | &nbsp;&nbsp; 258980 |
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052  | 395000 | &nbsp;&nbsp; 332624 |
| Wisconsin Public Finance Authority Rev., Bluehub Loan, "B", 5.25%, 7/01/2044  | 7155000 | &nbsp;&nbsp; 7461093 |
| Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2050  | 1150000 | &nbsp;&nbsp; 1165120 |
| Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2055  | 985000 | &nbsp;&nbsp; 992140 |
| Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2061  | 1655000 | &nbsp;&nbsp; 1659825 |
| Wisconsin Public Finance Authority, Affordable Housing Multi-Family Certificates, "B-1", 7.125%, 7/25/2034  | 5945000 | &nbsp;&nbsp; 6174659 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2036  | 1000000 | &nbsp;&nbsp; 1082007 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037  | 1205000 | &nbsp;&nbsp; 1290458 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2039  | 250000 | &nbsp;&nbsp; 263510 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2043  | 1000000 | &nbsp;&nbsp; 1022306 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5.25%, 7/01/2028  | 335000 | &nbsp;&nbsp; 335332 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5%, 7/01/2042  | 1430000 | &nbsp;&nbsp; 1430020 |
| Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "C", 5%, 7/01/2042  | 1630000 | &nbsp;&nbsp; 1630023 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039  | 160000 | &nbsp;&nbsp; 161427 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049  | 965000 | &nbsp;&nbsp; 929054 |
| Wisconsin Public Finance Authority, Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053  | 335000 | &nbsp;&nbsp; 318133 |
| Wisconsin Public Finance Authority, Education Refunding Rev., Taxable (Pinecrest Academy of Nevada - Sloan Canyon Campus <br> Project), "A", 4.5%, 7/15/2049 (n)<br>| 650000 | &nbsp;&nbsp; 563745 |
| Wisconsin Public Finance Authority, Education Refunding Rev., Taxable (Pinecrest Academy of Nevada - Sloan Canyon Campus <br> Project), "A", 4.5%, 7/15/2053 (n)<br>| 285000 | &nbsp;&nbsp; 241274 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6%, <br> 12/15/2045 <br>| 470000 | &nbsp;&nbsp; 482853 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6%, <br> 12/15/2055 <br>| 710000 | &nbsp;&nbsp; 723893 |
| Wisconsin Public Finance Authority, Education Rev. (Master Academy of Nevada-Cactus Park Campus Project), "A", 6.125%, <br> 12/15/2060 <br>| 750000 | &nbsp;&nbsp; 768284 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2042  | 495000 | &nbsp;&nbsp; 486942 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2052  | 695000 | &nbsp;&nbsp; 675579 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.375%, 6/15/2057  | 665000 | &nbsp;&nbsp; 654458 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062  | 1045000 | &nbsp;&nbsp; 1036692 |
| Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2054  | 900000 | &nbsp;&nbsp; 865648 |
| Wisconsin Public Finance Authority, Educational Facility Rev. (Cornerstone Charter Academy), 5%, 2/01/2064  | 690000 | &nbsp;&nbsp; 649668 |
| Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), "A", 4%, 10/01/2052  | 7495000 | &nbsp;&nbsp; 6619319 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Blue Ridge Healthcare), "A", 4%, 1/01/2045  | 650000 | &nbsp;&nbsp; 591577 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), "A", 5%, 9/01/2030 (n) | 130000 | &nbsp;&nbsp; 130075 |
| Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), "A", 5%, 9/01/2038 (n) | 175000 | &nbsp;&nbsp; 174995 |
| Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042  | 520000 | &nbsp;&nbsp; 503143 |
| Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047  | 585000 | &nbsp;&nbsp; 549955 |
| Wisconsin Public Finance Authority, Hospital Rev. (Renown Regional Medical Center Project), "A", 5.5%, 6/01/2055  | 14555000 | &nbsp;&nbsp; 15201695 |
| Wisconsin Public Finance Authority, Hospital Rev. (WakeMed), "A", 4%, 10/01/2049  | 6320000 | &nbsp;&nbsp; 5615898 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2036 (n)<br>| 1475000 | &nbsp;&nbsp; 1373219 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2041 (n)<br>| 1345000 | &nbsp;&nbsp; 1141472 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2051 (n)<br>| 4715000 | &nbsp;&nbsp; 3491960 |
| Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at <br> Charlotte, Inc.), "A", 4%, 9/01/2056 (n)<br>| 2245000 | &nbsp;&nbsp; 1610560 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, <br> 8/01/2027 (a)(d)(n)<br>| 8355000 | &nbsp;&nbsp; 6684000 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| $4090000 | &nbsp;&nbsp; $3681000 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), "B-1", 6.81%, 4/28/2036  | 8780000 | &nbsp;&nbsp; 8994046 |
| Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates, "1-A", FHLMC, 4.1%, 9/25/2039 (n) | 8865000 | &nbsp;&nbsp; 8710697 |
| Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n) | 3840000 | &nbsp;&nbsp; 3893314 |
| Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), "A-1", 5.5%, 7/01/2052  | 5510000 | &nbsp;&nbsp; 5737934 |
| Wisconsin Public Finance Authority, Project Rev. (Eastern Michigan University Student Housing Project), "A-1", 5.625%, 7/01/2055  | 4225000 | &nbsp;&nbsp; 4427168 |
| Wisconsin Public Finance Authority, Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), "A", <br> 5%, 11/15/2041 <br>| 795000 | &nbsp;&nbsp; 803384 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2041 <br>| 190000 | &nbsp;&nbsp; 174409 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2046 <br>| 260000 | &nbsp;&nbsp; 220940 |
| Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, <br> 10/01/2051 <br>| 730000 | &nbsp;&nbsp; 592837 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 6/30/2060  | 3715000 | &nbsp;&nbsp; 3819640 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 6650000 | &nbsp;&nbsp; 6837310 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2037 (n)<br>| 1180000 | &nbsp;&nbsp; 1186027 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2042 (n)<br>| 2015000 | &nbsp;&nbsp; 1981505 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2047 (n)<br>| 3335000 | &nbsp;&nbsp; 3140987 |
| Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, <br> 5/15/2052 (n)<br>| 2305000 | &nbsp;&nbsp; 2118463 |
| Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), "A", 4.5%, 6/01/2056 (z) | 5460000 | &nbsp;&nbsp; 3985800 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), "A", 5%, <br> 6/01/2039 <br>| 965000 | &nbsp;&nbsp; 1002606 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), "A", 5%, <br> 6/01/2044 <br>| 1300000 | &nbsp;&nbsp; 1307118 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Aggie Apartment Life Holding Corp II LLC Project), "A", <br> 5.25%, 6/01/2054 <br>| 445000 | &nbsp;&nbsp; 446983 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "A", 5.25%, <br> 6/15/2045 <br>| 1000000 | &nbsp;&nbsp; 1030941 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "A", 5.25%, <br> 6/15/2050 <br>| 525000 | &nbsp;&nbsp; 535328 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, <br> 6/15/2045 <br>| 330000 | &nbsp;&nbsp; 334594 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.5%, <br> 6/15/2055 <br>| 310000 | &nbsp;&nbsp; 315226 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (NC A&T Real Estate Foundation LLC Project), "A", 5%, <br> 6/01/2049 <br>| 4355000 | &nbsp;&nbsp; 4168328 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 5%, 7/01/2044 <br>| 295000 | &nbsp;&nbsp; 296696 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2045 <br>| 635000 | &nbsp;&nbsp; 587696 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2050 <br>| 550000 | &nbsp;&nbsp; 490909 |
| Wisconsin Public Finance Authority, Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, <br> 4%, 7/01/2055 <br>| 620000 | &nbsp;&nbsp; 541331 |
| Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington <br> Project), 5%, 7/01/2036 <br>| 395000 | &nbsp;&nbsp; 407925 |
| Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington <br> Project), AGM, 5%, 7/01/2048 <br>| 4720000 | &nbsp;&nbsp; 4771656 |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Wisconsin – continued | Wisconsin – continued | Wisconsin – continued |
| Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington <br> Project), AGM, 5%, 7/01/2053 <br>| $2810000 | &nbsp;&nbsp; $2831189 |
| Wisconsin Public Finance Authority, Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington <br> Project), AGM, 5%, 7/01/2058 <br>| 3935000 | &nbsp;&nbsp; 3962348 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2041 (n) | 335000 | &nbsp;&nbsp; 288886 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2051 (n) | 1310000 | &nbsp;&nbsp; 1016896 |
| Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2061 (n) | 1540000 | &nbsp;&nbsp; 1131391 |
| Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), "A-2", 4.85%, <br> 7/01/2031 (n)<br>| 335000 | &nbsp;&nbsp; 313312 |
| Wisconsin Public Finance Authority, Student Housing Rev., Taxable (University of Hawai'i Foundation Project), "A-2", 5.35%, <br> 7/01/2040 (n)<br>| 1125000 | &nbsp;&nbsp; 913263 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev. (Astro Texas Land Projects), 5%, <br> 12/15/2036 <br>| 2674460 | &nbsp;&nbsp; 2677342 |
| Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., (Astro Texas Land Projects), <br> Capital Appreciation, 0%, 12/15/2037 <br>| 3618000 | &nbsp;&nbsp; 1818962 |
|  |  | &nbsp;&nbsp; $248155703 |
| Wyoming – 0.1% | Wyoming – 0.1% | Wyoming – 0.1% |
| Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050  | $3770000 | &nbsp;&nbsp; $3812697 |
| Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052  | 2800000 | &nbsp;&nbsp; 2797856 |
|  |  | &nbsp;&nbsp; $6610553 |
| **Total Municipal Bonds (Identified Cost, $6,020,445,264)** |  | &nbsp;&nbsp; **$5913811272** |
| Other Municipal Bonds – 1.2% | Other Municipal Bonds – 1.2% | Other Municipal Bonds – 1.2% |
| Multi-Family Housing Revenue – 1.2% | Multi-Family Housing Revenue – 1.2% |  |
| Affordable Housing Opportunities Trust Certificates, AH-01, "A", 3.528%, 5/01/2039 (n) | $9220000 | &nbsp;&nbsp; $7697531 |
| Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | 11051152 | &nbsp;&nbsp; 11090438 |
| Freddie Mac, 2.625%, 6/15/2035 (n) | 12815000 | &nbsp;&nbsp; 11335226 |
| Freddie Mac, 4.143%, 1/25/2040 | 15642159 | &nbsp;&nbsp; 15358679 |
| Freddie Mac, 4.685%, 10/25/2040 | 10115789 | &nbsp;&nbsp; 10381431 |
| Freddie Mac, 4.615%, 8/25/2041 | 11081594 | &nbsp;&nbsp; 11272074 |
| FRETE 2021-ML12 Trust, "X-US", FHLMC, 1.305%, 7/25/2041 (i)(n) | 12124968 | &nbsp;&nbsp; 1071262 |
| FRETE 2022-ML13 Trust, "X-CA", 0.964%, 7/25/2036 (i) | 34417469 | &nbsp;&nbsp; 1850490 |
| FRETE 2023-ML16 Trust, "A", 4.633%, 7/25/2038 | 2935300 | &nbsp;&nbsp; 3019761 |
| **Total Other Municipal Bonds (Identified Cost, $73,110,707)** |  | &nbsp;&nbsp; **$73076892** |
| Bonds – 0.3% | Bonds – 0.3% | Bonds – 0.3% |
| Medical & Health Technology & Services – 0.1% | Medical & Health Technology & Services – 0.1% |  |
| Boston Medical Center Corp., 4.519%, 7/01/2026 | $3689000 | &nbsp;&nbsp; $3698403 |
| ProMedica Toledo Hospital, "B", 5.325%, 11/15/2028 | 385000 | &nbsp;&nbsp; 395442 |
|  |  | &nbsp;&nbsp; $4093845 |
| Transportation - Services – 0.2% | Transportation - Services – 0.2% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | $4770000 | &nbsp;&nbsp; $4657709 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 670000 | &nbsp;&nbsp; 615385 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 2726000 | &nbsp;&nbsp; 2315942 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | 2925000 | &nbsp;&nbsp; 1702955 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 11213130 | &nbsp;&nbsp; 3800130 |
|  |  | &nbsp;&nbsp; $13092121 |
| **Total Bonds (Identified Cost, $21,074,889)** |  | &nbsp;&nbsp; **$17185966** |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% | Contingent Value Instruments – 0.0% |
| General Obligations - General Purpose – 0.0% | General Obligations - General Purpose – 0.0% |  |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $3,441,858) | $6038348 | &nbsp;&nbsp; $3992858 |
| Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% |
| Money Market Funds – 2.8% | Money Market Funds – 2.8% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $171,850,053) | 171836903 | &nbsp;&nbsp; $171854086 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp; (8341875) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$6171579199** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $171,854,086 and $6,008,066,988, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $293,155,819, representing 4.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Primary market inverse floater.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(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** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| Illinois Housing Development Authority Rev., "A", FHLMC, 3.87%, 11/15/2035 | 2/04/2021  | $8910703 | $7092825 |
| Illinois Housing Development Authority Rev., "B", FHLMC, 3.87%, 11/15/2035 | 2/04/2021  | 3633974 | 2892604 |
| Illinois Housing Development Authority Rev., "C", FHLMC, 3.87%, 11/15/2035 | 2/04/2021  | 3626243 | 2886450 |
| Illinois Housing Development Authority Rev., "D", FHLMC, 3.87%, 11/01/2051 | 2/04/2021  | 3308410 | 2633881 |
| Illinois Housing Development Authority Rev., "E", FHLMC, 3.87%, 11/15/2035 | 2/04/2021  | 2277168 | 1812606 |
| Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), "A", 4.5%, <br> 6/01/2056<br>| 12/14/2022 | 5527165 | 3985800 |
| Total Restricted Securities |  |  | $21304166 |
| % of Net assets |  |  | 0.3% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | 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. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| FNMA | Federal National Mortgage Assn. |
| FSA | Financial Security Assurance, Inc. |
| GNMA | Government National Mortgage Assn. |

---

------

MFS Municipal Income Fund

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RIBS | Residual Interest Bonds |
| SOFR | Secured Overnight Financing Rate |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

**Financial Statements** \| **Statement of Assets and Liabilities**

This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund.

---

| | |
|:---|:---|
| **At 9/30/25 (unaudited)**<br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $6,118,072,718) | &nbsp;&nbsp; $6008066988 |
| Investments in affiliated issuers, at value (identified cost, $171,850,053) | &nbsp;&nbsp; 171854086 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 10755125 |
| Fund shares sold | &nbsp;&nbsp; 53242716 |
| Interest and dividends | &nbsp;&nbsp; 77868600 |
| Receivable for floating rate certificates issued | &nbsp;&nbsp; 2745000 |
| Other assets | &nbsp;&nbsp; 37072 |
| Total assets | &nbsp;&nbsp; $6324569587 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $9883 |
| Payables for |  |
| Distributions | &nbsp;&nbsp; 3308036 |
| Investments purchased | &nbsp;&nbsp; 5815502 |
| When-issued investments purchased | &nbsp;&nbsp; 5611199 |
| Fund shares reacquired | &nbsp;&nbsp; 8964503 |
| Interest expense and fees | &nbsp;&nbsp; 1216441 |
| Payable to the holders of the floating rate certificates | &nbsp;&nbsp; 126573839 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 116522 |
| Administrative services fee | &nbsp;&nbsp; 3003 |
| Shareholder servicing costs | &nbsp;&nbsp; 1074310 |
| Distribution and service fees | &nbsp;&nbsp; 33413 |
| Payable for independent Trustees' compensation | &nbsp;&nbsp; 718 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 263019 |
| Total liabilities | &nbsp;&nbsp; $152990388 |
| Net assets | &nbsp;&nbsp; $6171579199 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $6523737518 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (352158319)<br>|
| Net assets | &nbsp;&nbsp; $6171579199 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp; 759322147 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | &nbsp;&nbsp; **Shares** <br>**outstanding**<br>| &nbsp;&nbsp; **Net asset value** <br>**per share (a)**<br>|
| Class A | &nbsp;&nbsp;&nbsp; $2300456399 | &nbsp;&nbsp;&nbsp; 282915222 | &nbsp;&nbsp;&nbsp; $8.13 |
| Class B | &nbsp;&nbsp;&nbsp; 506174 | &nbsp;&nbsp;&nbsp; 62142 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 |
| Class C | &nbsp;&nbsp;&nbsp; 38112297 | &nbsp;&nbsp;&nbsp; 4669546 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 |
| Class I | &nbsp;&nbsp;&nbsp; 2436743210 | &nbsp;&nbsp;&nbsp; 299852334 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1179885212 | &nbsp;&nbsp;&nbsp; 145297197 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 |
| Class A1 | &nbsp;&nbsp;&nbsp; 215826797 | &nbsp;&nbsp;&nbsp; 26519678 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| Class B1 | &nbsp;&nbsp;&nbsp; 49110 | &nbsp;&nbsp;&nbsp; 6028 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 $8.49 [100 / 95.75 x $8.13] and $8.50 [100
 / 95.75 x $8.14], 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**

------

MFS Municipal Income Fund

**Financial Statements** \| **Statement of Operations**

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.

---

| | |
|:---|:---|
| **Six months ended 9/30/25 (unaudited)**<br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $131541502 |
| Dividends from affiliated issuers | &nbsp;&nbsp; 2178827 |
| Other | &nbsp;&nbsp; 663 |
| Total investment income | &nbsp;&nbsp; $133720992 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $10639178 |
| Distribution and service fees | &nbsp;&nbsp; 3030249 |
| Shareholder servicing costs | &nbsp;&nbsp; 1831534 |
| Administrative services fee | &nbsp;&nbsp; 274787 |
| Independent Trustees' compensation | &nbsp;&nbsp; 67987 |
| Custodian fee | &nbsp;&nbsp; 217262 |
| Shareholder communications | &nbsp;&nbsp; 71979 |
| Audit and tax fees | &nbsp;&nbsp; 39785 |
| Legal fees | &nbsp;&nbsp; 58577 |
| Interest expense and fees | &nbsp;&nbsp; 2207100 |
| Miscellaneous | &nbsp;&nbsp; 232645 |
| Total expenses | &nbsp;&nbsp; $18671083 |
| Fees paid indirectly | &nbsp;&nbsp; (1366)<br>|
| Reduction of expenses by investment adviser and distributor | &nbsp;&nbsp; (413007)<br>|
| Net expenses | &nbsp;&nbsp; $18256710 |
| Net investment income (loss) | &nbsp;&nbsp; $115464282 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(21451431)<br>|
| Affiliated issuers | &nbsp;&nbsp; 2972 |
| Net realized gain (loss) | &nbsp;&nbsp; $(21448459)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $47527248 |
| Affiliated issuers | &nbsp;&nbsp; (2164)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $47525084 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $26076625 |
| Change in net assets from operations | &nbsp;&nbsp; $141540907 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

**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.

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Year ended** |
|  | <br>**9/30/25** <br>**(unaudited)**<br>| <br>**3/31/25** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $115464282 | &nbsp;&nbsp; $204715404 |
| Net realized gain (loss) | (21448459)<br>| &nbsp;&nbsp; (23718238)<br>|
| Net unrealized gain (loss) | 47525084 | &nbsp;&nbsp; (47470410)<br>|
| Change in net assets from operations | $141540907 | &nbsp;&nbsp; $133526756 |
| Total distributions to shareholders | $(114438126)<br>| &nbsp;&nbsp; $(203982095)<br>|
| Change in net assets from fund share transactions | $243561656 | &nbsp;&nbsp; $819324251 |
| Total change in net assets | $270664437 | &nbsp;&nbsp; $748868912 |
| **Net assets** |  |  |
| At beginning of period | 5900914762 | &nbsp;&nbsp; 5152045850 |
| At end of period | $6171579199 | &nbsp;&nbsp; $5900914762 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

**Financial Statements** \| **Financial Highlights**

The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal 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**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.10 | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $8.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.18 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $0.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $8.13 | &nbsp;&nbsp; $8.10 | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.09 |
| Total return (%) (r)(s)(t)(x) | 2.26<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Expenses after expense reductions (f) | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net investment income (loss) | 3.77<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $2300456 | &nbsp;&nbsp; $2309721 | &nbsp;&nbsp; $2087257 | &nbsp;&nbsp; $1888158 | &nbsp;&nbsp; $3370745 | &nbsp;&nbsp; $3166883 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding interest expense and fees (f)(l)<br>| 0.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.11 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | $0.16 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $8.15 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.10 |
| Total return (%) (r)(s)(t)(x) | 2.01<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.63 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions (f) | 1.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net investment income (loss) | 3.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $506 | &nbsp;&nbsp; $659 | &nbsp;&nbsp; $1190 | &nbsp;&nbsp; $1834 | &nbsp;&nbsp; $2790 | &nbsp;&nbsp; $4777 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.13 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.17 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | $0.15 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $8.16 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.12 |
| Total return (%) (r)(s)(t)(x) | 1.88<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions (f) | 1.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net investment income (loss) | 3.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $38112 | &nbsp;&nbsp; $43093 | &nbsp;&nbsp; $52237 | &nbsp;&nbsp; $66358 | &nbsp;&nbsp; $90334 | &nbsp;&nbsp; $113569 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.09 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $8.13 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.08 |
| Total return (%) (r)(s)(t)(x) | 2.51<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Expenses after expense reductions (f) | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net investment income (loss) | 4.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $2436743 | &nbsp;&nbsp; $2201731 | &nbsp;&nbsp; $1865313 | &nbsp;&nbsp; $1709032 | &nbsp;&nbsp; $1498236 | &nbsp;&nbsp; $1389505 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense <br> reductions and excluding interest expense and fees (f)(l)<br>| 0.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R6**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.09 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $8.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $0.67 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.12 | &nbsp;&nbsp; $8.09 | &nbsp;&nbsp; $8.17 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $9.08 |
| Total return (%) (r)(s)(t)(x) | 2.42<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.47<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Expenses after expense reductions (f) | 0.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net investment income (loss) | 4.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $1179885 | &nbsp;&nbsp; $1116527 | &nbsp;&nbsp; $890138 | &nbsp;&nbsp; $747221 | &nbsp;&nbsp; $702294 | &nbsp;&nbsp; $605320 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.11 | &nbsp;&nbsp; $8.19 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.55 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $0.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $8.14 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.19 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.55 | &nbsp;&nbsp; $9.10 |
| Total return (%) (r)(s)(t)(x) | 2.39<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Expenses after expense reductions (f) | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net investment income (loss) | 4.02<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $215827 | &nbsp;&nbsp; $229135 | &nbsp;&nbsp; $255862 | &nbsp;&nbsp; $284440 | &nbsp;&nbsp; $336545 | &nbsp;&nbsp; $381748 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.46<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |

---

**See Notes to Financial Statements**

------

MFS Municipal Income Fund

*Financial Highlights - continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class B1**  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.11 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $8.69 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | $0.17 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $0.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net asset value, end of period (x) | $8.15 | &nbsp;&nbsp; $8.11 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.10 |
| Total return (%) (r)(s)(t)(x) | 2.13<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.90 |
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Expenses after expense reductions (f) | 1.28<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net investment income (loss) | 3.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 24 |
| Net assets at end of period (000 omitted) | $49 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $60 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $34 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.21<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

MFS Municipal Income Fund

**Notes to Financial Statements (unaudited)**

**(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 and developments 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. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. 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 certain distributions made by the fund could be taxable to shareholders.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman's Committee of the fund's adviser acts as the segment's CODM. The fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund's financial statements.

**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 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.

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 September 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $5990881022 | $— | $5990881022 |
| U.S. Corporate Bonds |  | 17185966 |  | 17185966 |
| Investment Companies | 171854086 |  |  | 171854086 |
| Total | $171854086 | $6008066988 | $— | $6179921074 |

---

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 daily or 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.

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

At September 30, 2025, the fund's payable to the holders of the floating rate certificates was $126,573,839 and the related weighted average interest rate on the settled floating rate certificates issued by the trust was 2.98%. For the six months ended September 30, 2025, the average payable to the holders of the settled floating rate certificates was $125,935,134 at a weighted average interest rate of 2.74%. 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 six months ended September 30, 2025, the related interest expense and fees amounted to $2,192,270 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, 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.

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 six months ended September 30, 2025, 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 generally 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.

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - 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 and amortization of premium and accretion of discount of debt securities.

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**3/31/25**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $8212168 |
| Tax-exempt income | &nbsp;&nbsp; 195769927 |
| Total distributions | &nbsp;&nbsp; $203982095 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **As of 9/30/25** |  |
| Cost of investments | &nbsp;&nbsp; $6165582797 |
| Gross appreciation | &nbsp;&nbsp; 88629282 |
| Gross depreciation | &nbsp;&nbsp; (200864844)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(112235562)<br>|
| **As of 3/31/25** |  |
| Undistributed ordinary income | &nbsp;&nbsp; 2557551 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 22730908 |
| Capital loss carryforwards | &nbsp;&nbsp; (225564211)<br>|
| Other temporary differences | &nbsp;&nbsp; (18787361)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (160197987)<br>|

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of March 31, 2025, 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 | $(77530444)<br>|
| Long-Term | (148033767)<br>|
| Total | $(225564211)<br>|

---

**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 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:

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**9/30/25**<br>| **Year ended** <br>**3/31/25**<br>|
| Class A | $42268125 | &nbsp;&nbsp; $77042346 |
| Class B | 8828 | &nbsp;&nbsp; 24550 |
| Class C | 592473 | &nbsp;&nbsp; 1308799 |
| Class I | 44287748 | &nbsp;&nbsp; 78211439 |
| Class R6 | 22915681 | &nbsp;&nbsp; 38287954 |
| Class A1 | 4364498 | &nbsp;&nbsp; 9105569 |
| Class B1 | 773 | &nbsp;&nbsp; 1438 |
| Total | $114438126 | &nbsp;&nbsp; $203982095 |

---

**(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, 2026. For the six months ended September 30, 2025, this management fee reduction amounted to $412,674, which is included in the reduction of total expenses in the Statement of Operations. The management fee incurred for the six months ended September 30, 2025 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** | **Classes** | **Classes** | **Classes** | **Classes** | **Classes** | **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, 2026. For the six months ended September 30, 2025, 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 $24,867 and $90 for the six months ended September 30, 2025, 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.

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Class A |  | 0.25% | 0.25% | 0.25% | $2828722 |
| Class B | 0.75% | 0.25% | 1.00% | 1.00% | 2953 |
| Class C | 0.75% | 0.25% | 1.00% | 1.00% | 198335 |
| Class B1 | 0.75% | 0.25% | 1.00% | 0.75% | 239 |
| Total Distribution and Service Fees  |  |  |  |  | $3030249 |

---

(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 six months ended September 30, 2025 based on each class's average daily net assets. MFD has agreed in 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, 2026. For the six months ended September 30, 2025, this reduction amounted to $60 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 six months ended September 30, 2025, this rebate amounted to $273 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 six months ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Class A | $169078 |
| Class B | 4 |
| Class C | 1961 |
| 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 six months ended September 30, 2025, the fee was $91,236, 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 six months ended September 30, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to $1,740,298.

**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 six months ended September 30, 2025 was equivalent to an annual effective rate of 0.0093% 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.

MFS purchased or redeemed fund shares on the dates indicated:

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| 8/19/2024 | Redemption | Class I | 3 | $26 |
| 8/19/2024 | Redemption | Class A1 | 3 | 29 |

---

At September 30, 2025, MFS held 100% of the outstanding shares of Class B1.

**(4) Portfolio Securities**

For the six months ended September 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $— | &nbsp;&nbsp; $177385 |
| Non-U.S. Government securities | 534618454 | &nbsp;&nbsp; 457837544 |

---

**(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended** <br>**9/30/25** | **Six months ended** <br>**9/30/25** | **Year ended** <br>**3/31/25** | **Year ended** <br>**3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 35074145 | &nbsp;&nbsp; $278940320 | &nbsp;&nbsp; 75040989 | &nbsp;&nbsp; $618503374 |
| Class C | 285706 | &nbsp;&nbsp; 2288957 | &nbsp;&nbsp; 830537 | &nbsp;&nbsp; 6865455 |
| Class I | 77171874 | &nbsp;&nbsp; 614047133 | &nbsp;&nbsp; 114691629 | &nbsp;&nbsp; 945971186 |
| Class R6 | 35891512 | &nbsp;&nbsp; 285055013 | &nbsp;&nbsp; 50628975 | &nbsp;&nbsp; 415985440 |
| Class A1 | 17562 | &nbsp;&nbsp; 139644 | &nbsp;&nbsp; 108590 | &nbsp;&nbsp; 895131 |
|  | 148440799 | &nbsp;&nbsp; $1180471067 | &nbsp;&nbsp; 241300720 | &nbsp;&nbsp; $1988220586 |
| Shares issued to shareholders <br>in reinvestment of distributions<br>|  |  |  |  |
| Class A | 5157853 | &nbsp;&nbsp; $41110846 | &nbsp;&nbsp; 9112389 | &nbsp;&nbsp; $74879162 |
| Class B | 1094 | &nbsp;&nbsp; 8732 | &nbsp;&nbsp; 2951 | &nbsp;&nbsp; 24269 |
| Class C | 68579 | &nbsp;&nbsp; 548621 | &nbsp;&nbsp; 146897 | &nbsp;&nbsp; 1211163 |
| Class I | 3478517 | &nbsp;&nbsp; 27707509 | &nbsp;&nbsp; 5700788 | &nbsp;&nbsp; 46813906 |
| Class R6 | 2758267 | &nbsp;&nbsp; 21957781 | &nbsp;&nbsp; 4451531 | &nbsp;&nbsp; 36534916 |
| Class A1 | 483173 | &nbsp;&nbsp; 3852520 | &nbsp;&nbsp; 968574 | &nbsp;&nbsp; 7963003 |
| Class B1 | 97 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 1437 |
|  | 11947580 | &nbsp;&nbsp; $95186780 | &nbsp;&nbsp; 20383304 | &nbsp;&nbsp; $167427856 |
| Shares reacquired |  |  |  |  |
| Class A | (42511532)<br>| &nbsp;&nbsp; $(337929622)<br>| &nbsp;&nbsp; (54136981)<br>| &nbsp;&nbsp; $(445162098)<br>|
| Class B | (20184)<br>| &nbsp;&nbsp; (160455)<br>| &nbsp;&nbsp; (66955)<br>| &nbsp;&nbsp; (553552)<br>|
| Class C | (985714)<br>| &nbsp;&nbsp; (7872387)<br>| &nbsp;&nbsp; (2038755)<br>| &nbsp;&nbsp; (16835972)<br>|
| Class I | (52818252)<br>| &nbsp;&nbsp; (419027024)<br>| &nbsp;&nbsp; (76546234)<br>| &nbsp;&nbsp; (627121672)<br>|
| Class R6 | (31399702)<br>| &nbsp;&nbsp; (249179997)<br>| &nbsp;&nbsp; (26004261)<br>| &nbsp;&nbsp; (213254825)<br>|
| Class A1 | (2248994)<br>| &nbsp;&nbsp; (17926706)<br>| &nbsp;&nbsp; (4062171)<br>| &nbsp;&nbsp; (33394714)<br>|
| Class B1 |  |  | &nbsp;&nbsp; (167)<br>| &nbsp;&nbsp; (1358)<br>|
|  | (129984378)<br>| &nbsp;&nbsp; $(1032096191)<br>| &nbsp;&nbsp; (162855524)<br>| &nbsp;&nbsp; $(1336324191)<br>|

---

------

MFS Municipal Income Fund

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **9/30/25** | **Six months ended**<br> **9/30/25** | **Year ended**<br> **3/31/25** | **Year ended**<br> **3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Net change |  |  |  |  |
| Class A | (2279534)<br>| &nbsp;&nbsp; $(17878456)<br>| &nbsp;&nbsp; 30016397 | &nbsp;&nbsp; $248220438 |
| Class B | (19090)<br>| &nbsp;&nbsp; (151723)<br>| &nbsp;&nbsp; (64004)<br>| &nbsp;&nbsp; (529283)<br>|
| Class C | (631429)<br>| &nbsp;&nbsp; (5034809)<br>| &nbsp;&nbsp; (1061321)<br>| &nbsp;&nbsp; (8759354)<br>|
| Class I | 27832139 | &nbsp;&nbsp; 222727618 | &nbsp;&nbsp; 43846183 | &nbsp;&nbsp; 365663420 |
| Class R6 | 7250077 | &nbsp;&nbsp; 57832797 | &nbsp;&nbsp; 29076245 | &nbsp;&nbsp; 239265531 |
| Class A1 | (1748259)<br>| &nbsp;&nbsp; (13934542)<br>| &nbsp;&nbsp; (2985007)<br>| &nbsp;&nbsp; (24536580)<br>|
| Class B1 | 97 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 79 |
|  | 30404001 | &nbsp;&nbsp; $243561656 | &nbsp;&nbsp; 98828500 | &nbsp;&nbsp; $819324251 |

---

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 12, 2026 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 six months ended September 30, 2025, the fund's commitment fee and interest expense were $14,378 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 for the six months ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Beginning** <br>**Value**<br>| **Purchases** | &nbsp;&nbsp; **Sales** <br>**Proceeds**<br>| &nbsp;&nbsp; **Realized** <br>**Gain** <br>**(Loss)**<br>| &nbsp;&nbsp; **Change in** <br>**Unrealized** <br>**Appreciation** <br> **or** <br>**Depreciation**<br>| &nbsp;&nbsp; **Ending** <br>**Value**<br>|
| MFS Institutional Money Market <br> Portfolio<br>| &nbsp;&nbsp; $61804407 | &nbsp;&nbsp; $509882145 | &nbsp;&nbsp; $399833274 | &nbsp;&nbsp; $2972 | &nbsp;&nbsp; $(2164)<br>| &nbsp;&nbsp; $171854086 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp; **Dividend** <br>**Income**<br>| &nbsp;&nbsp; **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp; $2178827 | $— |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Municipal Income Fund.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for MFS Municipal Income Fund.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for MFS Municipal Income Fund. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

------

MFS Municipal Income Fund

**Board Review of Investment Advisory Agreement**

**MFS Municipal Income Fund**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of the Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Fund's investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Fund for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Fund's advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Fund, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund's total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund's Class I shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. The total return performance of the Fund's Class I shares was in the 1st quintile relative to the other funds in the universe for this five-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the Broadridge performance universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

------

MFS Municipal Income Fund

*Board Review of Investment Advisory Agreement - continued*

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered, among other information, the Fund's advisory fee and the total expense ratio of the Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.

The Trustees also considered whether the Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that the Fund's advisory fee rate schedule is subject to contractual breakpoints that reduce the Fund's advisory fee rate on average daily net assets over $1.3 billion, $2 billion, $5 billion and $10 billion. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Fund, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling the Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the breakpoints and the group fee waiver were sufficient to allow the Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Fund pays to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

------

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

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

**Portfolio of Investments** 

9/30/25 (unaudited)

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 – 97.3% | Municipal Bonds – 97.3% | Municipal Bonds – 97.3% |
| Airport Revenue – 0.6% | Airport Revenue – 0.6% | Airport Revenue – 0.6% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $55000 | &nbsp;&nbsp; $50456 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 50000 | &nbsp;&nbsp; 44219 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 325000 | &nbsp;&nbsp; 329021 |
|  |  | &nbsp;&nbsp; $423696 |
| General Obligations - General Purpose – 13.8% | General Obligations - General Purpose – 13.8% | General Obligations - General Purpose – 13.8% |
| Arab, AL, General Obligation Warrants, "A", AGM, 3%, 12/01/2046  | $1120000 | &nbsp;&nbsp; $822625 |
| Birmingham-Jefferson, AL, Civic Center Authority Rev., "A", 5.25%, 6/01/2053  | 750000 | &nbsp;&nbsp; 775016 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 160000 | &nbsp;&nbsp; 148797 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 270000 | &nbsp;&nbsp; 275265 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 115194 | &nbsp;&nbsp; 127653 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 31477 | &nbsp;&nbsp; 31123 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 57199 | &nbsp;&nbsp; 55784 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 24283 | &nbsp;&nbsp; 23045 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 33016 | &nbsp;&nbsp; 29565 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 121336 | &nbsp;&nbsp; 104728 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 40508 | &nbsp;&nbsp; 28931 |
| Fort Payne, AL, General Obligation Warrants, "A", AGM, 5%, 5/01/2047  | 750000 | &nbsp;&nbsp; 756942 |
| Marshall County, AL, General Obligation Warrants, 5%, 11/01/2054  | 500000 | &nbsp;&nbsp; 512680 |
| Mobile County, AL, General Obligation Warrants, 5%, 2/01/2043  | 675000 | &nbsp;&nbsp; 706117 |
| Mobile, AL, General Obligation Warrants, "A", 5%, 2/15/2042  | 750000 | &nbsp;&nbsp; 808487 |
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), <br> 4%, 12/01/2035 <br>| 250000 | &nbsp;&nbsp; 250067 |
| Oxford, AL, General Obligation Warrants, 2%, 5/01/2026  | 140000 | &nbsp;&nbsp; 139138 |
| Oxford, AL, General Obligation Warrants, "A", 5%, 7/01/2052  | 1000000 | &nbsp;&nbsp; 1027745 |
| Pike Road, AL, General Obligation, 5%, 3/01/2048  | 500000 | &nbsp;&nbsp; 514985 |
| Pike Road, AL, General Obligation, 5%, 3/01/2052  | 500000 | &nbsp;&nbsp; 512228 |
| Prattville, AL, General Obligation Warrants, 4.85%, 2/01/2050  | 500000 | &nbsp;&nbsp; 508405 |
| Prattville, AL, General Obligation Warrants, 5%, 2/01/2055  | 500000 | &nbsp;&nbsp; 512775 |
| Rainsville, AL, General Obligation Warrants, AGM, 4.125%, 1/01/2049  | 500000 | &nbsp;&nbsp; 461260 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 120000 | &nbsp;&nbsp; 127364 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 55000 | &nbsp;&nbsp; 57563 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 70000 | &nbsp;&nbsp; 63870 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 30000 | &nbsp;&nbsp; 26882 |
|  |  | &nbsp;&nbsp; $9409040 |
| General Obligations - Schools – 4.5% | General Obligations - Schools – 4.5% | General Obligations - Schools – 4.5% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $255000 | &nbsp;&nbsp; $194630 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 625000 | &nbsp;&nbsp; 484361 |
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039  | 1000000 | &nbsp;&nbsp; 991906 |
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, "B", BAM, 4.125%, 3/01/2047  | 1000000 | &nbsp;&nbsp; 936580 |
| Walker County, AL, Board of Education, Special Tax School Warrants, AGM, 4.25%, 3/01/2054  | 500000 | &nbsp;&nbsp; 463619 |
|  |  | &nbsp;&nbsp; $3071096 |
| Healthcare Revenue - Hospitals – 7.3% | Healthcare Revenue - Hospitals – 7.3% | Healthcare Revenue - Hospitals – 7.3% |
| Alabama DCH Health Care Authority, "A", 4%, 6/01/2046  | $1000000 | &nbsp;&nbsp; $908338 |
| Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033  | 500000 | &nbsp;&nbsp; 500517 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Alabama Health Care Authority (Baptist Health), "A", 5%, 11/15/2037  | $875000 | &nbsp;&nbsp; $923291 |
| Birmingham, AL, Special Care Facilities Financing Authority, Health Care Rev. (Children's Hospital), 5%, 6/01/2031  | 750000 | &nbsp;&nbsp; 750974 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 15000 | &nbsp;&nbsp; 12787 |
| East Alabama Health Care Authority, Health Care Facilities Rev., "A", 4%, 9/01/2048  | 500000 | &nbsp;&nbsp; 460138 |
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), "A", 4%, 2/01/2040  | 1000000 | &nbsp;&nbsp; 935179 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 505000 | &nbsp;&nbsp; 490474 |
|  |  | &nbsp;&nbsp; $4981698 |
| Healthcare Revenue - Long Term Care – 1.7% | Healthcare Revenue - Long Term Care – 1.7% | Healthcare Revenue - Long Term Care – 1.7% |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045  | $250000 | &nbsp;&nbsp; $227403 |
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), "A", 4%, 12/01/2038  | 1000000 | &nbsp;&nbsp; 955141 |
|  |  | &nbsp;&nbsp; $1182544 |
| Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% |
| Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $500000 | &nbsp;&nbsp; $437944 |
| Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% |
| Selma, AL, Industrial Development Board, Gulf Opportunity Zone Refunding Rev. (International Paper Co. Project), "A", <br> 4.2%, 5/01/2034 <br>| $500000 | &nbsp;&nbsp; $512179 |
| Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $260000 | &nbsp;&nbsp; $259999 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 275000 | &nbsp;&nbsp; 276911 |
| Stadium Trace Village District, AL, Development Incentive Anticipation Bonds, 3.625%, 3/01/2036  | 200000 | &nbsp;&nbsp; 180196 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 35000 | &nbsp;&nbsp; 35271 |
|  |  | &nbsp;&nbsp; $752377 |
| Multi-Family Housing Revenue – 2.3% | Multi-Family Housing Revenue – 2.3% | Multi-Family Housing Revenue – 2.3% |
| Alabama Housing Finance Authority, Multi-Family Tax-Exempt (Cooper Green Homes Project), "B", 4.45%, 8/01/2045  | $1000000 | &nbsp;&nbsp; $985129 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 214326 | &nbsp;&nbsp; 211877 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 520000 | &nbsp;&nbsp; 364856 |
|  |  | &nbsp;&nbsp; $1561862 |
| Port Revenue – 2.4% | Port Revenue – 2.4% | Port Revenue – 2.4% |
| Alabama Port Authority Docks Facilities Refunding Rev., "A", AGM, 5%, 10/01/2025  | $630000 | &nbsp;&nbsp; $630000 |
| Alabama Port Authority Docks Facilities Refunding Rev., "A", AGM, 5%, 10/01/2035  | 1000000 | &nbsp;&nbsp; 1019239 |
|  |  | &nbsp;&nbsp; $1649239 |
| Sales & Excise Tax Revenue – 8.9% | Sales & Excise Tax Revenue – 8.9% | Sales & Excise Tax Revenue – 8.9% |
| Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048  | $1000000 | &nbsp;&nbsp; $1009567 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, "B-<br> 1", AGM, 0%, 6/15/2044 <br>| 820000 | &nbsp;&nbsp; 334026 |
| Enterprise, AL, Board of Education Special Tax School Warrants, BAM, 5%, 3/01/2040  | 500000 | &nbsp;&nbsp; 534542 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 60000 | &nbsp;&nbsp; 55732 |
| Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., "A", 5.25%, 9/01/2052  | 810000 | &nbsp;&nbsp; 833397 |
| Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042  | 500000 | &nbsp;&nbsp; 478418 |
| Lawrence County, AL, Board of Education Special Tax School Warrants, AGM, 4%, 2/01/2042  | 1000000 | &nbsp;&nbsp; 940042 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 16000 | &nbsp;&nbsp; 15631 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 57000 | &nbsp;&nbsp; 53566 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 796000 | &nbsp;&nbsp; 768197 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 142000 | &nbsp;&nbsp; 135863 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 58000 | &nbsp;&nbsp; 55493 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 401000 | &nbsp;&nbsp; 372293 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 4000 | &nbsp;&nbsp; 3539 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 247000 | &nbsp;&nbsp; 202045 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 237000 | &nbsp;&nbsp; 177990 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 110000 | &nbsp;&nbsp; 37369 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| $100000 | &nbsp;&nbsp; $80000 |
|  |  | &nbsp;&nbsp; $6087710 |
| Single Family Housing - State – 8.1% | Single Family Housing - State – 8.1% | Single Family Housing - State – 8.1% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $495000 | &nbsp;&nbsp; $539774 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2056  | 750000 | &nbsp;&nbsp; 830684 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 4.55%, 10/01/2044  | 725000 | &nbsp;&nbsp; 725877 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 5.05%, 10/01/2045  | 500000 | &nbsp;&nbsp; 513712 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 6%, 4/01/2055  | 745000 | &nbsp;&nbsp; 820424 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "C", GNMA, 5.75%, 4/01/2055  | 745000 | &nbsp;&nbsp; 813465 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "D", GNMA, 4.5%, 10/01/2049  | 745000 | &nbsp;&nbsp; 732172 |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | 40000 | &nbsp;&nbsp; 40080 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.45%, 9/01/2043 <br>| 385000 | &nbsp;&nbsp; 386091 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.5%, 9/01/2046 <br>| 130000 | &nbsp;&nbsp; 128518 |
|  |  | &nbsp;&nbsp; $5530797 |
| State & Local Agencies – 4.7% | State & Local Agencies – 4.7% | State & Local Agencies – 4.7% |
| Baldwin County, AL, Public Building Authority Rev. (Jail Project), 4.375%, 3/01/2046  | $1250000 | &nbsp;&nbsp; $1191963 |
| Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), "A", AGM, 5%, 7/01/2030  | 210000 | &nbsp;&nbsp; 210308 |
| Cherokee County, AL, Public Building Authority Rev., 4.5%, 7/01/2053  | 750000 | &nbsp;&nbsp; 708269 |
| Irondale, AL, Public Building Authority Lease Rev., 5%, 10/01/2044  | 1000000 | &nbsp;&nbsp; 1047639 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 40000 | &nbsp;&nbsp; 47504 |
|  |  | &nbsp;&nbsp; $3205683 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | $90000 | &nbsp;&nbsp; $69591 |
| Tax - Other – 8.3% | Tax - Other – 8.3% | Tax - Other – 8.3% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $45000 | &nbsp;&nbsp; $44314 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 125000 | &nbsp;&nbsp; 129981 |
| Cullman, AL, Board of Education Special Tax School Warrants, "A", BAM, 4.25%, 3/01/2054  | 750000 | &nbsp;&nbsp; 695324 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 30000 | &nbsp;&nbsp; 30292 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 85000 | &nbsp;&nbsp; 85182 |
| Jefferson County, AL, Board of Education Public School Warrants, 5%, 2/01/2044  | 500000 | &nbsp;&nbsp; 525187 |
| Jefferson County, AL, Board of Education Public School Warrants, 5%, 2/01/2046  | 500000 | &nbsp;&nbsp; 522062 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 5.25%, 7/01/2064  | 750000 | &nbsp;&nbsp; 771260 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2042  | 350000 | &nbsp;&nbsp; 370159 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2043  | 250000 | &nbsp;&nbsp; 262822 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2044  | 325000 | &nbsp;&nbsp; 339956 |
| Marshall County, AL, Board of Education, Special Tax School Warrants, BAM, 4%, 3/01/2044  | 500000 | &nbsp;&nbsp; 464504 |
| Marshall County, AL, Board of Education, Special Tax School Warrants, BAM, 4.125%, 3/01/2049  | 500000 | &nbsp;&nbsp; 463876 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.125%, 2/01/2048  | 500000 | &nbsp;&nbsp; 467753 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.25%, 2/01/2052  | 500000 | &nbsp;&nbsp; 466447 |
|  |  | &nbsp;&nbsp; $5639119 |
| Tobacco – 0.2% | Tobacco – 0.2% | Tobacco – 0.2% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | $170000 | &nbsp;&nbsp; $154892 |
| Toll Roads – 0.7% | Toll Roads – 0.7% | Toll Roads – 0.7% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $250000 | &nbsp;&nbsp; $199344 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 290000 | &nbsp;&nbsp; 298168 |
|  |  | &nbsp;&nbsp; $497512 |
| Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% |
| Alabama Federal Aid Highway Finance Authority, Special Obligation Rev., "A", 5%, 3/01/2045  | $750000 | &nbsp;&nbsp; $795691 |

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MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – 13.1% | Universities - Colleges – 13.1% | Universities - Colleges – 13.1% |
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049  | $1000000 | &nbsp;&nbsp; $898873 |
| Alabama Community College System Board of Trustees Rev. (Calhoun Community College), AGM, 4.125%, 5/01/2049  | 750000 | &nbsp;&nbsp; 715844 |
| Alabama Community College System Board of Trustees Rev. (Coastal Alabama Community College), BAM, 5%, 10/01/2050  | 750000 | &nbsp;&nbsp; 772834 |
| Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2048  | 500000 | &nbsp;&nbsp; 515908 |
| Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2053  | 500000 | &nbsp;&nbsp; 512094 |
| Auburn University, AL, General Fee Rev., "A", 5%, 6/01/2048  | 1500000 | &nbsp;&nbsp; 1529243 |
| Homewood, AL, Educational Building Authority, Facilities Rev. (Samford University), "A", 5%, 12/01/2034  | 500000 | &nbsp;&nbsp; 504289 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", <br> 5%, 7/01/2036 <br>| 580000 | &nbsp;&nbsp; 584275 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", <br> AGM, 5.25%, 8/01/2048 <br>| 750000 | &nbsp;&nbsp; 769142 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", <br> BAM, 5%, 8/01/2056 <br>| 500000 | &nbsp;&nbsp; 502994 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 345000 | &nbsp;&nbsp; 275459 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. <br> (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 50000 | &nbsp;&nbsp; 50034 |
| University of South Alabama Facilities Rev., "A", BAM, 5%, 4/01/2049  | 750000 | &nbsp;&nbsp; 759889 |
| University of South Alabama Facilities Rev., "A", BAM, 5.25%, 4/01/2054  | 500000 | &nbsp;&nbsp; 524288 |
|  |  | &nbsp;&nbsp; $8915166 |
| Utilities - Investor Owned – 0.7% | Utilities - Investor Owned – 0.7% | 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 <br> Date 6/16/2026) <br>| $500000 | &nbsp;&nbsp; $501297 |
| Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% |
| Huntville, AL, Electric Rev. Warrants, 5%, 12/01/2043  | $750000 | &nbsp;&nbsp; $787873 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 100000 | &nbsp;&nbsp; 68500 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 65000 | &nbsp;&nbsp; 44525 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 15000 | &nbsp;&nbsp; 14694 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 95000 | &nbsp;&nbsp; 65075 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 70000 | &nbsp;&nbsp; 69356 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp; 14977 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 50000 | &nbsp;&nbsp; 34250 |
|  |  | &nbsp;&nbsp; $1099250 |
| Utilities - Other – 4.6% | Utilities - Other – 4.6% | Utilities - Other – 4.6% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $425000 | &nbsp;&nbsp; $453924 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032)  | 310000 | &nbsp;&nbsp; 335149 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 410000 | &nbsp;&nbsp; 437434 |
| Public Energy Authority of Kentucky, Gas Supply Rev., "A-1", 4%, 8/01/2052 (Put Date 8/01/2030)  | 1000000 | &nbsp;&nbsp; 1022818 |
| Southeast Alabama Energy Authority (Project No. 6), 5%, 1/01/2054 (Put Date 6/01/2030)  | 500000 | &nbsp;&nbsp; 534780 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 300000 | &nbsp;&nbsp; 316210 |
|  |  | &nbsp;&nbsp; $3100315 |
| Water & Sewer Utility Revenue – 9.9% | Water & Sewer Utility Revenue – 9.9% | Water & Sewer Utility Revenue – 9.9% |
| Alabama Harvest-Monrovia Water, Sewer & Fire Protection Authority, Inc. Rev., AGM, 4.5%, 4/01/2045  | $750000 | &nbsp;&nbsp; $758142 |
| Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.25%, 12/01/2048  | 500000 | &nbsp;&nbsp; 474560 |
| Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.375%, 12/01/2053  | 500000 | &nbsp;&nbsp; 474205 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 120000 | &nbsp;&nbsp; 120123 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 95000 | &nbsp;&nbsp; 95003 |
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053  | 1000000 | &nbsp;&nbsp; 1046981 |
| Limestone County, AL, Water & Sewer Authority Rev., 4.125%, 12/01/2049  | 750000 | &nbsp;&nbsp; 687695 |
| Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050  | 1000000 | &nbsp;&nbsp; 714556 |
| Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047  | 1000000 | &nbsp;&nbsp; 907696 |
| Prattville, AL, Water Works Board Rev., 5.125%, 8/01/2053  | 750000 | &nbsp;&nbsp; 774253 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 (a)(d) | 700000 | &nbsp;&nbsp; 455000 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | $200000 | &nbsp;&nbsp; $207259 |
|  |  | &nbsp;&nbsp; $6715473 |
| **Total Municipal Bonds (Identified Cost, $68,696,065)** |  | &nbsp;&nbsp; **$66294171** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $71,567) | $109932 | &nbsp;&nbsp; $37256 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $74,229) | $130227 | &nbsp;&nbsp; $86112 |
| Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $923,928) | 923845 | &nbsp;&nbsp; $923938 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp; 774627 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$68116104** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Arkansas Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 99.6% | Municipal Bonds – 99.6% | Municipal Bonds – 99.6% |
| Airport Revenue – 0.7% | Airport Revenue – 0.7% | Airport Revenue – 0.7% |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.125%, 6/30/2060 <br>| $840000 | &nbsp;&nbsp; $840399 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 80000 | &nbsp;&nbsp; 80025 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 125000 | &nbsp;&nbsp; 125001 |
|  |  | &nbsp;&nbsp; $1045425 |
| General Obligations - General Purpose – 2.0% | General Obligations - General Purpose – 2.0% | General Obligations - General Purpose – 2.0% |
| Arkansas Higher Education, General Obligation, 4%, 6/01/2029  | $1000000 | &nbsp;&nbsp; $1001433 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 375000 | &nbsp;&nbsp; 348742 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 550000 | &nbsp;&nbsp; 560724 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 63265 | &nbsp;&nbsp; 70108 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 59992 | &nbsp;&nbsp; 59318 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 111025 | &nbsp;&nbsp; 108279 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 46282 | &nbsp;&nbsp; 43922 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 62925 | &nbsp;&nbsp; 56347 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 216442 | &nbsp;&nbsp; 186816 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 77204 | &nbsp;&nbsp; 55140 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 120000 | &nbsp;&nbsp; 127364 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 115000 | &nbsp;&nbsp; 120561 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 115000 | &nbsp;&nbsp; 120360 |
|  |  | &nbsp;&nbsp; $2859114 |
| General Obligations - Schools – 10.4% | General Obligations - Schools – 10.4% | General Obligations - Schools – 10.4% |
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, "B", 4%, 6/01/2047  | $1000000 | &nbsp;&nbsp; $934418 |
| Benton County, AR, Bentonville School District No. 6 Construction, "G", 2.25%, 6/01/2046  | 1000000 | &nbsp;&nbsp; 626560 |
| Crittenden County, AR, Community College District, 4.6%, 2/01/2035  | 285000 | &nbsp;&nbsp; 278288 |
| Crittenden County, AR, Community College District, 4.7%, 2/01/2040  | 625000 | &nbsp;&nbsp; 590951 |
| Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048  | 1000000 | &nbsp;&nbsp; 924457 |
| Fort Smith, AR, School District No. 100 Construction, "B", 2.75%, 2/01/2045  | 1370000 | &nbsp;&nbsp; 982220 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041  | 1100000 | &nbsp;&nbsp; 1068273 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042  | 1000000 | &nbsp;&nbsp; 950143 |
| Jefferson County, AR, Pine Bluff School District No. 3 Construction, "B", 4.125%, 2/01/2049  | 1000000 | &nbsp;&nbsp; 946797 |
| Jefferson County, AR, Pine Bluff School District No. 3 Construction, "B", 4.25%, 2/01/2053  | 1000000 | &nbsp;&nbsp; 951647 |
| Little Rock, AR, School District & Construction (Intercept Program), "B", 4.125%, 2/01/2052  | 2000000 | &nbsp;&nbsp; 1871301 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 755000 | &nbsp;&nbsp; 585108 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2027  | 2000000 | &nbsp;&nbsp; 1967169 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2038  | 865000 | &nbsp;&nbsp; 661004 |
| Union County, AR, El Dorado School District No. 15 Refunding & Construction, "A", 5%, 2/01/2044  | 1250000 | &nbsp;&nbsp; 1275157 |
|  |  | &nbsp;&nbsp; $14613493 |
| Healthcare Revenue - Hospitals – 12.0% | Healthcare Revenue - Hospitals – 12.0% | Healthcare Revenue - Hospitals – 12.0% |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047  | $1000000 | &nbsp;&nbsp; $1005172 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), "A", 5%, 12/01/2029  | 1000000 | &nbsp;&nbsp; 1003455 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2034  | 740000 | &nbsp;&nbsp; 772541 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2044  | 2000000 | &nbsp;&nbsp; 1990879 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4.25%, 7/01/2041  | 750000 | &nbsp;&nbsp; 635815 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2052  | 1250000 | &nbsp;&nbsp; 863185 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038  | 1900000 | &nbsp;&nbsp; 1912802 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042  | 990000 | &nbsp;&nbsp; 862660 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), "A", 5%, 2/01/2033  | 1645000 | &nbsp;&nbsp; 1645473 |
| Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027  | 500000 | &nbsp;&nbsp; 503299 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 30000 | &nbsp;&nbsp; 25575 |
| Conway, AR, Hospital Rev. (Conway Regional Medical Center), "A", 4%, 8/01/2038  | 1000000 | &nbsp;&nbsp; 917111 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 20000 | &nbsp;&nbsp; 18377 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 810000 | &nbsp;&nbsp; 735548 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2045  | 300000 | &nbsp;&nbsp; 301706 |
| Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048  | 1000000 | &nbsp;&nbsp; 945477 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040  | $2820000 | &nbsp;&nbsp; $2840962 |
|  |  | &nbsp;&nbsp; $16980037 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | 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) | $170000 | &nbsp;&nbsp; $123133 |
| Miscellaneous Revenue - Other – 5.0% | Miscellaneous Revenue - Other – 5.0% | Miscellaneous Revenue - Other – 5.0% |
| Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034  | $2605000 | &nbsp;&nbsp; $2609727 |
| Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050  | 1000000 | &nbsp;&nbsp; 930439 |
| Fayetteville, AR, Hotel, Motel & Restaurant Rev., BAM, 5%, 11/01/2034  | 2000000 | &nbsp;&nbsp; 2003531 |
| Jonesboro, AR, Capital Improvement Rev., AGM, 5.2%, 8/01/2055  | 500000 | &nbsp;&nbsp; 510244 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 375000 | &nbsp;&nbsp; 374998 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 560000 | &nbsp;&nbsp; 563892 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 60000 | &nbsp;&nbsp; 60466 |
|  |  | &nbsp;&nbsp; $7053297 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | $421946 | &nbsp;&nbsp; $417125 |
| Sales & Excise Tax Revenue – 20.0% | Sales & Excise Tax Revenue – 20.0% | Sales & Excise Tax Revenue – 20.0% |
| Alma, AR, Sales & Use Tax, AGM, 4.125%, 3/01/2039  | $905000 | &nbsp;&nbsp; $911509 |
| Batesville, AK, Sales & Use Tax Rev., "B", BAM, 4%, 2/01/2047  | 2250000 | &nbsp;&nbsp; 2151205 |
| Batesville, AK, Sales & Use Tax Rev., "B", BAM, 4%, 2/01/2049  | 750000 | &nbsp;&nbsp; 723620 |
| Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2038  | 1000000 | &nbsp;&nbsp; 1009592 |
| Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2040  | 750000 | &nbsp;&nbsp; 755817 |
| Centerton, AR, Sales and Use Tax Improvement, AGM, 4%, 11/01/2044  | 1500000 | &nbsp;&nbsp; 1421305 |
| Centerton, AR, Sales and Use Tax Improvement, AGM, 4.125%, 11/01/2049  | 1000000 | &nbsp;&nbsp; 962984 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, "B-<br> 1", AGM, 0%, 6/15/2044 <br>| 1585000 | &nbsp;&nbsp; 645647 |
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035  | 1150000 | &nbsp;&nbsp; 1150716 |
| Dardanelle, AR, Water & Sewer, Sales & Use Tax Refunding & Improvement Rev., BAM, 5.125%, 10/01/2055 (w) | 1000000 | &nbsp;&nbsp; 1013646 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2032  | 350000 | &nbsp;&nbsp; 340533 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2033  | 370000 | &nbsp;&nbsp; 355497 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2034  | 380000 | &nbsp;&nbsp; 362520 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2036  | 400000 | &nbsp;&nbsp; 371257 |
| Fort Smith, AR, Sales & Use Tax, AGM, 5.25%, 11/01/2055 (w) | 1000000 | &nbsp;&nbsp; 1049703 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 110000 | &nbsp;&nbsp; 102175 |
| Hope, AR, Sales & Use Tax, BAM, 4.5%, 6/01/2046  | 300000 | &nbsp;&nbsp; 294357 |
| Madison County, AR, Sales & Use Tax, 4.375%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 1000684 |
| Madison County, AR, Sales & Use Tax, 4.625%, 12/01/2048  | 500000 | &nbsp;&nbsp; 506046 |
| Magnolia, AR, Sales & Use Tax Improvement, "B", BAM, 4.375%, 4/01/2050  | 650000 | &nbsp;&nbsp; 627246 |
| Marion, AR, Sales & Use Tax Improvement, "B", AGM, 5%, 11/01/2050 (w) | 1000000 | &nbsp;&nbsp; 1017998 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029  | 1000000 | &nbsp;&nbsp; 1107878 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035  | 425000 | &nbsp;&nbsp; 397601 |
| Osceola, AR, Sales & Use Tax Rev. Improvement, BAM, 4%, 6/01/2044  | 1300000 | &nbsp;&nbsp; 1226679 |
| Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038  | 1170000 | &nbsp;&nbsp; 1156492 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 2000 | &nbsp;&nbsp; 1803 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 36000 | &nbsp;&nbsp; 35169 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 122000 | &nbsp;&nbsp; 114651 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 2403000 | &nbsp;&nbsp; 2319068 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 235000 | &nbsp;&nbsp; 224843 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 120000 | &nbsp;&nbsp; 114814 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 62000 | &nbsp;&nbsp; 57562 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 12000 | &nbsp;&nbsp; 10616 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 593000 | &nbsp;&nbsp; 485072 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 568000 | &nbsp;&nbsp; 426576 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 270000 | &nbsp;&nbsp; 91723 |
| Searcy, AR, Sales & Use Tax, 4%, 11/01/2041  | 1000000 | &nbsp;&nbsp; 946724 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Searcy, AR, Sales & Use Tax, 4.125%, 11/01/2044  | $500000 | &nbsp;&nbsp; $471401 |
| Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, "B", BAM, 4.125%, 8/01/2050  | 2000000 | &nbsp;&nbsp; 1876481 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 180000 | &nbsp;&nbsp; 144000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 200000 | &nbsp;&nbsp; 180000 |
|  |  | &nbsp;&nbsp; $28163210 |
| Secondary Schools – 0.7% | Secondary Schools – 0.7% | Secondary Schools – 0.7% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039  | $750000 | &nbsp;&nbsp; $703689 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2039 (n) | 250000 | &nbsp;&nbsp; 246068 |
|  |  | &nbsp;&nbsp; $949757 |
| Single Family Housing - State – 7.3% | Single Family Housing - State – 7.3% | Single Family Housing - State – 7.3% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $745000 | &nbsp;&nbsp; $812387 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "A", <br> GNMA, 4.6%, 7/01/2045 <br>| 1310000 | &nbsp;&nbsp; 1304955 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "A", <br> GNMA, 4.6%, 7/01/2049 <br>| 810000 | &nbsp;&nbsp; 795206 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "A", <br> GNMA, 4.65%, 1/01/2054 <br>| 990000 | &nbsp;&nbsp; 985879 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "A", <br> GNMA, 5%, 7/01/2054 <br>| 975000 | &nbsp;&nbsp; 1025864 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "B", <br> GNMA, 5%, 7/01/2050 <br>| 1000000 | &nbsp;&nbsp; 1015812 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "B", <br> GNMA, 5.5%, 1/01/2056 <br>| 1500000 | &nbsp;&nbsp; 1639933 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), "C", <br> GNMA, 5%, 1/01/2055 <br>| 1480000 | &nbsp;&nbsp; 1569231 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.45%, 9/01/2043 <br>| 825000 | &nbsp;&nbsp; 827338 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.5%, 9/01/2046 <br>| 275000 | &nbsp;&nbsp; 271865 |
|  |  | &nbsp;&nbsp; $10248470 |
| State & Local Agencies – 0.7% | State & Local Agencies – 0.7% | State & Local Agencies – 0.7% |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044  | $2360000 | &nbsp;&nbsp; $980851 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp; $4826 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 185000 | &nbsp;&nbsp; 143048 |
|  |  | &nbsp;&nbsp; $147874 |
| Tax - Other – 3.2% | Tax - Other – 3.2% | Tax - Other – 3.2% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $95000 | &nbsp;&nbsp; $93553 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 260000 | &nbsp;&nbsp; 270360 |
| Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034  | 3000000 | &nbsp;&nbsp; 3008555 |
| Searcy, AR, Hotel & Restaurant Gross Receipts Tax, BAM, 4.25%, 4/01/2045  | 500000 | &nbsp;&nbsp; 481507 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 890000 | &nbsp;&nbsp; 662089 |
|  |  | &nbsp;&nbsp; $4516064 |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | $15000 | &nbsp;&nbsp; $14990 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 12000 | &nbsp;&nbsp; 12150 |
|  |  | &nbsp;&nbsp; $27140 |
| Tobacco – 2.6% | Tobacco – 2.6% | Tobacco – 2.6% |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2027 <br>| $2470000 | &nbsp;&nbsp; $2340027 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tobacco – continued | Tobacco – continued | Tobacco – continued |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2028 <br>| $500000 | &nbsp;&nbsp; $458914 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | 185000 | &nbsp;&nbsp; 155306 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 475000 | &nbsp;&nbsp; 405193 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 330000 | &nbsp;&nbsp; 300672 |
|  |  | &nbsp;&nbsp; $3660112 |
| Toll Roads – 1.3% | Toll Roads – 1.3% | Toll Roads – 1.3% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", <br> AGM, 4%, 10/01/2052 <br>| $1000000 | &nbsp;&nbsp; $888667 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 500000 | &nbsp;&nbsp; 398687 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 590000 | &nbsp;&nbsp; 606618 |
|  |  | &nbsp;&nbsp; $1893972 |
| Universities - Colleges – 12.5% | Universities - Colleges – 12.5% | Universities - Colleges – 12.5% |
| Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031  | $2500000 | &nbsp;&nbsp; $2503069 |
| Arkansas Technology University, Student Fee Rev., "A", BAM, 5%, 12/01/2042  | 500000 | &nbsp;&nbsp; 510133 |
| Arkansas Technology University, Student Fee Rev., "A", BAM, 4.5%, 12/01/2047  | 500000 | &nbsp;&nbsp; 490981 |
| Arkansas Technology University, Student Fee Rev., "A", BAM, 4.5%, 12/01/2052  | 1000000 | &nbsp;&nbsp; 964431 |
| Board of Trustees of the University of Arkansas, Student Fee Rev. (Community College at Morrilton), 5%, 5/01/2051  | 1000000 | &nbsp;&nbsp; 1035728 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2043  | 1500000 | &nbsp;&nbsp; 1531920 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2047  | 2000000 | &nbsp;&nbsp; 2079459 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), "A", 5%, 12/01/2045  | 1705000 | &nbsp;&nbsp; 1758481 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2047  | 2000000 | &nbsp;&nbsp; 2060471 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2052  | 500000 | &nbsp;&nbsp; 512319 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047  | 1000000 | &nbsp;&nbsp; 1038733 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052  | 1000000 | &nbsp;&nbsp; 910230 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut College), "M", 3%, 7/01/2047  | 1120000 | &nbsp;&nbsp; 832534 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 620000 | &nbsp;&nbsp; 495027 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 60000 | &nbsp;&nbsp; 59074 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 5%, 10/01/2042 <br>| 65000 | &nbsp;&nbsp; 60369 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 340000 | &nbsp;&nbsp; 339375 |
| University of Central Arkansas Student Fee Rev., "A", AGM, 4%, 11/01/2048  | 550000 | &nbsp;&nbsp; 504368 |
|  |  | &nbsp;&nbsp; $17686702 |
| Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | $100000 | &nbsp;&nbsp; $68500 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 100000 | &nbsp;&nbsp; 68500 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 145000 | &nbsp;&nbsp; 99325 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 210000 | &nbsp;&nbsp; 143850 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp; 14977 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 110000 | &nbsp;&nbsp; 75350 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 625000 | &nbsp;&nbsp; 549506 |
|  |  | &nbsp;&nbsp; $1020008 |
| Utilities - Other – 4.0% | Utilities - Other – 4.0% | Utilities - Other – 4.0% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $815000 | &nbsp;&nbsp; $869533 |
| Osceola, AR, Utility & Improvement Refunding Rev., "A", BAM, 4.25%, 8/01/2053  | 1500000 | &nbsp;&nbsp; 1453163 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 755000 | &nbsp;&nbsp; 800331 |
| Southeast Alabama Energy Authority, "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 1005000 | &nbsp;&nbsp; 1106028 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 725000 | &nbsp;&nbsp; 756863 |
| West Memphis, AR, Public Utility System Rev., BAM, 4.25%, 12/01/2049  | 700000 | &nbsp;&nbsp; 667579 |
|  |  | &nbsp;&nbsp; $5653497 |
| Water & Sewer Utility Revenue – 16.0% | Water & Sewer Utility Revenue – 16.0% | Water & Sewer Utility Revenue – 16.0% |
| Arkansas Development Finance Authority Rev. (Revolving Loan Fund), 5%, 6/01/2050  | $1310000 | &nbsp;&nbsp; $1375971 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Benton & Washington Counties, AR, Beaver Water District Rev., 4.875%, 4/15/2050  | $1000000 | &nbsp;&nbsp; $1032377 |
| Benton & Washington Counties, AR, Beaver Water District Rev., 5%, 4/15/2055  | 1000000 | &nbsp;&nbsp; 1037300 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.125%, 10/01/2049  | 750000 | &nbsp;&nbsp; 687913 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052  | 500000 | &nbsp;&nbsp; 441954 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.25%, 10/01/2054  | 750000 | &nbsp;&nbsp; 701558 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4%, 5/01/2044  | 645000 | &nbsp;&nbsp; 590495 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4.25%, 5/01/2049  | 1620000 | &nbsp;&nbsp; 1485912 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4.375%, 5/01/2054  | 1885000 | &nbsp;&nbsp; 1751629 |
| Conway, AR, Wastewater Improvement Rev., "A", 4%, 10/01/2039  | 525000 | &nbsp;&nbsp; 514442 |
| Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2049  | 500000 | &nbsp;&nbsp; 453118 |
| Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2054  | 345000 | &nbsp;&nbsp; 309442 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 500000 | &nbsp;&nbsp; 500514 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 200000 | &nbsp;&nbsp; 200007 |
| Hot Springs, AR, Wastewater Rev., "B", BAM, 2.75%, 12/01/2047  | 1000000 | &nbsp;&nbsp; 686735 |
| Hot Springs, AR, Wastewater Rev., "B", BAM, 2.75%, 12/01/2050  | 1000000 | &nbsp;&nbsp; 659741 |
| Hot Springs, AR, Wastewater Rev., "C", BAM, 4.5%, 12/01/2052  | 1270000 | &nbsp;&nbsp; 1237051 |
| Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047  | 1500000 | &nbsp;&nbsp; 1459379 |
| Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043  | 1750000 | &nbsp;&nbsp; 1689505 |
| Malvern, AR, Water& Sewer Refunding & Construction Rev., BAM, 3.7%, 8/01/2043  | 750000 | &nbsp;&nbsp; 663475 |
| Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2045  | 1000000 | &nbsp;&nbsp; 975639 |
| Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2046  | 1000000 | &nbsp;&nbsp; 966569 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2040  | 550000 | &nbsp;&nbsp; 545376 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2043  | 685000 | &nbsp;&nbsp; 661479 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4.125%, 9/01/2049  | 2000000 | &nbsp;&nbsp; 1864586 |
|  |  | &nbsp;&nbsp; $22492167 |
| **Total Municipal Bonds (Identified Cost, $145,966,874)** |  | &nbsp;&nbsp; **$140531448** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $179,025) | $274831 | &nbsp;&nbsp; $93140 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $141,472) | $248197 | &nbsp;&nbsp; $164120 |
| Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% | Mutual Funds (h) – 1.4% |
| Money Market Funds – 1.4% | Money Market Funds – 1.4% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $1,928,410) | 1928264 | &nbsp;&nbsp; $1928457 |
| Other Assets, Less Liabilities – (1.2)% |  | &nbsp;&nbsp; (1635046)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$141082119** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS California Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 98.6% | Municipal Bonds – 98.6% | Municipal Bonds – 98.6% |
| Airport Revenue – 11.4% | Airport Revenue – 11.4% | Airport Revenue – 11.4% |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", 5.25%, 7/01/2049  | $2725000 | &nbsp;&nbsp; $2825047 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", 5.25%, 7/01/2054  | 3250000 | &nbsp;&nbsp; 3351981 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", AGM, 4.375%, 7/01/2049  | 3000000 | &nbsp;&nbsp; 2819631 |
| California Municipal Finance Authority Rev. (LINXS APM Project), "A", 5%, 12/31/2047  | 2190000 | &nbsp;&nbsp; 2186574 |
| Fresno, CA, Airport Rev., "A", BAM, 4.25%, 7/01/2044  | 1000000 | &nbsp;&nbsp; 952384 |
| Fresno, CA, Airport Rev., "A", BAM, 5%, 7/01/2053  | 1000000 | &nbsp;&nbsp; 1013049 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5%, 6/01/2042  | 1425000 | &nbsp;&nbsp; 1459724 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5.25%, 6/01/2047  | 1500000 | &nbsp;&nbsp; 1532770 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2042  | 2000000 | &nbsp;&nbsp; 2119506 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 4.125%, 5/15/2043  | 500000 | &nbsp;&nbsp; 473336 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2048  | 4115000 | &nbsp;&nbsp; 4275116 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2050  | 4000000 | &nbsp;&nbsp; 4180363 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "H", 4%, 5/15/2047  | 3000000 | &nbsp;&nbsp; 2742945 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 4%, 5/15/2049  | 5000000 | &nbsp;&nbsp; 4489385 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "C", 5%, 5/15/2038  | 1935000 | &nbsp;&nbsp; 1970351 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "D", 5%, 5/15/2038  | 1305000 | &nbsp;&nbsp; 1346757 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 2840000 | &nbsp;&nbsp; 2875138 |
| Sacramento County, CA, Airport System Senior Rev., 5.25%, 7/01/2054  | 3500000 | &nbsp;&nbsp; 3730799 |
| Sacramento County, CA, Airport System Senior Rev., "A", 5.25%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2074695 |
| Sacramento County, CA, Airport System Senior Rev., "C", 5%, 7/01/2039  | 1000000 | &nbsp;&nbsp; 1019160 |
| Sacramento County, CA, Airport System Subordinate Rev., "D", AGM, 5.25%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2069961 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2047  | 665000 | &nbsp;&nbsp; 664847 |
| San Diego County, CA, Regional Airport Authority Senior Rev., "A", 5.25%, 7/01/2050  | 5000000 | &nbsp;&nbsp; 5231721 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2044  | 2605000 | &nbsp;&nbsp; 2631910 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5.25%, 5/01/2049  | 1000000 | &nbsp;&nbsp; 1037608 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 4%, 5/01/2052  | 2500000 | &nbsp;&nbsp; 2172733 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5.5%, 5/01/2055 (u) | 4000000 | &nbsp;&nbsp; 4258555 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046  | 4000000 | &nbsp;&nbsp; 3999752 |
| San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev., 5.25%, 5/01/2044  | 4000000 | &nbsp;&nbsp; 4187628 |
| San Francisco, CA, City & County Airports Commission, Refunding Rev., "C", 5.75%, 5/01/2048  | 5000000 | &nbsp;&nbsp; 5335619 |
| San Jose, CA, Airport Rev., "A", 5%, 3/01/2047  | 2000000 | &nbsp;&nbsp; 2000695 |
|  |  | &nbsp;&nbsp; $81029740 |
| General Obligations - General Purpose – 2.3% | General Obligations - General Purpose – 2.3% | General Obligations - General Purpose – 2.3% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $1080000 | &nbsp;&nbsp; $1004377 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 497583 | &nbsp;&nbsp; 551402 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 219601 | &nbsp;&nbsp; 217133 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 383721 | &nbsp;&nbsp; 374231 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 169415 | &nbsp;&nbsp; 160775 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 230339 | &nbsp;&nbsp; 206261 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 765550 | &nbsp;&nbsp; 660762 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 282606 | &nbsp;&nbsp; 201842 |
| Oakland, CA, General Obligation, "D", 5.5%, 7/15/2053  | 5000000 | &nbsp;&nbsp; 5340247 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 (Prerefunded 3/01/2030)  | 45000 | &nbsp;&nbsp; 48094 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036  | 2155000 | &nbsp;&nbsp; 2221760 |
| State of California, Various Purpose General Obligation, 5.25%, 10/01/2050  | 3000000 | &nbsp;&nbsp; 3202787 |
| State of California, Various Purpose General Obligation, 5.5%, 8/01/2054  | 1500000 | &nbsp;&nbsp; 1645656 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 440000 | &nbsp;&nbsp; 467003 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 410000 | &nbsp;&nbsp; 429827 |
|  |  | &nbsp;&nbsp; $16732157 |
| General Obligations - Schools – 14.5% | General Obligations - Schools – 14.5% | General Obligations - Schools – 14.5% |
| Alameda, CA, Unified School District Rev. (Election of 2022), "B", 4%, 8/01/2052  | $2000000 | &nbsp;&nbsp; $1867329 |
| Alvord, CA, Unified School District (Election of 2007), General Obligation, "A", BAM, 4%, 8/01/2048  | 1000000 | &nbsp;&nbsp; 928889 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2041  | 1795000 | &nbsp;&nbsp; 911782 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2045  | 1710000 | &nbsp;&nbsp; 692163 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2046  | 1700000 | &nbsp;&nbsp; 651879 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2047  | $1000000 | &nbsp;&nbsp; $363165 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2048  | 2900000 | &nbsp;&nbsp; 1000084 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 8/01/2049  | 3500000 | &nbsp;&nbsp; 1147638 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", 0%, 2/01/2050  | 3475000 | &nbsp;&nbsp; 1109190 |
| Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2042 (w) | 1000000 | &nbsp;&nbsp; 1047249 |
| Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2044 (w) | 1675000 | &nbsp;&nbsp; 1736450 |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029  | 4335000 | &nbsp;&nbsp; 3986185 |
| Conejo Valley, CA, Unified School District (Election of 2014), General Obligation, Capital Appreciation, "E", 0%, 8/01/2037  | 4240000 | &nbsp;&nbsp; 2662268 |
| Fresno, CA, Clovis Unified School District (Election of 2020), General Obligation, "C", 4%, 8/01/2048  | 5000000 | &nbsp;&nbsp; 4715348 |
| Garden Grove, CA, Unified School District (Election of 2016), General Obligation, BAM, 4%, 8/01/2046  | 3000000 | &nbsp;&nbsp; 2884863 |
| Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031  | 2120000 | &nbsp;&nbsp; 1798003 |
| Imperial County, CA, Community College District Rev., Capital Appreciation, "C", BAM, 0%, 8/01/2034  | 500000 | &nbsp;&nbsp; 353232 |
| Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033  | 1260000 | &nbsp;&nbsp; 934985 |
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% <br> to 8/01/2045 <br>| 1590000 | &nbsp;&nbsp; 1334172 |
| Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), "A", 4%, 8/01/2049  | 875000 | &nbsp;&nbsp; 806692 |
| Los Angeles County, CA, Unified School District General Obligation, "QRR", 5.25%, 7/01/2049  | 4000000 | &nbsp;&nbsp; 4297142 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2047 <br>| 1000000 | &nbsp;&nbsp; 364461 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2048 <br>| 2000000 | &nbsp;&nbsp; 691593 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2049 <br>| 1500000 | &nbsp;&nbsp; 491968 |
| Los Angeles, CA, Paramount Unified School District, General Obligation, "C", BAM, 3%, 8/01/2045  | 1750000 | &nbsp;&nbsp; 1382312 |
| Marin County, CA, San Rafael City Elementary School District Rev., "B", 4%, 8/01/2047  | 2595000 | &nbsp;&nbsp; 2484930 |
| Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, "B", AGM, 0%, 8/01/2032  | 1570000 | &nbsp;&nbsp; 1289652 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2046  | 170000 | &nbsp;&nbsp; 130501 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2050  | 105000 | &nbsp;&nbsp; 77526 |
| Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, "A", AGM, 0%, 8/01/2033  | 500000 | &nbsp;&nbsp; 394618 |
| Moreland, CA, School District (Election of 2002), Capital Appreciation, "B", FGIC, 0%, 8/01/2028  | 1440000 | &nbsp;&nbsp; 1335966 |
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, "A", 0% to 8/01/2028, <br> 6.25% to 8/01/2043 <br>| 5000000 | &nbsp;&nbsp; 4950501 |
| Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, "A", 0%, 8/01/2029  | 3385000 | &nbsp;&nbsp; 3079779 |
| Oakland, CA, Unified School District Rev., "A", AGM, 5.25%, 8/01/2048  | 7000000 | &nbsp;&nbsp; 7462804 |
| Pomona, CA, Unified School District, General Obligation, "F", BAM, 3%, 8/01/2048  | 90000 | &nbsp;&nbsp; 68249 |
| Riverside County, CA, Palm Springs Unified School District (Election of 2016), General Obligation, "B", 4%, 8/01/2049  | 3000000 | &nbsp;&nbsp; 2852894 |
| San Bernadino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation, "A", <br> BAM, 5%, 8/01/2050 (w)<br>| 850000 | &nbsp;&nbsp; 892845 |
| San Bernadino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation, "A", <br> BAM, 5%, 8/01/2055 (w)<br>| 2200000 | &nbsp;&nbsp; 2300808 |
| San Diego, CA, La Mesa-Spring Valley School District, General Obligation, "B", 4%, 8/01/2051  | 2000000 | &nbsp;&nbsp; 1850113 |
| San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, "B", AGM, 4%, 8/01/2045  | 1850000 | &nbsp;&nbsp; 1779584 |
| San Diego, CA, Unified School District (Election of 2012), General Obligation, "I", BAM, 4%, 7/01/2047  | 2145000 | &nbsp;&nbsp; 2036752 |
| San Francisco, CA, City & County Community College District (Election of 2020), General Obligation, "B", BAM, 5.25%, 6/15/2049  | 5000000 | &nbsp;&nbsp; 5364259 |
| San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, "D", 4%, 8/01/2049  | 2235000 | &nbsp;&nbsp; 2090669 |
| San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, "B", AGM, <br> 0%, 8/01/2043 (w)<br>| 840000 | &nbsp;&nbsp; 368186 |
| San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, "B", AGM, <br> 0%, 8/01/2044 (w)<br>| 940000 | &nbsp;&nbsp; 388063 |
| San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, "B", AGM, <br> 0%, 8/01/2045 (w)<br>| 1100000 | &nbsp;&nbsp; 428656 |
| Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, "A", <br> 0%, 8/01/2046 <br>| 750000 | &nbsp;&nbsp; 269755 |
| Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, "A", <br> 0%, 8/01/2047 <br>| 1750000 | &nbsp;&nbsp; 593920 |
| Santa Clara County, CA, Mountain View Whisman School District (Election of 2020), General Obligation, "B", 4.25%, 9/01/2045  | 5750000 | &nbsp;&nbsp; 5771251 |
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042  | 1000000 | &nbsp;&nbsp; 981826 |
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044  | 1250000 | &nbsp;&nbsp; 1209358 |
| South Monterey County, CA, Joint Union High School District (Election of 2018), "A-1", AGM, 4%, 8/01/2049  | 2480000 | &nbsp;&nbsp; 2385421 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Stanislaus County, CA, CERES Unified School District (Election of 2024), General Obligation, "A", BAM, 5%, 8/01/2050  | $4000000 | &nbsp;&nbsp; $4233118 |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046  | 2775000 | &nbsp;&nbsp; 980097 |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047  | 3035000 | &nbsp;&nbsp; 1016006 |
| Sweetwater, CA, Union High School District, "C", 4%, 8/01/2043  | 2000000 | &nbsp;&nbsp; 1940902 |
| West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, "A-1", AGM, 3%, 8/01/2046  | 3365000 | &nbsp;&nbsp; 2681682 |
| Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043  | 1250000 | &nbsp;&nbsp; 1007527 |
|  |  | &nbsp;&nbsp; $102857260 |
| Healthcare Revenue - Hospitals – 10.7% | Healthcare Revenue - Hospitals – 10.7% | Healthcare Revenue - Hospitals – 10.7% |
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), "A", 5%, 8/15/2051  | $5000000 | &nbsp;&nbsp; $5202973 |
| California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), "A", 5%, 8/15/2042  | 2550000 | &nbsp;&nbsp; 2546268 |
| California Health Facilities Financing Authority Rev. (Commonspirit Health), "A", 5%, 12/01/2054  | 5655000 | &nbsp;&nbsp; 5810377 |
| California Health Facilities Financing Authority Rev. (El Camino Health), "A", 5.25%, 2/01/2048  | 2500000 | &nbsp;&nbsp; 2661604 |
| California Health Facilities Financing Authority Rev. (Stanford Health Care), "A", 5.25%, 8/15/2054  | 2500000 | &nbsp;&nbsp; 2690252 |
| California Infrastructure & Economic Development Bank Rev. (Adventist Health Energy Projects), "A", 5.25%, 7/01/2054  | 3000000 | &nbsp;&nbsp; 3030292 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2036 (n) | 175000 | &nbsp;&nbsp; 180602 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2046 (n) | 750000 | &nbsp;&nbsp; 722914 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2036  | 1275000 | &nbsp;&nbsp; 1291495 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2037  | 850000 | &nbsp;&nbsp; 859456 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2042  | 425000 | &nbsp;&nbsp; 426863 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2042  | 2000000 | &nbsp;&nbsp; 2000096 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp; 993862 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "B", 4%, 7/01/2047  | 1685000 | &nbsp;&nbsp; 1459744 |
| California Municipal Finance Authority Rev. (Healthcore Northbay Properties), "A", 5.69%, 9/01/2035  | 2500000 | &nbsp;&nbsp; 2548624 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028  | 205000 | &nbsp;&nbsp; 205128 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029  | 165000 | &nbsp;&nbsp; 165102 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030  | 85000 | &nbsp;&nbsp; 85051 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044  | 415000 | &nbsp;&nbsp; 401244 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2047  | 1500000 | &nbsp;&nbsp; 1490966 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2052  | 4000000 | &nbsp;&nbsp; 4086842 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047  | 2545000 | &nbsp;&nbsp; 2476611 |
| California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), "A", 4%, 7/15/2051  | 2000000 | &nbsp;&nbsp; 1859577 |
| California Statewide Communities Development Authority Rev. (Emanate Health), "A", 4%, 4/01/2040  | 650000 | &nbsp;&nbsp; 642333 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057  | 5000000 | &nbsp;&nbsp; 5141509 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2053  | 1000000 | &nbsp;&nbsp; 1005657 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5.25%, 12/01/2054  | 3500000 | &nbsp;&nbsp; 3684175 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2057  | 2000000 | &nbsp;&nbsp; 2010482 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5%, 12/01/2041 (n) | 1405000 | &nbsp;&nbsp; 1405284 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5%, 12/01/2046 (n) | 200000 | &nbsp;&nbsp; 188884 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.5%, 12/01/2054  | 1650000 | &nbsp;&nbsp; 1649495 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2056 (n) | 1955000 | &nbsp;&nbsp; 1881990 |
| California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046  | 1925000 | &nbsp;&nbsp; 1929385 |
| California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038  | 1500000 | &nbsp;&nbsp; 1548014 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029)  | 5000 | &nbsp;&nbsp; 5400 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 65000 | &nbsp;&nbsp; 65713 |
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047  | 2000000 | &nbsp;&nbsp; 2004896 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026  | 300000 | &nbsp;&nbsp; 301916 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028  | 665000 | &nbsp;&nbsp; 699251 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029  | 635000 | &nbsp;&nbsp; 678772 |
| University of California Regents, Medical Center Pooled Rev., "P", 4%, 5/15/2053  | 5000000 | &nbsp;&nbsp; 4573527 |
| Upland, CA, San Antonio Regional Hospital, COP, 4%, 1/01/2042  | 1000000 | &nbsp;&nbsp; 900343 |
| Upland, CA, San Antonio Regional Hospital, COP, 5%, 1/01/2047  | 1000000 | &nbsp;&nbsp; 1003700 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2031  | 325000 | &nbsp;&nbsp; 350515 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2042  | 1000000 | &nbsp;&nbsp; 991439 |
|  |  | &nbsp;&nbsp; $75858623 |
| Healthcare Revenue - Long Term Care – 3.1% | Healthcare Revenue - Long Term Care – 3.1% | Healthcare Revenue - Long Term Care – 3.1% |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5%, 11/15/2043  | $750000 | &nbsp;&nbsp; $754893 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2048  | $1000000 | &nbsp;&nbsp; $1015156 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2053  | 1250000 | &nbsp;&nbsp; 1264901 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2058  | 2000000 | &nbsp;&nbsp; 2010567 |
| California Municipal Finance Authority Refunding Rev. (HumanGood-California Obligated Group), "A", 5.25%, 10/01/2044  | 1505000 | &nbsp;&nbsp; 1554384 |
| California Municipal Finance Authority Refunding Rev. (HumanGood-California Obligated Group), "A", 5.25%, 10/01/2045  | 1120000 | &nbsp;&nbsp; 1154397 |
| California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), "A", 5%, 4/01/2049  | 1300000 | &nbsp;&nbsp; 1283750 |
| California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), "A", 5%, 4/01/2054  | 1540000 | &nbsp;&nbsp; 1500444 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2036 (n) | 775000 | &nbsp;&nbsp; 766251 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2046 (n) | 1250000 | &nbsp;&nbsp; 1125357 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2040  | 500000 | &nbsp;&nbsp; 472271 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 5%, 4/01/2047  | 1835000 | &nbsp;&nbsp; 1805683 |
| California Statewide Communities Development Authority, Insured Refunding Rev. (Moldaw Residences), 5%, 11/01/2049  | 2000000 | &nbsp;&nbsp; 2069699 |
| California Statewide Communities Development Authority, Insured Refunding Rev. (Sequoia Living Projects), "A", 5%, 7/01/2050  | 3000000 | &nbsp;&nbsp; 3101477 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2039  | 430000 | &nbsp;&nbsp; 432150 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2040  | 435000 | &nbsp;&nbsp; 436792 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2043  | 980000 | &nbsp;&nbsp; 965883 |
|  |  | &nbsp;&nbsp; $21714055 |
| Human Services – 0.4% | Human Services – 0.4% | Human Services – 0.4% |
| California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), "A", 5%, 11/01/2049  | $750000 | &nbsp;&nbsp; $751142 |
| California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), "A", 5%, 11/01/2054  | 2000000 | &nbsp;&nbsp; 1972441 |
|  |  | &nbsp;&nbsp; $2723583 |
| Industrial Revenue - Environmental Services – 1.8% | Industrial Revenue - Environmental Services – 1.8% | Industrial Revenue - Environmental Services – 1.8% |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.875%, 3/01/2054 (Put Date <br> 3/01/2034) <br>| $4000000 | &nbsp;&nbsp; $3989807 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 3.45%, 10/01/2041 (Put <br> Date 10/02/2028) <br>| 3000000 | &nbsp;&nbsp; 2972614 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 2.4%, 10/01/2044 (Put <br> Date 10/01/2029) <br>| 3000000 | &nbsp;&nbsp; 2866809 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.1%, 12/01/2044 (Put <br> Date 12/01/2025) <br>| 3000000 | &nbsp;&nbsp; 3001337 |
|  |  | &nbsp;&nbsp; $12830567 |
| Local Authorities – 0.4% | Local Authorities – 0.4% | Local Authorities – 0.4% |
| Los Angeles, CA, Department of Water & Power System Rev., "A", BAM, 5%, 7/01/2053  | $1000000 | &nbsp;&nbsp; $1031851 |
| Los Angeles, CA, Department of Water & Power System Rev., "A", BAM, 5%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2054530 |
|  |  | &nbsp;&nbsp; $3086381 |
| Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% |
| Pasadena, CA, Public Financing Authority Lease Refunding Rev. (Rose Bowl Renovation Project), Capital Appreciation, <br> 0%, 6/01/2048 <br>| $1125000 | &nbsp;&nbsp; $397940 |
| San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev. (SFO Fuel Co. LLC), <br> 5%, 1/01/2040 <br>| 1510000 | &nbsp;&nbsp; 1537435 |
| San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053  | 5000000 | &nbsp;&nbsp; 5303920 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 205000 | &nbsp;&nbsp; 206590 |
|  |  | &nbsp;&nbsp; $7445885 |
| Multi-Family Housing Revenue – 14.5% | Multi-Family Housing Revenue – 14.5% | Multi-Family Housing Revenue – 14.5% |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-1", 4%, 2/01/2056 (n) | $2200000 | &nbsp;&nbsp; $1818573 |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-2", 4%, 2/01/2043 (n) | 2600000 | &nbsp;&nbsp; 2353947 |
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), "A-1", 3%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp; 1997076 |
| California Housing Finance Agency Municipal Certificates, "A", 4.375%, 9/20/2036  | 1957540 | &nbsp;&nbsp; 2000182 |
| California Housing Finance Agency, Affordable Housing Rev., "A-1", 4.125%, 8/01/2038  | 800000 | &nbsp;&nbsp; 805983 |
| California Housing Finance Agency, Limited Obligation Multi-Family Housing Rev. (Wakeland Riverwalk), "R", 4.95%, 8/01/2044  | 1800000 | &nbsp;&nbsp; 1864736 |
| California Housing Finance Agency, Multi-Family Housing (Bayview Apartments), "W", FNMA, 4%, 10/01/2039  | 3550000 | &nbsp;&nbsp; 3513765 |
| California Housing Finance Agency, Multi-Family Housing (LaSalle Apartments), "V", FNMA, 4.1%, 9/01/2040  | 5000000 | &nbsp;&nbsp; 4901628 |
| California Housing Finance Agency, Multi-Family Housing (Sisal Apartments), "DD", FNMA, 3.7%, 11/01/2037  | 5000000 | &nbsp;&nbsp; 5002498 |
| California Housing Finance Agency, Multi-Family Housing (All Hallows Apartments), "U", FNMA, 4.1%, 9/01/2040  | 5000000 | &nbsp;&nbsp; 4901628 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| California Housing Finance Agency, Multi-Family Housing Rev. (Ocean View Garden Apartments), "J", FNMA, 4.33%, 2/01/2042  | $3000000 | &nbsp;&nbsp; $2952829 |
| California Housing Finance Agency, Multi-Family Housing Rev. (Playa Del Alameda Apartments), "Q", FNMA, 4.25%, 8/01/2041  | 990000 | &nbsp;&nbsp; 977345 |
| California Housing Finance Agency, Multi-Family Housing Rev. (Shoreview Apartments), "T", FHLMC, 4.1%, 7/01/2040  | 5000000 | &nbsp;&nbsp; 4881932 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), "A", 4%, 11/01/2036 (n) | 4000000 | &nbsp;&nbsp; 3755324 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Gibson Drive Apartments Project), "A", 4.45%, 12/01/2042  | 4000000 | &nbsp;&nbsp; 4036323 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Whitmer Manor Community Partners LP), "A", FNMA, <br> 4.875%, 11/01/2043 <br>| 3100000 | &nbsp;&nbsp; 3215191 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), "A", 4.48%, 6/01/2044  | 5000000 | &nbsp;&nbsp; 4984221 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), "A", 5.28%, 9/01/2046  | 3300000 | &nbsp;&nbsp; 3516246 |
| California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), "A-2", 4%, 8/01/2047 (n) | 2500000 | &nbsp;&nbsp; 2248959 |
| California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), "A-1", 3.25%, 2/01/2057 (n) | 2000000 | &nbsp;&nbsp; 1418492 |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp; 2537659 |
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), "B", 4%, 3/01/2057 (n) | 2000000 | &nbsp;&nbsp; 1436599 |
| California Statewide Communities Development Authority, Multi-Family Housing Rev. (Vintage at Folsom), "E-1", FNMA, <br> 4%, 10/01/2042 <br>| 3650000 | &nbsp;&nbsp; 3409010 |
| Carlsbad, CA, Multi-Family Housing Rev. (Mariposa Apartments), "A", 4.6%, 2/01/2036  | 1580000 | &nbsp;&nbsp; 1613988 |
| Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 Apartments), <br> 3.375%, 1/01/2046 (Put Date 7/01/2026) <br>| 3600000 | &nbsp;&nbsp; 3601341 |
| Los Angeles, CA, Multi-Family Housing Authority Rev. (Clarendon Apartments), "A", 4.5%, 12/01/2059  | 8750000 | &nbsp;&nbsp; 8205021 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1302638 | &nbsp;&nbsp; 1287753 |
| National Finance Authority, NH, Municipal Certificates, "A-CA", 3.925%, 7/20/2039  | 4967443 | &nbsp;&nbsp; 4766314 |
| National Finance Authority, NH, Municipal Certificates, "B-CA", 3.925%, 7/20/2040  | 2000000 | &nbsp;&nbsp; 1791313 |
| North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 2965514 | &nbsp;&nbsp; 3036517 |
| Sacramento County, CA, Multi-Family Housing Authority (Albert Einstein Residence Center), "A", 4.125%, 5/01/2040  | 2470000 | &nbsp;&nbsp; 2415721 |
| San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), 4.6%, 2/01/2036  | 220000 | &nbsp;&nbsp; 211880 |
| San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), "C", 4.6%, 2/01/2036  | 1675000 | &nbsp;&nbsp; 1611526 |
| San Francisco, CA, City & County Multi-Family Housing Rev. (Sunnydale Hope SF Block 9), "B-1", FNMA, 5%, 2/01/2046  | 1245000 | &nbsp;&nbsp; 1280185 |
| San Jose, CA, Multi-Family Housing Rev. (Arcade), "A-1", FNMA, 5%, 9/01/2044  | 2600000 | &nbsp;&nbsp; 2720150 |
| Virginia Housing Development Authority, Rental Housing, "F", 5.15%, 11/01/2048  | 2000000 | &nbsp;&nbsp; 2041654 |
|  |  | &nbsp;&nbsp; $103113509 |
| Parking – 0.2% | Parking – 0.2% | Parking – 0.2% |
| Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047  | $1625000 | &nbsp;&nbsp; $1546865 |
| Port Revenue – 1.1% | Port Revenue – 1.1% | Port Revenue – 1.1% |
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2053  | $12000000 | &nbsp;&nbsp; $3051494 |
| Alameda, CA, Corridor Transportation Authority Rev., Convertible Capital Appreciation, "C", AGM, 0% to 10/01/2037, 5.45% <br> to 10/01/2052 <br>| 8195000 | &nbsp;&nbsp; 4691064 |
|  |  | &nbsp;&nbsp; $7742558 |
| Sales & Excise Tax Revenue – 1.9% | Sales & Excise Tax Revenue – 1.9% | Sales & Excise Tax Revenue – 1.9% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $390000 | &nbsp;&nbsp; $362258 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 9000 | &nbsp;&nbsp; 8114 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 114000 | &nbsp;&nbsp; 111370 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 382000 | &nbsp;&nbsp; 358989 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 5346000 | &nbsp;&nbsp; 5159274 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 944000 | &nbsp;&nbsp; 903200 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 385000 | &nbsp;&nbsp; 368360 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 2826000 | &nbsp;&nbsp; 2623690 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 31000 | &nbsp;&nbsp; 27424 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1566000 | &nbsp;&nbsp; 1280984 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1524000 | &nbsp;&nbsp; 1144547 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 780000 | &nbsp;&nbsp; 624000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 555000 | &nbsp;&nbsp; 499500 |
|  |  | &nbsp;&nbsp; $13471710 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Secondary Schools – 4.6% | Secondary Schools – 4.6% | Secondary Schools – 4.6% |
| California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2054  | $700000 | &nbsp;&nbsp; $650411 |
| California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2064  | 1350000 | &nbsp;&nbsp; 1223020 |
| California Enterprise Development Authority, Lease Rev. (Riverside County - Mead Valley Wellness Village Project), "A", <br> 5.5%, 11/01/2059 <br>| 3375000 | &nbsp;&nbsp; 3648906 |
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)  | 1000000 | &nbsp;&nbsp; 985738 |
| California Infrastructure & Economic Development Bank Rev. (Social Bonds), "B", 5%, 11/01/2059  | 1000000 | &nbsp;&nbsp; 1002827 |
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), "B", <br> 4%, 11/01/2050 <br>| 500000 | &nbsp;&nbsp; 429126 |
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), "B", <br> 4.125%, 11/01/2052 <br>| 3075000 | &nbsp;&nbsp; 2666040 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), "A", 5%, 7/01/2038 (n) | 970000 | &nbsp;&nbsp; 941737 |
| California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), "A", 5%, 6/01/2046  | 750000 | &nbsp;&nbsp; 742808 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.5%, 5/01/2044  | 350000 | &nbsp;&nbsp; 351136 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.75%, 5/01/2054  | 435000 | &nbsp;&nbsp; 435489 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.875%, 5/01/2059  | 390000 | &nbsp;&nbsp; 392104 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 940000 | &nbsp;&nbsp; 935385 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450000 | &nbsp;&nbsp; 441306 |
| California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), "A", 5%, 7/01/2045  | 1700000 | &nbsp;&nbsp; 1680484 |
| California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), "A", 5%, 7/01/2055  | 1845000 | &nbsp;&nbsp; 1797372 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.25%, 8/01/2038  | 500000 | &nbsp;&nbsp; 509635 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2043  | 550000 | &nbsp;&nbsp; 555432 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2047  | 525000 | &nbsp;&nbsp; 525078 |
| California School Finance Authority, Charter School Rev. (Alliance for College - Ready Public Schools Projects), 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp; 1009338 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415000 | &nbsp;&nbsp; 394321 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2040 (n) | 525000 | &nbsp;&nbsp; 526383 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2050 (n) | 1000000 | &nbsp;&nbsp; 948539 |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (a)(d)(z) | 1000000 | &nbsp;&nbsp; 600000 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", <br> 5%, 6/01/2030 (n)<br>| 700000 | &nbsp;&nbsp; 712269 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", <br> 5%, 6/01/2050 (n)<br>| 2120000 | &nbsp;&nbsp; 1966206 |
| California School Finance Authority, School Facility Rev. (Alliance for College - Ready Public Schools Projects), "A", 5%, 7/01/2030 (n) | 1245000 | &nbsp;&nbsp; 1246611 |
| California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), "A", 5%, 7/01/2054  | 525000 | &nbsp;&nbsp; 510133 |
| California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), "A", 5%, 7/01/2064  | 1000000 | &nbsp;&nbsp; 952288 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2038 (n) | 870000 | &nbsp;&nbsp; 883372 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2048 (n) | 870000 | &nbsp;&nbsp; 860332 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2037 (n) | 505000 | &nbsp;&nbsp; 512010 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2047 (n) | 745000 | &nbsp;&nbsp; 735589 |
| California School Finance Authority, School Facility Rev. (KIPP Socal Projects), "A", 5%, 7/01/2049 (n) | 1050000 | &nbsp;&nbsp; 1036037 |
|  |  | &nbsp;&nbsp; $32807462 |
| Single Family Housing - State – 0.9% | Single Family Housing - State – 0.9% | Single Family Housing - State – 0.9% |
| California Department of Veterans Affairs, Home Purchase Rev., "A", 5.5%, 12/01/2052  | $805000 | &nbsp;&nbsp; $851221 |
| California Department of Veterans Affairs, Home Purchase Rev., "A", 4.3%, 12/01/2054  | 6000000 | &nbsp;&nbsp; 5802164 |
|  |  | &nbsp;&nbsp; $6653385 |
| State & Local Agencies – 4.5% | State & Local Agencies – 4.5% | State & Local Agencies – 4.5% |
| Garden Grove, CA, Public Financing Authority Rev., "A", BAM, 4%, 4/01/2054  | $4000000 | &nbsp;&nbsp; $3683362 |
| Indio, CA, Public Financing Authority Lease Rev., "A", BAM, 5.25%, 11/01/2047  | 3735000 | &nbsp;&nbsp; 3971490 |
| Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2050 (w) | 1450000 | &nbsp;&nbsp; 1504749 |
| Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2055 (w) | 4000000 | &nbsp;&nbsp; 4127325 |
| Los Angeles County, CA, Public Works Financing Authority Rev., "H", 5.5%, 12/01/2053  | 2000000 | &nbsp;&nbsp; 2174913 |
| North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047  | 4425000 | &nbsp;&nbsp; 4761040 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2039  | 700000 | &nbsp;&nbsp; 768528 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2040  | 900000 | &nbsp;&nbsp; 978946 |
| Ontario, CA, Public Financing Authority Lease Rev., "A", 4.5%, 11/01/2055  | 1000000 | &nbsp;&nbsp; 986066 |
| San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.375%, 10/01/2043  | 2000000 | &nbsp;&nbsp; 2015056 |
| San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.5%, 10/01/2045  | 2000000 | &nbsp;&nbsp; 2027310 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), "A", 3%, 5/01/2039  | $5270000 | &nbsp;&nbsp; $4700488 |
|  |  | &nbsp;&nbsp; $31699273 |
| Tax - Other – 1.5% | Tax - Other – 1.5% | Tax - Other – 1.5% |
| California Municipal Finance Authority, Special Tax Rev., "B", 5.5%, 9/01/2043  | $625000 | &nbsp;&nbsp; $651804 |
| California Municipal Finance Authority, Special Tax Rev., "B", 5.75%, 9/01/2053  | 1850000 | &nbsp;&nbsp; 1936248 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | 2195000 | &nbsp;&nbsp; 2250882 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 340000 | &nbsp;&nbsp; 334820 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 735000 | &nbsp;&nbsp; 764287 |
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)  | 515000 | &nbsp;&nbsp; 515248 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 170000 | &nbsp;&nbsp; 171653 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 500000 | &nbsp;&nbsp; 501071 |
| Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058  | 4000000 | &nbsp;&nbsp; 3616463 |
|  |  | &nbsp;&nbsp; $10742476 |
| Tax Assessment – 3.9% | Tax Assessment – 3.9% | Tax Assessment – 3.9% |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "A", 5%, 9/02/2048  | $940000 | &nbsp;&nbsp; $946625 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 5%, 9/02/2044  | 1000000 | &nbsp;&nbsp; 1018168 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 4%, 9/02/2050  | 505000 | &nbsp;&nbsp; 423739 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 4%, 9/02/2040  | 1975000 | &nbsp;&nbsp; 1871613 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2044  | 500000 | &nbsp;&nbsp; 502903 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2049  | 500000 | &nbsp;&nbsp; 501146 |
| Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031  | 1000000 | &nbsp;&nbsp; 1013467 |
| Mountain House, CA, Special Tax Community Facilities District No. 2024-1 (Public Facilities and Services), 5%, 9/01/2055  | 2000000 | &nbsp;&nbsp; 1985032 |
| Newport Beach, CA, Limited Obligation Improvement Bonds, "A", 4.125%, 9/02/2038  | 565000 | &nbsp;&nbsp; 565351 |
| Newport Beach, CA, Limited Obligation Improvement Bonds, "A", 5%, 9/02/2043  | 640000 | &nbsp;&nbsp; 658060 |
| Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033  | 1000000 | &nbsp;&nbsp; 1014735 |
| River Islands, CA, Public Finance Authority, Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, "A-1", <br> AGM, 4.25%, 9/01/2047 <br>| 5000000 | &nbsp;&nbsp; 4865923 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042  | 1000000 | &nbsp;&nbsp; 1000255 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047  | 2550000 | &nbsp;&nbsp; 2558570 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", <br> 4%, 9/01/2026 (n)<br>| 35000 | &nbsp;&nbsp; 35252 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", <br> 4%, 9/01/2051 (n)<br>| 1600000 | &nbsp;&nbsp; 1355388 |
| San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), "A", <br> 5%, 8/01/2043 <br>| 750000 | &nbsp;&nbsp; 750262 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay <br> South Public Improvements), AGM, 5.25%, 8/01/2041 <br>| 1500000 | &nbsp;&nbsp; 1650970 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay <br> South Public Improvements), AGM, 5.25%, 8/01/2042 <br>| 1250000 | &nbsp;&nbsp; 1362913 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission Bay <br> South Public Improvements), AGM, 5.25%, 8/01/2043 <br>| 1000000 | &nbsp;&nbsp; 1082911 |
| San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, "A", AGM, 4%, 10/01/2048  | 835000 | &nbsp;&nbsp; 806899 |
| San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, "A", AGM, <br> 4.125%, 10/01/2053 <br>| 1000000 | &nbsp;&nbsp; 959377 |
| Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), "B", 5%, 10/01/2034  | 300000 | &nbsp;&nbsp; 312054 |
| Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), "B", 5%, 10/01/2038  | 275000 | &nbsp;&nbsp; 279981 |
|  |  | &nbsp;&nbsp; $27521594 |
| Tobacco – 1.7% | Tobacco – 1.7% | Tobacco – 1.7% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | $855000 | &nbsp;&nbsp; $729347 |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, "B-2", <br> 0%, 6/01/2055 <br>| 4750000 | &nbsp;&nbsp; 944345 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 4%, 6/01/2049  | 3515000 | &nbsp;&nbsp; 3001964 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 5%, 6/01/2049  | 135000 | &nbsp;&nbsp; 133956 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), "B-1", 5%, 6/01/2049  | 215000 | &nbsp;&nbsp; 213070 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, "B-2", <br> 0%, 6/01/2055 <br>| 10000000 | &nbsp;&nbsp; 1937114 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tobacco – continued | Tobacco – continued | Tobacco – continued |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 5%, 6/01/2051  | $4000000 | &nbsp;&nbsp; $3940429 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 1075000 | &nbsp;&nbsp; 979464 |
|  |  | &nbsp;&nbsp; $11879689 |
| Toll Roads – 0.1% | Toll Roads – 0.1% | Toll Roads – 0.1% |
| Bay Area, CA, Toll Authority Bridge Rev., "F-1", 5%, 4/01/2053  | $500000 | &nbsp;&nbsp; $527650 |
| Universities - Colleges – 3.7% | Universities - Colleges – 3.7% | Universities - Colleges – 3.7% |
| California Educational Facilities Authority Rev. (Art Center College of Design), "A", 5%, 12/01/2036  | $2060000 | &nbsp;&nbsp; $2113915 |
| California Educational Facilities Authority Rev. (Chapman University), "B", 4%, 4/01/2047  | 1000000 | &nbsp;&nbsp; 934796 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2036  | 425000 | &nbsp;&nbsp; 431070 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2037  | 1265000 | &nbsp;&nbsp; 1280990 |
| California Educational Facilities Authority Rev. (Santa Clara University), "A", 5%, 4/01/2045  | 500000 | &nbsp;&nbsp; 534010 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2036  | 1000000 | &nbsp;&nbsp; 1004330 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp; 1003679 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2038  | 500000 | &nbsp;&nbsp; 501498 |
| California Educational Facilities Authority Rev. (University of San Francisco), "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 1026080 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.125%, 11/01/2040  | 1350000 | &nbsp;&nbsp; 1381049 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.375%, 11/01/2045  | 775000 | &nbsp;&nbsp; 784968 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.625%, 11/01/2054  | 500000 | &nbsp;&nbsp; 505818 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039  | 1000000 | &nbsp;&nbsp; 1010919 |
| California Municipal Finance Authority Rev. (Emerson College), "B", 5%, 1/01/2042  | 4310000 | &nbsp;&nbsp; 4311869 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039  | 500000 | &nbsp;&nbsp; 415608 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048  | 2500000 | &nbsp;&nbsp; 1855074 |
| California Municipal Finance Authority, Academic Facilities Rev. (CoreLink-Scripps Holdings LLC-Scripps College Project), "A", <br> 5.5%, 7/01/2060 <br>| 1000000 | &nbsp;&nbsp; 1047273 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 375000 | &nbsp;&nbsp; 394949 |
| California State University Systemwide Rev., "A", 5%, 11/01/2047  | 4000000 | &nbsp;&nbsp; 4284103 |
| California State University Systemwide Rev., "A", 3%, 11/01/2052  | 2000000 | &nbsp;&nbsp; 1474692 |
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), "E", 3%, 8/01/2051  | 200000 | &nbsp;&nbsp; 150086 |
|  |  | &nbsp;&nbsp; $26446776 |
| Universities - Dormitories – 2.0% | Universities - Dormitories – 2.0% | Universities - Dormitories – 2.0% |
| California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC Project), <br> "A", 5%, 1/15/2039 <br>| $650000 | &nbsp;&nbsp; $686394 |
| California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC Project), <br> "A", 5%, 1/15/2045 <br>| 1000000 | &nbsp;&nbsp; 1015824 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), <br> "A", 5%, 8/01/2055 <br>| 825000 | &nbsp;&nbsp; 832886 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), <br> "A", 5%, 8/01/2057 <br>| 450000 | &nbsp;&nbsp; 452373 |
| California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), "A", 5%, 6/01/2035  | 225000 | &nbsp;&nbsp; 225171 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), <br> 5%, 5/15/2037 <br>| 2605000 | &nbsp;&nbsp; 2681945 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2034 (n) | 375000 | &nbsp;&nbsp; 384569 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2039 (n) | 475000 | &nbsp;&nbsp; 476023 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2051 (n) | 1440000 | &nbsp;&nbsp; 1328715 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2039 (n)<br>| 1740000 | &nbsp;&nbsp; 1760929 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2045 (n) | 3000000 | &nbsp;&nbsp; 2820967 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, "B", <br> 0% to 7/01/2035, 6.75% to 7/01/2061 (n)<br>| 3250000 | &nbsp;&nbsp; 1532369 |
|  |  | &nbsp;&nbsp; $14198165 |
| Utilities - Cogeneration – 0.4% | Utilities - Cogeneration – 0.4% | Utilities - Cogeneration – 0.4% |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination <br> Project Pipeline), 5%, 7/01/2039 (n)<br>| $1000000 | &nbsp;&nbsp; $1021879 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Cogeneration – continued | Utilities - Cogeneration – continued | Utilities - Cogeneration – continued |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination <br> Project Pipeline), 5%, 11/21/2045 (n)<br>| $1610000 | &nbsp;&nbsp; $1624566 |
|  |  | &nbsp;&nbsp; $2646445 |
| Utilities - Municipal Owned – 1.0% | Utilities - Municipal Owned – 1.0% | Utilities - Municipal Owned – 1.0% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $475000 | &nbsp;&nbsp; $325375 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 765000 | &nbsp;&nbsp; 524025 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 600000 | &nbsp;&nbsp; 411000 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 455000 | &nbsp;&nbsp; 311675 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 620000 | &nbsp;&nbsp; 424700 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 55000 | &nbsp;&nbsp; 54916 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 325000 | &nbsp;&nbsp; 222625 |
| San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, "A", 5%, 11/01/2053  | 3500000 | &nbsp;&nbsp; 3638308 |
| Truckee Donner Public Utility District, CA, Electric System Rev., "A", 5%, 11/15/2037  | 1250000 | &nbsp;&nbsp; 1340052 |
|  |  | &nbsp;&nbsp; $7252676 |
| Utilities - Other – 7.6% | Utilities - Other – 7.6% | Utilities - Other – 7.6% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $1195000 | &nbsp;&nbsp; $1221561 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 2735000 | &nbsp;&nbsp; 2921134 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "A-1", 5%, 12/01/2053 (Put Date <br> 8/01/2029) <br>| 5000000 | &nbsp;&nbsp; 5322382 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "B", 5%, 3/01/2056 (Put Date <br> 11/01/2035) <br>| 3000000 | &nbsp;&nbsp; 3289621 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 5000000 | &nbsp;&nbsp; 5334561 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, 8/01/2055 (Put Date <br> 10/01/2032) <br>| 9000000 | &nbsp;&nbsp; 9702359 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, 2/01/2055 (Put Date <br> 9/01/2032) <br>| 4000000 | &nbsp;&nbsp; 4391758 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "E", 5%, 2/01/2055 (Put Date <br> 9/01/2032) <br>| 2000000 | &nbsp;&nbsp; 2183231 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, 10/01/2054 (Put Date <br> 11/01/2030) <br>| 2955000 | &nbsp;&nbsp; 3235949 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, 1/01/2056 (Put Date <br> 8/01/2033) <br>| 5000000 | &nbsp;&nbsp; 5578154 |
| California M-S-R Energy Authority, Gas Rev., "A", 7%, 11/01/2034  | 1750000 | &nbsp;&nbsp; 2123292 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035)  | 3000000 | &nbsp;&nbsp; 3284800 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1900000 | &nbsp;&nbsp; 2073696 |
| Southern California Public Power Authority (Natural Gas Project No. 1), "A", 5%, 11/01/2033  | 1655000 | &nbsp;&nbsp; 1784339 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1520000 | &nbsp;&nbsp; 1640418 |
|  |  | &nbsp;&nbsp; $54087255 |
| Water & Sewer Utility Revenue – 3.4% | Water & Sewer Utility Revenue – 3.4% | Water & Sewer Utility Revenue – 3.4% |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.625%, 9/01/2047  | $1000000 | &nbsp;&nbsp; $1018561 |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.75%, 9/01/2052  | 1100000 | &nbsp;&nbsp; 1111622 |
| East Bay, CA, Municipal Utility District Wastewater System Rev., "A", 5%, 6/01/2049  | 1000000 | &nbsp;&nbsp; 1063066 |
| East Bay, CA, Municipal Utility District Wastewater System Rev., "A", 5%, 6/01/2054  | 1000000 | &nbsp;&nbsp; 1057091 |
| East Bay, CA, Municipal Utility District Water System Refunding Rev., "A", 5%, 6/01/2054  | 2000000 | &nbsp;&nbsp; 2114182 |
| El Dorado, CA, Irrigation District Rev., COP, "A", 4%, 3/01/2050  | 3500000 | &nbsp;&nbsp; 3198048 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 720000 | &nbsp;&nbsp; 720023 |
| North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), "A", AGM, 5.25%, 5/01/2050  | 2005000 | &nbsp;&nbsp; 2138206 |
| North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), "A", AGM, 5.25%, 5/01/2054  | 1350000 | &nbsp;&nbsp; 1434108 |
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048  | 3500000 | &nbsp;&nbsp; 3336361 |
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053  | 1500000 | &nbsp;&nbsp; 1412384 |
| Santa Barbara County, CA, Solid Waste System Rev., COP, "B", 5%, 12/01/2036  | 2000000 | &nbsp;&nbsp; 2069189 |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | 1560000 | &nbsp;&nbsp; 1616622 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Truckee Donner Public Utility District, CA, Water System Rev., "A", 5%, 11/15/2042  | $2070000 | &nbsp;&nbsp; $2212880 |
|  |  | &nbsp;&nbsp; $24502343 |
| **Total Municipal Bonds (Identified Cost, $714,906,805)** |  | &nbsp;&nbsp; **$701118082** |
| Bonds – 0.0% | Bonds – 0.0% | Bonds – 0.0% |
| Transportation - Services – 0.0% | Transportation - Services – 0.0% | Transportation - Services – 0.0% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $680,208) | $1044360 | &nbsp;&nbsp; $353933 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $517,859) | $908524 | &nbsp;&nbsp; $600762 |
| Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% |
| Money Market Funds – 2.8% | Money Market Funds – 2.8% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $19,779,175) | 19776763 | &nbsp;&nbsp; $19778741 |
| Other Assets, Less Liabilities – (1.5)% |  | &nbsp;&nbsp; (10493015)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$711358503** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Georgia Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 98.2% | Municipal Bonds – 98.2% | Municipal Bonds – 98.2% |
| Airport Revenue – 4.0% | Airport Revenue – 4.0% | Airport Revenue – 4.0% |
| Atlanta, GA, Airport General Rev., "B", 5.25%, 7/01/2049  | $1000000 | &nbsp;&nbsp; $1042538 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2052  | 1000000 | &nbsp;&nbsp; 1015117 |
| Atlanta, GA, Airport General Rev., "C", 5%, 7/01/2053  | 500000 | &nbsp;&nbsp; 508792 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2044  | 1000000 | &nbsp;&nbsp; 1010740 |
| Atlanta, GA, Airport Passenger Facility Charge Rev., "D", 4%, 7/01/2039  | 120000 | &nbsp;&nbsp; 116750 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 500000 | &nbsp;&nbsp; 506186 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 25000 | &nbsp;&nbsp; 25008 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 40000 | &nbsp;&nbsp; 40000 |
|  |  | &nbsp;&nbsp; $4265131 |
| General Obligations - General Purpose – 4.7% | General Obligations - General Purpose – 4.7% | General Obligations - General Purpose – 4.7% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $220000 | &nbsp;&nbsp; $204595 |
| Cartersville, GA, General Obligation, 2%, 10/01/2040  | 1000000 | &nbsp;&nbsp; 712509 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 150816 | &nbsp;&nbsp; 167128 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 46290 | &nbsp;&nbsp; 45770 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 85068 | &nbsp;&nbsp; 82964 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 35711 | &nbsp;&nbsp; 33890 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 48553 | &nbsp;&nbsp; 43478 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 171495 | &nbsp;&nbsp; 148021 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 59571 | &nbsp;&nbsp; 42547 |
| Dacula, GA, Urban Redevelopment Agency Rev. (Georgia Project), AGM, 4.125%, 2/01/2050  | 1000000 | &nbsp;&nbsp; 921968 |
| Roswell, GA, General Obligation, "A", 4%, 2/01/2048  | 500000 | &nbsp;&nbsp; 481414 |
| Senoia, GA, Building and Facilities Authority Rev., 4%, 12/01/2046  | 1000000 | &nbsp;&nbsp; 942345 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 180000 | &nbsp;&nbsp; 191047 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 85000 | &nbsp;&nbsp; 88961 |
| Washington County, GA, Hospital Authority Rev., Anticipation Certificates (Medical Center Project), 4%, 2/01/2044  | 1000000 | &nbsp;&nbsp; 944767 |
|  |  | &nbsp;&nbsp; $5051404 |
| General Obligations - Schools – 3.4% | General Obligations - Schools – 3.4% | General Obligations - Schools – 3.4% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $370000 | &nbsp;&nbsp; $282404 |
| Commerce, GA, City School District, General Obligation, 6%, 8/01/2047  | 500000 | &nbsp;&nbsp; 567407 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 930000 | &nbsp;&nbsp; 720729 |
| Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043  | 1000000 | &nbsp;&nbsp; 1060270 |
| Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044  | 1000000 | &nbsp;&nbsp; 1053474 |
|  |  | &nbsp;&nbsp; $3684284 |
| Healthcare Revenue - Hospitals – 12.4% | Healthcare Revenue - Hospitals – 12.4% | Healthcare Revenue - Hospitals – 12.4% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $210000 | &nbsp;&nbsp; $189446 |
| Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center, Inc. Project), 5%, 7/01/2055  | 750000 | &nbsp;&nbsp; 770004 |
| Cedartown, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded <br> 7/01/2026) <br>| 500000 | &nbsp;&nbsp; 508919 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 25000 | &nbsp;&nbsp; 21312 |
| Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), "A", 5.75%, 4/01/2053  | 1000000 | &nbsp;&nbsp; 1070701 |
| Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), "A", AGM, 5%, 4/01/2048  | 1000000 | &nbsp;&nbsp; 1022696 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048  | 250000 | &nbsp;&nbsp; 226623 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), "B", 5%, 8/15/2041  | 850000 | &nbsp;&nbsp; 906966 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), "B", FNMA, <br> 5%, 8/15/2042 <br>| 450000 | &nbsp;&nbsp; 475119 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 15000 | &nbsp;&nbsp; 15165 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2039  | 400000 | &nbsp;&nbsp; 393565 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2049  | 1000000 | &nbsp;&nbsp; 888851 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034  | 1000000 | &nbsp;&nbsp; 1024355 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), "A", 5%, 4/01/2042  | 750000 | &nbsp;&nbsp; 756170 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), <br> 5%, 8/01/2028 <br>| 400000 | &nbsp;&nbsp; 400396 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2042  | 1000000 | &nbsp;&nbsp; 1007236 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 695000 | &nbsp;&nbsp; 624655 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | $745000 | &nbsp;&nbsp; $723570 |
| Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036  | 1000000 | &nbsp;&nbsp; 1002680 |
| Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), "A", 4%, 7/01/2043  | 1000000 | &nbsp;&nbsp; 917912 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049  | 550000 | &nbsp;&nbsp; 490270 |
|  |  | &nbsp;&nbsp; $13436611 |
| Healthcare Revenue - Long Term Care – 0.9% | Healthcare Revenue - Long Term Care – 0.9% | 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  | $500000 | &nbsp;&nbsp; $502017 |
| Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. <br> Obligated Group), 5%, 11/15/2033 <br>| 500000 | &nbsp;&nbsp; 506018 |
|  |  | &nbsp;&nbsp; $1008035 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | 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) | $130000 | &nbsp;&nbsp; $94161 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $150000 | &nbsp;&nbsp; $145450 |
| Miscellaneous Revenue - Other – 7.1% | Miscellaneous Revenue - Other – 7.1% | Miscellaneous Revenue - Other – 7.1% |
| Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, "A-1", 0% to 6/15/2028, <br> 6.5% to 12/15/2048 <br>| $275000 | &nbsp;&nbsp; $241304 |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-1", 5%, 4/01/2034 (n) | 500000 | &nbsp;&nbsp; 506424 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "A", 4%, 1/01/2054  | 1250000 | &nbsp;&nbsp; 1037474 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 1000000 | &nbsp;&nbsp; 915535 |
| Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), "A", 4.625%, 5/01/2043  | 1000000 | &nbsp;&nbsp; 1015684 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2036  | 500000 | &nbsp;&nbsp; 503344 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2044  | 660000 | &nbsp;&nbsp; 665989 |
| Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052  | 1000000 | &nbsp;&nbsp; 1000774 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 280000 | &nbsp;&nbsp; 279999 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028  | 175000 | &nbsp;&nbsp; 175053 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2061  | 500000 | &nbsp;&nbsp; 497097 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 6.25%, 6/01/2061  | 250000 | &nbsp;&nbsp; 250227 |
| Savannah, GA, Convention Center Authority, Convention Center Hotel Third Tier Rev. (HMT Pledge), "C", AGM, 5%, 6/01/2058  | 500000 | &nbsp;&nbsp; 503938 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 45000 | &nbsp;&nbsp; 45349 |
|  |  | &nbsp;&nbsp; $7638191 |
| Multi-Family Housing Revenue – 9.2% | Multi-Family Housing Revenue – 9.2% | Multi-Family Housing Revenue – 9.2% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Connell Commons), "A", 4.75%, 5/01/2043  | $1000000 | &nbsp;&nbsp; $1000229 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Flats at Stone Hogan), FNMA, 4.37%, 5/01/2044  | 1000000 | &nbsp;&nbsp; 973543 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), "A", 4.75%, 6/01/2043  | 1000000 | &nbsp;&nbsp; 1044000 |
| DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034  | 1000000 | &nbsp;&nbsp; 996747 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034  | 1000000 | &nbsp;&nbsp; 995522 |
| DeKalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), "A", 4%, 12/01/2033  | 1000000 | &nbsp;&nbsp; 1013940 |
| Douglas County, GA, Housing Authority, Multi-Family Rev. (Durelee Lane Senior Residences), "A", FNMA, 5.1%, 2/01/2044  | 1000000 | &nbsp;&nbsp; 1033422 |
| Griffin, GA, Housing Authority, Multi-Family Housing Rev. (Parc at Rosenwald), "A", FNMA, 5.15%, 9/01/2044  | 1000000 | &nbsp;&nbsp; 1049833 |
| Lawrenceville, GA, Housing Finance Authority, Multi-Family Rev. (Applewood Towers Project), "A", 4.375%, 10/01/2042  | 990000 | &nbsp;&nbsp; 981007 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 315899 | &nbsp;&nbsp; 312290 |
| Savannah, GA, Housing Authority, Multi-Family (Pines at Garden City Project), FNMA, 4.75%, 3/01/2042  | 500000 | &nbsp;&nbsp; 519446 |
|  |  | &nbsp;&nbsp; $9919979 |
| Port Revenue – 2.5% | Port Revenue – 2.5% | Port Revenue – 2.5% |
| Georgia Ports Authority Rev., 4%, 7/01/2047  | $1000000 | &nbsp;&nbsp; $935902 |
| Georgia Ports Authority Rev., 4%, 7/01/2052  | 1000000 | &nbsp;&nbsp; 918777 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055  | 1000000 | &nbsp;&nbsp; 875973 |
|  |  | &nbsp;&nbsp; $2730652 |
| Sales & Excise Tax Revenue – 5.4% | Sales & Excise Tax Revenue – 5.4% | Sales & Excise Tax Revenue – 5.4% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, "B-<br> 1", AGM, 0%, 6/15/2044 <br>| $1205000 | &nbsp;&nbsp; $490855 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $90000 | &nbsp;&nbsp; $83598 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "A", 5.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 1073040 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "A", 5%, 7/01/2039  | 1000000 | &nbsp;&nbsp; 1102858 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "E-1", 3%, 7/01/2040  | 1000000 | &nbsp;&nbsp; 858741 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 24000 | &nbsp;&nbsp; 23446 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 82000 | &nbsp;&nbsp; 77060 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 627000 | &nbsp;&nbsp; 605100 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 196000 | &nbsp;&nbsp; 187529 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 83000 | &nbsp;&nbsp; 79413 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 578000 | &nbsp;&nbsp; 536622 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 6000 | &nbsp;&nbsp; 5308 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 326000 | &nbsp;&nbsp; 266667 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 316000 | &nbsp;&nbsp; 237321 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 145000 | &nbsp;&nbsp; 49259 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 245000 | &nbsp;&nbsp; 196000 |
|  |  | &nbsp;&nbsp; $5872817 |
| Secondary Schools – 0.6% | Secondary Schools – 0.6% | Secondary Schools – 0.6% |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2055  | $500000 | &nbsp;&nbsp; $471226 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2049 (n) | 250000 | &nbsp;&nbsp; 223704 |
|  |  | &nbsp;&nbsp; $694930 |
| Single Family Housing - State – 8.3% | Single Family Housing - State – 8.3% | Single Family Housing - State – 8.3% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $70000 | &nbsp;&nbsp; $70139 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.15%, 12/01/2038  | 1000000 | &nbsp;&nbsp; 999100 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.85%, 12/01/2041  | 1465000 | &nbsp;&nbsp; 1383735 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.6%, 12/01/2044  | 1000000 | &nbsp;&nbsp; 900131 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4%, 12/01/2048  | 405000 | &nbsp;&nbsp; 372650 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.6%, 12/01/2049  | 1000000 | &nbsp;&nbsp; 984931 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.7%, 12/01/2054  | 1000000 | &nbsp;&nbsp; 1000221 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "B", 4.875%, 12/01/2038  | 685000 | &nbsp;&nbsp; 705460 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "C", 5.05%, 12/01/2045  | 1000000 | &nbsp;&nbsp; 1024542 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "C", 4.55%, 12/01/2049  | 750000 | &nbsp;&nbsp; 744204 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.45%, 9/01/2043 <br>| 595000 | &nbsp;&nbsp; 596686 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.5%, 9/01/2046 <br>| 195000 | &nbsp;&nbsp; 192777 |
|  |  | &nbsp;&nbsp; $8974576 |
| State & Local Agencies – 3.8% | State & Local Agencies – 3.8% | State & Local Agencies – 3.8% |
| Fayette County, GA, Development Authority Rev. (United States Soccer Federation, Inc. Project), 5.25%, 10/01/2054  | $1000000 | &nbsp;&nbsp; $1024833 |
| Georgia Municipal Association, Inc. (City of Fairburn Project), 4%, 1/01/2055  | 1000000 | &nbsp;&nbsp; 910354 |
| Knightdale, NC, Limited Obligation, 4%, 3/01/2043  | 650000 | &nbsp;&nbsp; 626981 |
| Knightdale, NC, Limited Obligation, 4%, 3/01/2045  | 550000 | &nbsp;&nbsp; 522894 |
| Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054  | 1000000 | &nbsp;&nbsp; 1032869 |
|  |  | &nbsp;&nbsp; $4117931 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp; $4826 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 130000 | &nbsp;&nbsp; 100520 |
|  |  | &nbsp;&nbsp; $105346 |
| Tax - Other – 2.8% | Tax - Other – 2.8% | Tax - Other – 2.8% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $435000 | &nbsp;&nbsp; $446075 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 70000 | &nbsp;&nbsp; 68934 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 185000 | &nbsp;&nbsp; 192371 |
| Cobb-Marietta, GA, Coliseum & Exhibit Hall Authority Rev. (Cobb Galleria Centre Project), 5.5%, 10/01/2050  | 1000000 | &nbsp;&nbsp; 1082695 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 35000 | &nbsp;&nbsp; 35340 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax - Other – continued | Tax - Other – continued | Tax - Other – continued |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | $100000 | &nbsp;&nbsp; $100214 |
| Jefferson, GA, Public Building Authority Rev. (School District Project), 5%, 2/01/2050  | 1000000 | &nbsp;&nbsp; 1045902 |
|  |  | &nbsp;&nbsp; $2971531 |
| Tax Assessment – 0.4% | Tax Assessment – 0.4% | Tax Assessment – 0.4% |
| Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)  | $410000 | &nbsp;&nbsp; $412373 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 10000 | &nbsp;&nbsp; 9993 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 9000 | &nbsp;&nbsp; 9112 |
|  |  | &nbsp;&nbsp; $431478 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | $355000 | &nbsp;&nbsp; $302828 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 245000 | &nbsp;&nbsp; 223227 |
|  |  | &nbsp;&nbsp; $526055 |
| Toll Roads – 0.7% | Toll Roads – 0.7% | Toll Roads – 0.7% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $375000 | &nbsp;&nbsp; $299016 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 450000 | &nbsp;&nbsp; 462675 |
|  |  | &nbsp;&nbsp; $761691 |
| Universities - Colleges – 10.7% | Universities - Colleges – 10.7% | Universities - Colleges – 10.7% |
| Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), "A", 3.5%, 6/01/2035  | $500000 | &nbsp;&nbsp; $500387 |
| Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048  | 750000 | &nbsp;&nbsp; 789326 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037  | 560000 | &nbsp;&nbsp; 561497 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044  | 1000000 | &nbsp;&nbsp; 928690 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | 1000000 | &nbsp;&nbsp; 750125 |
| Cobb County, GA, Development Authority Lease Rev. (KSU Summit II Student Housing Project), 4.625%, 7/15/2056  | 1000000 | &nbsp;&nbsp; 969495 |
| Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036  | 1000000 | &nbsp;&nbsp; 1026810 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049  | 500000 | &nbsp;&nbsp; 464614 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052  | 1000000 | &nbsp;&nbsp; 1013993 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University), "A", 5.25%, 9/01/2045  | 750000 | &nbsp;&nbsp; 812320 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040  | 350000 | &nbsp;&nbsp; 350171 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051  | 1000000 | &nbsp;&nbsp; 1035988 |
| Gwinnett County, GA, Development Authority Rev. (Student Housing), "A", 5%, 7/01/2040  | 1000000 | &nbsp;&nbsp; 1012258 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 500000 | &nbsp;&nbsp; 399216 |
| Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048  | 870000 | &nbsp;&nbsp; 880864 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. <br> (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 60000 | &nbsp;&nbsp; 60041 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (International American University of Puerto Rico Project), 5%, 10/01/2031 <br>| 45000 | &nbsp;&nbsp; 45058 |
|  |  | &nbsp;&nbsp; $11600853 |
| Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2030 <br>| $390000 | &nbsp;&nbsp; $390273 |
| Utilities - Municipal Owned – 8.3% | Utilities - Municipal Owned – 8.3% | Utilities - Municipal Owned – 8.3% |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035  | $500000 | &nbsp;&nbsp; $500891 |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036  | 500000 | &nbsp;&nbsp; 500292 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", 4.5%, 7/01/2063  | 1000000 | &nbsp;&nbsp; 951937 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2048  | 1000000 | &nbsp;&nbsp; 1012867 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2055  | 1000000 | &nbsp;&nbsp; 1004413 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), "A", 5%, 1/01/2039  | 750000 | &nbsp;&nbsp; 768924 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2037  | 1000000 | &nbsp;&nbsp; 1063685 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2038  | 125000 | &nbsp;&nbsp; 129390 |
| Georgia Municipal Electric Authority, "A", BAM, 5.25%, 1/01/2054  | 1000000 | &nbsp;&nbsp; 1040969 |
| Griffin, GA, Combined Public Utility Rev., BAM, 5%, 1/01/2051 (w) | 1000000 | &nbsp;&nbsp; 1039164 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 155000 | &nbsp;&nbsp; 106175 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 200000 | &nbsp;&nbsp; 137000 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "RR", AGM, 5%, 7/01/2028  | $490000 | &nbsp;&nbsp; $490055 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 125000 | &nbsp;&nbsp; 85625 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 70000 | &nbsp;&nbsp; 70552 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp; 9985 |
|  |  | &nbsp;&nbsp; $8911924 |
| Utilities - Other – 2.6% | Utilities - Other – 2.6% | Utilities - Other – 2.6% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $585000 | &nbsp;&nbsp; $624144 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032)  | 500000 | &nbsp;&nbsp; 543946 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 5%, 9/01/2053 (Put Date 9/01/2030)  | 750000 | &nbsp;&nbsp; 804581 |
| Southeast Alabama Energy Authority, "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 715000 | &nbsp;&nbsp; 786875 |
|  |  | &nbsp;&nbsp; $2759546 |
| Water & Sewer Utility Revenue – 9.2% | Water & Sewer Utility Revenue – 9.2% | Water & Sewer Utility Revenue – 9.2% |
| Atlanta, GA, Water & Wastewater Refunding Rev., BAM, 4%, 11/01/2043  | $1000000 | &nbsp;&nbsp; $960032 |
| Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038  | 500000 | &nbsp;&nbsp; 500125 |
| Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053  | 1000000 | &nbsp;&nbsp; 915522 |
| Coweta County, GA, Water & Sewerage Authority Rev., 5%, 6/01/2054  | 1000000 | &nbsp;&nbsp; 1035691 |
| DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052  | 1000000 | &nbsp;&nbsp; 1030566 |
| Gainesville, GA, Water & Sewer Rev., 5%, 11/15/2046  | 400000 | &nbsp;&nbsp; 422103 |
| Georgia Upper Oconee Basin Water Authority Rev., 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp; 1045810 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 125000 | &nbsp;&nbsp; 125129 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 155000 | &nbsp;&nbsp; 155005 |
| Henry County, GA, Water Authority, Water & Sewer Rev., 4.25%, 2/01/2044  | 1000000 | &nbsp;&nbsp; 985631 |
| Macon, GA, Water Authority, Water & Sewer Rev., 5%, 10/01/2054  | 1000000 | &nbsp;&nbsp; 1039124 |
| Spalding County, GA, Water & Sewer Facilities Authority Rev., 4.85%, 6/01/2056  | 690000 | &nbsp;&nbsp; 699127 |
| Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), <br> 5%, 2/01/2053 <br>| 1000000 | &nbsp;&nbsp; 1030427 |
|  |  | &nbsp;&nbsp; $9944292 |
| **Total Municipal Bonds (Identified Cost, $108,533,060)** |  | &nbsp;&nbsp; **$106037141** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $143,133) | $219866 | &nbsp;&nbsp; $74513 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $109,161) | $191510 | &nbsp;&nbsp; $126636 |
| Mutual Funds (h) – 1.2% | Mutual Funds (h) – 1.2% | Mutual Funds (h) – 1.2% |
| Money Market Funds – 1.2% | Money Market Funds – 1.2% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $1,350,915) | 1350676 | &nbsp;&nbsp; $1350811 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp; 421957 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$108011058** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Maryland Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.3% | Municipal Bonds – 97.3% | Municipal Bonds – 97.3% |
| Airport Revenue – 3.4% | Airport Revenue – 3.4% | Airport Revenue – 3.4% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $70000 | &nbsp;&nbsp; $64216 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 65000 | &nbsp;&nbsp; 57485 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood Marshall <br> Airport), "A", AGM, 5.25%, 8/01/2049 <br>| 1000000 | &nbsp;&nbsp; 1046563 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood Marshall <br> Airport), "A", AGM, 5.25%, 8/01/2054 <br>| 1000000 | &nbsp;&nbsp; 1040392 |
| Maryland Department of Transportation, Special Transportation Project Rev., "B", AGM, 4%, 8/01/2051  | 505000 | &nbsp;&nbsp; 441263 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2025  | 1525000 | &nbsp;&nbsp; 1525000 |
| Metropolitan Washington, D.C., Airport Authority System Rev., "D-2", VRDN, 2.25%, 10/01/2039  | 340000 | &nbsp;&nbsp; 340000 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.125%, 6/30/2060 <br>| 655000 | &nbsp;&nbsp; 655311 |
|  |  | &nbsp;&nbsp; $5170230 |
| General Obligations - General Purpose – 10.9% | General Obligations - General Purpose – 10.9% | General Obligations - General Purpose – 10.9% |
| Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2045  | $1315000 | &nbsp;&nbsp; $1384053 |
| Anne Arundel County, MD, General Obligation, Consolidated Water & Sewer, 5%, 10/01/2053  | 1500000 | &nbsp;&nbsp; 1578165 |
| Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045  | 1500000 | &nbsp;&nbsp; 1468747 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 225000 | &nbsp;&nbsp; 209245 |
| Cheverly, MD, Public Improvement, 4.5%, 11/01/2047  | 490000 | &nbsp;&nbsp; 491644 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 45031 | &nbsp;&nbsp; 48172 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 121739 | &nbsp;&nbsp; 134906 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 41476 | &nbsp;&nbsp; 41010 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 75390 | &nbsp;&nbsp; 73526 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 31997 | &nbsp;&nbsp; 30365 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 43504 | &nbsp;&nbsp; 38956 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 150243 | &nbsp;&nbsp; 129678 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 53375 | &nbsp;&nbsp; 38121 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051  | 1155000 | &nbsp;&nbsp; 874596 |
| Howard County, MD, Metropolitan District Project, "C", 4%, 2/15/2048  | 1500000 | &nbsp;&nbsp; 1427958 |
| Hyattsville, MD, General Obligation, 5%, 1/01/2049  | 1000000 | &nbsp;&nbsp; 995482 |
| Maryland Community Development Administration, Local Government Infrastructure, "A-2", 4%, 6/01/2036  | 1210000 | &nbsp;&nbsp; 1225419 |
| Montgomery County, MD, General Obligation, Consolidated Public Improvement, "A", 5%, 8/01/2035  | 1000000 | &nbsp;&nbsp; 1121777 |
| Montgomery County, MD, General Obligation, Consolidated Public Improvement, "E", VRDN, 2.1%, 11/01/2037  | 1900000 | &nbsp;&nbsp; 1900000 |
| Prince George's County, MD, General Obligation, Public Improvement, "A", 5%, 8/01/2045  | 1500000 | &nbsp;&nbsp; 1612390 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 160000 | &nbsp;&nbsp; 169819 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 205000 | &nbsp;&nbsp; 191362 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 95000 | &nbsp;&nbsp; 87549 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 130000 | &nbsp;&nbsp; 118616 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 50000 | &nbsp;&nbsp; 44804 |
| Washington Suburban Sanitary District, MD, Consolidated Public Improvement , 4%, 6/01/2053  | 1000000 | &nbsp;&nbsp; 930972 |
|  |  | &nbsp;&nbsp; $16367332 |
| General Obligations - Schools – 0.4% | General Obligations - Schools – 0.4% | General Obligations - Schools – 0.4% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $325000 | &nbsp;&nbsp; $248057 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048  | 405000 | &nbsp;&nbsp; 385310 |
|  |  | &nbsp;&nbsp; $633367 |
| Healthcare Revenue - Hospitals – 16.3% | Healthcare Revenue - Hospitals – 16.3% | Healthcare Revenue - Hospitals – 16.3% |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | $10000 | &nbsp;&nbsp; $9189 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 540000 | &nbsp;&nbsp; 490366 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036  | 750000 | &nbsp;&nbsp; 782714 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2034  | 750000 | &nbsp;&nbsp; 762917 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045  | 1000000 | &nbsp;&nbsp; 892437 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2039  | 1145000 | &nbsp;&nbsp; 1092541 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2041  | 1000000 | &nbsp;&nbsp; 933957 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042  | 1475000 | &nbsp;&nbsp; 1394037 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5.25%, 7/01/2054  | 750000 | &nbsp;&nbsp; 786020 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), "A", AGM, 5.25%, 8/15/2038  | $1155000 | &nbsp;&nbsp; $1290966 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2029  | 900000 | &nbsp;&nbsp; 902978 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033  | 1030000 | &nbsp;&nbsp; 1031435 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 8/15/2041  | 505000 | &nbsp;&nbsp; 505094 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 5/15/2042  | 750000 | &nbsp;&nbsp; 756070 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), "A", 5%, 7/01/2032  | 600000 | &nbsp;&nbsp; 608145 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), 5.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 1030416 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), AGM, 5%, 7/01/2055  | 1000000 | &nbsp;&nbsp; 1021066 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2033  | 1205000 | &nbsp;&nbsp; 1279868 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2035  | 500000 | &nbsp;&nbsp; 524237 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2046  | 1000000 | &nbsp;&nbsp; 1005696 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "B", 5%, 7/01/2034  | 1000000 | &nbsp;&nbsp; 1027991 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "D", 4%, 7/01/2048  | 1250000 | &nbsp;&nbsp; 1119223 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland), "A", 5.25%, 7/01/2052  | 750000 | &nbsp;&nbsp; 781442 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), "B", 4%, 4/15/2045  | 995000 | &nbsp;&nbsp; 905950 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), "B", AGM, 4%, 4/15/2045  | 915000 | &nbsp;&nbsp; 834650 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 4%, 12/01/2044  | 415000 | &nbsp;&nbsp; 383165 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2045  | 1240000 | &nbsp;&nbsp; 1247051 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 590000 | &nbsp;&nbsp; 530283 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043  | 630000 | &nbsp;&nbsp; 574065 |
|  |  | &nbsp;&nbsp; $24503969 |
| Healthcare Revenue - Long Term Care – 2.2% | Healthcare Revenue - Long Term Care – 2.2% | Healthcare Revenue - Long Term Care – 2.2% |
| Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045  | $1000000 | &nbsp;&nbsp; $887509 |
| Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038  | 450000 | &nbsp;&nbsp; 441789 |
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036  | 500000 | &nbsp;&nbsp; 488459 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), "A", 5%, 1/01/2045  | 500000 | &nbsp;&nbsp; 501388 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042  | 350000 | &nbsp;&nbsp; 329227 |
| Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), "B", 5%, 1/01/2032  | 575000 | &nbsp;&nbsp; 618920 |
|  |  | &nbsp;&nbsp; $3267292 |
| Healthcare Revenue - Other – 0.2% | Healthcare Revenue - Other – 0.2% | Healthcare Revenue - Other – 0.2% |
| Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029  | $260000 | &nbsp;&nbsp; $260164 |
| Miscellaneous Revenue - Other – 1.8% | Miscellaneous Revenue - Other – 1.8% | Miscellaneous Revenue - Other – 1.8% |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034  | $85000 | &nbsp;&nbsp; $85958 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042  | 70000 | &nbsp;&nbsp; 68285 |
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039  | 1100000 | &nbsp;&nbsp; 1039447 |
| Montgomery County, MD, Transportation Fund Lease Authority Rev., "A", 5%, 11/01/2036  | 415000 | &nbsp;&nbsp; 415364 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 240000 | &nbsp;&nbsp; 239999 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028  | 250000 | &nbsp;&nbsp; 250076 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 490000 | &nbsp;&nbsp; 493406 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 40000 | &nbsp;&nbsp; 40310 |
|  |  | &nbsp;&nbsp; $2632845 |
| Multi-Family Housing Revenue – 10.0% | Multi-Family Housing Revenue – 10.0% | Multi-Family Housing Revenue – 10.0% |
| Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), "A", 5%, 6/01/2044  | $500000 | &nbsp;&nbsp; $500103 |
| Howard County, MD, Housing Commission Rev. (Orchard Meadows Apartments), 5%, 12/01/2043  | 500000 | &nbsp;&nbsp; 511928 |
| Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037  | 750000 | &nbsp;&nbsp; 763844 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "A", FHA, <br> 4%, 7/01/2048 <br>| 500000 | &nbsp;&nbsp; 471894 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", <br> 3.65%, 7/01/2049 <br>| 505000 | &nbsp;&nbsp; 457993 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "D", <br> 3.35%, 7/01/2049 <br>| 1765000 | &nbsp;&nbsp; 1435749 |
| Maryland Community Development Administration, Multi-Family Development Rev. (Hopkins Village Apartments), "D", <br> 4.8%, 7/01/2042 <br>| 1000000 | &nbsp;&nbsp; 1020537 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| Maryland Community Development Administration, Multi-Family Development Rev. (New Carrollton Senior Affordable-Phase 1, Green <br> Bonds), "F-1", FNMA, 4.85%, 6/01/2046 (w)<br>| $1500000 | &nbsp;&nbsp; $1500017 |
| Maryland Community Development Administration, Multi-Family Development Rev. (Villages at Marley Station), "D-1", FNMA, <br> 4.35%, 2/01/2044 <br>| 1250000 | &nbsp;&nbsp; 1207942 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "A", 4.85%, 7/01/2053  | 500000 | &nbsp;&nbsp; 505733 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "A-1", FHA, <br> 3.05%, 7/01/2044 <br>| 1000000 | &nbsp;&nbsp; 823425 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", 5.125%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 1018852 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", 3.1%, 7/01/2036  | 1065000 | &nbsp;&nbsp; 974048 |
| Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., "C", 5.5%, 1/01/2048  | 1000000 | &nbsp;&nbsp; 1075077 |
| Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., "C", 5.125%, 1/01/2053  | 500000 | &nbsp;&nbsp; 519273 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 275525 | &nbsp;&nbsp; 272376 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 685000 | &nbsp;&nbsp; 480627 |
| Virginia Housing Development Authority, Rental Housing, "F", HUD Section 8, 5.15%, 11/01/2048  | 500000 | &nbsp;&nbsp; 510414 |
| Wisconsin Housing & Economic Development Authority, Multi-Family Housing, Taxable (Flats at Bishop Woods Project), "E", <br> 4%, 12/15/2031 <br>| 1000000 | &nbsp;&nbsp; 1031353 |
|  |  | &nbsp;&nbsp; $15081185 |
| Parking – 0.9% | Parking – 0.9% | Parking – 0.9% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034  | $1385000 | &nbsp;&nbsp; $1395813 |
| Port Revenue – 1.0% | Port Revenue – 1.0% | Port Revenue – 1.0% |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2044  | $500000 | &nbsp;&nbsp; $494488 |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2049  | 250000 | &nbsp;&nbsp; 240882 |
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), "A", 5%, 6/01/2031  | 650000 | &nbsp;&nbsp; 674642 |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | 190000 | &nbsp;&nbsp; 139460 |
|  |  | &nbsp;&nbsp; $1549472 |
| Sales & Excise Tax Revenue – 2.0% | Sales & Excise Tax Revenue – 2.0% | Sales & Excise Tax Revenue – 2.0% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $75000 | &nbsp;&nbsp; $69665 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 21000 | &nbsp;&nbsp; 20515 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 81000 | &nbsp;&nbsp; 76121 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1817000 | &nbsp;&nbsp; 1753536 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 160000 | &nbsp;&nbsp; 153085 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 75000 | &nbsp;&nbsp; 71758 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 267000 | &nbsp;&nbsp; 247886 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 6000 | &nbsp;&nbsp; 5308 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 338000 | &nbsp;&nbsp; 276483 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 332000 | &nbsp;&nbsp; 249337 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 151000 | &nbsp;&nbsp; 51297 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 120000 | &nbsp;&nbsp; 96000 |
|  |  | &nbsp;&nbsp; $3070991 |
| Secondary Schools – 0.2% | Secondary Schools – 0.2% | Secondary Schools – 0.2% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2039 (n) | $250000 | &nbsp;&nbsp; $246068 |
| Single Family Housing - Local – 2.4% | Single Family Housing - Local – 2.4% | Single Family Housing - Local – 2.4% |
| Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., "A", FHA, 5.75%, 7/01/2054  | $950000 | &nbsp;&nbsp; $1029632 |
| Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., "A", GNMA, 5.15%, 7/01/2045  | 500000 | &nbsp;&nbsp; 519291 |
| Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., "A", GNMA, 5.3%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 1039002 |
| Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., "C", VRDN, 2.68%, 1/01/2041  | 1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; $3587925 |
| Single Family Housing - State – 6.8% | Single Family Housing - State – 6.8% | Single Family Housing - State – 6.8% |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", <br> 2.1%, 9/01/2041 <br>| $1500000 | &nbsp;&nbsp; $1050310 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - State – continued | Single Family Housing - State – continued | Single Family Housing - State – continued |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.45%, 9/01/2043 <br>| $500000 | &nbsp;&nbsp; $501417 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 5.5%, 9/01/2053 <br>| 855000 | &nbsp;&nbsp; 920824 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 2.1%, 3/01/2033 <br>| 250000 | &nbsp;&nbsp; 219309 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 3%, 9/01/2051 <br>| 675000 | &nbsp;&nbsp; 666581 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", <br> 5.05%, 3/01/2047 <br>| 1000000 | &nbsp;&nbsp; 1024441 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", <br> 6%, 3/01/2053 <br>| 785000 | &nbsp;&nbsp; 841495 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 5.1%, 3/01/2048 <br>| 1000000 | &nbsp;&nbsp; 1023352 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 6.25%, 3/01/2054 <br>| 890000 | &nbsp;&nbsp; 970225 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 6.25%, 9/01/2055 <br>| 990000 | &nbsp;&nbsp; 1114837 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 3%, 9/01/2039 <br>| 1000000 | &nbsp;&nbsp; 881059 |
| Maryland Community Development Administration, Department of Housing & Community Development Rev., "D", FHA, <br> 3.1%, 4/01/2026 <br>| 975000 | &nbsp;&nbsp; 976420 |
|  |  | &nbsp;&nbsp; $10190270 |
| State & Local Agencies – 15.9% | State & Local Agencies – 15.9% | State & Local Agencies – 15.9% |
| Baltimore County, MD, Rev. Certificates of Participation, (Equipment Acquisition Program), 5%, 3/01/2026  | $1000000 | &nbsp;&nbsp; $1010104 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 1000000 | &nbsp;&nbsp; 890706 |
| Maryland Economic Development Corp., Lease Rev. (Maryland Department of Health Headquarters Project), "A", 5%, 6/01/2048  | 1000000 | &nbsp;&nbsp; 1039716 |
| Maryland Economic Development Corp., Lease Rev. (Reservoir Square Project), 5%, 7/01/2056  | 2000000 | &nbsp;&nbsp; 2018194 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, 5%, 5/01/2041 (Prerefunded <br> 5/01/2026) <br>| 500000 | &nbsp;&nbsp; 506988 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, "A", 5%, 5/01/2035  | 1725000 | &nbsp;&nbsp; 1803103 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, "A", 5%, 5/01/2038  | 500000 | &nbsp;&nbsp; 517536 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, "C", <br> 0%, 5/01/2054 <br>| 2000000 | &nbsp;&nbsp; 471070 |
| Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046  | 1405000 | &nbsp;&nbsp; 1293105 |
| Maryland Stadium Authority, Built to Learn Rev., 5%, 6/01/2046  | 1500000 | &nbsp;&nbsp; 1569587 |
| Maryland Stadium Authority, Built to Learn Rev., 5.25%, 6/01/2051 (u) | 1500000 | &nbsp;&nbsp; 1584994 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2036  | 1000000 | &nbsp;&nbsp; 1025422 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2041  | 1500000 | &nbsp;&nbsp; 1463112 |
| Maryland Stadium Authority, Sport Entertainment Facilities Rev. (Hagerstown Project), "A", 5.25%, 6/15/2052  | 1000000 | &nbsp;&nbsp; 1051276 |
| Metropolitan Washington, D.C., Transit Authority Second Lien Dedicated Rev., "A", 5.25%, 7/15/2055  | 1000000 | &nbsp;&nbsp; 1054124 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 75000 | &nbsp;&nbsp; 89069 |
| Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 895438 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp; 1047210 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048  | 1500000 | &nbsp;&nbsp; 1515073 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds-Climate Bond Certified), "A", 5%, 7/15/2040  | 1500000 | &nbsp;&nbsp; 1621334 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 1315000 | &nbsp;&nbsp; 1383166 |
|  |  | &nbsp;&nbsp; $23850327 |
| Student Loan Revenue – 0.3% | Student Loan Revenue – 0.3% | Student Loan Revenue – 0.3% |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | $115000 | &nbsp;&nbsp; $88922 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 345000 | &nbsp;&nbsp; 343346 |
|  |  | &nbsp;&nbsp; $432268 |
| Tax - Other – 2.3% | Tax - Other – 2.3% | Tax - Other – 2.3% |
| Anne Arundel County, MD, Special Taxing District Refunding Bonds (Villages at Two Rivers Project), AGM, 4.25%, 7/01/2044  | $1000000 | &nbsp;&nbsp; $955889 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 90000 | &nbsp;&nbsp; 88629 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 225000 | &nbsp;&nbsp; 233965 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax - Other – continued | Tax - Other – continued | Tax - Other – continued |
| Maryland Economic Development Corp., Recreational Facilities Rev. (Southfields Sports Park Complex), 5%, 10/01/2050  | $500000 | &nbsp;&nbsp; $505659 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 850000 | &nbsp;&nbsp; 798592 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.125%, 2/01/2048  | 500000 | &nbsp;&nbsp; 467753 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 600000 | &nbsp;&nbsp; 446352 |
|  |  | &nbsp;&nbsp; $3496839 |
| Tax Assessment – 3.1% | Tax Assessment – 3.1% | Tax Assessment – 3.1% |
| Baltimore, MD, Special Obligation Refunding (East Baltimore Research Park Project), "A", 5%, 9/01/2038  | $500000 | &nbsp;&nbsp; $502831 |
| Baltimore, MD, Special Obligation Rev. (Harbor Point Project), "B", 3.875%, 6/01/2046 (n) | 300000 | &nbsp;&nbsp; 255545 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 500000 | &nbsp;&nbsp; 506242 |
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), "B", 4.625%, 7/01/2043 (n) | 250000 | &nbsp;&nbsp; 236825 |
| Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039  | 500000 | &nbsp;&nbsp; 454412 |
| Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), "A", 5%, 7/01/2026  | 810000 | &nbsp;&nbsp; 822635 |
| Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), "B", 4%, 7/01/2040  | 155000 | &nbsp;&nbsp; 146431 |
| Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), "A", 5%, 7/01/2043 (n) | 250000 | &nbsp;&nbsp; 246268 |
| Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 5%, 2/15/2044  | 750000 | &nbsp;&nbsp; 773587 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.5%, 2/15/2047 (n) | 300000 | &nbsp;&nbsp; 273589 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | 500000 | &nbsp;&nbsp; 414635 |
|  |  | &nbsp;&nbsp; $4633000 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $410000 | &nbsp;&nbsp; $344192 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 320000 | &nbsp;&nbsp; 272972 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 245000 | &nbsp;&nbsp; 223227 |
|  |  | &nbsp;&nbsp; $840391 |
| Toll Roads – 1.4% | Toll Roads – 1.4% | Toll Roads – 1.4% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", <br> AGM, 4%, 10/01/2052 <br>| $500000 | &nbsp;&nbsp; $444333 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | 915000 | &nbsp;&nbsp; 969810 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 610000 | &nbsp;&nbsp; 627182 |
|  |  | &nbsp;&nbsp; $2041325 |
| Transportation - Special Tax – 3.0% | Transportation - Special Tax – 3.0% | Transportation - Special Tax – 3.0% |
| Maryland Department of Transportation, Consolidated Transportation Refunding Rev., 5%, 7/01/2043  | $1000000 | &nbsp;&nbsp; $1067104 |
| Maryland Department of Transportation, Consolidated Transportation, "A", 3%, 10/01/2033  | 500000 | &nbsp;&nbsp; 492329 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | 1000000 | &nbsp;&nbsp; 895127 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037  | 440000 | &nbsp;&nbsp; 451766 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038  | 440000 | &nbsp;&nbsp; 450729 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043  | 1140000 | &nbsp;&nbsp; 1156915 |
|  |  | &nbsp;&nbsp; $4513970 |
| Universities - Colleges – 4.1% | Universities - Colleges – 4.1% | Universities - Colleges – 4.1% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), "A", 5%, 7/01/2044  | $500000 | &nbsp;&nbsp; $468311 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2054  | 1000000 | &nbsp;&nbsp; 1011426 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), "A", 5%, 10/01/2049  | 1000000 | &nbsp;&nbsp; 1009007 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5%, 6/01/2033  | 450000 | &nbsp;&nbsp; 452138 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5.5%, 6/01/2047  | 1000000 | &nbsp;&nbsp; 1003598 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2046  | 750000 | &nbsp;&nbsp; 649226 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2051  | 250000 | &nbsp;&nbsp; 209684 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), "B", 4%, 4/15/2050  | 1000000 | &nbsp;&nbsp; 868136 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 420000 | &nbsp;&nbsp; 335341 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (International American University of Puerto Rico Project), 5%, 10/01/2031 <br>| 65000 | &nbsp;&nbsp; 65084 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 110000 | &nbsp;&nbsp; 97762 |
|  |  | &nbsp;&nbsp; $6169713 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Dormitories – 2.7% | Universities - Dormitories – 2.7% | Universities - Dormitories – 2.7% |
| Maryland Economic Development Corp., Senior Student Housing Rev. (Morgan State University Harper-Tubman Project), "A", AGM, <br> 5.75%, 7/01/2064 <br>| $1000000 | &nbsp;&nbsp; $1093108 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, <br> 5%, 6/01/2035 <br>| 750000 | &nbsp;&nbsp; 755972 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park-Leonardtown Project), <br> AGM, 5.25%, 7/01/2064 <br>| 750000 | &nbsp;&nbsp; 765494 |
| Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 987231 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027  | 215000 | &nbsp;&nbsp; 215159 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030  | 300000 | &nbsp;&nbsp; 300183 |
|  |  | &nbsp;&nbsp; $4117147 |
| Utilities - Municipal Owned – 0.6% | Utilities - Municipal Owned – 0.6% | Utilities - Municipal Owned – 0.6% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $100000 | &nbsp;&nbsp; $68500 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 160000 | &nbsp;&nbsp; 109600 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 250000 | &nbsp;&nbsp; 171250 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 125000 | &nbsp;&nbsp; 85625 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp; 9985 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 555000 | &nbsp;&nbsp; 487961 |
|  |  | &nbsp;&nbsp; $932921 |
| Utilities - Other – 2.7% | Utilities - Other – 2.7% | Utilities - Other – 2.7% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $720000 | &nbsp;&nbsp; $768177 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, 1/01/2056 (Put Date <br> 8/01/2033) <br>| 1000000 | &nbsp;&nbsp; 1115631 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 400000 | &nbsp;&nbsp; 436567 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 665000 | &nbsp;&nbsp; 704927 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 485000 | &nbsp;&nbsp; 511206 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 410000 | &nbsp;&nbsp; 442481 |
|  |  | &nbsp;&nbsp; $3978989 |
| Water & Sewer Utility Revenue – 2.1% | Water & Sewer Utility Revenue – 2.1% | Water & Sewer Utility Revenue – 2.1% |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2038  | $550000 | &nbsp;&nbsp; $550945 |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2049  | 1545000 | &nbsp;&nbsp; 1411272 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 105000 | &nbsp;&nbsp; 105108 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 130000 | &nbsp;&nbsp; 130004 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040  | 50000 | &nbsp;&nbsp; 50839 |
| Washington Suburban Sanitary District, MD, Consolidated Public Improvement, 4%, 6/01/2049  | 1000000 | &nbsp;&nbsp; 946906 |
|  |  | &nbsp;&nbsp; $3195074 |
| **Total Municipal Bonds (Identified Cost, $149,075,491)** |  | &nbsp;&nbsp; **$146158887** |
| Bonds – 0.0% | Bonds – 0.0% | Bonds – 0.0% |
| Transportation - Services – 0.0% | Transportation - Services – 0.0% | Transportation - Services – 0.0% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $143,133) | $219865 | &nbsp;&nbsp; $74512 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $97,808) | $171593 | &nbsp;&nbsp; $113466 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 3.5% | Mutual Funds (h) – 3.5% | Mutual Funds (h) – 3.5% |
| Money Market Funds – 3.5% | Money Market Funds – 3.5% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $5,180,950) | 5180677 | &nbsp;&nbsp; $5181195 |
| Other Assets, Less Liabilities – (0.9)% |  | &nbsp;&nbsp; (1379317)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$150148743** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Massachusetts Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 95.6% | Municipal Bonds – 95.6% | Municipal Bonds – 95.6% |
| Airport Revenue – 5.4% | Airport Revenue – 5.4% | Airport Revenue – 5.4% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $265000 | &nbsp;&nbsp; $243104 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 250000 | &nbsp;&nbsp; 221095 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2038  | 2000000 | &nbsp;&nbsp; 2054384 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2040  | 2755000 | &nbsp;&nbsp; 2805593 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2042  | 3000000 | &nbsp;&nbsp; 3008749 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2042  | 3455000 | &nbsp;&nbsp; 3572712 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2047  | 1500000 | &nbsp;&nbsp; 1504863 |
| Massachusetts Port Authority Rev., "C", 5%, 7/01/2044  | 3000000 | &nbsp;&nbsp; 3031295 |
| Massachusetts Port Authority Rev., "E", 5%, 7/01/2051  | 3055000 | &nbsp;&nbsp; 3080279 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 1675000 | &nbsp;&nbsp; 1695724 |
|  |  | &nbsp;&nbsp; $21217798 |
| General Obligations - General Purpose – 14.1% | General Obligations - General Purpose – 14.1% | General Obligations - General Purpose – 14.1% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $705000 | &nbsp;&nbsp; $655635 |
| Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052  | 1740000 | &nbsp;&nbsp; 1580846 |
| Commonwealth of Massachusetts, "B", 5.25%, 8/01/2028  | 2225000 | &nbsp;&nbsp; 2405533 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "A", 5%, 5/01/2053  | 2130000 | &nbsp;&nbsp; 2206933 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "B", 4%, 5/01/2045  | 2000000 | &nbsp;&nbsp; 1869387 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "B", 5%, 5/01/2048  | 2000000 | &nbsp;&nbsp; 2097292 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "B", 5%, 5/01/2054  | 2115000 | &nbsp;&nbsp; 2198156 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "E", 5%, 8/01/2053  | 2930000 | &nbsp;&nbsp; 3050085 |
| Commonwealth of Massachusetts, General Obligation Consolidated Loan, "F", 5%, 11/01/2042  | 3000000 | &nbsp;&nbsp; 3058168 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 343525 | &nbsp;&nbsp; 380681 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 143685 | &nbsp;&nbsp; 142070 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 282284 | &nbsp;&nbsp; 275303 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 110848 | &nbsp;&nbsp; 105195 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 150711 | &nbsp;&nbsp; 134957 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 516737 | &nbsp;&nbsp; 446006 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 184909 | &nbsp;&nbsp; 132065 |
| Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041  | 1095000 | &nbsp;&nbsp; 1162017 |
| Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042  | 1130000 | &nbsp;&nbsp; 1191537 |
| Hingham, MA, General Obligation Municipal Purpose Loan, 4%, 2/01/2050  | 3020000 | &nbsp;&nbsp; 2842513 |
| Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044  | 1665000 | &nbsp;&nbsp; 1596246 |
| Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049  | 3000000 | &nbsp;&nbsp; 2230458 |
| Lowell, MA, General Obligation State Qualified Municipal Purpose Loan, 4.25%, 9/01/2053  | 3000000 | &nbsp;&nbsp; 2801282 |
| Nantucket, MA, General Obligation Purpose Loan, "A", 4%, 8/15/2039  | 1090000 | &nbsp;&nbsp; 1102597 |
| Nantucket, MA, General Obligation Purpose Loan, "A", 4%, 8/15/2040  | 1125000 | &nbsp;&nbsp; 1131708 |
| Nantucket, MA, General Obligation Purpose Loan, "A", 4%, 8/15/2041  | 1000000 | &nbsp;&nbsp; 993263 |
| New Bedford, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 9/01/2047  | 3000000 | &nbsp;&nbsp; 2810899 |
| Newton, MA, General Obligation Municipal Purpose Loan, 4%, 2/01/2047  | 4300000 | &nbsp;&nbsp; 4112636 |
| Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2041  | 685000 | &nbsp;&nbsp; 677198 |
| Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2042  | 790000 | &nbsp;&nbsp; 774305 |
| Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2043  | 730000 | &nbsp;&nbsp; 706980 |
| Provincetown, MA, General Obligation Municipal Purpose Loan, Taxable, 3%, 6/15/2028  | 755000 | &nbsp;&nbsp; 755115 |
| Quincy, MA, General Obligation, "B", 5%, 7/01/2041  | 620000 | &nbsp;&nbsp; 663565 |
| Quincy, MA, General Obligation, "B", 5%, 7/01/2042  | 600000 | &nbsp;&nbsp; 637166 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 280000 | &nbsp;&nbsp; 297183 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 255000 | &nbsp;&nbsp; 267332 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 630000 | &nbsp;&nbsp; 588088 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 280000 | &nbsp;&nbsp; 258038 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 395000 | &nbsp;&nbsp; 360409 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 160000 | &nbsp;&nbsp; 143372 |
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052  | 5000000 | &nbsp;&nbsp; 3680293 |
| Wakefield, MA, General Obligation Purpose Loan, 5%, 8/15/2050  | 3000000 | &nbsp;&nbsp; 3129687 |
|  |  | &nbsp;&nbsp; $55652199 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – 2.2% | General Obligations - Schools – 2.2% | General Obligations - Schools – 2.2% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $1270000 | &nbsp;&nbsp; $969333 |
| Nashoba, MA, Regional School District, General Obligation Project Loan, "70B", 4%, 6/15/2045  | 3010000 | &nbsp;&nbsp; 2864015 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048  | 1285000 | &nbsp;&nbsp; 1222525 |
| Tri-County, MA, Regional School District General Obligation Project Loan, "70B", 4%, 6/01/2044  | 4000000 | &nbsp;&nbsp; 3828886 |
|  |  | &nbsp;&nbsp; $8884759 |
| Healthcare Revenue - Hospitals – 17.1% | Healthcare Revenue - Hospitals – 17.1% | Healthcare Revenue - Hospitals – 17.1% |
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), "A", 5%, 8/15/2051  | $2405000 | &nbsp;&nbsp; $2502630 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 1960000 | &nbsp;&nbsp; 1779845 |
| Massachusetts Development Finance Agency Rev. (Atrius Health), "A", 4%, 6/01/2049 (Prerefunded 6/01/2029)  | 1500000 | &nbsp;&nbsp; 1578913 |
| Massachusetts Development Finance Agency Rev. (Baystate Medical Center), "N", 5%, 7/01/2044  | 2000000 | &nbsp;&nbsp; 2000445 |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), "G", 5.25%, 7/01/2052  | 2000000 | &nbsp;&nbsp; 1988403 |
| Massachusetts Development Finance Agency Rev. (Brown University Health Obligated Group), "A", 5.5%, 8/15/2050  | 3000000 | &nbsp;&nbsp; 3089571 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "I", 5%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 1007186 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "J-2", 5%, 7/01/2036  | 1000000 | &nbsp;&nbsp; 1038501 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "J-2", 5%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 1034714 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "J-2", 5%, 7/01/2043  | 2855000 | &nbsp;&nbsp; 2902361 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "J-2", 5%, 7/01/2048  | 3115000 | &nbsp;&nbsp; 3139833 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "K", 5%, 7/01/2036  | 635000 | &nbsp;&nbsp; 667272 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "K", 5%, 7/01/2037  | 850000 | &nbsp;&nbsp; 889166 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "K", 5%, 7/01/2038  | 700000 | &nbsp;&nbsp; 728764 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "N", AGM, 5.5%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2125949 |
| Massachusetts Development Finance Agency Rev. (CareGroup), "N", AGM, 5.5%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2138466 |
| Massachusetts Development Finance Agency Rev. (Children's Hospital), "T", 4%, 3/01/2054  | 2500000 | &nbsp;&nbsp; 2274635 |
| Massachusetts Development Finance Agency Rev. (Children's Hospital), "T", 5.25%, 3/01/2054  | 3000000 | &nbsp;&nbsp; 3154939 |
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), "N", 5%, 12/01/2041  | 2690000 | &nbsp;&nbsp; 2710740 |
| Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), "O", 5%, 12/01/2034  | 400000 | &nbsp;&nbsp; 426755 |
| Massachusetts Development Finance Agency Rev. (Mass General Brigham), "D", 5%, 7/01/2054  | 3000000 | &nbsp;&nbsp; 3099010 |
| Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), "G", 5%, 7/15/2046  | 1000000 | &nbsp;&nbsp; 1111717 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "Q", 5%, 7/01/2041  | 1810000 | &nbsp;&nbsp; 1822840 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "Q", 5%, 7/01/2047  | 1500000 | &nbsp;&nbsp; 1503900 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "S", 4%, 7/01/2041  | 1500000 | &nbsp;&nbsp; 1436090 |
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), "I", 5%, 7/01/2041  | 2300000 | &nbsp;&nbsp; 2295288 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "I", 5%, 7/01/2041  | 1850000 | &nbsp;&nbsp; 1853798 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "K", 5%, 7/01/2038  | 2000000 | &nbsp;&nbsp; 2020646 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "L", 5%, 7/01/2044  | 1000000 | &nbsp;&nbsp; 1000686 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "N-1", 5.25%, 7/01/2050  | 5000000 | &nbsp;&nbsp; 5048890 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 4%, 7/01/2044  | 2080000 | &nbsp;&nbsp; 1763794 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2044  | 2000000 | &nbsp;&nbsp; 1938945 |
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "C", AGM, 4%, 10/01/2045  | 4075000 | &nbsp;&nbsp; 3663064 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 2120000 | &nbsp;&nbsp; 1905422 |
|  |  | &nbsp;&nbsp; $67643178 |
| Healthcare Revenue - Long Term Care – 1.7% | Healthcare Revenue - Long Term Care – 1.7% | Healthcare Revenue - Long Term Care – 1.7% |
| Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031  | $1250000 | &nbsp;&nbsp; $1251327 |
| Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 1983152 |
| Massachusetts Development Finance Agency Rev. (Adventcare), "A", 6.75%, 10/15/2037 (a)(d) | 415361 | &nbsp;&nbsp; 4 |
| Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042  | 485000 | &nbsp;&nbsp; 430911 |
| Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042  | 525000 | &nbsp;&nbsp; 526136 |
| Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n) | 500000 | &nbsp;&nbsp; 509334 |
| Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051  | 900000 | &nbsp;&nbsp; 755749 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1250000 | &nbsp;&nbsp; 1265683 |
|  |  | &nbsp;&nbsp; $6722296 |
| Industrial Revenue - Environmental Services – 0.0% | Industrial Revenue - Environmental Services – 0.0% | Industrial Revenue - Environmental Services – 0.0% |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.1%, 12/01/2044 (Put <br> Date 12/01/2025) <br>| $165000 | &nbsp;&nbsp; $165074 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Miscellaneous Revenue - Other – 2.3% | Miscellaneous Revenue - Other – 2.3% | Miscellaneous Revenue - Other – 2.3% |
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037  | $1000000 | &nbsp;&nbsp; $1032450 |
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038  | 1000000 | &nbsp;&nbsp; 1029118 |
| Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043  | 1000000 | &nbsp;&nbsp; 1014935 |
| Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), "A", 5%, 7/01/2038  | 1180000 | &nbsp;&nbsp; 1219074 |
| Massachusetts Port Authority, Special Facilities Rev. (BOSFuel Project), "A", 5%, 7/01/2039  | 2000000 | &nbsp;&nbsp; 2058223 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 950000 | &nbsp;&nbsp; 949995 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 1495000 | &nbsp;&nbsp; 1505391 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 140000 | &nbsp;&nbsp; 141086 |
|  |  | &nbsp;&nbsp; $8950272 |
| Multi-Family Housing Revenue – 6.1% | Multi-Family Housing Revenue – 6.1% | Multi-Family Housing Revenue – 6.1% |
| Massachusetts Housing Finance Agency Rev., "B", 4.125%, 12/01/2036  | $3000000 | &nbsp;&nbsp; $3000563 |
| Massachusetts Housing Finance Agency Rev., "A-3", 3.05%, 12/01/2027  | 2000000 | &nbsp;&nbsp; 2008307 |
| Massachusetts Housing Finance Agency, "A", 3.7%, 12/01/2038  | 1000000 | &nbsp;&nbsp; 962113 |
| Massachusetts Housing Finance Agency, "A", 3.8%, 12/01/2043  | 2025000 | &nbsp;&nbsp; 1869666 |
| Massachusetts Housing Finance Agency, "A-1", 4.55%, 12/01/2044  | 1000000 | &nbsp;&nbsp; 1001966 |
| Massachusetts Housing Finance Agency, "A-1", 4.7%, 12/01/2049  | 800000 | &nbsp;&nbsp; 804829 |
| Massachusetts Housing Finance Agency, "A-1", 4.8%, 12/01/2054  | 1000000 | &nbsp;&nbsp; 1009797 |
| Massachusetts Housing Finance Agency, "C-1", 4.85%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 1017432 |
| Massachusetts Housing Finance Agency, "C-1", 5.1%, 12/01/2048  | 1000000 | &nbsp;&nbsp; 1023473 |
| Massachusetts Housing Finance Agency, "C-1", 5.2%, 12/01/2053  | 1000000 | &nbsp;&nbsp; 1024329 |
| Massachusetts Housing Finance Agency, "C-1", 5.125%, 12/01/2057  | 3000000 | &nbsp;&nbsp; 3064154 |
| Massachusetts Housing Finance Agency, "C-1", 2.9%, 12/01/2039  | 1000000 | &nbsp;&nbsp; 821604 |
| Massachusetts Housing Finance Agency, "C-1", 3.1%, 12/01/2044  | 2000000 | &nbsp;&nbsp; 1638361 |
| Massachusetts Housing Finance Agency, Multi-Family Housing, "A", FHA, 4.75%, 12/01/2030  | 1425000 | &nbsp;&nbsp; 1426280 |
| Massachusetts Housing Finance Agency, Multi-Family Housing, "A", FHA, 4.875%, 12/01/2032  | 1190000 | &nbsp;&nbsp; 1190875 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1075933 | &nbsp;&nbsp; 1063639 |
| North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 988505 | &nbsp;&nbsp; 1012172 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 140000 | &nbsp;&nbsp; 138418 |
|  |  | &nbsp;&nbsp; $24077978 |
| Sales & Excise Tax Revenue – 6.5% | Sales & Excise Tax Revenue – 6.5% | Sales & Excise Tax Revenue – 6.5% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $255000 | &nbsp;&nbsp; $236861 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029  | 1850000 | &nbsp;&nbsp; 2049573 |
| Massachusetts Bay Transportation Authority, Senior Sales Tax, "B", 5.25%, 7/01/2047  | 3000000 | &nbsp;&nbsp; 3244660 |
| Massachusetts Bay Transportation Authority, Senior Sales Tax, "B", 5.25%, 7/01/2055  | 4000000 | &nbsp;&nbsp; 4268670 |
| Massachusetts Bay Transportation Authority, Senior Sales Tax, Capital Appreciation, "A", 0%, 7/01/2030  | 1465000 | &nbsp;&nbsp; 1270630 |
| Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., "A", 5%, 2/15/2044  | 4000000 | &nbsp;&nbsp; 4095498 |
| Massachusetts School Building Authority, Subordinated Dedicated Sales Tax, "A", 5.25%, 2/15/2050  | 1000000 | &nbsp;&nbsp; 1070097 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 5000 | &nbsp;&nbsp; 4508 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 73000 | &nbsp;&nbsp; 71316 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 239000 | &nbsp;&nbsp; 224603 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 3806000 | &nbsp;&nbsp; 3673064 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 597000 | &nbsp;&nbsp; 571198 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 256000 | &nbsp;&nbsp; 244936 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 2179000 | &nbsp;&nbsp; 2023008 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 22000 | &nbsp;&nbsp; 19462 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1059000 | &nbsp;&nbsp; 866259 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1011000 | &nbsp;&nbsp; 759276 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 475000 | &nbsp;&nbsp; 161365 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 480000 | &nbsp;&nbsp; 384000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 360000 | &nbsp;&nbsp; 324000 |
|  |  | &nbsp;&nbsp; $25562984 |
| Secondary Schools – 2.1% | Secondary Schools – 2.1% | Secondary Schools – 2.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group-Issue No. 1), "A", 5%, 6/01/2056 (n) | $290000 | &nbsp;&nbsp; $252566 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Secondary Schools – continued | Secondary Schools – continued | Secondary Schools – continued |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039  | $1000000 | &nbsp;&nbsp; $1000365 |
| Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054  | 1000000 | &nbsp;&nbsp; 923638 |
| Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030  | 500000 | &nbsp;&nbsp; 500394 |
| Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031  | 1015000 | &nbsp;&nbsp; 1015755 |
| Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), "B", 5%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 1005322 |
| Massachusetts Development Finance Agency Rev. (Middlesex School), 4.25%, 7/01/2054  | 1350000 | &nbsp;&nbsp; 1240314 |
| Massachusetts Development Finance Agency Rev. (Roxbury Latin School), "A", 3.5%, 7/01/2044  | 265000 | &nbsp;&nbsp; 226187 |
| Massachusetts Development Finance Agency Rev. (Sabis International Charter School), 5%, 4/15/2033  | 2000000 | &nbsp;&nbsp; 2000563 |
|  |  | &nbsp;&nbsp; $8165104 |
| Single Family Housing - State – 4.0% | Single Family Housing - State – 4.0% | Single Family Housing - State – 4.0% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $210000 | &nbsp;&nbsp; $210417 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "206", 3.3%, 6/01/2034  | 365000 | &nbsp;&nbsp; 354779 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "206", 3.45%, 12/01/2036  | 485000 | &nbsp;&nbsp; 466121 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "220", GNMA, 1.35%, 12/01/2029  | 400000 | &nbsp;&nbsp; 366311 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "222", GNMA, 3%, 6/01/2051  | 720000 | &nbsp;&nbsp; 709515 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "225", 5.5%, 12/01/2052  | 3320000 | &nbsp;&nbsp; 3528253 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "230", 4.35%, 12/01/2025  | 525000 | &nbsp;&nbsp; 525806 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "230", 4.45%, 6/01/2026  | 315000 | &nbsp;&nbsp; 317285 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "234", GNMA, 4.5%, 12/01/2044  | 1250000 | &nbsp;&nbsp; 1237798 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "234", GNMA, 4.7%, 12/01/2049  | 2750000 | &nbsp;&nbsp; 2744736 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "237", 4.5%, 12/01/2049  | 630000 | &nbsp;&nbsp; 620567 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "237", 4.55%, 12/01/2054  | 500000 | &nbsp;&nbsp; 489382 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "242", GNMA, 4.75%, 12/01/2050  | 1500000 | &nbsp;&nbsp; 1505288 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "214", GNMA, 2.95%, 12/01/2044  | 1865000 | &nbsp;&nbsp; 1448097 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, "231", 4.7%, 12/01/2033  | 500000 | &nbsp;&nbsp; 531781 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, "231", 4.75%, 12/01/2034  | 560000 | &nbsp;&nbsp; 591051 |
|  |  | &nbsp;&nbsp; $15647187 |
| Student Loan Revenue – 5.1% | Student Loan Revenue – 5.1% | Student Loan Revenue – 5.1% |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2046  | $2250000 | &nbsp;&nbsp; $1920705 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3%, 7/01/2051  | 2000000 | &nbsp;&nbsp; 1347177 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 4.125%, 7/01/2052  | 3000000 | &nbsp;&nbsp; 2475869 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2029  | 1400000 | &nbsp;&nbsp; 1477305 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2030  | 1300000 | &nbsp;&nbsp; 1390097 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2031  | 1000000 | &nbsp;&nbsp; 1078056 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 2%, 7/01/2037  | 2105000 | &nbsp;&nbsp; 1729009 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 4.25%, 7/01/2044  | 1000000 | &nbsp;&nbsp; 1002346 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 5%, 7/01/2032  | 1450000 | &nbsp;&nbsp; 1565065 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "C", 3.75%, 7/01/2047  | 4000000 | &nbsp;&nbsp; 3235985 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "N", 4.25%, 7/01/2032  | 1800000 | &nbsp;&nbsp; 1829411 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 1185000 | &nbsp;&nbsp; 1179319 |
|  |  | &nbsp;&nbsp; $20230344 |
| Tax - Other – 0.8% | Tax - Other – 0.8% | Tax - Other – 0.8% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $1670000 | &nbsp;&nbsp; $1712516 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 270000 | &nbsp;&nbsp; 265887 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 710000 | &nbsp;&nbsp; 738291 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 120000 | &nbsp;&nbsp; 121167 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 370000 | &nbsp;&nbsp; 370792 |
|  |  | &nbsp;&nbsp; $3208653 |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | $20000 | &nbsp;&nbsp; $19986 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 31000 | &nbsp;&nbsp; 31387 |
|  |  | &nbsp;&nbsp; $51373 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $1290000 | &nbsp;&nbsp; $1082947 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 505000 | &nbsp;&nbsp; 430784 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 895000 | &nbsp;&nbsp; 815461 |
|  |  | &nbsp;&nbsp; $2329192 |
| Toll Roads – 0.3% | Toll Roads – 0.3% | Toll Roads – 0.3% |
| Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., "B-1", 5%, 1/01/2037  | $1000000 | &nbsp;&nbsp; $1054684 |
| Transportation – 1.1% | Transportation – 1.1% | Transportation – 1.1% |
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), "A", 5%, 6/01/2053  | $4000000 | &nbsp;&nbsp; $4166962 |
| Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% |
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), "A", 5%, 6/01/2036  | $2850000 | &nbsp;&nbsp; $2879196 |
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), "A", 5%, 6/01/2042  | 3000000 | &nbsp;&nbsp; 3048240 |
| Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), "B", 5%, 6/01/2049  | 3000000 | &nbsp;&nbsp; 3123689 |
|  |  | &nbsp;&nbsp; $9051125 |
| Universities - Colleges – 17.9% | Universities - Colleges – 17.9% | Universities - Colleges – 17.9% |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut College), "M", 3%, 7/01/2047  | $2830000 | &nbsp;&nbsp; $2103636 |
| Massachusetts Development Finance Agency Refunding Rev. (Boston College), "W", 4.25%, 7/01/2055  | 3850000 | &nbsp;&nbsp; 3635754 |
| Massachusetts Development Finance Agency Refunding Rev. (Boston University), "B-2", 5%, 10/01/2048  | 2000000 | &nbsp;&nbsp; 2102561 |
| Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), "S-1", 5%, 10/01/2038  | 3015000 | &nbsp;&nbsp; 3154491 |
| Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), "S-1", 5%, 10/01/2040  | 2665000 | &nbsp;&nbsp; 2774993 |
| Massachusetts Development Finance Agency Refunding Rev. (Emerson College), 5.25%, 1/01/2044  | 1020000 | &nbsp;&nbsp; 1028297 |
| Massachusetts Development Finance Agency Refunding Rev. (Olin College), "F", 5%, 11/01/2040  | 850000 | &nbsp;&nbsp; 912859 |
| Massachusetts Development Finance Agency Refunding Rev. (Olin College), "F", 5%, 11/01/2042  | 950000 | &nbsp;&nbsp; 1000435 |
| Massachusetts Development Finance Agency Refunding Rev. (Olin College), "F", 4.125%, 11/01/2043  | 1250000 | &nbsp;&nbsp; 1192019 |
| Massachusetts Development Finance Agency Refunding Rev. (Olin College), "G", 5.25%, 11/01/2051  | 3500000 | &nbsp;&nbsp; 3660187 |
| Massachusetts Development Finance Agency Refunding Rev. (Smith College), 4%, 7/01/2045  | 2000000 | &nbsp;&nbsp; 1921361 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035  | 970000 | &nbsp;&nbsp; 983237 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036  | 850000 | &nbsp;&nbsp; 853001 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037  | 625000 | &nbsp;&nbsp; 628869 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038  | 340000 | &nbsp;&nbsp; 341669 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039  | 3055000 | &nbsp;&nbsp; 2803050 |
| Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040  | 1500000 | &nbsp;&nbsp; 1508535 |
| Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2055  | 1250000 | &nbsp;&nbsp; 1268011 |
| Massachusetts Development Finance Agency Rev. (Brandeis University), "R", 5%, 10/01/2038  | 835000 | &nbsp;&nbsp; 867920 |
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043  | 725000 | &nbsp;&nbsp; 711512 |
| Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048  | 2845000 | &nbsp;&nbsp; 2726029 |
| Massachusetts Development Finance Agency Rev. (Emerson College), "A", 5.25%, 1/01/2042  | 2000000 | &nbsp;&nbsp; 2004246 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 5%, 10/01/2043  | 2000000 | &nbsp;&nbsp; 1868553 |
| Massachusetts Development Finance Agency Rev. (Emmanuel College), "A", 4%, 10/01/2046  | 1375000 | &nbsp;&nbsp; 1097367 |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045  | 250000 | &nbsp;&nbsp; 199759 |
| Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp; 966951 |
| Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2052  | 2300000 | &nbsp;&nbsp; 2211536 |
| Massachusetts Development Finance Agency Rev. (Merrimack College), "B", 4%, 7/01/2042  | 475000 | &nbsp;&nbsp; 410510 |
| Massachusetts Development Finance Agency Rev. (Merrimack College), "B", 4%, 7/01/2050  | 1825000 | &nbsp;&nbsp; 1472443 |
| Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044  | 2000000 | &nbsp;&nbsp; 2082532 |
| Massachusetts Development Finance Agency Rev. (Northeastern University), "A", 5%, 10/01/2042  | 2000000 | &nbsp;&nbsp; 2142204 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "H", SYNCORA, 5.25%, 10/01/2026  | 970000 | &nbsp;&nbsp; 979180 |
| Massachusetts Development Finance Agency Rev. (Simmons University), "L", 5%, 10/01/2035  | 2000000 | &nbsp;&nbsp; 2008132 |
| Massachusetts Development Finance Agency Rev. (Springfield College), "A", 4%, 6/01/2056  | 1500000 | &nbsp;&nbsp; 1116827 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046  | 1000000 | &nbsp;&nbsp; 833634 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 1385000 | &nbsp;&nbsp; 1105827 |
| Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2055  | 2000000 | &nbsp;&nbsp; 2055478 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 2000000 | &nbsp;&nbsp; 1913575 |
| Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031  | 1110000 | &nbsp;&nbsp; 1111034 |
| Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038  | 2550000 | &nbsp;&nbsp; 2629423 |
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039  | 950000 | &nbsp;&nbsp; 986933 |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047  | $1395000 | &nbsp;&nbsp; $1401103 |
| Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027  | 1735000 | &nbsp;&nbsp; 1823163 |
| Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), "I-1", 5.2%, 1/01/2028  | 1000000 | &nbsp;&nbsp; 1066055 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. <br> (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 215000 | &nbsp;&nbsp; 215145 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 75000 | &nbsp;&nbsp; 73842 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 5%, 10/01/2042 <br>| 90000 | &nbsp;&nbsp; 83587 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 470000 | &nbsp;&nbsp; 469136 |
|  |  | &nbsp;&nbsp; $70506601 |
| Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2054  | $1300000 | &nbsp;&nbsp; $1219755 |
| Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), "A", 5%, 7/01/2060  | 1100000 | &nbsp;&nbsp; 1016907 |
|  |  | &nbsp;&nbsp; $2236662 |
| Utilities - Municipal Owned – 0.4% | Utilities - Municipal Owned – 0.4% | Utilities - Municipal Owned – 0.4% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $315000 | &nbsp;&nbsp; $215775 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 510000 | &nbsp;&nbsp; 349350 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 300000 | &nbsp;&nbsp; 205500 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 415000 | &nbsp;&nbsp; 284275 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 385000 | &nbsp;&nbsp; 388024 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 35000 | &nbsp;&nbsp; 34947 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 220000 | &nbsp;&nbsp; 150700 |
|  |  | &nbsp;&nbsp; $1628571 |
| Utilities - Other – 3.4% | Utilities - Other – 3.4% | Utilities - Other – 3.4% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $2250000 | &nbsp;&nbsp; $2400552 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1200000 | &nbsp;&nbsp; 1309702 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 2065000 | &nbsp;&nbsp; 2188985 |
| Southeast Alabama Energy Authority, "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 2720000 | &nbsp;&nbsp; 2993429 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1270000 | &nbsp;&nbsp; 1370612 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 885000 | &nbsp;&nbsp; 898630 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 2020000 | &nbsp;&nbsp; 2108776 |
|  |  | &nbsp;&nbsp; $13270686 |
| Water & Sewer Utility Revenue – 1.6% | Water & Sewer Utility Revenue – 1.6% | Water & Sewer Utility Revenue – 1.6% |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | $455000 | &nbsp;&nbsp; $455015 |
| Massachusetts Clean Water Trust, State Revolving Fund (Green Bonds), "26B", 5%, 2/01/2043  | 1000000 | &nbsp;&nbsp; 1081450 |
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027  | 1280000 | &nbsp;&nbsp; 1347775 |
| Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033  | 2000000 | &nbsp;&nbsp; 2364744 |
| Massachusetts Water Resources Authority, General Rev., "B", 5%, 8/01/2042  | 430000 | &nbsp;&nbsp; 457765 |
| Massachusetts Water Resources Authority, General Rev., "B", 5%, 8/01/2043  | 750000 | &nbsp;&nbsp; 794407 |
|  |  | &nbsp;&nbsp; $6501156 |
| **Total Municipal Bonds (Identified Cost, $388,746,825)** |  | &nbsp;&nbsp; **$376924838** |
| Bonds – 0.0% | Bonds – 0.0% | Bonds – 0.0% |
| Transportation - Services – 0.0% | Transportation - Services – 0.0% | Transportation - Services – 0.0% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $429,617) | $659596 | &nbsp;&nbsp; $223537 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $338,835) | $594447 | &nbsp;&nbsp; $393078 |

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MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% |
| Money Market Funds – 3.1% | Money Market Funds – 3.1% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $12,082,292) | 12081100 | &nbsp;&nbsp; $12082308 |
| Other Assets, Less Liabilities – 1.2% |  | &nbsp;&nbsp; 4777743 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$394401504** |

---

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 | $923938 | &nbsp;&nbsp; $66417539 |
| Arkansas Fund | 1928457 | &nbsp;&nbsp; 140788708 |
| California Fund | 19778741 | &nbsp;&nbsp; 702072777 |
| Georgia Fund | 1350811 | &nbsp;&nbsp; 106238290 |
| Maryland Fund | 5181195 | &nbsp;&nbsp; 146346865 |
| Massachusetts Fund | 12082308 | &nbsp;&nbsp; 377541453 |

---

(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 | $815199 | &nbsp;&nbsp; 1.2% |
| Arkansas Fund | 1161339 | &nbsp;&nbsp; 0.8% |
| California Fund | 49796098 | &nbsp;&nbsp; 7.0% |
| Georgia Fund | 2435786 | &nbsp;&nbsp; 2.3% |
| Maryland Fund | 2181203 | &nbsp;&nbsp; 1.5% |
| Massachusetts Fund | 3909115 | &nbsp;&nbsp; 1.0% |

---

(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 following fund(s) holds the following restricted securities:

---

| | | | |
|:---|:---|:---|:---|
| **California Fund** |  |  |  |
| **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated <br> Group), 5%, 6/01/2046<br>| 4/22/2016 | &nbsp;&nbsp;&nbsp; $1004280 | &nbsp;&nbsp;&nbsp; $600000 |
| % of Net assets |  |  | &nbsp;&nbsp;&nbsp; 0.1% |

---

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| AID | U.S. Agency for International Development |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| SYNCORA | Syncora Guarantee Inc. |

---

MSTAFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets <br> either daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

**See Notes to Financial Statements**

MSTAFS-SEM

------

*Financial Statements*

**Statements of Assets and Liabilities**

At 9/30/25 (unaudited)

These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>|
| **Assets** |  |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $68,841,861, $146,287,371, and <br> $716,104,872, respectively)<br>| $66417539 | $140788708 | $702072777 |
| Investments in affiliated issuers, at value (identified cost, $923,928, $1,928,410, and $19,779,175, <br> respectively)<br>| 923938 | 1928457 | 19778741 |
| Cash |  |  | 59734 |
| Receivables for |  |  |  |
| Investments sold | 45000 | 5000 | 35000 |
| Fund shares sold | 667 | 88038 | 2134380 |
| Interest | 868610 | 1660722 | 8297881 |
| Receivable from investment adviser | 10027 | 8854 |  |
| Other assets | 10759 | 11986 | 12599 |
| Total assets | $68276540 | $144491765 | $732391112 |
| **Liabilities** |  |  |  |
| Payables for |  |  |  |
| Distributions | $17231 | $19222 | $203989 |
| Investments purchased |  |  | 4703848 |
| Interest expense and fees |  |  | 24623 |
| Fund shares reacquired | 81237 | 271410 | 1111713 |
| When-issued investments purchased |  | 3029490 | 12760039 |
| Payable to the holders of the floating rate certificates |  |  | 2000509 |
| Payable to affiliates |  |  |  |
| Investment adviser |  |  | 4228 |
| Administrative services fee | 108 | 159 | 551 |
| Shareholder servicing costs | 13335 | 33023 | 133541 |
| Distribution and service fees | 660 | 599 | 2772 |
| Payable for independent Trustees' compensation | 20 | 27 | 29 |
| Payable for audit and tax fees | 35763 | 35765 | 35774 |
| Accrued expenses and other liabilities | 12082 | 19951 | 50993 |
| Total liabilities | $160436 | $3409646 | $21032609 |
| Net assets | $68116104 | $141082119 | $711358503 |
| **Net assets consist of** |  |  |  |
| Paid-in capital | $76290213 | $156765420 | $757055455 |
| Total distributable earnings (loss) | (8174109)<br>| (15683301)<br>| (45696952)<br>|
| Net assets | $68116104 | $141082119 | $711358503 |

---

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
|  | **Alabama**<br> **Fund**<br>| **Arkansas**<br> **Fund**<br>| **California**<br> **Fund**<br>|
| Net assets |  |  |  |
| Class A | $48063157 | $109096063 | $451070459 |
| Class B | 55499 | 52763 | 108017 |
| Class C |  |  | 5685797 |
| Class I | 15997178 | 24725592 | 161197757 |
| Class R6 | 4000270 | 7207701 | 93296473 |
| Total net assets | $68116104 | $141082119 | $711358503 |
| Shares of beneficial interest outstanding |  |  |  |
| Class A | 5143839 | 12108603 | 82167989 |
| Class B | 5937 | 5849 | 19668 |
| Class C |  |  | 1032391 |
| Class I | 1796492 | 2764384 | 18040404 |
| Class R6 | 449232 | 805929 | 10448312 |
| Total shares of beneficial interest outstanding | 7395500 | 15684765 | 111708764 |
| Class A shares |  |  |  |
| Net asset value per share <br>(net assets / shares of beneficial interest outstanding)<br>| $9.34 | $9.01 | $5.49 |
| Offering price per share (100 / 95.75 x net asset value per share) | $9.75 | $9.41 | $5.73 |
| Class B shares |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $9.35 | $9.02 | $5.49 |
| Class C shares |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $— | $— | $5.51 |
| Class I shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.90 | $8.94 | $8.94 |
| Class R6 shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.90 | $8.94 | $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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. |

---

**See Notes to Financial Statements**

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **At 9/30/25** | **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| **Assets** |  |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $108,785,354, $149,316,432, and <br> $389,515,277, respectively)<br>| $106238290 | $146346865 | $377541453 |
| Investments in affiliated issuers, at value (identified cost, $1,350,915, $5,180,950, and $12,082,292, <br> respectively)<br>| 1350811 | 5181195 | 12082308 |
| Cash | 4042 |  |  |
| Receivables for |  |  |  |
| Investments sold | 252500 |  | 320538 |
| Fund shares sold | 157114 | 36079 | 299100 |
| Interest | 1291843 | 1788356 | 5134435 |
| Receivable from investment adviser | 5670 | 11072 | 4318 |
| Other assets | 11969 | 12921 | 11803 |
| Total assets | $109312239 | $153376488 | $395393955 |
| **Liabilities** |  |  |  |
| Payable to custodian | $— | $— | $713 |
| Payables for |  |  |  |
| Distributions | 23149 | 36072 | 123179 |
| Interest expense and fees |  | 12157 |  |
| Fund shares reacquired | 168774 | 181412 | 716097 |
| When-issued investments purchased | 1033780 | 1500000 |  |
| Payable to the holders of the floating rate certificates |  | 1410000 |  |
| Payable to affiliates |  |  |  |
| Administrative services fee | 136 | 165 | 334 |
| Shareholder servicing costs | 18243 | 25478 | 94738 |
| Distribution and service fees | 976 | 1206 | 2469 |
| Payable for independent Trustees' compensation | 25 |  |  |
| Payable for audit and tax fees | 35764 | 35764 | 35769 |
| Accrued expenses and other liabilities | 20334 | 25491 | 19152 |
| Total liabilities | $1301181 | $3227745 | $992451 |
| Net assets | $108011058 | $150148743 | $394401504 |
| **Net assets consist of** |  |  |  |
| Paid-in capital | $118558909 | $159894284 | $430767134 |
| Total distributable earnings (loss) | (10547851)<br>| (9745541)<br>| (36365630)<br>|
| Net assets | $108011058 | $150148743 | $394401504 |

---

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
|  | **Georgia**<br> **Fund**<br>| **Maryland**<br> **Fund**<br>| **Massachusetts**<br> **Fund**<br>|
| Net assets |  |  |  |
| Class A | $71329878 | $87650617 | $181614379 |
| Class B | 44196 | 145239 | 43402 |
| Class I | 23237748 | 45852020 | 200856057 |
| Class R6 | 13399236 | 16500867 | 11887666 |
| Total net assets | $108011058 | $150148743 | $394401504 |
| Shares of beneficial interest outstanding |  |  |  |
| Class A | 7150408 | 8806184 | 18018594 |
| Class B | 4414 | 14600 | 4298 |
| Class I | 2569294 | 5106992 | 22768033 |
| Class R6 | 1480603 | 1837298 | 1346642 |
| Total shares of beneficial interest outstanding | 11204719 | 15765074 | 42137567 |
| Class A shares |  |  |  |
| Net asset value per share <br>(net assets / shares of beneficial interest outstanding)<br>| $9.98 | $9.95 | $10.08 |
| Offering price per share (100 / 95.75 x net asset value per share) | $10.42 | $10.39 | $10.53 |
| Class B shares |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $10.01 | $9.95 | $10.10 |
| Class I shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $9.04 | $8.98 | $8.82 |
| Class R6 shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $9.05 | $8.98 | $8.83 |
| 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 <br> of Class A and Class B shares. | 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 <br> of Class A and Class B shares. | 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 <br> of Class A and Class B shares. | 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 <br> of Class A and Class B shares. |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statements of Operations**

Six months ended 9/30/25 (unaudited)

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** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>|
| **Net investment income (loss)** |  |  |  |
| Interest | $1394531 | $2934876 | $14565514 |
| Dividends from affiliated issuers | 25401 | 43041 | 231510 |
| Other | 18 | 31 | 93 |
| Total investment income | $1419950 | $2977948 | $14797117 |
| Expenses |  |  |  |
| Management fee | $151668 | $316455 | $1547409 |
| Distribution and service fees | 59904 | 137803 | 580162 |
| Shareholder servicing costs | 20986 | 53090 | 209860 |
| Administrative services fee | 9866 | 14492 | 49048 |
| Independent Trustees' compensation | 1721 | 2518 | 11518 |
| Custodian fee | 9508 | 14280 | 43344 |
| Shareholder communications | 3378 | 4210 | 7141 |
| Audit and tax fees | 35763 | 35764 | 35774 |
| Legal fees | 2764 | 2621 | 14545 |
| Registration fees | 31947 | 33080 | 41079 |
| Interest expense and fees |  |  | 34778 |
| Miscellaneous | 15944 | 16566 | 18908 |
| Total expenses | $343449 | $630879 | $2593566 |
| Fees paid indirectly | (12)<br>| (14)<br>| (36)<br>|
| Reduction of expenses by investment adviser and distributor | (65735)<br>| (155997)<br>| (400071)<br>|
| Net expenses | $277702 | $474868 | $2193459 |
| Net investment income (loss) | $1142248 | $2503080 | $12603658 |
| **Realized and unrealized gain (loss)** |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |
| Unaffiliated issuers | $(143403)<br>| $(407408)<br>| $(1200594)<br>|
| Affiliated issuers | (75)<br>| (141)<br>| (1062)<br>|
| Net realized gain (loss) | $(143478)<br>| $(407549)<br>| $(1201656)<br>|
| Change in unrealized appreciation or depreciation |  |  |  |
| Unaffiliated issuers | $662358 | $1859266 | $3844030 |
| Affiliated issuers | (4)<br>| (1)<br>| (767)<br>|
| Net unrealized gain (loss) | $662354 | $1859265 | $3843263 |
| Net realized and unrealized gain (loss) | $518876 | $1451716 | $2641607 |
| Change in net assets from operations | $1661124 | $3954796 | $15245265 |

---

**See Notes to Financial Statements**

------

*Statements of Operations (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended 9/30/25** | **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| **Net investment income (loss)** |  |  |  |
| Interest | $2164476 | $2890392 | $7657872 |
| Dividends from affiliated issuers | 33708 | 109623 | 195558 |
| Other | 26 | 27 | 59 |
| Total investment income | $2198210 | $3000042 | $7853489 |
| Expenses |  |  |  |
| Management fee | $237395 | $317383 | $859797 |
| Distribution and service fees | 88136 | 102828 | 227453 |
| Shareholder servicing costs | 30759 | 47050 | 161351 |
| Administrative services fee | 12272 | 14518 | 29745 |
| Independent Trustees' compensation | 2134 | 4469 | 7091 |
| Custodian fee | 13297 | 14448 | 25213 |
| Shareholder communications | 3889 | 3968 | 5387 |
| Audit and tax fees | 35764 | 35764 | 35769 |
| Legal fees | 3470 | 8212 | 11438 |
| Registration fees | 32419 | 34244 | 33535 |
| Interest expense and fees |  | 24140 |  |
| Miscellaneous | 16423 | 16264 | 21475 |
| Total expenses | $475958 | $623288 | $1418254 |
| Fees paid indirectly | (3)<br>| (6)<br>| (37)<br>|
| Reduction of expenses by investment adviser and distributor | (49036)<br>| (92371)<br>| (102277)<br>|
| Net expenses | $426919 | $530911 | $1315940 |
| Net investment income (loss) | $1771291 | $2469131 | $6537549 |
| **Realized and unrealized gain (loss)** |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |
| Unaffiliated issuers | $(221896)<br>| $(69037)<br>| $(1016875)<br>|
| Affiliated issuers | (280)<br>| (424)<br>| (430)<br>|
| Net realized gain (loss) | $(222176)<br>| $(69461)<br>| $(1017305)<br>|
| Change in unrealized appreciation or depreciation |  |  |  |
| Unaffiliated issuers | $1035443 | $1438498 | $2651361 |
| Affiliated issuers | (104)<br>| 92 | (151)<br>|
| Net unrealized gain (loss) | $1035339 | $1438590 | $2651210 |
| Net realized and unrealized gain (loss) | $813163 | $1369129 | $1633905 |
| Change in net assets from operations | $2584454 | $3838260 | $8171454 |

---

**See Notes to Financial Statements**

------

*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.

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended 9/30/25 (unaudited)** | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $1142248 | $2503080 | $12603658 |
| Net realized gain (loss) | (143478)<br>| (407549)<br>| (1201656)<br>|
| Net unrealized gain (loss) | 662354 | 1859265 | 3843263 |
| Change in net assets from operations | $1661124 | $3954796 | $15245265 |
| Total distributions to shareholders | $(1133140)<br>| $(2497230)<br>| $(12529526)<br>|
| Change in net assets from fund share transactions | $(2052392)<br>| $(7089727)<br>| $8910055 |
| Total change in net assets | $(1524408)<br>| $(5632161)<br>| $11625794 |
| **Net assets** |  |  |  |
| At beginning of period | 69640512 | 146714280 | 699732709 |
| At end of period | $68116104 | $141082119 | $711358503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended 9/30/25 (unaudited)** | **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $1771291 | $2469131 | $6537549 |
| Net realized gain (loss) | (222176)<br>| (69461)<br>| (1017305)<br>|
| Net unrealized gain (loss) | 1035339 | 1438590 | 2651210 |
| Change in net assets from operations | $2584454 | $3838260 | $8171454 |
| Total distributions to shareholders | $(1755864)<br>| $(2417162)<br>| $(6509521)<br>|
| Change in net assets from fund share transactions | $(742242)<br>| $12551441 | $2955209 |
| Total change in net assets | $86348 | $13972539 | $4617142 |
| **Net assets** |  |  |  |
| At beginning of period | 107924710 | 136176204 | 389784362 |
| At end of period | $108011058 | $150148743 | $394401504 |

---

**See Notes to Financial Statements**

------

*Statements of Changes in Net Assets – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 3/31/25** | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $2226542 | $4744017 | $22313938 |
| Net realized gain (loss) | (274358)<br>| (750778)<br>| (1815219)<br>|
| Net unrealized gain (loss) | (1168982)<br>| (2260233)<br>| (13726642)<br>|
| Change in net assets from operations | $783202 | $1733006 | $6772077 |
| Total distributions to shareholders | $(2204829)<br>| $(4772389)<br>| $(22315370)<br>|
| Change in net assets from fund share transactions | $3787690 | $3252584 | $127637010 |
| Total change in net assets | $2366063 | $213201 | $112093717 |
| **Net assets** |  |  |  |
| At beginning of period | 67274449 | 146501079 | 587638992 |
| At end of period | $69640512 | $146714280 | $699732709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 3/31/25** | **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $3293091 | $4149735 | $11853186 |
| Net realized gain (loss) | (517175)<br>| (84563)<br>| (952107)<br>|
| Net unrealized gain (loss) | (1527936)<br>| (2142183)<br>| (5727549)<br>|
| Change in net assets from operations | $1247980 | $1922989 | $5173530 |
| Total distributions to shareholders | $(3287842)<br>| $(4076975)<br>| $(11892308)<br>|
| Change in net assets from fund share transactions | $2700733 | $18494324 | $42281288 |
| Total change in net assets | $660871 | $16340338 | $35562510 |
| **Net assets** |  |  |  |
| At beginning of period | 107263839 | 119835866 | 354221852 |
| At end of period | $107924710 | $136176204 | $389784362 |

---

**See Notes to Financial Statements**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.27 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $10.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $0.50 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $9.34 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.46 |
| Total return (%) (r)(s)(t)(x) | 2.42<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.09<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Expenses after expense reductions (f) | 0.90<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net investment income (loss) | 3.31<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $48063 | &nbsp;&nbsp; $49180 | &nbsp;&nbsp; $46630 | &nbsp;&nbsp; $46256 | &nbsp;&nbsp; $62260 | &nbsp;&nbsp; $61257 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.27 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $10.18 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $0.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.14)<br>|
| Net asset value, end of period (x) | $9.35 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $10.47 |
| Total return (%) (r)(s)(t)(x) | 2.15<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; (4.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.85<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Expenses after expense reductions (f) | 1.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| Net investment income (loss) | 2.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $55 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $64 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Alabama Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.83 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $0.50 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $8.90 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.97 |
| Total return (%) (r)(s)(t)(x) | 2.59<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Expenses after expense reductions (f) | 0.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | 3.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $15997 | &nbsp;&nbsp; $16235 | &nbsp;&nbsp; $17204 | &nbsp;&nbsp; $20064 | &nbsp;&nbsp; $30262 | &nbsp;&nbsp; $29971 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.83 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $0.51 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $8.90 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.97 |
| Total return (%) (r)(s)(t)(x) | 2.62<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.28 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Expenses after expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) | 3.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Portfolio turnover rate | 7<br> (n)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $4000 | &nbsp;&nbsp; $4172 | &nbsp;&nbsp; $3386 | &nbsp;&nbsp; $3314 | &nbsp;&nbsp; $5020 | &nbsp;&nbsp; $3867 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Alabama Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.91 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.75 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $9.01 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.07 |
| Total return (%) (r)(s)(t)(x) | 2.92<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.85 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.96<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Expenses after expense reductions (f) | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net investment income (loss) | 3.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $109096 | &nbsp;&nbsp; $116327 | &nbsp;&nbsp; $120174 | &nbsp;&nbsp; $124509 | &nbsp;&nbsp; $128341 | &nbsp;&nbsp; $133754 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.92 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $9.76 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $0.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.17)<br>|
| Net asset value, end of period (x) | $9.02 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.08 |
| Total return (%) (r)(s)(t)(x) | 2.54<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.07 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Expenses after expense reductions (f) | 1.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net investment income (loss) | 2.78<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $53 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $295 | &nbsp;&nbsp; $480 | &nbsp;&nbsp; $610 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Arkansas Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.84 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $9.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | $0.26 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $0.56 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $8.94 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.99 |
| Total return (%) (r)(s)(t)(x) | 2.98<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.88 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions (f) | 0.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | 3.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $24726 | &nbsp;&nbsp; $23311 | &nbsp;&nbsp; $20175 | &nbsp;&nbsp; $18194 | &nbsp;&nbsp; $36162 | &nbsp;&nbsp; $34603 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.84 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $9.68 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | $0.26 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.94 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.99 |
| Total return (%) (r)(s)(t)(x) | 3.02<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.95 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Expenses after expense reductions (f) | 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net investment income (loss) | 3.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $7208 | &nbsp;&nbsp; $7025 | &nbsp;&nbsp; $6015 | &nbsp;&nbsp; $5290 | &nbsp;&nbsp; $5856 | &nbsp;&nbsp; $3971 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Arkansas Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $5.47 | &nbsp;&nbsp; $5.58 | &nbsp;&nbsp; $5.53 | &nbsp;&nbsp; $5.87 | &nbsp;&nbsp; $6.24 | &nbsp;&nbsp; $5.97 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.10 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.15 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.12 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $0.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.10)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $5.49 | &nbsp;&nbsp; $5.47 | &nbsp;&nbsp; $5.58 | &nbsp;&nbsp; $5.53 | &nbsp;&nbsp; $5.87 | &nbsp;&nbsp; $6.24 |
| Total return (%) (r)(s)(t)(x) | 2.19<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.24 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Expenses after expense reductions (f) | 0.67<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net investment income (loss) | 3.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 |
| Net assets at end of period (000 omitted) | $451070 | &nbsp;&nbsp; $446694 | &nbsp;&nbsp; $370354 | &nbsp;&nbsp; $303141 | &nbsp;&nbsp; $362465 | &nbsp;&nbsp; $396643 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS California Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $5.47 | &nbsp;&nbsp; $5.58 | &nbsp;&nbsp; $5.53 | &nbsp;&nbsp; $5.87 | &nbsp;&nbsp; $6.24 | &nbsp;&nbsp; $5.97 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.08 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.11 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from investment operations | $0.10 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $0.38 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.08)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(0.11)<br>|
| Net asset value, end of period (x) | $5.49 | &nbsp;&nbsp; $5.47 | &nbsp;&nbsp; $5.58 | &nbsp;&nbsp; $5.53 | &nbsp;&nbsp; $5.87 | &nbsp;&nbsp; $6.24 |
| Total return (%) (r)(s)(t)(x) | 1.81<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Expenses after expense reductions (f) | 1.42<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Net investment income (loss) | 2.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 |
| Net assets at end of period (000 omitted) | $108 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $247 | &nbsp;&nbsp; $451 | &nbsp;&nbsp; $627 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.41<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS California Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $5.48 | &nbsp;&nbsp; $5.60 | &nbsp;&nbsp; $5.55 | &nbsp;&nbsp; $5.88 | &nbsp;&nbsp; $6.26 | &nbsp;&nbsp; $5.99 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.07 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.10 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from investment operations | $0.10 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $0.37 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.07)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.10)<br>|
| Net asset value, end of period (x) | $5.51 | &nbsp;&nbsp; $5.48 | &nbsp;&nbsp; $5.60 | &nbsp;&nbsp; $5.55 | &nbsp;&nbsp; $5.88 | &nbsp;&nbsp; $6.26 |
| Total return (%) (r)(s)(t)(x) | 1.92<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (4.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Expenses after expense reductions (f) | 1.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net investment income (loss) | 2.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 |
| Net assets at end of period (000 omitted) | $5686 | &nbsp;&nbsp; $7556 | &nbsp;&nbsp; $10808 | &nbsp;&nbsp; $11377 | &nbsp;&nbsp; $16767 | &nbsp;&nbsp; $21410 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS California Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.90 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $9.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $0.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $8.94 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.16 |
| Total return (%) (r)(s)(t)(x) | 2.33<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.46 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Expenses after expense reductions (f) | 0.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) | 3.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 |
| Net assets at end of period (000 omitted) | $161198 | &nbsp;&nbsp; $153421 | &nbsp;&nbsp; $133604 | &nbsp;&nbsp; $124323 | &nbsp;&nbsp; $153882 | &nbsp;&nbsp; $157366 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS California Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.89 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $9.71 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.72 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $8.93 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.16 |
| Total return (%) (r)(s)(t)(x) | 2.36<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.54 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Expenses after expense reductions (f) | 0.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net investment income (loss) | 3.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31 |
| Net assets at end of period (000 omitted) | $93296 | &nbsp;&nbsp; $91950 | &nbsp;&nbsp; $72646 | &nbsp;&nbsp; $56005 | &nbsp;&nbsp; $53240 | &nbsp;&nbsp; $40556 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | N/A | N/A | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.89 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $10.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.21)<br>|
| Net asset value, end of period (x) | $9.98 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $11.06 |
| Total return (%) (r)(s)(t)(x) | 2.56<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.99<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions (f) | 0.90<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Net investment income (loss) | 3.27<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $71330 | &nbsp;&nbsp; $72822 | &nbsp;&nbsp; $77277 | &nbsp;&nbsp; $80018 | &nbsp;&nbsp; $99895 | &nbsp;&nbsp; $108346 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.92 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $10.74 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.14 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $0.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.13)<br>|
| Net asset value, end of period (x) | $10.01 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $11.10 |
| Total return (%) (r)(s)(t)(x) | 2.17<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.61 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.75<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Expenses after expense reductions (f) | 1.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Net investment income (loss) | 2.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $44 | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $66 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Georgia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.96 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $9.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.55 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $9.04 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.08 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $10.03 |
| Total return (%) (r)(s)(t)(x) | 2.66<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.68 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | 0.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net investment income (loss) | 3.51<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $23238 | &nbsp;&nbsp; $19005 | &nbsp;&nbsp; $14744 | &nbsp;&nbsp; $12077 | &nbsp;&nbsp; $14154 | &nbsp;&nbsp; $15012 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.97 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $9.70 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $0.55 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $9.05 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.13 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $10.03 |
| Total return (%) (r)(s)(t)(x) | 2.70<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.72 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.68<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net investment income (loss) | 3.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Portfolio turnover rate | 11<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 |
| Net assets at end of period (000 omitted) | $13399 | &nbsp;&nbsp; $16045 | &nbsp;&nbsp; $15191 | &nbsp;&nbsp; $13001 | &nbsp;&nbsp; $20920 | &nbsp;&nbsp; $17956 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Georgia Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.87 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $10.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (g)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp; $0.68 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $9.95 | &nbsp;&nbsp; $9.87 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $11.04 |
| Total return (%) (r)(s)(t)(x) | 2.50<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.00<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Expenses after expense reductions (f) | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net investment income (loss) | 3.39<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 27 |
| Net assets at end of period (000 omitted) | $87651 | &nbsp;&nbsp; $79410 | &nbsp;&nbsp; $72144 | &nbsp;&nbsp; $92970 | &nbsp;&nbsp; $80515 | &nbsp;&nbsp; $82725 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Maryland Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.86 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $10.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (g)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $0.60 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net asset value, end of period (x) | $9.95 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $11.04 |
| Total return (%) (r)(s)(t)(x) | 2.22<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (4.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.75<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Expenses after expense reductions (f) | 1.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net investment income (loss) | 2.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 27 |
| Net assets at end of period (000 omitted) | $145 | &nbsp;&nbsp; $151 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $257 | &nbsp;&nbsp; $576 | &nbsp;&nbsp; $656 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Maryland Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.90 | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.96 | &nbsp;&nbsp; $9.58 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> (g)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $0.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.98 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.96 |
| Total return (%) (r)(s)(t)(x) | 2.71<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.74<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Expenses after expense reductions (f) | 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) | 3.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 27 |
| Net assets at end of period (000 omitted) | $45852 | &nbsp;&nbsp; $40504 | &nbsp;&nbsp; $36000 | &nbsp;&nbsp; $27697 | &nbsp;&nbsp; $27736 | &nbsp;&nbsp; $26243 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Maryland Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.91 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.96 | &nbsp;&nbsp; $9.58 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (g)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $0.65 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $8.98 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.96 |
| Total return (%) (r)(s)(t)(x) | 2.63<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.84 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.68<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Expenses after expense reductions (f) | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net investment income (loss) | 3.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 27 |
| Net assets at end of period (000 omitted) | $16501 | &nbsp;&nbsp; $16110 | &nbsp;&nbsp; $11506 | &nbsp;&nbsp; $7982 | &nbsp;&nbsp; $8893 | &nbsp;&nbsp; $6155 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | N/A | N/A | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.04 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.67 | &nbsp;&nbsp; $11.30 | &nbsp;&nbsp; $10.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (g)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $0.66 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $10.08 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.67 | &nbsp;&nbsp; $11.30 |
| Total return (%) (r)(s)(t)(x) | 2.06<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Expenses after expense reductions (f) | 0.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | 3.29<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $181614 | &nbsp;&nbsp; $181633 | &nbsp;&nbsp; $184765 | &nbsp;&nbsp; $246509 | &nbsp;&nbsp; $216458 | &nbsp;&nbsp; $216177 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.05 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $10.92 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (g)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | $0.18 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $0.58 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net asset value, end of period (x) | $10.10 | &nbsp;&nbsp; $10.05 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $11.32 |
| Total return (%) (r)(s)(t)(x) | 1.78<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.36 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Expenses after expense reductions (f) | 1.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Net investment income (loss) | 2.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $43 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $267 | &nbsp;&nbsp; $347 | &nbsp;&nbsp; $470 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Massachusetts Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.78 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.54 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (g)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.82 | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $9.89 |
| Total return (%) (r)(s)(t)(x) | 2.24<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.41 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Expenses after expense reductions (f) | 0.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net investment income (loss) | 3.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $200856 | &nbsp;&nbsp; $196108 | &nbsp;&nbsp; $158704 | &nbsp;&nbsp; $150099 | &nbsp;&nbsp; $179551 | &nbsp;&nbsp; $168647 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.79 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (g)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.26)<br>|
| Net asset value, end of period (x) | $8.83 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $9.90 |
| Total return (%) (r)(s)(t)(x) | 2.28<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Expenses after expense reductions (f) | 0.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net investment income (loss) | 3.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 |
| Portfolio turnover rate | 8<br> (n)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Net assets at end of period (000 omitted) | $11888 | &nbsp;&nbsp; $11950 | &nbsp;&nbsp; $10600 | &nbsp;&nbsp; $9326 | &nbsp;&nbsp; $10769 | &nbsp;&nbsp; $9628 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Massachusetts Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

**Notes to Financial Statements** 

(unaudited)

**(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 and developments 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. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. 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 certain distributions made by the funds could be taxable to shareholders.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each fund represents a single operating segment and the Chairman's Committee of the funds' adviser acts as the segment's CODM. Each fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within each fund's financial statements.

**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.

------

*Notes to Financial Statements (unaudited) - continued* 

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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 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 September 30, 2025 in valuing each fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Alabama Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $66380283 | $— | &nbsp;&nbsp; $66380283 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 37256 |  | &nbsp;&nbsp; 37256 |
| Investment Companies | &nbsp;&nbsp; 923938 |  |  | &nbsp;&nbsp; 923938 |
| Total | &nbsp;&nbsp; $923938 | &nbsp;&nbsp; $66417539 | $— | &nbsp;&nbsp; $67341477 |
| **Arkansas Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $140695568 | $— | &nbsp;&nbsp; $140695568 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 93140 |  | &nbsp;&nbsp; 93140 |
| Investment Companies | &nbsp;&nbsp; 1928457 |  |  | &nbsp;&nbsp; 1928457 |
| Total | &nbsp;&nbsp; $1928457 | &nbsp;&nbsp; $140788708 | $— | &nbsp;&nbsp; $142717165 |
| **California Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $701718844 | $— | &nbsp;&nbsp; $701718844 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 353933 |  | &nbsp;&nbsp; 353933 |
| Investment Companies | &nbsp;&nbsp; 19778741 |  |  | &nbsp;&nbsp; 19778741 |
| Total | &nbsp;&nbsp; $19778741 | &nbsp;&nbsp; $702072777 | $— | &nbsp;&nbsp; $721851518 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Georgia Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $106163777 | $— | &nbsp;&nbsp; $106163777 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 74513 |  | &nbsp;&nbsp; 74513 |
| Investment Companies | &nbsp;&nbsp; 1350811 |  |  | &nbsp;&nbsp; 1350811 |
| Total | &nbsp;&nbsp; $1350811 | &nbsp;&nbsp; $106238290 | $— | &nbsp;&nbsp; $107589101 |
| **Maryland Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $146272353 | $— | &nbsp;&nbsp; $146272353 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 74512 |  | &nbsp;&nbsp; 74512 |
| Investment Companies | &nbsp;&nbsp; 5181195 |  |  | &nbsp;&nbsp; 5181195 |
| Total | &nbsp;&nbsp; $5181195 | &nbsp;&nbsp; $146346865 | $— | &nbsp;&nbsp; $151528060 |
| **Massachusetts Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $377317916 | $— | &nbsp;&nbsp; $377317916 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 223537 |  | &nbsp;&nbsp; 223537 |
| Investment Companies | &nbsp;&nbsp; 12082308 |  |  | &nbsp;&nbsp; 12082308 |
| Total | &nbsp;&nbsp; $12082308 | &nbsp;&nbsp; $377541453 | $— | &nbsp;&nbsp; $389623761 |

---

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

**Inverse Floaters** — Certain funds invest in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floating rate security is created when a 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 daily or 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 Statements of Assets and Liabilities as "Payable to the holders of the floating rate certificates". The carrying value of that liability as reported in each fund's Statement of Assets and Liabilities approximates its fair value which would be considered level 2 under the fair value hierarchy. At September 30, 2025, each fund's payable to the holders of the floating rate certificates and the related weighted average interest rate on the settled floating rate certificates issued by the trust were as follows:

---

| | | |
|:---|:---|:---|
|  | **California** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>|
| Payable to the holders of the floating rate certificates | $2000509 | $1410000 |
| Weighted average interest rate on floating rate certificates issued by the trust | 3.30% | 2.92% |

---

For the six months ended September 30, 2025, the average payable to the holders of the settled floating rate certificates, the weighted average interest rates related to this payable, and the associated interest expense and fees (recorded as incurred), were as follows:

---

| | | |
|:---|:---|:---|
|  | **California** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>|
| Average payable to the holders of the settled floating rate certificates | $2000255 | $1410000 |
| Weighted average interest rates on this payable | 3.12% | 2.64% |
| "Interest expense and fees" in the Statements of Operations | $32959 | $23358 |

---

**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.

------

*Notes to Financial Statements (unaudited) - continued* 

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.

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 six months ended September 30, 2025, 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 generally 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, 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 made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 3/31/25** | &nbsp;&nbsp; **Alabama** <br>**Fund** <br>| &nbsp;&nbsp; **Arkansas** <br>**Fund** <br>| &nbsp;&nbsp; **California** <br>**Fund** <br>| &nbsp;&nbsp; **Georgia** <br>**Fund** <br>| &nbsp;&nbsp; **Maryland** <br>**Fund** <br>| &nbsp;&nbsp; **Massachusetts** <br>**Fund** <br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $75712 | &nbsp;&nbsp; $100952 | &nbsp;&nbsp; $625777 | &nbsp;&nbsp; $75069 | &nbsp;&nbsp; $107717 | &nbsp;&nbsp; $197040 |
| Tax-exempt income | &nbsp;&nbsp; 2129117 | &nbsp;&nbsp; 4671437 | &nbsp;&nbsp; 21689593 | &nbsp;&nbsp; 3212773 | &nbsp;&nbsp; 3969258 | &nbsp;&nbsp; 11695268 |
| Total distributions | &nbsp;&nbsp; $2204829 | &nbsp;&nbsp; $4772389 | &nbsp;&nbsp; $22315370 | &nbsp;&nbsp; $3287842 | &nbsp;&nbsp; $4076975 | &nbsp;&nbsp; $11892308 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of 9/30/25** | &nbsp;&nbsp; **Alabama** <br>**Fund**<br>| &nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $69856334 | &nbsp;&nbsp; $148358623 | &nbsp;&nbsp; $733583431 | &nbsp;&nbsp; $110281887 | &nbsp;&nbsp; $153295846 | &nbsp;&nbsp; $402395027 |
| Gross appreciation | &nbsp;&nbsp; 561575 | &nbsp;&nbsp; 1112160 | &nbsp;&nbsp; 9872296 | &nbsp;&nbsp; 1131732 | &nbsp;&nbsp; 1833003 | &nbsp;&nbsp; 3708752 |
| Gross depreciation | &nbsp;&nbsp; (3076432)<br>| &nbsp;&nbsp; (6753618)<br>| &nbsp;&nbsp; (23604718)<br>| &nbsp;&nbsp; (3824518)<br>| &nbsp;&nbsp; (5010789)<br>| &nbsp;&nbsp; (16480018)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(2514857)<br>| &nbsp;&nbsp; $(5641458)<br>| &nbsp;&nbsp; $(13732422)<br>| &nbsp;&nbsp; $(2692786)<br>| &nbsp;&nbsp; $(3177786)<br>| &nbsp;&nbsp; $(12771266)<br>|
| <br>**As of 3/31/25** |  |  |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; 38306 | &nbsp;&nbsp; 47979 | &nbsp;&nbsp; 384434 | &nbsp;&nbsp; 44106 | &nbsp;&nbsp; 31887 | &nbsp;&nbsp; 503050 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 289406 | &nbsp;&nbsp; 660394 | &nbsp;&nbsp; 2258075 | &nbsp;&nbsp; 397652 | &nbsp;&nbsp; 460255 | &nbsp;&nbsp; 747824 |
| Capital loss carryforwards | &nbsp;&nbsp; (5671216)<br>| &nbsp;&nbsp; (9825907)<br>| &nbsp;&nbsp; (30119461)<br>| &nbsp;&nbsp; (7780899)<br>| &nbsp;&nbsp; (6851605)<br>| &nbsp;&nbsp; (22736095)<br>|
| Other temporary differences | &nbsp;&nbsp; (191587)<br>| &nbsp;&nbsp; (422869)<br>| &nbsp;&nbsp; (2075116)<br>| &nbsp;&nbsp; (293778)<br>| &nbsp;&nbsp; (375086)<br>| &nbsp;&nbsp; (1074814)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3167002)<br>| &nbsp;&nbsp; (7600464)<br>| &nbsp;&nbsp; (18860623)<br>| &nbsp;&nbsp; (3743522)<br>| &nbsp;&nbsp; (4432090)<br>| &nbsp;&nbsp; (15467528)<br>|

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of March 31, 2025, 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** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Short-Term | $(1204465) | $(3024900) | $(8821841) | $(2281128) | $(2841625) | $(10723097) |
| Long-Term | (4466751) | (6801007) | (21297620) | (5499771) | (4009980) | (12012998) |
| Total | $(5671216) | $(9825907) | $(30119461) | $(7780899) | $(6851605) | $(22736095) |

---

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama Fund** | **Alabama Fund** | **Arkansas Fund** | **Arkansas Fund** | **California Fund** | **California Fund** |
|  | **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>|
| Class A | $784150 | $1515481 | $1940330 | $3834861 | $7914691 | $13976933 |
| Class B | 684 | 1255 | 709 | 1511 | 1551 | 4059 |
| Class C |  |  |  |  | 85747 | 238612 |
| Class I | 279189 | 566322 | 426735 | 712161 | 2857557 | 5118507 |
| Class R6 | 69117 | 121771 | 129456 | 223856 | 1669980 | 2977259 |
| Total | $1133140 | $2204829 | $2497230 | $4772389 | $12529526 | $22315370 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Georgia Fund** | **Georgia Fund** | **Maryland Fund** | **Maryland Fund** | **Massachusetts Fund** | **Massachusetts Fund** |
|  | **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>|
| Class A | $1138350 | $2220941 | $1354165 | $2294761 | $2976515 | $5498921 |
| Class B | 642 | 1137 | 1896 | 4107 | 700 | 2906 |
| Class I | 364901 | 533442 | 770525 | 1296191 | 3316132 | 6011451 |
| Class R6 | 251971 | 532322 | 290576 | 481916 | 216174 | 379030 |
| Total | $1755864 | $3287842 | $2417162 | $4076975 | $6509521 | $11892308 |

---

**(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.

------

*Notes to Financial Statements (unaudited) - 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, 2026. For the six months ended September 30, 2025, these management fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alabama** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| $4733 | $9874 | $48284 | $7407 | $9903 | $26829 |

---

The management fee incurred for the six months ended September 30, 2025 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 (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 these funds' average daily net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| 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, 2026. For the six months ended September 30, 2025, these reductions amounted to $61,002 for the Alabama Fund, $63,555 for the Arkansas Fund, $41,625 for the Georgia Fund, $82,468 for the Maryland Fund, and $75,386 for the Massachusetts Fund. Each reduction is included in the reduction of total expenses in the Statements of Operations.

Effective August 1, 2025, the investment adviser has agreed in writing to pay a portion of the California 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 this fund's average daily net assets:

---

| | |
|:---|:---|
|  | **California** <br>**Fund**<br>|
| Class A | 0.65% |
| Class B | 1.40% |
| Class C | 1.55% |
| Class I | 0.55% |
| Class R6 | 0.49% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2026. For the period from August 1, 2025 through September 30, 2025, this reduction amounted to $22,874 for the California Fund, which is included in the reduction of total expenses in the Statements of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended September 30, 2025, as its portion of the initial sales charge on sales of Class A shares of each fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alabama** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| $1454 | $2131 | $3200 | $317 | $3072 | $565 |

---

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.

------

*Notes to Financial Statements (unaudited) - continued* 

**Distribution Plan Fee Table:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Alabama Fund |  | 0.25% | 0.25% | 0.25% | $59634 |
| Arkansas Fund |  | 0.25% | 0.25% | 0.10% | 137548 |
| California Fund |  | 0.25% | 0.25% | 0.10% | 548040 |
| Georgia Fund |  | 0.25% | 0.25% | 0.25% | 87879 |
| Maryland Fund |  | 0.25% | 0.25% | 0.25% | 102091 |
| Massachusetts Fund |  | 0.25% | 0.25% | 0.25% | 227176 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B**  | **Class B**  | **Class B**  | **Class B**  | **Class B**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Alabama Fund | 0.75% | 0.25% | 1.00% | 1.00% | $270 |
| Arkansas Fund | 0.75% | 0.25% | 1.00% | 0.85% | 255 |
| California Fund | 0.75% | 0.25% | 1.00% | 0.85% | 541 |
| Georgia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 257 |
| Maryland Fund | 0.75% | 0.25% | 1.00% | 1.00% | 737 |
| Massachusetts Fund | 0.75% | 0.25% | 1.00% | 1.00% | 277 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| California Fund | 0.75% | 0.25% | 1.00% | 1.00% | $31581 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Alabama** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| Total Distribution and Service Fees | $59904 | $137803 | $580162 | $88136 | $102828 | $227453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended September 30, 2025 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 six months ended September 30, 2025, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| &nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| &nbsp;&nbsp; **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Class A | $— | $— | $6 | $4 | $— | $62 |

---

**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, 2026. For the six months ended September 30, 2025, these reductions amounted to $82,530 and $38 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, 2026. For the six months ended September 30, 2025, these reductions amounted to $328,826 and $81 for Class A and Class B shares, respectively, and are included in the reduction of total expenses in the Statements of Operations.

------

*Notes to Financial Statements (unaudited) - 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 six months ended September 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CDSC Imposed** | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Class A | $51 | $2769 | $56876 | $4894 | $2055 | $65151 |
| Class B |  |  |  |  |  |  |
| Class C | N/A | N/A |  | 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 six months ended September 30, 2025, each fund paid the following fee, which equated to the following annual percentage of each fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Expenses paid | $1244 | $1390 | $8899 | $1731 | $5408 | $10906 |
| Annual percentage of average daily net assets | 0.0037% | 0.0020% | 0.0026% | 0.0033% | 0.0077% | 0.0057% |

---

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 six months ended September 30, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alabama** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| $19742 | $51700 | $200961 | $29028 | $41642 | $150445 |

---

**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 six months ended September 30, 2025 was equivalent to the following annual effective rates of each fund's average daily net assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Percentage of average daily net assets | 0.0293% | 0.0206% | 0.0143% | 0.0233% | 0.0206% | 0.0156% |

---

**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.

**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 fund shares on the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| Alabama Fund | 7/10/2024 | Redemption | Class I | 3 | $26 |
| Arkansas Fund | 7/10/2024 | Redemption | Class I | 2 | 21 |
| Arkansas Fund | 7/10/2024 | Redemption | Class R6 | 6252 | 56460 |
| Arkansas Fund | 11/29/2024 | Purchase | Class B | 4870 | 45000 |
| California Fund | 8/19/2024 | Redemption | Class I | 2 | 21 |
| Georgia Fund | 8/19/2024 | Redemption | Class I | 2 | 22 |
| Maryland Fund | 8/19/2024 | Redemption | Class A | 9 | 94 |
| Maryland Fund | 8/19/2024 | Redemption | Class I | 2 | 20 |
| Massachusetts Fund | 8/19/2024 | Redemption | Class A | 9 | 90 |
| Massachusetts Fund | 8/19/2024 | Redemption | Class I | 3 | 26 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

At September 30, 2025, MFS held 100% of the outstanding shares of Class B of the Alabama Fund.

At September 30, 2025, MFS held approximately 85% and 100% of the outstanding shares of Class B of the Arkansas Fund and Georgia Fund, respectively.

**(4) Portfolio Securities**

For the six months ended September 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| &nbsp;&nbsp; **Arkansas** <br>**Fund**<br>| &nbsp;&nbsp; **California** <br>**Fund**<br>| &nbsp;&nbsp; **Georgia** <br>**Fund**<br>| &nbsp;&nbsp; **Maryland** <br>**Fund**<br>| &nbsp;&nbsp; **Massachusetts** <br>**Fund**<br>|
| Purchases | $4773407 | $11252808 | $85480644 | $11210491 | $21676359 | $29731237 |
| Sales | $6138273 | $16812867 | $75660115 | $11350688 | $7156432 | $31142442 |

---

**(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** | **Alabama Fund** | **Alabama Fund** | **Alabama Fund** | **Arkansas Fund** | **Arkansas Fund** | **Arkansas Fund** | **Arkansas Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 326906 | $2999582 | &nbsp;&nbsp; 1334549 | $12595633 | &nbsp;&nbsp; 536057 | $4692569 | &nbsp;&nbsp; 1767978 | $16060287 |
| Class B |  |  |  |  |  |  | &nbsp;&nbsp; 4870 | 45000 |
| Class I | 178234 | 1552576 | &nbsp;&nbsp; 405368 | 3657279 | &nbsp;&nbsp; 433935 | 3765635 | &nbsp;&nbsp; 969207 | 8767267 |
| Class R6 | 76319 | 665181 | &nbsp;&nbsp; 196517 | 1777413 | &nbsp;&nbsp; 110510 | 951906 | &nbsp;&nbsp; 253745 | 2290780 |
|  | 581459 | $5217339 | &nbsp;&nbsp; 1936434 | $18030325 | &nbsp;&nbsp; 1080502 | $9410110 | &nbsp;&nbsp; 2995800 | $27163334 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 80433 | $735363 | &nbsp;&nbsp; 149503 | $1411146 | &nbsp;&nbsp; 212068 | $1859791 | &nbsp;&nbsp; 404904 | $3672191 |
| Class B | 75 | 684 | &nbsp;&nbsp; 133 | 1255 | &nbsp;&nbsp; 81 | 709 | &nbsp;&nbsp; 166 | 1507 |
| Class I | 24641 | 214662 | &nbsp;&nbsp; 46153 | 415152 | &nbsp;&nbsp; 45900 | 399600 | &nbsp;&nbsp; 72614 | 653794 |
| Class R6 | 7933 | 69117 | &nbsp;&nbsp; 13541 | 121771 | &nbsp;&nbsp; 13825 | 120362 | &nbsp;&nbsp; 23443 | 211073 |
|  | 113082 | $1019826 | &nbsp;&nbsp; 209330 | $1949324 | &nbsp;&nbsp; 271874 | $2380462 | &nbsp;&nbsp; 501127 | $4538565 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (571528)<br>| $(5216462)<br>| &nbsp;&nbsp; (1108682)<br>| $(10476163)<br>| &nbsp;&nbsp; (1698607)<br>| $(14857797)<br>| &nbsp;&nbsp; (2332709)<br>| $(21195871)<br>|
| Class B |  |  |  |  | &nbsp;&nbsp; (4)<br>| (33)<br>| &nbsp;&nbsp; (14259)<br>| (129152)<br>|
| Class I | (245023)<br>| (2136645)<br>| &nbsp;&nbsp; (522510)<br>| (4695686)<br>| &nbsp;&nbsp; (351535)<br>| (3045442)<br>| &nbsp;&nbsp; (641232)<br>| (5776298)<br>|
| Class R6 | (107491)<br>| (936450)<br>| &nbsp;&nbsp; (113430)<br>| (1020110)<br>| &nbsp;&nbsp; (112890)<br>| (977027)<br>| &nbsp;&nbsp; (149291)<br>| (1347994)<br>|
|  | (924042)<br>| $(8289557)<br>| &nbsp;&nbsp; (1744622)<br>| $(16191959)<br>| &nbsp;&nbsp; (2163036)<br>| $(18880299)<br>| &nbsp;&nbsp; (3137491)<br>| $(28449315)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | (164189)<br>| $(1481517)<br>| &nbsp;&nbsp; 375370 | $3530616 | &nbsp;&nbsp; (950482)<br>| $(8305437)<br>| &nbsp;&nbsp; (159827)<br>| $(1463393)<br>|
| Class B | 75 | 684 | &nbsp;&nbsp; 133 | 1255 | &nbsp;&nbsp; 77 | 676 | &nbsp;&nbsp; (9223)<br>| (82645)<br>|
| Class I | (42148)<br>| (369407)<br>| &nbsp;&nbsp; (70989)<br>| (623255)<br>| &nbsp;&nbsp; 128300 | 1119793 | &nbsp;&nbsp; 400589 | 3644763 |
| Class R6 | (23239)<br>| (202152)<br>| &nbsp;&nbsp; 96628 | 879074 | &nbsp;&nbsp; 11445 | 95241 | &nbsp;&nbsp; 127897 | 1153859 |
|  | (229501)<br>| $(2052392)<br>| &nbsp;&nbsp; 401142 | $3787690 | &nbsp;&nbsp; (810660)<br>| $(7089727)<br>| &nbsp;&nbsp; 359436 | $3252584 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **California Fund** | **California Fund** | **California Fund** | **California Fund** | **Georgia Fund** | **Georgia Fund** | **Georgia Fund** | **Georgia Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 11658346 | $62479898 | &nbsp;&nbsp; 24350820 | $136161269 | &nbsp;&nbsp; 607086 | $5941975 | &nbsp;&nbsp; 1459352 | $14721405 |
| Class C | 51789 | 275735 | &nbsp;&nbsp; 72581 | 405612 |  |  |  |  |
| Class I | 5791135 | 50617382 | &nbsp;&nbsp; 6665883 | 60619231 | &nbsp;&nbsp; 804047 | 7134470 | &nbsp;&nbsp; 877648 | 8057502 |
| Class R6 | 2658039 | 23196972 | &nbsp;&nbsp; 3968869 | 36063461 | &nbsp;&nbsp; 193940 | 1715596 | &nbsp;&nbsp; 732346 | 6692845 |
|  | 20159309 | $136569987 | &nbsp;&nbsp; 35058153 | $233249573 | &nbsp;&nbsp; 1605073 | $14792041 | &nbsp;&nbsp; 3069346 | $29471752 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 1367620 | $7339844 | &nbsp;&nbsp; 2327643 | $12980986 | &nbsp;&nbsp; 108772 | $1060201 | &nbsp;&nbsp; 208072 | $2094277 |
| Class B | 289 | 1551 | &nbsp;&nbsp; 729 | 4059 | &nbsp;&nbsp; 66 | 642 | &nbsp;&nbsp; 112 | 1137 |
| Class C | 15286 | 82234 | &nbsp;&nbsp; 41114 | 229958 |  |  |  |  |
| Class I | 256484 | 2239672 | &nbsp;&nbsp; 471019 | 4275729 | &nbsp;&nbsp; 34592 | 305744 | &nbsp;&nbsp; 47156 | 430377 |
| Class R6 | 191043 | 1667505 | &nbsp;&nbsp; 327400 | 2969170 | &nbsp;&nbsp; 28501 | 251971 | &nbsp;&nbsp; 58288 | 532313 |
|  | 1830722 | $11330806 | &nbsp;&nbsp; 3167905 | $20459902 | &nbsp;&nbsp; 171931 | $1618558 | &nbsp;&nbsp; 313628 | $3058104 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (12581580)<br>| $(67226834)<br>| &nbsp;&nbsp; (11294826)<br>| $(62864184)<br>| &nbsp;&nbsp; (932196)<br>| $(9066405)<br>| &nbsp;&nbsp; (1979031)<br>| $(19925627)<br>|
| Class B | (1192)<br>| (6381)<br>| &nbsp;&nbsp; (20650)<br>| (115862)<br>| &nbsp;&nbsp; (903)<br>| (9018)<br>| &nbsp;&nbsp; (19)<br>| (195)<br>|
| Class C | (412700)<br>| (2216398)<br>| &nbsp;&nbsp; (665475)<br>| (3721279)<br>|  |  |  |  |
| Class I | (5252573)<br>| (45668237)<br>| &nbsp;&nbsp; (4594575)<br>| (41664982)<br>| &nbsp;&nbsp; (389772)<br>| (3416168)<br>| &nbsp;&nbsp; (420085)<br>| (3829424)<br>|
| Class R6 | (2743199)<br>| (23872888)<br>| &nbsp;&nbsp; (1953465)<br>| (17706158)<br>| &nbsp;&nbsp; (530953)<br>| (4661250)<br>| &nbsp;&nbsp; (665225)<br>| (6073877)<br>|
|  | (20991244)<br>| $(138990738)<br>| &nbsp;&nbsp; (18528991)<br>| $(126072465)<br>| &nbsp;&nbsp; (1853824)<br>| $(17152841)<br>| &nbsp;&nbsp; (3064360)<br>| $(29829123)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | 444386 | $2592908 | &nbsp;&nbsp; 15383637 | $86278071 | &nbsp;&nbsp; (216338)<br>| $(2064229)<br>| &nbsp;&nbsp; (311607)<br>| $(3109945)<br>|
| Class B | (903)<br>| (4830)<br>| &nbsp;&nbsp; (19921)<br>| (111803)<br>| &nbsp;&nbsp; (837)<br>| (8376)<br>| &nbsp;&nbsp; 93 | 942 |
| Class C | (345625)<br>| (1858429)<br>| &nbsp;&nbsp; (551780)<br>| (3085709)<br>|  |  |  |  |
| Class I | 795046 | 7188817 | &nbsp;&nbsp; 2542327 | 23229978 | &nbsp;&nbsp; 448867 | 4024046 | &nbsp;&nbsp; 504719 | 4658455 |
| Class R6 | 105883 | 991589 | &nbsp;&nbsp; 2342804 | 21326473 | &nbsp;&nbsp; (308512)<br>| (2693683)<br>| &nbsp;&nbsp; 125409 | 1151281 |
|  | 998787 | $8910055 | &nbsp;&nbsp; 19697067 | $127637010 | &nbsp;&nbsp; (76820)<br>| $(742242)<br>| &nbsp;&nbsp; 318614 | $2700733 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maryland Fund** | **Maryland Fund** | **Maryland Fund** | **Maryland Fund** | **Massachusetts Fund** | **Massachusetts Fund** | **Massachusetts Fund** | **Massachusetts Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 1346849 | $13113643 | &nbsp;&nbsp; 2101395 | $21043614 | &nbsp;&nbsp; 2437050 | $24029721 | &nbsp;&nbsp; 2985383 | $30424947 |
| Class I | 1221190 | 10709037 | &nbsp;&nbsp; 1272800 | 11526477 | &nbsp;&nbsp; 5817692 | 50278250 | &nbsp;&nbsp; 9895741 | 88499425 |
| Class R6 | 207086 | 1822268 | &nbsp;&nbsp; 708389 | 6424212 | &nbsp;&nbsp; 235284 | 2036079 | &nbsp;&nbsp; 496702 | 4442235 |
|  | 2775125 | $25644948 | &nbsp;&nbsp; 4082584 | $38994303 | &nbsp;&nbsp; 8490026 | $76344050 | &nbsp;&nbsp; 13377826 | $123366607 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 130228 | $1268889 | &nbsp;&nbsp; 211913 | $2124877 | &nbsp;&nbsp; 263494 | $2606111 | &nbsp;&nbsp; 480197 | $4900850 |
| Class B | 194 | 1888 | &nbsp;&nbsp; 409 | 4107 | &nbsp;&nbsp; 68 | 674 | &nbsp;&nbsp; 285 | 2906 |
| Class I | 72276 | 635268 | &nbsp;&nbsp; 116893 | 1057176 | &nbsp;&nbsp; 339702 | 2941122 | &nbsp;&nbsp; 593185 | 5300218 |
| Class R6 | 33054 | 290576 | &nbsp;&nbsp; 53232 | 481792 | &nbsp;&nbsp; 24955 | 216174 | &nbsp;&nbsp; 42396 | 378908 |
|  | 235752 | $2196621 | &nbsp;&nbsp; 382447 | $3667952 | &nbsp;&nbsp; 628219 | $5764081 | &nbsp;&nbsp; 1116063 | $10582882 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maryland Fund - continued** | **Maryland Fund - continued** | **Maryland Fund - continued** | **Maryland Fund - continued** | **Massachusetts Fund - continued** | **Massachusetts Fund - continued** | **Massachusetts Fund - continued** | **Massachusetts Fund - continued** |
|  | **Six Months Ended**<br> **9/30/25**  | **Six Months Ended**<br> **9/30/25**  | **Year ended**<br> **3/31/25**  | **Year ended**<br> **3/31/25**  | **Six Months Ended**<br> **9/30/25**  | **Six Months Ended**<br> **9/30/25**  | **Year ended**<br> **3/31/25**  | **Year ended**<br> **3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (716651)<br>| $(6986298)<br>| &nbsp;&nbsp; (1463305)<br>| $(14666013)<br>| &nbsp;&nbsp; (2778092)<br>| $(27459175)<br>| &nbsp;&nbsp; (3465492)<br>| $(35396354)<br>|
| Class B | (939)<br>| (9092)<br>| &nbsp;&nbsp; (3609)<br>| (36214)<br>| &nbsp;&nbsp; (5036)<br>| (49952)<br>| &nbsp;&nbsp; (5901)<br>| (60875)<br>|
| Class I | (735939)<br>| (6439947)<br>| &nbsp;&nbsp; (820933)<br>| (7431013)<br>| &nbsp;&nbsp; (5712440)<br>| (49285584)<br>| &nbsp;&nbsp; (5924691)<br>| (52949824)<br>|
| Class R6 | (211807)<br>| (1854791)<br>| &nbsp;&nbsp; (224555)<br>| (2034691)<br>| &nbsp;&nbsp; (273033)<br>| (2358211)<br>| &nbsp;&nbsp; (365053)<br>| (3261148)<br>|
|  | (1665336)<br>| $(15290128)<br>| &nbsp;&nbsp; (2512402)<br>| $(24167931)<br>| &nbsp;&nbsp; (8768601)<br>| $(79152922)<br>| &nbsp;&nbsp; (9761137)<br>| $(91668201)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | 760426 | $7396234 | &nbsp;&nbsp; 850003 | $8502478 | &nbsp;&nbsp; (77548)<br>| $(823343)<br>| &nbsp;&nbsp; 88 | $(70557)<br>|
| Class B | (745)<br>| (7204)<br>| &nbsp;&nbsp; (3200)<br>| (32107)<br>| &nbsp;&nbsp; (4968)<br>| (49278)<br>| &nbsp;&nbsp; (5616)<br>| (57969)<br>|
| Class I | 557527 | 4904358 | &nbsp;&nbsp; 568760 | 5152640 | &nbsp;&nbsp; 444954 | 3933788 | &nbsp;&nbsp; 4564235 | 40849819 |
| Class R6 | 28333 | 258053 | &nbsp;&nbsp; 537066 | 4871313 | &nbsp;&nbsp; (12794)<br>| (105958)<br>| &nbsp;&nbsp; 174045 | 1559995 |
|  | 1345541 | $12551441 | &nbsp;&nbsp; 1952629 | $18494324 | &nbsp;&nbsp; 349644 | $2955209 | &nbsp;&nbsp; 4732752 | $42281288 |

---

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 12, 2026 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 six months ended September 30, 2025, each fund's commitment fee and interest expense were as follows and are included in "Miscellaneous" expense in the Statements of Operations, with the exception of the California Fund and the Maryland Fund, whose commitment fee and interest expense are included in "Interest expense and fees" in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Alabama** <br>**Fund**<br>| **Arkansas** <br>**Fund**<br>| **California** <br>**Fund**<br>| **Georgia** <br>**Fund**<br>| **Maryland** <br>**Fund**<br>| **Massachusetts** <br>**Fund**<br>|
| Commitment Fee | $172 | $361 | $1819 | $274 | $345 | $988 |
| 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 six months ended September 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** |
|  | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| Alabama Fund | $2171553 | $8717285 | $9964821 | $(75)<br>| $(4)<br>| $923938 |
| Arkansas Fund | 3518065 | 20505459 | 22094925 | (141)<br>| (1)<br>| 1928457 |
| California Fund | 11245030 | 93176840 | 84641300 | (1062)<br>| (767)<br>| 19778741 |
| Georgia Fund | 2250200 | 19040545 | 19939550 | (280)<br>| (104)<br>| 1350811 |
| Maryland Fund | 5413185 | 24571573 | 24803231 | (424)<br>| 92 | 5181195 |
| Massachusetts Fund | 5866473 | 63146070 | 56929654 | (430)<br>| (151)<br>| 12082308 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | |
|:---|:---|:---|
|  | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| Alabama Fund | $25401 | $— |
| Arkansas Fund | 43041 |  |
| California Fund | 231510 |  |
| Georgia Fund | 33708 |  |
| Maryland Fund | 109623 |  |
| Massachusetts Fund | 195558 |  |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for 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.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for 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.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for 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. See the Statements of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

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**Board Review of Investment Advisory Agreement**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of each Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Funds and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Funds' investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Funds.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Funds' advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Funds, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed each Fund's total return investment performance as well as its respective Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of each Fund's Class I shares in comparison to the performance of funds in its respective Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. See below for a description of the performance information considered by the Trustees.

In assessing the reasonableness of each Fund's advisory fee, the Trustees considered, among other information, each Fund's advisory fee and the total expense ratio of each Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees considered whether the Funds were subject to any fee waivers or reductions or expense limitations. See below for a description of the fee information considered by the Trustees.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to each Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to each Fund, as well as the more extensive regulatory burdens imposed on MFS in managing each Fund, in comparison to the relevant separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of each Fund in comparison to the relevant separate accounts.

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*Board Review of Investment Advisory Agreement - continued*

The Trustees also considered whether each Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that each Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account the information noted below, the Trustees determined not to recommend any advisory fee breakpoints for the Funds at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Funds, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling each Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow each Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to each Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to each Fund represent reasonable compensation in light of the services being provided by MFS to the Funds.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that each Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

**MFS Alabama Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the total expense ratio was approximately at the Broadridge expense group median.

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*Board Review of Investment Advisory Agreement - continued*

**MFS Arkansas Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 4th quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

**MFS California Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 3rd quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee the Trustees considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was approximately at the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median. The Trustees also noted that MFS has agreed to implement an expense limitation for the Fund effective August 1, 2025, which may not be changed without the Trustees' approval.

**MFS Georgia Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

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*Board Review of Investment Advisory Agreement - continued*

**MFS Maryland Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for five-year periods ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the total expense ratio was approximately at the Broadridge expense group median.

**MFS Massachusetts Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for each of the one-, three- and five-year periods ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

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**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

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

**Portfolio of Investments** 

9/30/25 (unaudited)

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**

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.1% | Municipal Bonds – 97.1% | Municipal Bonds – 97.1% |
| Airport Revenue – 1.4% | Airport Revenue – 1.4% | Airport Revenue – 1.4% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $60000 | &nbsp;&nbsp; $55042 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 55000 | &nbsp;&nbsp; 48641 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.125%, 6/30/2060 <br>| 475000 | &nbsp;&nbsp; 475225 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 230000 | &nbsp;&nbsp; 230147 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 35000 | &nbsp;&nbsp; 35011 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 60000 | &nbsp;&nbsp; 60001 |
|  |  | &nbsp;&nbsp; $904067 |
| General Obligations - General Purpose – 13.2% | General Obligations - General Purpose – 13.2% | General Obligations - General Purpose – 13.2% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $220000 | &nbsp;&nbsp; $204595 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 41212 | &nbsp;&nbsp; 44087 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 40029 | &nbsp;&nbsp; 44359 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 37958 | &nbsp;&nbsp; 37532 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 66803 | &nbsp;&nbsp; 65151 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 29283 | &nbsp;&nbsp; 27790 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 39814 | &nbsp;&nbsp; 35652 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 128406 | &nbsp;&nbsp; 110830 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 48848 | &nbsp;&nbsp; 34888 |
| Mississippi Development Bank Special Obligation (Desoto County, Mississippi Convention Center General Obligation Bond Project), <br> 5%, 3/01/2045 <br>| 1000000 | &nbsp;&nbsp; 1036991 |
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), "A", 5.25%, 1/01/2034  | 1000000 | &nbsp;&nbsp; 1116666 |
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045  | 500000 | &nbsp;&nbsp; 448828 |
| Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032  | 500000 | &nbsp;&nbsp; 501919 |
| Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042  | 500000 | &nbsp;&nbsp; 414048 |
| Mississippi Development Bank Special Obligation (Olive Branch Public Improvement), 4%, 6/01/2044  | 750000 | &nbsp;&nbsp; 713393 |
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement General Obligation Project), 4%, 9/01/2044  | 275000 | &nbsp;&nbsp; 261466 |
| Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048  | 1000000 | &nbsp;&nbsp; 1008439 |
| Pearl, MS, General Obligation Public Improvement, BAM, 4.75%, 9/01/2038  | 275000 | &nbsp;&nbsp; 291491 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 150000 | &nbsp;&nbsp; 159206 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 65000 | &nbsp;&nbsp; 68029 |
| State of Mississippi, "A", 5%, 11/01/2036 (Prerefunded 11/01/2026)  | 1000000 | &nbsp;&nbsp; 1026874 |
| State of Mississippi, "B", 3%, 10/01/2035  | 770000 | &nbsp;&nbsp; 722855 |
|  |  | &nbsp;&nbsp; $8375089 |
| General Obligations - Schools – 13.8% | General Obligations - Schools – 13.8% | General Obligations - Schools – 13.8% |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | $700000 | &nbsp;&nbsp; $542484 |
| Madison County, MS, Certificate of Participation (Canton Public School District Lease Purchase Project), BAM, 5.25%, 1/01/2045  | 350000 | &nbsp;&nbsp; 371039 |
| Mississippi Development Bank Special Obligation (Columbus Municipal School District General Obligation Project), BAM, <br> 5.25%, 5/01/2047 <br>| 500000 | &nbsp;&nbsp; 515963 |
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037  | 1000000 | &nbsp;&nbsp; 1039156 |
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2038  | 460000 | &nbsp;&nbsp; 476570 |
| Mississippi Development Bank Special Obligation (Lamar County School District General Obligation Project), 5%, 6/01/2050  | 500000 | &nbsp;&nbsp; 511734 |
| Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM, <br> 4.125%, 4/01/2043 <br>| 1000000 | &nbsp;&nbsp; 952523 |
| Mississippi Development Bank Special Obligation (Ocean Springs School District General Obligation Bond Project), 5%, 6/01/2050  | 500000 | &nbsp;&nbsp; 509786 |
| Mississippi Development Bank Special Obligation (Oxford School District), 4%, 4/01/2044  | 350000 | &nbsp;&nbsp; 326710 |

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MSTBFS-SEM

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*Portfolio of Investments (unaudited) – continued*

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Mississippi Development Bank Special Obligation (Petal School District), AGM, 5%, 5/01/2049  | $1000000 | &nbsp;&nbsp; $1034185 |
| Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043  | 750000 | &nbsp;&nbsp; 685689 |
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, "C", 0%, 7/01/2035  | 1020000 | &nbsp;&nbsp; 742839 |
| Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038  | 1000000 | &nbsp;&nbsp; 1000638 |
|  |  | &nbsp;&nbsp; $8709316 |
| Healthcare Revenue - Hospitals – 3.2% | Healthcare Revenue - Hospitals – 3.2% | Healthcare Revenue - Hospitals – 3.2% |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | $20000 | &nbsp;&nbsp; $17050 |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5.5%, 7/01/2055  | 500000 | &nbsp;&nbsp; 516563 |
| Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Ochsner Clinic Foundation Project), "C", 5%, 5/15/2055  | 500000 | &nbsp;&nbsp; 509173 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, 1/01/2040  | 1000000 | &nbsp;&nbsp; 952306 |
|  |  | &nbsp;&nbsp; $1995092 |
| Industrial Revenue - Environmental Services – 0.8% | Industrial Revenue - Environmental Services – 0.8% | Industrial Revenue - Environmental Services – 0.8% |
| Mississippi Business Finance Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 3/01/2027  | $500000 | &nbsp;&nbsp; $503655 |
| Industrial Revenue - Other – 0.8% | Industrial Revenue - Other – 0.8% | Industrial Revenue - Other – 0.8% |
| Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | $500000 | &nbsp;&nbsp; $462635 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | 100000 | &nbsp;&nbsp; 72431 |
|  |  | &nbsp;&nbsp; $535066 |
| Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% |
| Warren County, MS, Gulf Opportunity Zone Refunding Rev. (International Paper Co. Project), "A", 4.2%, 5/01/2034  | $500000 | &nbsp;&nbsp; $512179 |
| Miscellaneous Revenue - Other – 0.9% | Miscellaneous Revenue - Other – 0.9% | Miscellaneous Revenue - Other – 0.9% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $210000 | &nbsp;&nbsp; $209999 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 310000 | &nbsp;&nbsp; 312155 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 35000 | &nbsp;&nbsp; 35271 |
|  |  | &nbsp;&nbsp; $557425 |
| Multi-Family Housing Revenue – 2.9% | Multi-Family Housing Revenue – 2.9% | Multi-Family Housing Revenue – 2.9% |
| Mississippi Home Corp., Multi-Family Housing Rev. (Jackson Housing Portfolio Project), 4.55%, 4/01/2042  | $750000 | &nbsp;&nbsp; $754752 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 236127 | &nbsp;&nbsp; 233429 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 580000 | &nbsp;&nbsp; 406955 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 30000 | &nbsp;&nbsp; 29661 |
| Virginia Housing Development Authority, Rental Housing, "F", 5.15%, 11/01/2048  | 385000 | &nbsp;&nbsp; 393018 |
|  |  | &nbsp;&nbsp; $1817815 |
| Sales & Excise Tax Revenue – 5.6% | Sales & Excise Tax Revenue – 5.6% | Sales & Excise Tax Revenue – 5.6% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, "B-<br> 1", AGM, 0%, 6/15/2044 <br>| $905000 | &nbsp;&nbsp; $368650 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 70000 | &nbsp;&nbsp; 65021 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029  | 750000 | &nbsp;&nbsp; 830908 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp; 902 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 20000 | &nbsp;&nbsp; 19539 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 71000 | &nbsp;&nbsp; 66723 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1086000 | &nbsp;&nbsp; 1048068 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 162000 | &nbsp;&nbsp; 154998 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 71000 | &nbsp;&nbsp; 67931 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 234000 | &nbsp;&nbsp; 217248 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 7000 | &nbsp;&nbsp; 6193 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 346000 | &nbsp;&nbsp; 283027 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 330000 | &nbsp;&nbsp; 247835 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 150000 | &nbsp;&nbsp; 50957 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 115000 | &nbsp;&nbsp; 92000 |
|  |  | &nbsp;&nbsp; $3520000 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - State – 14.6% | Single Family Housing - State – 14.6% | Single Family Housing - State – 14.6% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $250000 | &nbsp;&nbsp; $272613 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", 4.8%, 12/01/2045  | 750000 | &nbsp;&nbsp; 756702 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", GNMA, 4.65%, 12/01/2054  | 1750000 | &nbsp;&nbsp; 1743277 |
| Mississippi Home Corp., Single Family Mortgage Rev., "B", GNMA, 2.875%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 780335 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 3.95%, 12/01/2042  | 1000000 | &nbsp;&nbsp; 973100 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.65%, 12/01/2044  | 750000 | &nbsp;&nbsp; 761156 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 5.125%, 12/01/2045  | 500000 | &nbsp;&nbsp; 508483 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.05%, 12/01/2047  | 1000000 | &nbsp;&nbsp; 946419 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.65%, 12/01/2048  | 1000000 | &nbsp;&nbsp; 994911 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.8%, 12/01/2049  | 750000 | &nbsp;&nbsp; 759814 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 4.45%, 12/01/2044  | 750000 | &nbsp;&nbsp; 748205 |
|  |  | &nbsp;&nbsp; $9245015 |
| State & Local Agencies – 5.7% | State & Local Agencies – 5.7% | State & Local Agencies – 5.7% |
| Hinds County, MS, Certificates of Participation (Lease Purchase Project), "A", BAM, 4.625%, 9/01/2054 (n) | $500000 | &nbsp;&nbsp; $448476 |
| Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036  | 500000 | &nbsp;&nbsp; 500769 |
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp; 1013439 |
| Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2048  | 750000 | &nbsp;&nbsp; 825810 |
| Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053  | 750000 | &nbsp;&nbsp; 817051 |
|  |  | &nbsp;&nbsp; $3605545 |
| Student Loan Revenue – 0.2% | Student Loan Revenue – 0.2% | Student Loan Revenue – 0.2% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $10000 | &nbsp;&nbsp; $9652 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 110000 | &nbsp;&nbsp; 85056 |
|  |  | &nbsp;&nbsp; $94708 |
| Tax - Other – 4.3% | Tax - Other – 4.3% | Tax - Other – 4.3% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $350000 | &nbsp;&nbsp; $358910 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 65000 | &nbsp;&nbsp; 64010 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 150000 | &nbsp;&nbsp; 155977 |
| State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), "A", 4%, 10/01/2045  | 750000 | &nbsp;&nbsp; 691640 |
| State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), "A", 5%, 10/01/2049  | 1000000 | &nbsp;&nbsp; 1033407 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 545000 | &nbsp;&nbsp; 405437 |
|  |  | &nbsp;&nbsp; $2709381 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $265000 | &nbsp;&nbsp; $222466 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 195000 | &nbsp;&nbsp; 177670 |
|  |  | &nbsp;&nbsp; $400136 |
| Toll Roads – 0.8% | Toll Roads – 0.8% | Toll Roads – 0.8% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $280000 | &nbsp;&nbsp; $223265 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 270000 | &nbsp;&nbsp; 277605 |
|  |  | &nbsp;&nbsp; $500870 |
| Universities - Colleges – 13.1% | Universities - Colleges – 13.1% | Universities - Colleges – 13.1% |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | $370000 | &nbsp;&nbsp; $295420 |
| Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM, <br> 4%, 5/01/2044 <br>| 500000 | &nbsp;&nbsp; 456308 |
| Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM, <br> 5%, 5/01/2049 <br>| 750000 | &nbsp;&nbsp; 772871 |
| Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project), 4%, 3/01/2050  | 435000 | &nbsp;&nbsp; 391487 |
| Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), "A", <br> 4%, 8/01/2043 <br>| 600000 | &nbsp;&nbsp; 566231 |
| Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 4%, 8/01/2049  | 750000 | &nbsp;&nbsp; 687333 |
| Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 5%, 8/01/2053  | 750000 | &nbsp;&nbsp; 773038 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), "A", 4%, 6/01/2053  | 1000000 | &nbsp;&nbsp; 916096 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", 5%, 6/01/2042  | 1250000 | &nbsp;&nbsp; 1263940 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", 4%, 6/01/2047  | 1000000 | &nbsp;&nbsp; 925438 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", 5%, 6/01/2047  | $1250000 | &nbsp;&nbsp; $1255515 |
|  |  | &nbsp;&nbsp; $8303677 |
| Utilities - Investor Owned – 0.5% | Utilities - Investor Owned – 0.5% | Utilities - Investor Owned – 0.5% |
| Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044  | $500000 | &nbsp;&nbsp; $312880 |
| Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | $180000 | &nbsp;&nbsp; $123300 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 15000 | &nbsp;&nbsp; 14694 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 120000 | &nbsp;&nbsp; 82200 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 60000 | &nbsp;&nbsp; 59448 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 105000 | &nbsp;&nbsp; 105828 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp; 9985 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 355000 | &nbsp;&nbsp; 312119 |
|  |  | &nbsp;&nbsp; $707574 |
| Utilities - Other – 2.6% | Utilities - Other – 2.6% | Utilities - Other – 2.6% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $460000 | &nbsp;&nbsp; $490779 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 210000 | &nbsp;&nbsp; 221347 |
| Southeast Alabama Energy Authority, "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 560000 | &nbsp;&nbsp; 616294 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 265000 | &nbsp;&nbsp; 285994 |
|  |  | &nbsp;&nbsp; $1614414 |
| Water & Sewer Utility Revenue – 10.2% | Water & Sewer Utility Revenue – 10.2% | Water & Sewer Utility Revenue – 10.2% |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | $145000 | &nbsp;&nbsp; $145149 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 120000 | &nbsp;&nbsp; 120004 |
| Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040  | 2000000 | &nbsp;&nbsp; 2000563 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045  | 1105000 | &nbsp;&nbsp; 1025042 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050  | 1500000 | &nbsp;&nbsp; 1354513 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040  | 750000 | &nbsp;&nbsp; 762586 |
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028)  | 1000000 | &nbsp;&nbsp; 1058174 |
|  |  | &nbsp;&nbsp; $6466031 |
| **Total Municipal Bonds (Identified Cost, $63,332,554)** |  | &nbsp;&nbsp; **$61389935** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $107,458) | $164899 | &nbsp;&nbsp; $55884 |
| Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% |
| General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $89,512) | $157038 | &nbsp;&nbsp; $103842 |
| Mutual Funds (h) – 1.6% | Mutual Funds (h) – 1.6% | Mutual Funds (h) – 1.6% |
| Money Market Funds – 1.6% | Money Market Funds – 1.6% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $1,026,124) | 1026049 | &nbsp;&nbsp; $1026151 |
| Other Assets, Less Liabilities – 1.0% |  | &nbsp;&nbsp; 642648 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$63218460** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS New York Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 95.2% | Municipal Bonds – 95.2% | Municipal Bonds – 95.2% |
| Airport Revenue – 8.0% | Airport Revenue – 8.0% | Airport Revenue – 8.0% |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", <br> 5.5%, 12/31/2060 <br>| $1500000 | &nbsp;&nbsp; $1531058 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", AGM, <br> 5.25%, 12/31/2054 <br>| 2000000 | &nbsp;&nbsp; 2037465 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital <br> Appreciation, "B", AGM, 0%, 12/31/2054 <br>| 1500000 | &nbsp;&nbsp; 947317 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> 6%, 6/30/2054 <br>| 1000000 | &nbsp;&nbsp; 1042057 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.125%, 6/30/2060 <br>| 2000000 | &nbsp;&nbsp; 2000949 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 1810000 | &nbsp;&nbsp; 1832395 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 900000 | &nbsp;&nbsp; 900574 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), "A", AGM, <br> 4%, 7/01/2031 <br>| 2000000 | &nbsp;&nbsp; 2000492 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", <br> 4%, 12/01/2040 <br>| 1500000 | &nbsp;&nbsp; 1385452 |
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), "A", 5%, 4/01/2038  | 750000 | &nbsp;&nbsp; 762677 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 80000 | &nbsp;&nbsp; 80025 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 130000 | &nbsp;&nbsp; 130002 |
|  |  | &nbsp;&nbsp; $14650463 |
| General Obligations - General Purpose – 3.4% | General Obligations - General Purpose – 3.4% | General Obligations - General Purpose – 3.4% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $615000 | &nbsp;&nbsp; $571937 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 114620 | &nbsp;&nbsp; 127017 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 108689 | &nbsp;&nbsp; 107467 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 184514 | &nbsp;&nbsp; 179951 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 83850 | &nbsp;&nbsp; 79574 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 114004 | &nbsp;&nbsp; 102087 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 354563 | &nbsp;&nbsp; 306031 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 139873 | &nbsp;&nbsp; 99900 |
| Long Beach, NY, General Obligation, "B", BAM, 4.625%, 7/15/2052  | 2000000 | &nbsp;&nbsp; 2001323 |
| New York, NY, "B-1", 3%, 10/01/2044  | 1825000 | &nbsp;&nbsp; 1430186 |
| New York, NY, "J", FGIC, 5.5%, 2/15/2026  | 5000 | &nbsp;&nbsp; 5012 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 215000 | &nbsp;&nbsp; 228194 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 200000 | &nbsp;&nbsp; 209672 |
| Yonkers, NY, General Obligation, "F", BAM, 5%, 11/15/2042  | 750000 | &nbsp;&nbsp; 794336 |
|  |  | &nbsp;&nbsp; $6242687 |
| Healthcare Revenue - Hospitals – 12.3% | Healthcare Revenue - Hospitals – 12.3% | Healthcare Revenue - Hospitals – 12.3% |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026  | $450000 | &nbsp;&nbsp; $449970 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027  | 300000 | &nbsp;&nbsp; 299980 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029  | 590000 | &nbsp;&nbsp; 589021 |
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), "A", 5%, 8/15/2051  | 2000000 | &nbsp;&nbsp; 2081189 |
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041  | 1605000 | &nbsp;&nbsp; 1504748 |
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), "A", 5%, 11/01/2037  | 2000000 | &nbsp;&nbsp; 1972799 |
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046  | 2000000 | &nbsp;&nbsp; 2001130 |
| New York Dormitory Authority Rev. (Montefiore Obligated Group), "A", 4%, 9/01/2050  | 1500000 | &nbsp;&nbsp; 1246932 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 3000000 | &nbsp;&nbsp; 2696352 |
| New York Dormitory Authority Rev. (Roswell Park Cancer Institute Obligated Group), "A", AGM, 5.5%, 7/01/2055  | 1500000 | &nbsp;&nbsp; 1599301 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054  | 3500000 | &nbsp;&nbsp; 3658114 |
| Westchester County, NY, Health Care Corp. Rev., "B", 6%, 11/01/2030  | 110000 | &nbsp;&nbsp; 110033 |
| Westchester County, NY, Local Development Corp. Rev. (New York Blood Center Project), 5%, 7/01/2038  | 1000000 | &nbsp;&nbsp; 1067764 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%, 11/01/2051  | 1500000 | &nbsp;&nbsp; 1521704 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, <br> 5.75%, 11/01/2053 <br>| 1500000 | &nbsp;&nbsp; 1594082 |
|  |  | &nbsp;&nbsp; $22393119 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – 2.4% | Healthcare Revenue - Long Term Care – 2.4% | Healthcare Revenue - Long Term Care – 2.4% |
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), <br> 5.25%, 11/01/2036 <br>| $1000000 | &nbsp;&nbsp; $1012369 |
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), "A", <br> 4%, 11/01/2045 <br>| 2000000 | &nbsp;&nbsp; 1772926 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037  | 750000 | &nbsp;&nbsp; 750260 |
| Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), "A", <br> 5%, 7/01/2044 <br>| 915000 | &nbsp;&nbsp; 915018 |
|  |  | &nbsp;&nbsp; $4450573 |
| Industrial Revenue - Airlines – 3.5% | Industrial Revenue - Airlines – 3.5% | Industrial Revenue - Airlines – 3.5% |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 3%, 8/01/2031 <br>| $1500000 | &nbsp;&nbsp; $1409586 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5%, 8/01/2031 <br>| 1000000 | &nbsp;&nbsp; 1000181 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5.375%, 8/01/2036 <br>| 1035000 | &nbsp;&nbsp; 1076158 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 1500000 | &nbsp;&nbsp; 1567401 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 4.375%, 10/01/2045 <br>| 1500000 | &nbsp;&nbsp; 1380548 |
|  |  | &nbsp;&nbsp; $6433874 |
| Industrial Revenue - Environmental Services – 0.4% | Industrial Revenue - Environmental Services – 0.4% | Industrial Revenue - Environmental Services – 0.4% |
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 4.25%, 9/01/2050 (Put <br> Date 9/03/2030) (n)<br>| $750000 | &nbsp;&nbsp; $756922 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | 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) | $255000 | &nbsp;&nbsp; $184700 |
| Miscellaneous Revenue - Other – 5.5% | Miscellaneous Revenue - Other – 5.5% | Miscellaneous Revenue - Other – 5.5% |
| Battery Park, NY, Authority Senior Rev., "A", 5%, 11/01/2053  | $2000000 | &nbsp;&nbsp; $2088590 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055  | 1000000 | &nbsp;&nbsp; 1028508 |
| New York City, NY, Convention Center Development Corp., Capital Appreciation, "B", AGM, 0%, 11/15/2043  | 680000 | &nbsp;&nbsp; 288096 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1940000 | &nbsp;&nbsp; 1939989 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "2", 5.375%, 11/15/2040 (n) | 1500000 | &nbsp;&nbsp; 1500251 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028  | 1660000 | &nbsp;&nbsp; 1660502 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2034  | 750000 | &nbsp;&nbsp; 569684 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2036  | 1000000 | &nbsp;&nbsp; 751108 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 90000 | &nbsp;&nbsp; 90698 |
|  |  | &nbsp;&nbsp; $9917426 |
| Multi-Family Housing Revenue – 15.0% | Multi-Family Housing Revenue – 15.0% | Multi-Family Housing Revenue – 15.0% |
| Erie County, NY, Industrial Development Agency Multi-Family (Westchester Park Preservation LP Project), FNMA, 4.25%, 2/01/2041  | $1970000 | &nbsp;&nbsp; $1956508 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Andrews Terrace Community Partners LP Project), "A", <br> FNMA, 4.72%, 1/01/2044 <br>| 2000000 | &nbsp;&nbsp; 2032624 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Keeler Park Coummunity Partners LP Project), <br> 4.84%, 11/01/2040 <br>| 617307 | &nbsp;&nbsp; 636447 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 635247 | &nbsp;&nbsp; 627989 |
| New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), "B", 3.7%, 11/01/2038  | 340000 | &nbsp;&nbsp; 321628 |
| New York Housing Finance Agency Affordable Housing Rev., "F-1", 5.1%, 11/01/2052  | 1000000 | &nbsp;&nbsp; 1021142 |
| New York Housing Finance Agency Affordable Housing Rev., "F-1", 5.15%, 11/01/2057  | 1200000 | &nbsp;&nbsp; 1223411 |
| New York Housing Finance Agency Affordable Housing Rev., "G-1", 4.625%, 11/01/2042  | 350000 | &nbsp;&nbsp; 354023 |
| New York Housing Finance Agency Affordable Housing Rev., "G-1", 4.8%, 11/01/2047  | 1000000 | &nbsp;&nbsp; 1011898 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "D-1", 4.5%, 11/01/2054  | 500000 | &nbsp;&nbsp; 495521 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "F", 5.25%, 12/15/2031 (n) | 500000 | &nbsp;&nbsp; 515798 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "D-2", 4.45%, 11/01/2049  | 1000000 | &nbsp;&nbsp; 982121 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", 4.6%, 11/01/2042  | 1000000 | &nbsp;&nbsp; 1007316 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", 4.75%, 11/01/2047  | 500000 | &nbsp;&nbsp; 502379 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", 4.85%, 11/01/2052  | 500000 | &nbsp;&nbsp; 503210 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| $2235000 | &nbsp;&nbsp; $1568179 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), "A-3-A", <br> 3.8%, 11/01/2039 <br>| 1730000 | &nbsp;&nbsp; 1698957 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), "C-1-A", <br> 3.95%, 11/01/2048 <br>| 2610000 | &nbsp;&nbsp; 2357456 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., "C-1", 4.25%, 11/01/2052  | 2500000 | &nbsp;&nbsp; 2345038 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., "F-1", 2.25%, 11/01/2041  | 1535000 | &nbsp;&nbsp; 1121522 |
| New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "D", 4.37%, 5/01/2044  | 1000000 | &nbsp;&nbsp; 1033963 |
| Riverhead, NY, IDA Economic Job Development Corp. Multi-Family (River Pointe Apartments Project), FNMA, 4.5%, 2/01/2041  | 1970291 | &nbsp;&nbsp; 2002223 |
| Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), <br> 4.3%, 6/01/2046 (Put Date 5/01/2041) <br>| 1970000 | &nbsp;&nbsp; 1970859 |
|  |  | &nbsp;&nbsp; $27290212 |
| Port Revenue – 2.0% | Port Revenue – 2.0% | Port Revenue – 2.0% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $2000000 | &nbsp;&nbsp; $1467996 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055  | 2485000 | &nbsp;&nbsp; 2176794 |
|  |  | &nbsp;&nbsp; $3644790 |
| Sales & Excise Tax Revenue – 3.4% | Sales & Excise Tax Revenue – 3.4% | Sales & Excise Tax Revenue – 3.4% |
| Guam Government Business Privilege Tax Refunding Rev., "D", 5%, 11/15/2031  | $750000 | &nbsp;&nbsp; $752026 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 185000 | &nbsp;&nbsp; 171840 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 4000 | &nbsp;&nbsp; 3606 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 63000 | &nbsp;&nbsp; 61547 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 200000 | &nbsp;&nbsp; 187952 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1582000 | &nbsp;&nbsp; 1526744 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 451000 | &nbsp;&nbsp; 431508 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 210000 | &nbsp;&nbsp; 200924 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 635000 | &nbsp;&nbsp; 589541 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 17000 | &nbsp;&nbsp; 15039 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 942000 | &nbsp;&nbsp; 770553 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 904000 | &nbsp;&nbsp; 678917 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 416000 | &nbsp;&nbsp; 141322 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 445000 | &nbsp;&nbsp; 356000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 255000 | &nbsp;&nbsp; 229500 |
|  |  | &nbsp;&nbsp; $6117019 |
| Secondary Schools – 5.6% | Secondary Schools – 5.6% | Secondary Schools – 5.6% |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), "A", <br> 5%, 6/01/2035 <br>| $1000000 | &nbsp;&nbsp; $1017598 |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029  | 320000 | &nbsp;&nbsp; 324326 |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036  | 400000 | &nbsp;&nbsp; 395270 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2042  | 550000 | &nbsp;&nbsp; 548367 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2056  | 550000 | &nbsp;&nbsp; 519458 |
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043  | 750000 | &nbsp;&nbsp; 749956 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052  | 2000000 | &nbsp;&nbsp; 2003297 |
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), "A", 4%, 6/15/2031 (n) | 315000 | &nbsp;&nbsp; 309560 |
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), "A", 4%, 6/15/2041 (n) | 610000 | &nbsp;&nbsp; 521417 |
| Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), "A", 4%, 6/15/2051 (n) | 1265000 | &nbsp;&nbsp; 972694 |
| Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040  | 675000 | &nbsp;&nbsp; 675622 |
| Build NYC Resource Corp. Rev. (Success Academy Charter Schools Project), 4%, 9/01/2044  | 1000000 | &nbsp;&nbsp; 920280 |
| Nassau County, NY, Local Economic Assistance Corp., Educational Rev., Taxable (Friends of Roosevelt Children's Academy Charter <br> School, Inc. Project), "A", 5%, 7/01/2055 <br>| 1000000 | &nbsp;&nbsp; 965354 |
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036  | 240000 | &nbsp;&nbsp; 240408 |
|  |  | &nbsp;&nbsp; $10163607 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - State – 2.7% | Single Family Housing - State – 2.7% | Single Family Housing - State – 2.7% |
| New York Mortgage Agency Homeowner Mortgage Rev., "211", 3.8%, 10/01/2048  | $345000 | &nbsp;&nbsp; $310131 |
| New York Mortgage Agency Homeowner Mortgage Rev., "212", 3.7%, 10/01/2033  | 335000 | &nbsp;&nbsp; 331357 |
| New York Mortgage Agency Homeowner Mortgage Rev., "217", 3.625%, 4/01/2039  | 355000 | &nbsp;&nbsp; 336052 |
| New York Mortgage Agency Homeowner Mortgage Rev., "264", 4.6%, 10/01/2054  | 1000000 | &nbsp;&nbsp; 985213 |
| New York Mortgage Agency Homeowner Mortgage Rev., "266", 4.7%, 10/01/2052  | 1000000 | &nbsp;&nbsp; 1006099 |
| New York Mortgage Agency Homeowner Mortgage Rev., "258", 4.45%, 10/01/2044  | 1000000 | &nbsp;&nbsp; 989784 |
| New York Mortgage Agency Homeowner Mortgage Rev., "258", 4.6%, 10/01/2049  | 1000000 | &nbsp;&nbsp; 981540 |
|  |  | &nbsp;&nbsp; $4940176 |
| State & Local Agencies – 4.1% | State & Local Agencies – 4.1% | State & Local Agencies – 4.1% |
| Albany County, NY, Capital Resource Corp., Tax Exempt Lease Rev. (Albany Convention Center Authority Project), 5%, 3/01/2050  | $2000000 | &nbsp;&nbsp; $2028299 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.5%, 12/01/2056  | 1750000 | &nbsp;&nbsp; 1839853 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 125000 | &nbsp;&nbsp; 148449 |
| New York Dormitory Authority, State Personal Income Tax Rev., 3%, 3/15/2050  | 1225000 | &nbsp;&nbsp; 888920 |
| New York Dormitory Authority, State Personal Income Tax Rev. (General Purpose), "C", 5.25%, 3/15/2050  | 500000 | &nbsp;&nbsp; 531078 |
| Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042  | 2000000 | &nbsp;&nbsp; 2109294 |
|  |  | &nbsp;&nbsp; $7545893 |
| Tax - Other – 5.4% | Tax - Other – 5.4% | Tax - Other – 5.4% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $690000 | &nbsp;&nbsp; $707566 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 140000 | &nbsp;&nbsp; 137867 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 325000 | &nbsp;&nbsp; 337950 |
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, "B", <br> 0%, 1/01/2045 <br>| 1780000 | &nbsp;&nbsp; 491279 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 100000 | &nbsp;&nbsp; 100973 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 300000 | &nbsp;&nbsp; 300642 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 1800000 | &nbsp;&nbsp; 1691137 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "A-1", 4%, 5/15/2046  | 2000000 | &nbsp;&nbsp; 1861406 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "B-1", 5.25%, 5/15/2054  | 2000000 | &nbsp;&nbsp; 2111529 |
| Triborough Bridge & Tunnel Authority Rev., NY, Real Estate Transfer Tax (MTA Bridges and Tunnels), "A", 5.25%, 12/01/2054  | 2000000 | &nbsp;&nbsp; 2107619 |
|  |  | &nbsp;&nbsp; $9847968 |
| Tobacco – 1.8% | Tobacco – 1.8% | Tobacco – 1.8% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $695000 | &nbsp;&nbsp; $583448 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 175000 | &nbsp;&nbsp; 149282 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 500000 | &nbsp;&nbsp; 455564 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, 6/01/2035  | 1000000 | &nbsp;&nbsp; 1014692 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, 6/01/2036  | 1000000 | &nbsp;&nbsp; 1011955 |
|  |  | &nbsp;&nbsp; $3214941 |
| Toll Roads – 1.2% | Toll Roads – 1.2% | Toll Roads – 1.2% |
| New York Thruway Authority General Rev., "P", 5.25%, 1/01/2054  | $2000000 | &nbsp;&nbsp; $2107505 |
| Transportation - Special Tax – 6.4% | Transportation - Special Tax – 6.4% | Transportation - Special Tax – 6.4% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 5%, 11/15/2033  | $1000000 | &nbsp;&nbsp; $1089880 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | 1340000 | &nbsp;&nbsp; 1199470 |
| Metropolitan Transportation Authority, NY, Transportation Refunding Green Rev. (Climate Bond Certified), BAM, 4%, 11/15/2048  | 2000000 | &nbsp;&nbsp; 1813161 |
| Metropolitan Transportation Authority, NY, Transportation Rev., "A", 4%, 11/15/2052  | 1830000 | &nbsp;&nbsp; 1598925 |
| Metropolitan Transportation Authority, NY, Transportation Rev., "A-2", FLR, 3.587% (67% of SOFR + 0.8%), 11/01/2032 (Put Date <br> 4/01/2026) <br>| 1500000 | &nbsp;&nbsp; 1501155 |
| Metropolitan Transportation Authority, NY, Transportation Rev., "B", BAM, 5%, 11/15/2052  | 3100000 | &nbsp;&nbsp; 3121029 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046  | 1000000 | &nbsp;&nbsp; 874502 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053  | 435000 | &nbsp;&nbsp; 361582 |
|  |  | &nbsp;&nbsp; $11559704 |
| Universities - Colleges – 5.5% | Universities - Colleges – 5.5% | Universities - Colleges – 5.5% |
| Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), "A", 5%, 12/01/2033  | $125000 | &nbsp;&nbsp; $125069 |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 780000 | &nbsp;&nbsp; 759105 |
| Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), "A", 3%, 7/01/2051  | 3000000 | &nbsp;&nbsp; 2086280 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2049  | $635000 | &nbsp;&nbsp; $667185 |
| Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2054  | 850000 | &nbsp;&nbsp; 884685 |
| New York Dormitory Authority Rev. (Iona University), AGM, 5%, 7/01/2051  | 1000000 | &nbsp;&nbsp; 1024707 |
| New York Dormitory Authority Rev. (New School), "A", 4.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 903904 |
| New York Dormitory Authority Rev. (Pace University), "A", 5.5%, 5/01/2056  | 1000000 | &nbsp;&nbsp; 1017023 |
| New York Dormitory Authority, Institute of Technology Rev., 5.25%, 7/01/2049  | 1500000 | &nbsp;&nbsp; 1538315 |
| Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051  | 750000 | &nbsp;&nbsp; 810152 |
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev. (Clarkson University), "B", 5%, 9/01/2039  | 200000 | &nbsp;&nbsp; 201062 |
|  |  | &nbsp;&nbsp; $10017487 |
| Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | $375000 | &nbsp;&nbsp; $256875 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 250000 | &nbsp;&nbsp; 171250 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 30000 | &nbsp;&nbsp; 29954 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 180000 | &nbsp;&nbsp; 123300 |
|  |  | &nbsp;&nbsp; $581379 |
| Utilities - Other – 2.9% | Utilities - Other – 2.9% | Utilities - Other – 2.9% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $525000 | &nbsp;&nbsp; $536669 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 1265000 | &nbsp;&nbsp; 1351091 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 1210000 | &nbsp;&nbsp; 1290964 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038  | 1085000 | &nbsp;&nbsp; 1311144 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 705000 | &nbsp;&nbsp; 760852 |
|  |  | &nbsp;&nbsp; $5250720 |
| Water & Sewer Utility Revenue – 3.3% | Water & Sewer Utility Revenue – 3.3% | Water & Sewer Utility Revenue – 3.3% |
| Buffalo, NY, Municipal Water Finance Authority, Water System Rev., "A", AGM, 4%, 7/01/2046  | $1500000 | &nbsp;&nbsp; $1411261 |
| Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044  | 1340000 | &nbsp;&nbsp; 1129256 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 345000 | &nbsp;&nbsp; 345011 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040  | 100000 | &nbsp;&nbsp; 101678 |
| New York, NY, Municipal Finance Authority, Water & Sewer System Second General Resolution Rev., "AA1", 5.25%, 6/15/2053  | 2000000 | &nbsp;&nbsp; 2126954 |
| Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2048  | 500000 | &nbsp;&nbsp; 488571 |
| Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2052  | 500000 | &nbsp;&nbsp; 482165 |
|  |  | &nbsp;&nbsp; $6084896 |
| **Total Municipal Bonds (Identified Cost, $178,365,328)** |  | &nbsp;&nbsp; **$173396061** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $358,050) | $549663 | &nbsp;&nbsp; $186281 |
| Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% |
| General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $256,309) | $449666 | &nbsp;&nbsp; $297341 |
| Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% | Mutual Funds (h) – 2.8% |
| Money Market Funds – 2.8% | Money Market Funds – 2.8% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $5,212,452) | 5211913 | &nbsp;&nbsp; $5212435 |
| Other Assets, Less Liabilities – 1.7% |  | &nbsp;&nbsp; 3112018 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$182204136** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS North Carolina Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.6% | Municipal Bonds – 97.6% | Municipal Bonds – 97.6% |
| Airport Revenue – 7.6% | Airport Revenue – 7.6% | Airport Revenue – 7.6% |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 4%, 7/01/2052  | $5000000 | &nbsp;&nbsp; $4566285 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2037  | 1000000 | &nbsp;&nbsp; 988847 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2041  | 2155000 | &nbsp;&nbsp; 2232593 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 1000000 | &nbsp;&nbsp; 1005233 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 2300000 | &nbsp;&nbsp; 2363664 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2049  | 2500000 | &nbsp;&nbsp; 2521772 |
| Charlotte, NC, Airport Rev., "A", 5.25%, 7/01/2055  | 3000000 | &nbsp;&nbsp; 3208638 |
| Dallas Fort Worth, TX, International Airport, Joint Refunding & Improvement Rev., "A-1", 5.25%, 11/01/2046 (w) | 5000000 | &nbsp;&nbsp; 5219998 |
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053  | 6000000 | &nbsp;&nbsp; 6100600 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.5%, 7/01/2052  | 1500000 | &nbsp;&nbsp; 1548945 |
| Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048  | 1000000 | &nbsp;&nbsp; 1023089 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.125%, 6/30/2060 <br>| 2580000 | &nbsp;&nbsp; 2581225 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 1275000 | &nbsp;&nbsp; 1275814 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2036  | 2000000 | &nbsp;&nbsp; 2034773 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2037  | 2000000 | &nbsp;&nbsp; 2030688 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 150000 | &nbsp;&nbsp; 150047 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 240000 | &nbsp;&nbsp; 240003 |
|  |  | &nbsp;&nbsp; $39092214 |
| General Obligations - General Purpose – 4.1% | General Obligations - General Purpose – 4.1% | General Obligations - General Purpose – 4.1% |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2039  | $295000 | &nbsp;&nbsp; $299369 |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2041  | 500000 | &nbsp;&nbsp; 504366 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 1030000 | &nbsp;&nbsp; 957878 |
| Cartersville, GA, General Obligation, 2%, 10/01/2040  | 2190000 | &nbsp;&nbsp; 1560395 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 1655000 | &nbsp;&nbsp; 1687270 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 554850 | &nbsp;&nbsp; 614863 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 185717 | &nbsp;&nbsp; 183630 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 344225 | &nbsp;&nbsp; 335712 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 143274 | &nbsp;&nbsp; 135967 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 194798 | &nbsp;&nbsp; 174435 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 680587 | &nbsp;&nbsp; 587429 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 239000 | &nbsp;&nbsp; 170698 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051  | 4000000 | &nbsp;&nbsp; 3028902 |
| Lee County, NC, Limited Obligation, 4%, 5/01/2037  | 855000 | &nbsp;&nbsp; 857472 |
| Mecklenburg County, NC, General Obligation School, 4%, 2/01/2044  | 4000000 | &nbsp;&nbsp; 3977053 |
| Mecklenburg County, NC, Limited Obligation, 4%, 2/01/2045  | 4000000 | &nbsp;&nbsp; 3803336 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 375000 | &nbsp;&nbsp; 398014 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 350000 | &nbsp;&nbsp; 366926 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 685000 | &nbsp;&nbsp; 639429 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 310000 | &nbsp;&nbsp; 285685 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 460000 | &nbsp;&nbsp; 419716 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 185000 | &nbsp;&nbsp; 165774 |
|  |  | &nbsp;&nbsp; $21154319 |
| General Obligations - Schools – 1.9% | General Obligations - Schools – 1.9% | General Obligations - Schools – 1.9% |
| Chambers County, TX, Barbers Hill Independent School District, Unlimited Tax School Building, Texas PSF, 4.25%, 2/15/2054  | $2000000 | &nbsp;&nbsp; $1903361 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 1510000 | &nbsp;&nbsp; 1152513 |
| Guilford County, NC, General Obligation School, 4%, 3/01/2045  | 4000000 | &nbsp;&nbsp; 3899989 |
| Williamson County, TX, Jarrell Independent School District, Unlimited Tax School Building, Texas PSF, 4.25%, 2/15/2053  | 3140000 | &nbsp;&nbsp; 2995960 |
|  |  | &nbsp;&nbsp; $9951823 |
| Healthcare Revenue - Hospitals – 8.4% | Healthcare Revenue - Hospitals – 8.4% | Healthcare Revenue - Hospitals – 8.4% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $555000 | &nbsp;&nbsp; $500678 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), "D", 3.625%, 1/15/2048 (Put Date <br> 6/15/2027) <br>| 2500000 | &nbsp;&nbsp; 2531664 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2036  | 3000000 | &nbsp;&nbsp; 3163404 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2040  | $3000000 | &nbsp;&nbsp; $3009179 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 2480000 | &nbsp;&nbsp; 2252049 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)  | 1500000 | &nbsp;&nbsp; 1577850 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)  | 2425000 | &nbsp;&nbsp; 2550858 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 4685000 | &nbsp;&nbsp; 4210803 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), "A", 5%, 6/01/2042  | 2250000 | &nbsp;&nbsp; 2380538 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 4%, 11/01/2052  | 5000000 | &nbsp;&nbsp; 4386544 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 5%, 7/01/2033  | 255000 | &nbsp;&nbsp; 275750 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 4935000 | &nbsp;&nbsp; 4793046 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045  | 2500000 | &nbsp;&nbsp; 2500514 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027  | 150000 | &nbsp;&nbsp; 151055 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035  | 1515000 | &nbsp;&nbsp; 1406873 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038  | 1065000 | &nbsp;&nbsp; 939375 |
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046  | 6500000 | &nbsp;&nbsp; 6527568 |
|  |  | &nbsp;&nbsp; $43157748 |
| Healthcare Revenue - Long Term Care – 8.1% | Healthcare Revenue - Long Term Care – 8.1% | Healthcare Revenue - Long Term Care – 8.1% |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), <br> 5%, 11/01/2037 <br>| $2750000 | &nbsp;&nbsp; $2767170 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2036 <br>| 1000000 | &nbsp;&nbsp; 967115 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2042 <br>| 2000000 | &nbsp;&nbsp; 1774852 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035  | 1500000 | &nbsp;&nbsp; 1502021 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), <br> 5%, 10/01/2031 <br>| 1000000 | &nbsp;&nbsp; 1010926 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", <br> 5%, 10/01/2050 <br>| 2000000 | &nbsp;&nbsp; 1967848 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrne), <br> 5.375%, 10/01/2045 (w)<br>| 815000 | &nbsp;&nbsp; 817558 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrne), <br> 5.625%, 10/01/2055 (w)<br>| 360000 | &nbsp;&nbsp; 360731 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", <br> 4%, 1/01/2052 <br>| 3000000 | &nbsp;&nbsp; 2407341 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045  | 1000000 | &nbsp;&nbsp; 761413 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), "A", 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp; 743572 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), "B", 5%, 4/01/2047  | 2000000 | &nbsp;&nbsp; 1812139 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2044  | 1790000 | &nbsp;&nbsp; 1747603 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2049  | 1100000 | &nbsp;&nbsp; 1050921 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2054  | 1340000 | &nbsp;&nbsp; 1254970 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041  | 830000 | &nbsp;&nbsp; 735034 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046  | 715000 | &nbsp;&nbsp; 586680 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051  | 1100000 | &nbsp;&nbsp; 861516 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), "A", 4%, 9/01/2040  | 2000000 | &nbsp;&nbsp; 1782541 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), "A", 5%, 1/01/2039  | 1225000 | &nbsp;&nbsp; 1146456 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", 5.5%, 9/01/2044  | 1380000 | &nbsp;&nbsp; 1393696 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", 5.5%, 9/01/2054  | 1665000 | &nbsp;&nbsp; 1625474 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", <br> 5%, 10/01/2050 <br>| 1500000 | &nbsp;&nbsp; 1345425 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037  | 1500000 | &nbsp;&nbsp; 1475340 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2049  | 2000000 | &nbsp;&nbsp; 1843779 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031  | 800000 | &nbsp;&nbsp; 805958 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037  | 2200000 | &nbsp;&nbsp; 2186610 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Twin Lakes Community), "A", 5.25%, 1/01/2055  | 2000000 | &nbsp;&nbsp; 1975982 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes Project), <br> "A", 5.125%, 10/01/2054 <br>| 2000000 | &nbsp;&nbsp; 1981102 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", <br> 5%, 10/01/2035 <br>| $1000000 | &nbsp;&nbsp; $1010261 |
|  |  | &nbsp;&nbsp; $41702034 |
| Human Services – 0.2% | Human Services – 0.2% | Human Services – 0.2% |
| North Carolina Capital Facilities Finance Agency, Refunding Rev. (Arc of North Carolina Projects), "A", 5%, 10/01/2034  | $1000000 | &nbsp;&nbsp; $1003529 |
| Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), <br> 4.25%, 7/01/2041 (Put Date 7/01/2027) <br>| $835000 | &nbsp;&nbsp; $841316 |
| Industrial Revenue - Other – 1.2% | Industrial Revenue - Other – 1.2% | Industrial Revenue - Other – 1.2% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project Aero), <br> 3.75%, 12/01/2027 (Put Date 11/01/2025) <br>| $6000000 | &nbsp;&nbsp; $6000872 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | 510000 | &nbsp;&nbsp; 369400 |
|  |  | &nbsp;&nbsp; $6370272 |
| Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% |
| Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility Refunding Rev. <br> (International Paper Co. Project), "A", 4.2%, 5/01/2034 <br>| $1000000 | &nbsp;&nbsp; $1024357 |
| Miscellaneous Revenue - Other – 1.2% | Miscellaneous Revenue - Other – 1.2% | Miscellaneous Revenue - Other – 1.2% |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2041  | $1000000 | &nbsp;&nbsp; $1076586 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp; 1067950 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2043  | 875000 | &nbsp;&nbsp; 929238 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1130000 | &nbsp;&nbsp; 1129994 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 1690000 | &nbsp;&nbsp; 1701746 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 190000 | &nbsp;&nbsp; 191474 |
|  |  | &nbsp;&nbsp; $6096988 |
| Multi-Family Housing Revenue – 4.4% | Multi-Family Housing Revenue – 4.4% | Multi-Family Housing Revenue – 4.4% |
| Gastonia, NC, Housing Authority Multi-Family Tax Exempt Mortgage, (Stonecroft Village), "A", FNMA, 4.55%, 7/01/2043  | $3481000 | &nbsp;&nbsp; $3474560 |
| Inlivian, NC, Multi-Family Tax-Exempt (Poplar Grove Apartments), 4.45%, 6/01/2041  | 3965000 | &nbsp;&nbsp; 4024770 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1276855 | &nbsp;&nbsp; 1262265 |
| North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 4942524 | &nbsp;&nbsp; 5060861 |
| North Carolina, Inlivian Multi-Family Housing Rev. (The Barton South), "A", FNMA, 5.05%, 2/01/2043  | 2000000 | &nbsp;&nbsp; 2080319 |
| Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), "B", <br> 5%, 3/01/2027 (Put Date 3/01/2026) <br>| 240000 | &nbsp;&nbsp; 241843 |
| Raleigh, NC, Housing Authority Multi-Family Rev. (Parkside Apartments), "A", FNMA, 4.4%, 12/01/2043  | 4125000 | &nbsp;&nbsp; 4048182 |
| Shelby, NC, Multi-Family, Taxable (Laurel Hill Apartments), FNMA, 4.25%, 8/01/2040  | 2635000 | &nbsp;&nbsp; 2594894 |
|  |  | &nbsp;&nbsp; $22787694 |
| Port Revenue – 0.7% | Port Revenue – 0.7% | Port Revenue – 0.7% |
| Alameda, CA, Corridor Transportation Authority Rev., Convertible Capital Appreciation, "C", AGM, 0% to 10/01/2037, 5.45% <br> to 10/01/2052 <br>| $5925000 | &nbsp;&nbsp; $3391648 |
| Sales & Excise Tax Revenue – 2.5% | Sales & Excise Tax Revenue – 2.5% | Sales & Excise Tax Revenue – 2.5% |
| Guam Government Business Privilege Tax Refunding Rev., "D", 5%, 11/15/2031  | $1295000 | &nbsp;&nbsp; $1298498 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 350000 | &nbsp;&nbsp; 325104 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 9000 | &nbsp;&nbsp; 8114 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 105000 | &nbsp;&nbsp; 102577 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 336000 | &nbsp;&nbsp; 315760 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 6329000 | &nbsp;&nbsp; 6107940 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 635000 | &nbsp;&nbsp; 607555 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 348000 | &nbsp;&nbsp; 332960 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 154000 | &nbsp;&nbsp; 142975 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 31000 | &nbsp;&nbsp; 27424 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1584000 | &nbsp;&nbsp; 1295708 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1515000 | &nbsp;&nbsp; 1137787 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | $718000 | &nbsp;&nbsp; $243916 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 715000 | &nbsp;&nbsp; 572000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 485000 | &nbsp;&nbsp; 436500 |
|  |  | &nbsp;&nbsp; $12954818 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group-Issue No. 1), "A", 5%, 6/01/2056 (n) | $430000 | &nbsp;&nbsp; $374494 |
| Single Family Housing - State – 9.7% | Single Family Housing - State – 9.7% | Single Family Housing - State – 9.7% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $270000 | &nbsp;&nbsp; $270536 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 3%, 7/01/2051  | 1460000 | &nbsp;&nbsp; 1444360 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "41", FNMA, 3.55%, 7/01/2044  | 1285000 | &nbsp;&nbsp; 1127966 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "43", GNMA, 2.95%, 7/01/2043  | 2740000 | &nbsp;&nbsp; 2158503 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "44", 4%, 7/01/2050  | 2165000 | &nbsp;&nbsp; 2183657 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "48", 3.75%, 7/01/2052  | 2545000 | &nbsp;&nbsp; 2558748 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", 4.875%, 7/01/2042  | 1190000 | &nbsp;&nbsp; 1229016 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 5%, 7/01/2047  | 4965000 | &nbsp;&nbsp; 5066819 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 6%, 7/01/2053  | 1235000 | &nbsp;&nbsp; 1317497 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "50", GNMA, 5.5%, 1/01/2054  | 4515000 | &nbsp;&nbsp; 4858790 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 4.5%, 1/01/2048  | 2990000 | &nbsp;&nbsp; 2923775 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 5.75%, 1/01/2054  | 3615000 | &nbsp;&nbsp; 3865548 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "52-A", GNMA, 6.25%, 1/01/2055  | 4800000 | &nbsp;&nbsp; 5209854 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 4.55%, 7/01/2044  | 2000000 | &nbsp;&nbsp; 1990537 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 6.25%, 1/01/2055  | 1980000 | &nbsp;&nbsp; 2216202 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "55-A", GNMA, 6.25%, 7/01/2055  | 3990000 | &nbsp;&nbsp; 4410276 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 4.375%, 7/01/2044  | 2965000 | &nbsp;&nbsp; 2948915 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 6.25%, 1/01/2055  | 3415000 | &nbsp;&nbsp; 3717860 |
|  |  | &nbsp;&nbsp; $49498859 |
| State & Local Agencies – 9.8% | State & Local Agencies – 9.8% | State & Local Agencies – 9.8% |
| Ashe County, NC, Limited Obligation, 5%, 6/01/2042  | $450000 | &nbsp;&nbsp; $480189 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2043  | 450000 | &nbsp;&nbsp; 437557 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2044  | 350000 | &nbsp;&nbsp; 336768 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 1520000 | &nbsp;&nbsp; 1353874 |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2035  | 1465000 | &nbsp;&nbsp; 1493072 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 1115000 | &nbsp;&nbsp; 1192899 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 950000 | &nbsp;&nbsp; 1016371 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 2250000 | &nbsp;&nbsp; 2389375 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 750000 | &nbsp;&nbsp; 796458 |
| Charlotte, NC, Convention Facility Projects, Certificates of Participation, "A", 4%, 6/01/2049  | 2500000 | &nbsp;&nbsp; 2348970 |
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, Certificates of Participation, "C", 3%, 6/01/2039  | 3000000 | &nbsp;&nbsp; 2641945 |
| Charlotte, NC, Refunding Certificates of Participation (Transit Projects), "A", 3%, 6/01/2048  | 4425000 | &nbsp;&nbsp; 3311877 |
| Chatham County, NC, Limited Obligation, 4%, 11/01/2037  | 1750000 | &nbsp;&nbsp; 1766802 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034  | 2000000 | &nbsp;&nbsp; 2052363 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035  | 1240000 | &nbsp;&nbsp; 1264970 |
| Durham County, NC, Limited Obligation, 4%, 4/01/2035  | 1270000 | &nbsp;&nbsp; 1293635 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2042  | 2400000 | &nbsp;&nbsp; 2433382 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2043  | 2000000 | &nbsp;&nbsp; 2021365 |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2043  | 1315000 | &nbsp;&nbsp; 1405421 |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2044  | 750000 | &nbsp;&nbsp; 797412 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2044  | 1000000 | &nbsp;&nbsp; 973210 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2045  | 625000 | &nbsp;&nbsp; 608085 |
| Henderson County, NC, Limited Obligation, 4%, 10/01/2043 (w) | 700000 | &nbsp;&nbsp; 678962 |
| Henderson County, NC, Limited Obligation, 4.125%, 10/01/2044 (w) | 745000 | &nbsp;&nbsp; 725905 |
| Henderson County, NC, Limited Obligation, 4.125%, 10/01/2045 (w) | 625000 | &nbsp;&nbsp; 603981 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2043  | 1500000 | &nbsp;&nbsp; 1446752 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2044  | 400000 | &nbsp;&nbsp; 381634 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2045  | $235000 | &nbsp;&nbsp; $223394 |
| Johnston County, NC, Limited Obligation Finance Corp., 5%, 4/01/2042  | 1385000 | &nbsp;&nbsp; 1497813 |
| Johnston County, NC, Limited Obligation Finance Corp., 5%, 4/01/2043  | 1385000 | &nbsp;&nbsp; 1487849 |
| Mooresville, NC, Limited Obligation, "A", 3%, 10/01/2036  | 350000 | &nbsp;&nbsp; 326017 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 250000 | &nbsp;&nbsp; 296897 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043  | 3500000 | &nbsp;&nbsp; 1545424 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046  | 2035000 | &nbsp;&nbsp; 753510 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2033  | 210000 | &nbsp;&nbsp; 220964 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2034  | 1000000 | &nbsp;&nbsp; 1048736 |
| Wake County, NC, Limited Obligation, "A", 5%, 4/01/2041  | 1625000 | &nbsp;&nbsp; 1747199 |
| Wake County, NC, Limited Obligation, "B", 5%, 4/01/2041  | 1765000 | &nbsp;&nbsp; 1897727 |
| Winston-Salem, NC, Limited Obligation, "A", 4.5%, 6/01/2044  | 2040000 | &nbsp;&nbsp; 2075913 |
| Winston-Salem, NC, Limited Obligation, "A", 4.5%, 6/01/2045  | 650000 | &nbsp;&nbsp; 660266 |
|  |  | &nbsp;&nbsp; $50034943 |
| Student Loan Revenue – 1.6% | Student Loan Revenue – 1.6% | Student Loan Revenue – 1.6% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $1605000 | &nbsp;&nbsp; $1597305 |
| North Carolina Education Assistance Authority, Student Loan Rev., "A", 5%, 6/01/2043  | 2830000 | &nbsp;&nbsp; 2929125 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2032 <br>| 1590000 | &nbsp;&nbsp; 1689759 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2035 <br>| 2000000 | &nbsp;&nbsp; 2094946 |
|  |  | &nbsp;&nbsp; $8311135 |
| Tax - Other – 1.5% | Tax - Other – 1.5% | Tax - Other – 1.5% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $1920000 | &nbsp;&nbsp; $1968880 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 300000 | &nbsp;&nbsp; 295430 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 670000 | &nbsp;&nbsp; 696697 |
| New York, NY, City Transitional Finance Authority Rev., "F-1", 4.25%, 2/01/2054  | 5120000 | &nbsp;&nbsp; 4895111 |
|  |  | &nbsp;&nbsp; $7856118 |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $200000 | &nbsp;&nbsp; $199990 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $1455000 | &nbsp;&nbsp; $1221464 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 650000 | &nbsp;&nbsp; 554474 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 1045000 | &nbsp;&nbsp; 952130 |
|  |  | &nbsp;&nbsp; $2728068 |
| Toll Roads – 4.2% | Toll Roads – 4.2% | Toll Roads – 4.2% |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047  | $2000000 | &nbsp;&nbsp; $2003376 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040  | 2000000 | &nbsp;&nbsp; 2051140 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038  | 3000000 | &nbsp;&nbsp; 3111689 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032  | 1150000 | &nbsp;&nbsp; 1177345 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039  | 2600000 | &nbsp;&nbsp; 2634057 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., "A", AGM, 5%, 1/01/2058  | 5000000 | &nbsp;&nbsp; 5120738 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, 0%, 1/01/2052  | 7000000 | &nbsp;&nbsp; 1961295 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 1505000 | &nbsp;&nbsp; 1200049 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 2020000 | &nbsp;&nbsp; 2076897 |
|  |  | &nbsp;&nbsp; $21336586 |
| Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | $2605000 | &nbsp;&nbsp; $2331806 |
| Universities - Colleges – 9.1% | Universities - Colleges – 9.1% | Universities - Colleges – 9.1% |
| Appalachian, NC, State University Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044  | $3000000 | &nbsp;&nbsp; $3067215 |
| Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040  | 3155000 | &nbsp;&nbsp; 3232866 |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2048  | 2000000 | &nbsp;&nbsp; 2080772 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2052  | $2000000 | &nbsp;&nbsp; $2066083 |
| North Carolina Agricultural & Technical State University General Rev., "A", 5%, 10/01/2035  | 3075000 | &nbsp;&nbsp; 3079106 |
| North Carolina Capital Facilities Finance Agency, Refunding Rev. (Duke University), "B", 5%, 10/01/2044  | 4955000 | &nbsp;&nbsp; 4967950 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034  | 1370000 | &nbsp;&nbsp; 1273325 |
| North Carolina Central University Rev., 5%, 4/01/2044  | 3265000 | &nbsp;&nbsp; 3291660 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 115000 | &nbsp;&nbsp; 113225 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 5%, 10/01/2042 <br>| 140000 | &nbsp;&nbsp; 130025 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 735000 | &nbsp;&nbsp; 733648 |
| University of North Carolina Board of Governors Rev., 4%, 4/01/2049  | 5000000 | &nbsp;&nbsp; 4394823 |
| University of North Carolina, Asheville, Rev., 4%, 6/01/2039  | 1450000 | &nbsp;&nbsp; 1431062 |
| University of North Carolina, Charlotte, Rev., "A", 4%, 10/01/2045  | 4415000 | &nbsp;&nbsp; 4126040 |
| University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036  | 1750000 | &nbsp;&nbsp; 1769984 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2034  | 1000000 | &nbsp;&nbsp; 1017589 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2035  | 1000000 | &nbsp;&nbsp; 1013382 |
| University of North Carolina, School of Art General Rev., 4%, 2/01/2045  | 2765000 | &nbsp;&nbsp; 2584108 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 195000 | &nbsp;&nbsp; 173305 |
| Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043  | 3700000 | &nbsp;&nbsp; 3739962 |
| Winston-Salem, NC, State University General Rev., AGM, 5%, 10/01/2042  | 2470000 | &nbsp;&nbsp; 2510403 |
|  |  | &nbsp;&nbsp; $46796533 |
| Universities - Dormitories – 0.9% | Universities - Dormitories – 0.9% | Universities - Dormitories – 0.9% |
| Florida State Board of Governors, University Athletics Association Rev., "A", 4.25%, 10/01/2048  | $4920000 | &nbsp;&nbsp; $4640028 |
| Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044  | $300000 | &nbsp;&nbsp; $308033 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 720000 | &nbsp;&nbsp; 493200 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 475000 | &nbsp;&nbsp; 325375 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 585000 | &nbsp;&nbsp; 400725 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 525000 | &nbsp;&nbsp; 529124 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 425000 | &nbsp;&nbsp; 428351 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 50000 | &nbsp;&nbsp; 49924 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 305000 | &nbsp;&nbsp; 208925 |
|  |  | &nbsp;&nbsp; $2743657 |
| Utilities - Other – 2.6% | Utilities - Other – 2.6% | Utilities - Other – 2.6% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $1090000 | &nbsp;&nbsp; $1114227 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 2580000 | &nbsp;&nbsp; 2755585 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 2535000 | &nbsp;&nbsp; 2704623 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1600000 | &nbsp;&nbsp; 1746270 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 2320000 | &nbsp;&nbsp; 2459296 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1445000 | &nbsp;&nbsp; 1559476 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 710000 | &nbsp;&nbsp; 720934 |
|  |  | &nbsp;&nbsp; $13060411 |
| Water & Sewer Utility Revenue – 15.9% | Water & Sewer Utility Revenue – 15.9% | Water & Sewer Utility Revenue – 15.9% |
| Brunswick, NC, Enterprise Systems Rev., 4.5%, 2/01/2049  | $2400000 | &nbsp;&nbsp; $2398622 |
| Cabarrus County, NC, Water & Sewer Authority, Enterprise Systems Rev., 4%, 6/01/2049  | 6000000 | &nbsp;&nbsp; 5637527 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2048  | 1600000 | &nbsp;&nbsp; 1679048 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2049  | 1685000 | &nbsp;&nbsp; 1762331 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2050  | 1500000 | &nbsp;&nbsp; 1565199 |
| Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2040  | 2000000 | &nbsp;&nbsp; 2234735 |
| Charlotte, NC, Water & Sewer System Rev., 5%, 7/01/2049  | 5000000 | &nbsp;&nbsp; 5296209 |
| Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045  | 2500000 | &nbsp;&nbsp; 2607151 |
| Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047  | 2500000 | &nbsp;&nbsp; 2356068 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2049  | 2500000 | &nbsp;&nbsp; 2366020 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2053  | 2500000 | &nbsp;&nbsp; 2329964 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Fayetteville, NC, Public Works Commission Rev., 4%, 3/01/2051  | $2500000 | &nbsp;&nbsp; $2306507 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2042  | 1000000 | &nbsp;&nbsp; 1069291 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2043  | 1465000 | &nbsp;&nbsp; 1557143 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2044  | 650000 | &nbsp;&nbsp; 687414 |
| Fuquay-Varina, NC, Combined Utilities Rev., "C", 4.125%, 6/01/2049  | 1250000 | &nbsp;&nbsp; 1188468 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047  | 4000000 | &nbsp;&nbsp; 4236254 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048  | 3990000 | &nbsp;&nbsp; 4212348 |
| Greenville, NC, Greenville Utilities Commission, Combined Enterprise System Rev., 5%, 9/01/2049  | 5000000 | &nbsp;&nbsp; 5237331 |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 12/01/2046  | 525000 | &nbsp;&nbsp; 546710 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 1325000 | &nbsp;&nbsp; 1336849 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 1000000 | &nbsp;&nbsp; 1001028 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 605000 | &nbsp;&nbsp; 605019 |
| High Point, NC, Combined Enterprise System Rev., 5%, 11/01/2050  | 1500000 | &nbsp;&nbsp; 1564412 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2049  | 2500000 | &nbsp;&nbsp; 2347512 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2053  | 2500000 | &nbsp;&nbsp; 2287904 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048  | 4000000 | &nbsp;&nbsp; 3767877 |
| Johnston County, NC, Water & Sewer System Rev., 5%, 4/01/2049  | 3000000 | &nbsp;&nbsp; 3125722 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053  | 5000000 | &nbsp;&nbsp; 4580417 |
| Mebane, NC, Combined Utilities Rev., 4%, 8/01/2049  | 2675000 | &nbsp;&nbsp; 2512751 |
| Sanford, NC, Enterprise Systems Rev., 4%, 6/01/2049  | 2750000 | &nbsp;&nbsp; 2583867 |
| Sanford, NC, Enterprise Systems Rev., "A", 4.125%, 6/01/2050  | 1275000 | &nbsp;&nbsp; 1174777 |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | 1360000 | &nbsp;&nbsp; 1409363 |
| Union County, NC, Enterprise System Rev., 3%, 6/01/2046  | 2500000 | &nbsp;&nbsp; 1889247 |
|  |  | &nbsp;&nbsp; $81461085 |
| **Total Municipal Bonds (Identified Cost, $511,603,993)** |  | &nbsp;&nbsp; **$500902473** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $608,641) | $934428 | &nbsp;&nbsp; $316678 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $437,953) | $768338 | &nbsp;&nbsp; $508064 |
| Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% | Mutual Funds (h) – 3.1% |
| Money Market Funds – 3.1% | Money Market Funds – 3.1% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $16,055,542) | 16055226 | &nbsp;&nbsp; $16056831 |
| Other Assets, Less Liabilities – (0.9)% |  | &nbsp;&nbsp; (4486318)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$513297728** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Pennsylvania Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.3% | Municipal Bonds – 97.3% | Municipal Bonds – 97.3% |
| Airport Revenue – 4.0% | Airport Revenue – 4.0% | Airport Revenue – 4.0% |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2048  | $1000000 | &nbsp;&nbsp; $1046262 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2050  | 1000000 | &nbsp;&nbsp; 1062279 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2053  | 1000000 | &nbsp;&nbsp; 1041407 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 755000 | &nbsp;&nbsp; 764341 |
| Philadelphia, PA, Airport Refunding Rev., "B", 5%, 7/01/2037  | 455000 | &nbsp;&nbsp; 462049 |
| Philadelphia, PA, Airport Refunding Rev., "B", 5%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 2023618 |
| Philadelphia, PA, Airport Rev., "B", 5%, 7/01/2034  | 750000 | &nbsp;&nbsp; 766748 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 45000 | &nbsp;&nbsp; 45014 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 80000 | &nbsp;&nbsp; 80001 |
|  |  | &nbsp;&nbsp; $7291719 |
| General Obligations - General Purpose – 5.8% | General Obligations - General Purpose – 5.8% | General Obligations - General Purpose – 5.8% |
| Allegheny County, PA, Bethel Park School District General Obligation, 5.5%, 8/01/2048  | $1000000 | &nbsp;&nbsp; $1073184 |
| Allegheny County, PA, General Obligation, "C-80", 5%, 12/01/2049  | 1000000 | &nbsp;&nbsp; 1040293 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 350000 | &nbsp;&nbsp; 325493 |
| Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043  | 1000000 | &nbsp;&nbsp; 975819 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 600000 | &nbsp;&nbsp; 611699 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 245437 | &nbsp;&nbsp; 271984 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 61103 | &nbsp;&nbsp; 60416 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 116918 | &nbsp;&nbsp; 114027 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 47139 | &nbsp;&nbsp; 44735 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 64091 | &nbsp;&nbsp; 57391 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 234653 | &nbsp;&nbsp; 202534 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 78634 | &nbsp;&nbsp; 56162 |
| Lackawanna County, PA, General Obligation, BAM, 4%, 9/15/2035  | 1000000 | &nbsp;&nbsp; 1034893 |
| Penn Hills, PA, General Obligation, Capital Appreciation, "D", 0%, 12/01/2032  | 595000 | &nbsp;&nbsp; 451563 |
| Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), "A", 5%, 11/01/2042  | 1000000 | &nbsp;&nbsp; 1058455 |
| Pittsburgh, PA, General Obligation Capital Improvement, 4.25%, 9/01/2045  | 1450000 | &nbsp;&nbsp; 1375655 |
| Punxsutawney, PA, General Obligation, "B", AGM, 5%, 12/01/2046  | 500000 | &nbsp;&nbsp; 504680 |
| Punxsutawney, PA, General Obligation, "B", AGM, 5.125%, 12/01/2050  | 500000 | &nbsp;&nbsp; 505174 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 125000 | &nbsp;&nbsp; 132671 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 115000 | &nbsp;&nbsp; 120561 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 130000 | &nbsp;&nbsp; 136058 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 165000 | &nbsp;&nbsp; 150550 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 65000 | &nbsp;&nbsp; 58245 |
|  |  | &nbsp;&nbsp; $10362242 |
| General Obligations - Schools – 13.9% | General Obligations - Schools – 13.9% | General Obligations - Schools – 13.9% |
| Allegheny County, PA, Brentwood Borough School District General Obligation, AGM, 5.25%, 5/15/2050  | $1000000 | &nbsp;&nbsp; $1041805 |
| Allegheny County, PA, Elizabeth Forward School District General Obligation, BAM, 4.5%, 9/01/2050 (w) | 1000000 | &nbsp;&nbsp; 976145 |
| Allegheny County, PA, Moon Area School District General Obligation, "B", AGM, 4%, 11/15/2049  | 1500000 | &nbsp;&nbsp; 1365786 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2041  | 885000 | &nbsp;&nbsp; 926626 |
| Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2042  | 730000 | &nbsp;&nbsp; 759552 |
| Allentown, PA, School District, General Obligation, AGM, 5%, 6/01/2049  | 1000000 | &nbsp;&nbsp; 1038000 |
| Beaver County, PA, Aliquippa School District General Obligation, BAM, 4%, 12/01/2041  | 1000000 | &nbsp;&nbsp; 1000592 |
| Berks County, PA, Muhlenberg School District General Obligation, 5%, 5/15/2054  | 1000000 | &nbsp;&nbsp; 1023292 |
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2038  | 1000000 | &nbsp;&nbsp; 1018200 |
| Bradford & Wyoming Counties, PA, Wyalusing Area School District, General Obligation, 5.125%, 4/01/2065  | 1000000 | &nbsp;&nbsp; 1013868 |
| Bucks County, PA, Pennsbury School District, General Obligation, 5%, 8/01/2043  | 560000 | &nbsp;&nbsp; 588510 |
| Bucks County, PA, Pennsbury School District, General Obligation, 5%, 8/01/2044  | 1000000 | &nbsp;&nbsp; 1046401 |
| Conneaut, PA, School District, Capital Appreciation, "B", AGM, 0%, 11/01/2031  | 1150000 | &nbsp;&nbsp; 923886 |
| Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2043  | 750000 | &nbsp;&nbsp; 786929 |
| Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2044  | 500000 | &nbsp;&nbsp; 522719 |
| Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063  | 1500000 | &nbsp;&nbsp; 1593139 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054  | 765000 | &nbsp;&nbsp; 693269 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059  | 1500000 | &nbsp;&nbsp; 1512173 |
| Muhlenberg, PA, School District General Obligation, 5%, 5/15/2050  | 1000000 | &nbsp;&nbsp; 1034332 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Muhlenberg, PA, School District General Obligation, 5%, 5/15/2055  | $1000000 | &nbsp;&nbsp; $1028826 |
| Northampton and Lehigh Counties, PA, Bethlehem Area School District General Obligation, BAM, 5%, 10/01/2042  | 1000000 | &nbsp;&nbsp; 1053480 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038 (Prerefunded 9/01/2026)  | 5000 | &nbsp;&nbsp; 5113 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038  | 1495000 | &nbsp;&nbsp; 1502938 |
| Philadelphia, PA, School District, "A", 5%, 9/01/2044  | 1500000 | &nbsp;&nbsp; 1520863 |
| Upper St. Clair Township, PA, School District General Obligation, "B", 3.625%, 10/01/2039  | 1000000 | &nbsp;&nbsp; 961102 |
|  |  | &nbsp;&nbsp; $24937546 |
| Healthcare Revenue - Hospitals – 13.4% | Healthcare Revenue - Hospitals – 13.4% | Healthcare Revenue - Hospitals – 13.4% |
| Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038  | $1000000 | &nbsp;&nbsp; $1027324 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 83000 | &nbsp;&nbsp; 86755 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 1470000 | &nbsp;&nbsp; 1329213 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, 6% <br> to 6/30/2044 <br>| 735000 | &nbsp;&nbsp; 518410 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 105000 | &nbsp;&nbsp; 103603 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044  | 1000000 | &nbsp;&nbsp; 898978 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded <br> 12/01/2028) <br>| 665000 | &nbsp;&nbsp; 716666 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048  | 335000 | &nbsp;&nbsp; 337400 |
| Chester County, PA, Health & Education Facilities Authority, Health System Rev. (Main Line Health System), "A", 5%, 10/01/2052  | 1750000 | &nbsp;&nbsp; 1754469 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029)  | 100000 | &nbsp;&nbsp; 107999 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 900000 | &nbsp;&nbsp; 909872 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039  | 500000 | &nbsp;&nbsp; 486810 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040  | 1000000 | &nbsp;&nbsp; 961303 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043  | 1000000 | &nbsp;&nbsp; 913592 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040  | 500000 | &nbsp;&nbsp; 438639 |
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), "A", 4%, 7/01/2039  | 1000000 | &nbsp;&nbsp; 975290 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", 4%, 5/01/2042  | 2000000 | &nbsp;&nbsp; 1836311 |
| Montour County, PA, Geisinger Authority, Health System Rev., "A", 4%, 4/01/2039  | 1000000 | &nbsp;&nbsp; 975066 |
| Montour County, PA, Geisinger Authority, Health System Rev., "A-1", 5%, 2/15/2045  | 1000000 | &nbsp;&nbsp; 1007493 |
| Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke's University Health Network Project), "A", <br> 5%, 8/15/2048 <br>| 500000 | &nbsp;&nbsp; 501056 |
| Pennsylvania Economic Development Financing Authority, UPMC Rev., "A", 4%, 5/15/2053  | 1000000 | &nbsp;&nbsp; 849912 |
| Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), 5.5%, 8/15/2055  | 1000000 | &nbsp;&nbsp; 1076006 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2036  | 1000000 | &nbsp;&nbsp; 1010675 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2042  | 1000000 | &nbsp;&nbsp; 1004654 |
| Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), "A", <br> 5.5%, 7/01/2053 <br>| 1500000 | &nbsp;&nbsp; 1613846 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), "A", <br> 5%, 7/01/2034 <br>| 500000 | &nbsp;&nbsp; 506245 |
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044  | 1000000 | &nbsp;&nbsp; 914226 |
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), "A", 4%, 7/01/2037  | 1400000 | &nbsp;&nbsp; 1328307 |
|  |  | &nbsp;&nbsp; $24190120 |
| Healthcare Revenue - Long Term Care – 4.8% | Healthcare Revenue - Long Term Care – 4.8% | Healthcare Revenue - Long Term Care – 4.8% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2054  | $750000 | &nbsp;&nbsp; $701790 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5.25%, 12/01/2045  | 500000 | &nbsp;&nbsp; 412715 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2039  | 140000 | &nbsp;&nbsp; 140427 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded <br> 1/01/2029) <br>| 95000 | &nbsp;&nbsp; 101949 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded <br> 1/01/2029) <br>| 765000 | &nbsp;&nbsp; 820957 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039  | 750000 | &nbsp;&nbsp; 750287 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), "A", 5%, 7/01/2045  | 500000 | &nbsp;&nbsp; 473041 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036  | 260000 | &nbsp;&nbsp; 265886 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037  | 250000 | &nbsp;&nbsp; 254992 |
| Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037  | 500000 | &nbsp;&nbsp; 493550 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040  | 500000 | &nbsp;&nbsp; 457437 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045  | 500000 | &nbsp;&nbsp; 423601 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "A", 5%, 5/01/2049  | $900000 | &nbsp;&nbsp; $886015 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055  | 1000000 | &nbsp;&nbsp; 946586 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), <br> 5.375%, 1/01/2050 <br>| 400000 | &nbsp;&nbsp; 367194 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-1", 5.25%, 7/01/2049  | 750000 | &nbsp;&nbsp; 746117 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), "A", <br> 5%, 7/01/2049 <br>| 500000 | &nbsp;&nbsp; 442975 |
|  |  | &nbsp;&nbsp; $8685519 |
| Industrial Revenue - Environmental Services – 0.7% | Industrial Revenue - Environmental Services – 0.7% | Industrial Revenue - Environmental Services – 0.7% |
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)  | $200000 | &nbsp;&nbsp; $216911 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A-2", <br> 4.6%, 10/01/2046 (Put Date 10/01/2026) <br>| 1000000 | &nbsp;&nbsp; 1004296 |
|  |  | &nbsp;&nbsp; $1221207 |
| Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031  | $1000000 | &nbsp;&nbsp; $1120024 |
| Miscellaneous Revenue - Other – 1.5% | Miscellaneous Revenue - Other – 1.5% | Miscellaneous Revenue - Other – 1.5% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $395000 | &nbsp;&nbsp; $394998 |
| Pennsylvania Economic Development Authority Rev. (Capitol Region Parking System), AGM, 4%, 1/01/2041  | 1300000 | &nbsp;&nbsp; 1272686 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 5%, 12/31/2034 <br>| 970000 | &nbsp;&nbsp; 976446 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 65000 | &nbsp;&nbsp; 65504 |
|  |  | &nbsp;&nbsp; $2709634 |
| Multi-Family Housing Revenue – 3.5% | Multi-Family Housing Revenue – 3.5% | Multi-Family Housing Revenue – 3.5% |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | $449061 | &nbsp;&nbsp; $443930 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (B'nai B'rith House of <br> Reading), FNMA, 5.25%, 9/01/2042 <br>| 1000000 | &nbsp;&nbsp; 1043730 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons <br> Apartments), FNMA, 3.6%, 8/01/2035 <br>| 908059 | &nbsp;&nbsp; 894127 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Darby Townhouses), <br> FNMA, 4.9%, 6/01/2041 <br>| 1000000 | &nbsp;&nbsp; 1037216 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Skyview Park <br> Apartments), FNMA, 4.625%, 2/01/2042 <br>| 1495000 | &nbsp;&nbsp; 1522056 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), <br> "I", 5%, 12/01/2058 (Prerefunded 12/01/2026) <br>| 1250000 | &nbsp;&nbsp; 1281874 |
|  |  | &nbsp;&nbsp; $6222933 |
| Port Revenue – 0.1% | Port Revenue – 0.1% | Port Revenue – 0.1% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $300000 | &nbsp;&nbsp; $220199 |
| Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $120000 | &nbsp;&nbsp; $111464 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp; 902 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 35000 | &nbsp;&nbsp; 34192 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 124000 | &nbsp;&nbsp; 116530 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 979000 | &nbsp;&nbsp; 944805 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 243000 | &nbsp;&nbsp; 232498 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 116000 | &nbsp;&nbsp; 110986 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 364000 | &nbsp;&nbsp; 337942 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 9000 | &nbsp;&nbsp; 7962 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 524000 | &nbsp;&nbsp; 428631 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 509000 | &nbsp;&nbsp; 382266 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 227000 | &nbsp;&nbsp; 77116 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 195000 | &nbsp;&nbsp; 156000 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| $205000 | &nbsp;&nbsp; $184500 |
|  |  | &nbsp;&nbsp; $3125794 |
| Secondary Schools – 2.5% | Secondary Schools – 2.5% | Secondary Schools – 2.5% |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy Charter <br> School Project), 5%, 7/01/2059 (n)<br>| $750000 | &nbsp;&nbsp; $689420 |
| Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), "A", 5.125%, 3/15/2046  | 500000 | &nbsp;&nbsp; 478024 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, 12/15/2047  | 500000 | &nbsp;&nbsp; 476993 |
| Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), "A", 4%, 10/01/2046  | 625000 | &nbsp;&nbsp; 543216 |
| Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | 900000 | &nbsp;&nbsp; 877362 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "B", 6%, 8/01/2051  | 450000 | &nbsp;&nbsp; 450605 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050  | 500000 | &nbsp;&nbsp; 489702 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n) | 500000 | &nbsp;&nbsp; 485071 |
|  |  | &nbsp;&nbsp; $4490393 |
| Single Family Housing - State – 8.7% | Single Family Housing - State – 8.7% | Single Family Housing - State – 8.7% |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.6%, 10/01/2049 (n) | $1000000 | &nbsp;&nbsp; $982949 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 6%, 10/01/2054 (n) | 1415000 | &nbsp;&nbsp; 1534517 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 3.65%, 10/01/2032  | 1000000 | &nbsp;&nbsp; 984783 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 4.6%, 10/01/2043  | 1000000 | &nbsp;&nbsp; 999117 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 4.7%, 10/01/2046  | 1000000 | &nbsp;&nbsp; 1000726 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "145A", 4.75%, 10/01/2049  | 1000000 | &nbsp;&nbsp; 994401 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "146A", 4.75%, 4/01/2053  | 1000000 | &nbsp;&nbsp; 991152 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "146A", 6.25%, 10/01/2054  | 980000 | &nbsp;&nbsp; 1075569 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "149A", 5.1%, 10/01/2045  | 1000000 | &nbsp;&nbsp; 1028715 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "150A", 5.15%, 10/01/2045  | 1500000 | &nbsp;&nbsp; 1524638 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2025  | 300000 | &nbsp;&nbsp; 300000 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2026  | 1545000 | &nbsp;&nbsp; 1567207 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 5.75%, 10/01/2053  | 1195000 | &nbsp;&nbsp; 1268571 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "142A", 5.5%, 10/01/2053  | 1280000 | &nbsp;&nbsp; 1357095 |
|  |  | &nbsp;&nbsp; $15609440 |
| State & Local Agencies – 3.2% | State & Local Agencies – 3.2% | State & Local Agencies – 3.2% |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | $565000 | &nbsp;&nbsp; $503249 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2042  | 1375000 | &nbsp;&nbsp; 1455148 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2043  | 500000 | &nbsp;&nbsp; 527323 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, 5%, 4/01/2044  | 650000 | &nbsp;&nbsp; 682539 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 90000 | &nbsp;&nbsp; 106883 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "A", BAM, 4.125%, 3/15/2044  | 1200000 | &nbsp;&nbsp; 1160746 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037  | 250000 | &nbsp;&nbsp; 259731 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038  | 1000000 | &nbsp;&nbsp; 1035650 |
|  |  | &nbsp;&nbsp; $5731269 |
| Student Loan Revenue – 3.6% | Student Loan Revenue – 3.6% | Student Loan Revenue – 3.6% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $570000 | &nbsp;&nbsp; $567267 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 650000 | &nbsp;&nbsp; 633201 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5%, 6/01/2051  | 750000 | &nbsp;&nbsp; 717338 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5.5%, 6/01/2052  | 750000 | &nbsp;&nbsp; 754819 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2029  | 325000 | &nbsp;&nbsp; 340638 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2030  | 400000 | &nbsp;&nbsp; 423411 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 655000 | &nbsp;&nbsp; 588633 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4.5%, 6/01/2043  | 1295000 | &nbsp;&nbsp; 1313894 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4%, 6/01/2044  | 705000 | &nbsp;&nbsp; 696735 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "B", 5%, 6/01/2050  | 500000 | &nbsp;&nbsp; 476735 |
|  |  | &nbsp;&nbsp; $6512671 |
| Tax - Other – 3.0% | Tax - Other – 3.0% | Tax - Other – 3.0% |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042  | $1000000 | &nbsp;&nbsp; $1023115 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax - Other – continued | Tax - Other – continued | Tax - Other – continued |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | $300000 | &nbsp;&nbsp; $300748 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 500000 | &nbsp;&nbsp; 499990 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | 675000 | &nbsp;&nbsp; 692185 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 110000 | &nbsp;&nbsp; 108324 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 285000 | &nbsp;&nbsp; 296356 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 60000 | &nbsp;&nbsp; 60583 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 185000 | &nbsp;&nbsp; 185396 |
| Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., "B", 4%, 5/01/2049  | 500000 | &nbsp;&nbsp; 460339 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 1320000 | &nbsp;&nbsp; 1240167 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.25%, 2/01/2052  | 500000 | &nbsp;&nbsp; 466447 |
|  |  | &nbsp;&nbsp; $5333650 |
| Tax Assessment – 0.3% | Tax Assessment – 0.3% | Tax Assessment – 0.3% |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035  | $500000 | &nbsp;&nbsp; $500350 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $540000 | &nbsp;&nbsp; $453327 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 195000 | &nbsp;&nbsp; 166342 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 365000 | &nbsp;&nbsp; 332562 |
|  |  | &nbsp;&nbsp; $952231 |
| Toll Roads – 1.8% | Toll Roads – 1.8% | Toll Roads – 1.8% |
| Pennsylvania Turnpike Commission Oil Franchise Tax Rev., "A", 5.25%, 12/01/2053  | $1000000 | &nbsp;&nbsp; $1065029 |
| Pennsylvania Turnpike Commission Subordinate Rev., "A", AGM, 4%, 12/01/2049  | 1500000 | &nbsp;&nbsp; 1365962 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 740000 | &nbsp;&nbsp; 760844 |
|  |  | &nbsp;&nbsp; $3191835 |
| Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047  | $2000000 | &nbsp;&nbsp; $2092531 |
| Universities - Colleges – 12.3% | Universities - Colleges – 12.3% | Universities - Colleges – 12.3% |
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), "A", 4%, 3/01/2041  | $1000000 | &nbsp;&nbsp; $936321 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | 1500000 | &nbsp;&nbsp; 1125188 |
| Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036  | 300000 | &nbsp;&nbsp; 285754 |
| Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041  | 920000 | &nbsp;&nbsp; 794207 |
| Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania Project), <br> BAM, 4%, 5/01/2054 <br>| 2750000 | &nbsp;&nbsp; 2486794 |
| Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049  | 1000000 | &nbsp;&nbsp; 1004381 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", AGM, 3.125%, 5/01/2053  | 95000 | &nbsp;&nbsp; 68510 |
| Northampton County, PA, General Purpose Authority, College Rev. (Lafayette College), 4%, 11/01/2038  | 1000000 | &nbsp;&nbsp; 987958 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049  | 1000000 | &nbsp;&nbsp; 911387 |
| Pennsylvania Economic Development Authority Rev. (Villanova University Project), 5%, 8/01/2049  | 1000000 | &nbsp;&nbsp; 1045996 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), "A", AGM, 5%, 5/01/2046  | 1750000 | &nbsp;&nbsp; 1789575 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), "A", 5%, 3/01/2039  | 750000 | &nbsp;&nbsp; 774048 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Thomas Jefferson University), "B-1", AGM, 5.25%, 11/01/2048  | 1000000 | &nbsp;&nbsp; 1051377 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), "A", 4%, 7/15/2051  | 1250000 | &nbsp;&nbsp; 983356 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5%, 10/01/2038  | 1200000 | &nbsp;&nbsp; 1271872 |
| Pennsylvania State University, Tax-Exempt, "A", 5.25%, 9/01/2052  | 3000000 | &nbsp;&nbsp; 3151888 |
| Pennsylvania System of Higher Education Rev., Temple University, AGM, 5%, 4/01/2044  | 1285000 | &nbsp;&nbsp; 1356532 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060  | 1000000 | &nbsp;&nbsp; 1038246 |
| Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), "A", 5%, 11/01/2026  | 1000000 | &nbsp;&nbsp; 1001962 |
|  |  | &nbsp;&nbsp; $22065352 |
| Universities - Dormitories – 0.7% | Universities - Dormitories – 0.7% | Universities - Dormitories – 0.7% |
| Chester County, PA, Industrial Development Authority, Student Housing Rev. (West Chester University of Pennsylvania), "A", BAM, <br> 4%, 8/01/2048 <br>| $1500000 | &nbsp;&nbsp; $1337302 |
| Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $150000 | &nbsp;&nbsp; $102750 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 245000 | &nbsp;&nbsp; 167825 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | $200000 | &nbsp;&nbsp; $137000 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp; 14977 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 105000 | &nbsp;&nbsp; 71925 |
|  |  | &nbsp;&nbsp; $494477 |
| Utilities - Other – 2.9% | Utilities - Other – 2.9% | Utilities - Other – 2.9% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $935000 | &nbsp;&nbsp; $998632 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 925000 | &nbsp;&nbsp; 986894 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 550000 | &nbsp;&nbsp; 600280 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038  | 280000 | &nbsp;&nbsp; 338360 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 845000 | &nbsp;&nbsp; 895735 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 520000 | &nbsp;&nbsp; 561196 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 825000 | &nbsp;&nbsp; 861257 |
|  |  | &nbsp;&nbsp; $5242354 |
| Water & Sewer Utility Revenue – 6.3% | Water & Sewer Utility Revenue – 6.3% | Water & Sewer Utility Revenue – 6.3% |
| Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053  | $1000000 | &nbsp;&nbsp; $1025937 |
| Bucks County, PA, Water & Sewer Authority, Sewer System Rev., "A", AGM, 4.25%, 12/01/2047  | 2000000 | &nbsp;&nbsp; 1945487 |
| Canonsburg-Houston, PA, Joint Authority Sewer Rev., "A", 5%, 12/01/2040  | 1000000 | &nbsp;&nbsp; 1001177 |
| Erie County, PA, Water Authority Rev., "A", AGM, 5%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 1023540 |
| Erie County, PA, Water Authority Rev., "A", AGM, 4%, 12/01/2050  | 995000 | &nbsp;&nbsp; 914863 |
| Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042  | 1000000 | &nbsp;&nbsp; 1011099 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 205000 | &nbsp;&nbsp; 205007 |
| Philadelphia, PA, Water & Wastewater Rev., "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 1039921 |
| Philadelphia, PA, Water & Wastewater Rev., "B", AGM, 5.5%, 9/01/2053  | 1000000 | &nbsp;&nbsp; 1068944 |
| Philadelphia, PA, Water & Wastewater Rev., "C", AGM, 5.25%, 9/01/2054  | 1000000 | &nbsp;&nbsp; 1060787 |
| Pittsburgh, PA, Water & Sewer System Authority Rev., "A", AGM, 5%, 9/01/2048  | 1000000 | &nbsp;&nbsp; 1035840 |
|  |  | &nbsp;&nbsp; $11332602 |
| **Total Municipal Bonds (Identified Cost, $179,372,073)** |  | &nbsp;&nbsp; **$174973394** |
| Bonds – 0.0% | Bonds – 0.0% | Bonds – 0.0% |
| Transportation - Services – 0.0% | Transportation - Services – 0.0% | Transportation - Services – 0.0% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $179,025) | $274832 | &nbsp;&nbsp; $93141 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $144,092) | $252793 | &nbsp;&nbsp; $167159 |
| Mutual Funds (h) – 1.7% | Mutual Funds (h) – 1.7% | Mutual Funds (h) – 1.7% |
| Money Market Funds – 1.7% | Money Market Funds – 1.7% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $3,003,047) | 3002870 | &nbsp;&nbsp; $3003171 |
| Other Assets, Less Liabilities – 0.9% |  | &nbsp;&nbsp; 1549213 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$179786078** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS South Carolina Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 96.8% | Municipal Bonds – 96.8% | Municipal Bonds – 96.8% |
| Airport Revenue – 5.0% | Airport Revenue – 5.0% | Airport Revenue – 5.0% |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2039  | $450000 | &nbsp;&nbsp; $468813 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2043  | 1250000 | &nbsp;&nbsp; 1280859 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2048  | 1500000 | &nbsp;&nbsp; 1524618 |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2054  | 2000000 | &nbsp;&nbsp; 2057000 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | 160000 | &nbsp;&nbsp; 146779 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 150000 | &nbsp;&nbsp; 132657 |
| Greenville-Spartanburg, SC, Airport Rev., "A", 5.25%, 7/01/2054  | 2000000 | &nbsp;&nbsp; 2096244 |
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2040  | 2070000 | &nbsp;&nbsp; 2024325 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 1000000 | &nbsp;&nbsp; 1012373 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 75000 | &nbsp;&nbsp; 75023 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 120000 | &nbsp;&nbsp; 120002 |
|  |  | &nbsp;&nbsp; $10938693 |
| General Obligations - General Purpose – 3.9% | General Obligations - General Purpose – 3.9% | General Obligations - General Purpose – 3.9% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $475000 | &nbsp;&nbsp; $441740 |
| Charleston, SC, Public Finance Corp., Installment Purchase Rev. (City of Charleston Project), 5%, 9/01/2039  | 750000 | &nbsp;&nbsp; 822208 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 785000 | &nbsp;&nbsp; 800306 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 330093 | &nbsp;&nbsp; 365796 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 90173 | &nbsp;&nbsp; 89160 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 170651 | &nbsp;&nbsp; 166431 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 69565 | &nbsp;&nbsp; 66017 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 94583 | &nbsp;&nbsp; 84696 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 349365 | &nbsp;&nbsp; 301544 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 116044 | &nbsp;&nbsp; 82881 |
| Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052  | 2000000 | &nbsp;&nbsp; 1958237 |
| Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039  | 725000 | &nbsp;&nbsp; 630463 |
| Lancaster County, SC, Public Facilities Corp. Installment Purchase Rev. (Lancaster County Project), 5%, 6/01/2042  | 1500000 | &nbsp;&nbsp; 1552042 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 190000 | &nbsp;&nbsp; 201660 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 175000 | &nbsp;&nbsp; 183463 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 165000 | &nbsp;&nbsp; 172690 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 340000 | &nbsp;&nbsp; 317381 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 150000 | &nbsp;&nbsp; 138235 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 210000 | &nbsp;&nbsp; 191610 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 85000 | &nbsp;&nbsp; 76166 |
|  |  | &nbsp;&nbsp; $8642726 |
| General Obligations - Schools – 4.8% | General Obligations - Schools – 4.8% | General Obligations - Schools – 4.8% |
| Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041  | $1400000 | &nbsp;&nbsp; $1208519 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 770000 | &nbsp;&nbsp; 587705 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 1925000 | &nbsp;&nbsp; 1491831 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", 5%, 3/01/2047  | 2000000 | &nbsp;&nbsp; 2066022 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", 5.25%, 3/01/2052  | 3000000 | &nbsp;&nbsp; 3148559 |
| Spartanburg County, SC, School District No. 7, General Obligation, "B", 5%, 3/01/2048  | 2000000 | &nbsp;&nbsp; 2032580 |
|  |  | &nbsp;&nbsp; $10535216 |
| Healthcare Revenue - Hospitals – 13.1% | Healthcare Revenue - Hospitals – 13.1% | Healthcare Revenue - Hospitals – 13.1% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $255000 | &nbsp;&nbsp; $230041 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 50000 | &nbsp;&nbsp; 42625 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 30000 | &nbsp;&nbsp; 27565 |
| Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036  | 1975000 | &nbsp;&nbsp; 1983479 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 1290000 | &nbsp;&nbsp; 1171428 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031  | 1000000 | &nbsp;&nbsp; 1013082 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 1405000 | &nbsp;&nbsp; 1262792 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 1530000 | &nbsp;&nbsp; 1485990 |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Mcleod Health Project), 5.25%, 11/01/2054  | 1500000 | &nbsp;&nbsp; 1579018 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), "A", <br> 5.5%, 11/01/2054 <br>| $1000000 | &nbsp;&nbsp; $1054753 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center, Inc.), <br> 5%, 2/01/2038 (Prerefunded 2/01/2026) <br>| 295000 | &nbsp;&nbsp; 297152 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center, Inc.), 5%, 2/01/2038  | 1205000 | &nbsp;&nbsp; 1207561 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad Healthcare <br> Project), 5.75%, 11/15/2054 <br>| 2000000 | &nbsp;&nbsp; 2052086 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 5.25%, 11/01/2044 <br>| 1000000 | &nbsp;&nbsp; 1064380 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 4%, 12/01/2044 <br>| 285000 | &nbsp;&nbsp; 262260 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 5%, 12/01/2046 <br>| 2000000 | &nbsp;&nbsp; 2016342 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (AnMed Health), 4.25%, 2/01/2048  | 2000000 | &nbsp;&nbsp; 1911650 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047  | 3000000 | &nbsp;&nbsp; 3004719 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037  | 500000 | &nbsp;&nbsp; 497197 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048  | 2000000 | &nbsp;&nbsp; 1828336 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037  | 2000000 | &nbsp;&nbsp; 2065228 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043  | 3000000 | &nbsp;&nbsp; 2733644 |
|  |  | &nbsp;&nbsp; $28791328 |
| Healthcare Revenue - Long Term Care – 2.1% | Healthcare Revenue - Long Term Care – 2.1% | Healthcare Revenue - Long Term Care – 2.1% |
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), "A", <br> 5%, 4/01/2049 <br>| $1250000 | &nbsp;&nbsp; $1217665 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), <br> 5%, 5/01/2043 <br>| 750000 | &nbsp;&nbsp; 633757 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), <br> 5.125%, 5/01/2048 <br>| 250000 | &nbsp;&nbsp; 207038 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", <br> 5%, 5/01/2042 <br>| 750000 | &nbsp;&nbsp; 647975 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1000000 | &nbsp;&nbsp; 961056 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), <br> 5%, 4/01/2047 <br>| 1000000 | &nbsp;&nbsp; 929321 |
|  |  | &nbsp;&nbsp; $4596812 |
| Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), <br> 3.7%, 12/15/2027 (Put Date 12/01/2026) <br>| $1000000 | &nbsp;&nbsp; $1000980 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | 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) | $260000 | &nbsp;&nbsp; $188321 |
| Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $575000 | &nbsp;&nbsp; $574997 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5%, 12/31/2057 <br>| 795000 | &nbsp;&nbsp; 800526 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 100000 | &nbsp;&nbsp; 100775 |
|  |  | &nbsp;&nbsp; $1476298 |
| Multi-Family Housing Revenue – 4.7% | Multi-Family Housing Revenue – 4.7% | Multi-Family Housing Revenue – 4.7% |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 5%, 9/01/2035  | $1000000 | &nbsp;&nbsp; $1042548 |
| Charleston, SC, Housing Authority, General Rev. (Kiawah Homes), 5%, 12/01/2041  | 2500000 | &nbsp;&nbsp; 2536619 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 648904 | &nbsp;&nbsp; 641490 |
| North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 988505 | &nbsp;&nbsp; 1012172 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 85000 | &nbsp;&nbsp; 84039 |
| South Carolina Housing & Finance Development Authority, Multi-Family Housing Rev. (Settlement Manor Apartments Project), "A", <br> FNMA, 4.8%, 5/01/2043 <br>| 1000000 | &nbsp;&nbsp; 1036401 |
| South Carolina Housing & Finance Development Authority, Multi-Family Mortgage Backed (Edgewood Place Apartments), "A", FNMA, <br> 4.8%, 7/01/2045 <br>| 2000000 | &nbsp;&nbsp; 2039600 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035) <br>| $2000000 | &nbsp;&nbsp; $2017843 |
|  |  | &nbsp;&nbsp; $10410712 |
| Port Revenue – 4.3% | Port Revenue – 4.3% | Port Revenue – 4.3% |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045  | $1820000 | &nbsp;&nbsp; $1653691 |
| South Carolina Ports Authority Rev., 5%, 7/01/2036  | 3000000 | &nbsp;&nbsp; 3099357 |
| South Carolina Ports Authority Rev., 4%, 7/01/2055  | 2000000 | &nbsp;&nbsp; 1700823 |
| South Carolina Ports Authority Rev., "B", 5%, 7/01/2044  | 3000000 | &nbsp;&nbsp; 3033042 |
|  |  | &nbsp;&nbsp; $9486913 |
| Sales & Excise Tax Revenue – 3.3% | Sales & Excise Tax Revenue – 3.3% | Sales & Excise Tax Revenue – 3.3% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, "B-<br> 1", AGM, 0%, 6/15/2044 <br>| $2485000 | &nbsp;&nbsp; $1012261 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 190000 | &nbsp;&nbsp; 176485 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 4000 | &nbsp;&nbsp; 3606 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 49000 | &nbsp;&nbsp; 47870 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 158000 | &nbsp;&nbsp; 148482 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 3599000 | &nbsp;&nbsp; 3473294 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 299000 | &nbsp;&nbsp; 286077 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 163000 | &nbsp;&nbsp; 155955 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 71000 | &nbsp;&nbsp; 65917 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 14000 | &nbsp;&nbsp; 12385 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 725000 | &nbsp;&nbsp; 593048 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 695000 | &nbsp;&nbsp; 521955 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 327000 | &nbsp;&nbsp; 111087 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 410000 | &nbsp;&nbsp; 328000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 270000 | &nbsp;&nbsp; 243000 |
|  |  | &nbsp;&nbsp; $7179422 |
| Secondary Schools – 0.5% | Secondary Schools – 0.5% | Secondary Schools – 0.5% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2049 (n) | $250000 | &nbsp;&nbsp; $223704 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Carolina Voyager Project), "A", 5%, 6/15/2054 (n) | 1000000 | &nbsp;&nbsp; 954489 |
|  |  | &nbsp;&nbsp; $1178193 |
| Single Family Housing - State – 10.3% | Single Family Housing - State – 10.3% | Single Family Housing - State – 10.3% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $130000 | &nbsp;&nbsp; $130258 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.45%, 9/01/2043 <br>| 1195000 | &nbsp;&nbsp; 1198387 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", GNMA, <br> 4.5%, 9/01/2046 <br>| 400000 | &nbsp;&nbsp; 395440 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 3.75%, 7/01/2043  | 245000 | &nbsp;&nbsp; 218283 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 3.8%, 1/01/2049  | 240000 | &nbsp;&nbsp; 205625 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 4.95%, 7/01/2053  | 965000 | &nbsp;&nbsp; 976463 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 4.75%, 1/01/2054  | 880000 | &nbsp;&nbsp; 880138 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 5.75%, 1/01/2054  | 2635000 | &nbsp;&nbsp; 2869669 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.25%, 7/01/2054  | 1885000 | &nbsp;&nbsp; 2097064 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.5%, 7/01/2055 (u) | 1990000 | &nbsp;&nbsp; 2272925 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.2%, 7/01/2042  | 1975000 | &nbsp;&nbsp; 1976849 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.6%, 7/01/2049  | 1910000 | &nbsp;&nbsp; 1876438 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.9%, 7/01/2053  | 1295000 | &nbsp;&nbsp; 1305192 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2054  | 1845000 | &nbsp;&nbsp; 2027580 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2055  | 1950000 | &nbsp;&nbsp; 2166973 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", GNMA, 5%, 7/01/2050  | 1000000 | &nbsp;&nbsp; 1013224 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", GNMA, 5%, 1/01/2055  | 1000000 | &nbsp;&nbsp; 1018808 |
|  |  | &nbsp;&nbsp; $22629316 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – 8.1% | State & Local Agencies – 8.1% | State & Local Agencies – 8.1% |
| Anderson County, SC, Detention Facilities Corp. Installment Purchase Rev. (Anderson County Jail Project), "A", 4.375%, 10/01/2045  | $1485000 | &nbsp;&nbsp; $1441762 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 745000 | &nbsp;&nbsp; 663576 |
| Columbia, SC, Facilities Corp. Installment Purchase Rev. (City of Columbia Project), "A", 5%, 6/01/2055  | 2000000 | &nbsp;&nbsp; 2087530 |
| Florence County, SC, School District No. 3 Special Obligation, 4.25%, 12/01/2044  | 1050000 | &nbsp;&nbsp; 990136 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2042  | 1090000 | &nbsp;&nbsp; 1043148 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2043  | 350000 | &nbsp;&nbsp; 330301 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2044  | 325000 | &nbsp;&nbsp; 303149 |
| Greenville, SC, Public Facilities Rev. (City of Greenville South Carolina Project), 5%, 4/01/2043  | 1000000 | &nbsp;&nbsp; 1061795 |
| Greenville, SC, Public Facilities Rev. (City of Greenville South Carolina Project), 4%, 4/01/2044  | 1000000 | &nbsp;&nbsp; 954086 |
| Greer, SC, Installment Purchase Rev. (City Improvement Project), "A", 4.125%, 9/01/2049  | 1000000 | &nbsp;&nbsp; 921465 |
| Greer, SC, Installment Purchase Rev. (City Improvement Projects) , 5%, 9/01/2055  | 2000000 | &nbsp;&nbsp; 2053827 |
| Laurens County, SC, Public Facilities Corp. Installment Purchase Rev. (Laurens County Public Facilities Project), 5%, 9/01/2049  | 1000000 | &nbsp;&nbsp; 1036829 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 120000 | &nbsp;&nbsp; 142510 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042  | 1000000 | &nbsp;&nbsp; 893843 |
| Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2041  | 1000000 | &nbsp;&nbsp; 964168 |
| Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2042  | 1000000 | &nbsp;&nbsp; 957307 |
| South Carolina Job & Economic Develepment Authority, Health Care Facilities Rev. (R.D. Anderson Applied Technology Center Project), <br> 5%, 4/01/2055 <br>| 2000000 | &nbsp;&nbsp; 2039787 |
|  |  | &nbsp;&nbsp; $17885219 |
| Tax - Other – 3.6% | Tax - Other – 3.6% | Tax - Other – 3.6% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $145000 | &nbsp;&nbsp; $142791 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 375000 | &nbsp;&nbsp; 389942 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4%, 12/01/2040  | 920000 | &nbsp;&nbsp; 866519 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4%, 12/01/2041  | 470000 | &nbsp;&nbsp; 435694 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4.25%, 12/01/2049  | 1000000 | &nbsp;&nbsp; 905361 |
| Greenville County, SC, Road Fee Rev., 4%, 4/01/2043  | 1000000 | &nbsp;&nbsp; 964501 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 95000 | &nbsp;&nbsp; 95924 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 285000 | &nbsp;&nbsp; 285610 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2041  | 780000 | &nbsp;&nbsp; 752051 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2042  | 500000 | &nbsp;&nbsp; 478653 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2044  | 500000 | &nbsp;&nbsp; 466573 |
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), "A", 5%, 10/01/2040  | 2000000 | &nbsp;&nbsp; 2014267 |
|  |  | &nbsp;&nbsp; $7797886 |
| Tax Assessment – 1.3% | Tax Assessment – 1.3% | Tax Assessment – 1.3% |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $1000000 | &nbsp;&nbsp; $869018 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 15000 | &nbsp;&nbsp; 14990 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 17000 | &nbsp;&nbsp; 17212 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.5%, 10/01/2051  | 1000000 | &nbsp;&nbsp; 960273 |
| Goose Creek, SC, Carnes Crossroads Improvement District Assessment Rev., 5.5%, 10/01/2055  | 1000000 | &nbsp;&nbsp; 985496 |
|  |  | &nbsp;&nbsp; $2846989 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $280000 | &nbsp;&nbsp; $235058 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 465000 | &nbsp;&nbsp; 396663 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 505000 | &nbsp;&nbsp; 460120 |
|  |  | &nbsp;&nbsp; $1091841 |
| Toll Roads – 1.1% | Toll Roads – 1.1% | Toll Roads – 1.1% |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | $800000 | &nbsp;&nbsp; $847922 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 765000 | &nbsp;&nbsp; 609992 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 920000 | &nbsp;&nbsp; 945913 |
|  |  | &nbsp;&nbsp; $2403827 |
| Universities - Colleges – 6.4% | Universities - Colleges – 6.4% | Universities - Colleges – 6.4% |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | $3000000 | &nbsp;&nbsp; $2250376 |
| Clemson University, SC, Athletic Facilities Rev., "A", 5%, 5/01/2050  | 500000 | &nbsp;&nbsp; 526000 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| Clemson University, SC, Higher Education Rev. (Manning Hall Project), "A", 5%, 5/01/2054  | $1500000 | &nbsp;&nbsp; $1554544 |
| College of Charleston, SC, Higher Education Facilities Rev., "A", AGM, 4.25%, 4/01/2050  | 2000000 | &nbsp;&nbsp; 1908957 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 55000 | &nbsp;&nbsp; 54151 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (University of Sacred Heart), 5%, 10/01/2042 <br>| 70000 | &nbsp;&nbsp; 65012 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 390000 | &nbsp;&nbsp; 389283 |
| South Carolina Job & Economic Develepment Authority, Health Care Facilities Rev. (Novant Health Obligated Group), "A", <br> 5.5%, 11/01/2050 <br>| 1350000 | &nbsp;&nbsp; 1426155 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5.75%, 9/01/2055  | 1000000 | &nbsp;&nbsp; 1013491 |
| South Carolina Jobs & Economic Development Authority Rev. (Wofford College), 5%, 4/01/2049  | 2000000 | &nbsp;&nbsp; 2017366 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Oceanside Collegiate Academy Project), "A", <br> 5%, 6/15/2054 <br>| 1000000 | &nbsp;&nbsp; 894666 |
| University of South Carolina, Higher Education Rev. (Campus Village Project), "A", 5%, 5/01/2046  | 1900000 | &nbsp;&nbsp; 1963592 |
|  |  | &nbsp;&nbsp; $14063593 |
| Utilities - Municipal Owned – 5.0% | Utilities - Municipal Owned – 5.0% | Utilities - Municipal Owned – 5.0% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | $330000 | &nbsp;&nbsp; $226050 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 200000 | &nbsp;&nbsp; 137000 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 270000 | &nbsp;&nbsp; 184950 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 25000 | &nbsp;&nbsp; 24962 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 140000 | &nbsp;&nbsp; 95900 |
| Rock Hill, SC, Combined Utility System Rev., 4%, 1/01/2049  | 1000000 | &nbsp;&nbsp; 897186 |
| Rock Hill, SC, Combined Utility System Rev., 5%, 1/01/2054  | 1000000 | &nbsp;&nbsp; 1021807 |
| Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041  | 1000000 | &nbsp;&nbsp; 1001231 |
| Rock Hill, SC, Utility Systems Rev., "A", BAM, 4%, 1/01/2049  | 650000 | &nbsp;&nbsp; 591720 |
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., "A", 4%, 6/01/2036  | 500000 | &nbsp;&nbsp; 504563 |
| South Carolina Public Service Authority Improvement Rev., "B", 5%, 12/01/2051  | 2055000 | &nbsp;&nbsp; 2082830 |
| South Carolina Public Service Authority Improvement Rev., "E", AGM, 5.25%, 12/01/2038  | 2000000 | &nbsp;&nbsp; 2185527 |
| South Carolina Public Service Authority Obligation Refunding Rev., "B", AGM, 5%, 12/01/2049  | 2000000 | &nbsp;&nbsp; 2077215 |
|  |  | &nbsp;&nbsp; $11030941 |
| Utilities - Other – 4.1% | Utilities - Other – 4.1% | Utilities - Other – 4.1% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $1230000 | &nbsp;&nbsp; $1313709 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 1195000 | &nbsp;&nbsp; 1274960 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 2000000 | &nbsp;&nbsp; 2182838 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028  | 110000 | &nbsp;&nbsp; 115101 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 1090000 | &nbsp;&nbsp; 1155445 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 855000 | &nbsp;&nbsp; 901198 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 685000 | &nbsp;&nbsp; 739267 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 315000 | &nbsp;&nbsp; 319851 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 1065000 | &nbsp;&nbsp; 1111805 |
|  |  | &nbsp;&nbsp; $9114174 |
| Water & Sewer Utility Revenue – 13.4% | Water & Sewer Utility Revenue – 13.4% | Water & Sewer Utility Revenue – 13.4% |
| Aiken County, SC, County Administration Building Project, 4%, 8/01/2049  | $1000000 | &nbsp;&nbsp; $903744 |
| Aiken County, SC, County Administration Building Project, 5%, 8/01/2053  | 1000000 | &nbsp;&nbsp; 1027511 |
| Beaufort-Jasper Counties, SC, Waterworks & Sewer System Rev., "A", 4%, 3/01/2050  | 4000000 | &nbsp;&nbsp; 3664091 |
| Charleston, SC, Waterworks & Sewer System Capital Improvement Rev., 5%, 1/01/2047  | 3000000 | &nbsp;&nbsp; 3135445 |
| Charleston, SC, Waterworks & Sewer System Capital Improvement Rev., "A", 5%, 1/01/2054  | 2000000 | &nbsp;&nbsp; 2109337 |
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047  | 1000000 | &nbsp;&nbsp; 1037000 |
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2050  | 2000000 | &nbsp;&nbsp; 2077824 |
| Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052  | 500000 | &nbsp;&nbsp; 527761 |
| Columbia, SC, Waterworks & Sewer System Rev., "A", 5%, 2/01/2048  | 1100000 | &nbsp;&nbsp; 1138878 |
| Columbia, SC, Waterworks & Sewer System Rev., "A", 5.25%, 2/01/2053  | 2335000 | &nbsp;&nbsp; 2463025 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 410000 | &nbsp;&nbsp; 410421 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 300000 | &nbsp;&nbsp; 300010 |
| Metropolitan, SC, Sewer System Rev., 4%, 6/01/2049  | 500000 | &nbsp;&nbsp; 460811 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 5%, 3/01/2043  | $325000 | &nbsp;&nbsp; $341189 |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 5%, 3/01/2045  | 1350000 | &nbsp;&nbsp; 1407746 |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 4%, 3/01/2048  | 1645000 | &nbsp;&nbsp; 1490818 |
| South Carolina Inman-Campobello Water District, Waterworks System Improvement Rev., BAM, 5%, 6/01/2048  | 1000000 | &nbsp;&nbsp; 1032759 |
| South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052  | 5000000 | &nbsp;&nbsp; 4941725 |
| West Columbia, SC, Water & Sewer System Improvement Rev., 5%, 6/01/2055  | 1000000 | &nbsp;&nbsp; 1027134 |
|  |  | &nbsp;&nbsp; $29497229 |
| **Total Municipal Bonds (Identified Cost, $217,074,358)** |  | &nbsp;&nbsp; **$212786629** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $286,483) | $439731 | &nbsp;&nbsp; $149025 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $212,645) | $373062 | &nbsp;&nbsp; $246687 |
| Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% | Mutual Funds (h) – 2.6% |
| Money Market Funds – 2.6% | Money Market Funds – 2.6% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $5,663,020) | 5662328 | &nbsp;&nbsp; $5662894 |
| Other Assets, Less Liabilities – 0.4% |  | &nbsp;&nbsp; 940711 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$219785946** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS Virginia Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 95.5% | Municipal Bonds – 95.5% | Municipal Bonds – 95.5% |
| Airport Revenue – 3.2% | Airport Revenue – 3.2% | Airport Revenue – 3.2% |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2037  | $1000000 | &nbsp;&nbsp; $1025640 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp; 1021694 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 4%, 10/01/2041  | 1000000 | &nbsp;&nbsp; 938548 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5.25%, 10/01/2048  | 3600000 | &nbsp;&nbsp; 3730573 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5.5%, 10/01/2055 (u) | 2000000 | &nbsp;&nbsp; 2132160 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| 1650000 | &nbsp;&nbsp; 1670415 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 995000 | &nbsp;&nbsp; 995635 |
|  |  | &nbsp;&nbsp; $11514665 |
| General Obligations - General Purpose – 6.6% | General Obligations - General Purpose – 6.6% | General Obligations - General Purpose – 6.6% |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2043  | $1375000 | &nbsp;&nbsp; $1360218 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2044  | 1430000 | &nbsp;&nbsp; 1402897 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2045  | 1485000 | &nbsp;&nbsp; 1448646 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2046  | 1550000 | &nbsp;&nbsp; 1502774 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 775000 | &nbsp;&nbsp; 720733 |
| Bristol County, VA, General Obligation Anticipation Notes, 5%, 9/01/2027  | 1650000 | &nbsp;&nbsp; 1650949 |
| Chesterfield County, VA, Public Improvement, "A", 4%, 1/01/2036  | 1570000 | &nbsp;&nbsp; 1595442 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 1300000 | &nbsp;&nbsp; 1325348 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 318785 | &nbsp;&nbsp; 353265 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 133501 | &nbsp;&nbsp; 132001 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 251000 | &nbsp;&nbsp; 244793 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 102991 | &nbsp;&nbsp; 97738 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 140029 | &nbsp;&nbsp; 125391 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 476628 | &nbsp;&nbsp; 411387 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 171803 | &nbsp;&nbsp; 122705 |
| Fairfax County, VA, Public Improvement, "A", 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp; 1056934 |
| Norfolk, VA, General Obligation Capital Improvement, "A", 5%, 9/01/2039  | 800000 | &nbsp;&nbsp; 874593 |
| Norfolk, VA, General Obligation Capital Improvement, "A", 5%, 9/01/2040  | 925000 | &nbsp;&nbsp; 1005143 |
| Petersburg, VA, General Obligation, 4.25%, 9/01/2048  | 1160000 | &nbsp;&nbsp; 1143444 |
| Petersburg, VA, General Obligation, 4.25%, 9/01/2053  | 1500000 | &nbsp;&nbsp; 1464673 |
| Petersburg, VA, General Obligation Refunding, 4.125%, 12/01/2054  | 3000000 | &nbsp;&nbsp; 2861559 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 270000 | &nbsp;&nbsp; 286570 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 245000 | &nbsp;&nbsp; 256848 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 280000 | &nbsp;&nbsp; 293049 |
| Suffolk, VA, General Obligation Capital Improvement, "A", 2%, 2/01/2039  | 1675000 | &nbsp;&nbsp; 1263884 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 365000 | &nbsp;&nbsp; 333036 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 145000 | &nbsp;&nbsp; 129931 |
|  |  | &nbsp;&nbsp; $23463951 |
| Healthcare Revenue - Hospitals – 12.8% | Healthcare Revenue - Hospitals – 12.8% | Healthcare Revenue - Hospitals – 12.8% |
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037  | $2800000 | &nbsp;&nbsp; $2971874 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034  | 1475000 | &nbsp;&nbsp; 1559650 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043  | 625000 | &nbsp;&nbsp; 567368 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 40000 | &nbsp;&nbsp; 36754 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), 5%, 5/15/2051  | 3000000 | &nbsp;&nbsp; 3109325 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2044  | 2000000 | &nbsp;&nbsp; 1893535 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2048  | 4000000 | &nbsp;&nbsp; 3727887 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 1835000 | &nbsp;&nbsp; 1666334 |
| Henrico County, VA, Economic Development Authority Rev., Health Facilities (Bon Secours Mercy Health, Inc.), "A", 5%, 11/01/2048  | 1500000 | &nbsp;&nbsp; 1540297 |
| Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, 5.25%, 7/01/2043  | 1000000 | &nbsp;&nbsp; 1052933 |
| Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, 5.25%, 7/01/2048  | 4000000 | &nbsp;&nbsp; 4158139 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038  | 2200000 | &nbsp;&nbsp; 2179944 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039  | 1320000 | &nbsp;&nbsp; 1293877 |
| Lynchburg, VA, Economic Development Authority Rev. (Centra Health), "A", 5%, 1/01/2047  | 3000000 | &nbsp;&nbsp; 3003265 |
| Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), "B", 4%, 11/01/2048  | 3000000 | &nbsp;&nbsp; 2742161 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), "A", 5%, 7/01/2047  | $1625000 | &nbsp;&nbsp; $1748344 |
| Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), "A", <br> 3%, 11/01/2046 <br>| 2255000 | &nbsp;&nbsp; 1750249 |
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040  | 3370000 | &nbsp;&nbsp; 2920947 |
| Virginia Small Business Financing Authority, Health Care Facilities Refunding Rev. (Mary Washington Healthcare Obligated Group), <br> "A", 5.25%, 6/15/2055 <br>| 2500000 | &nbsp;&nbsp; 2583055 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049  | 3445000 | &nbsp;&nbsp; 3070871 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028  | 600000 | &nbsp;&nbsp; 603268 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030  | 400000 | &nbsp;&nbsp; 402026 |
| Winchester, VA, Economic Development Authority Rev. (Valley Health System Obligated Group), "A", 5%, 1/01/2043  | 1065000 | &nbsp;&nbsp; 1108779 |
|  |  | &nbsp;&nbsp; $45690882 |
| Healthcare Revenue - Long Term Care – 3.4% | Healthcare Revenue - Long Term Care – 3.4% | Healthcare Revenue - Long Term Care – 3.4% |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia), "C", 5%, 12/01/2037  | $765000 | &nbsp;&nbsp; $776978 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), <br> 4%, 10/01/2040 <br>| 500000 | &nbsp;&nbsp; 486470 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), <br> 4%, 10/01/2045 <br>| 720000 | &nbsp;&nbsp; 654284 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), "A", <br> 5%, 10/01/2052 <br>| 1500000 | &nbsp;&nbsp; 1498305 |
| Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037  | 1000000 | &nbsp;&nbsp; 955197 |
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), <br> 5%, 1/01/2037 <br>| 1000000 | &nbsp;&nbsp; 1000024 |
| Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031  | 1000000 | &nbsp;&nbsp; 1001560 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), <br> 7%, 9/01/2053 <br>| 2000000 | &nbsp;&nbsp; 2190161 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 5%, 1/01/2033  | 1750000 | &nbsp;&nbsp; 1841754 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054  | 750000 | &nbsp;&nbsp; 760769 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), "C", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp; 982400 |
|  |  | &nbsp;&nbsp; $12147902 |
| Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% |
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", <br> 4.25%, 8/01/2027 (Put Date 8/01/2027) <br>| $1000000 | &nbsp;&nbsp; $1009913 |
| Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 1000000 | &nbsp;&nbsp; 938979 |
|  |  | &nbsp;&nbsp; $1948892 |
| Industrial Revenue - Other – 1.1% | Industrial Revenue - Other – 1.1% | Industrial Revenue - Other – 1.1% |
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 4%, 11/01/2052 (Put <br> Date 11/20/2025) <br>| $4000000 | &nbsp;&nbsp; $4002332 |
| Miscellaneous Revenue - Other – 0.9% | Miscellaneous Revenue - Other – 0.9% | Miscellaneous Revenue - Other – 0.9% |
| Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, "A", <br> 0%, 7/01/2049 <br>| $7500000 | &nbsp;&nbsp; $2284412 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 845000 | &nbsp;&nbsp; 844995 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 130000 | &nbsp;&nbsp; 131008 |
|  |  | &nbsp;&nbsp; $3260415 |
| Multi-Family Housing Revenue – 14.1% | Multi-Family Housing Revenue – 14.1% | Multi-Family Housing Revenue – 14.1% |
| Arlington County, VA, Industrial Development Authority, Multi-Family Housing Rev. (Park Shirlington Apartments), "A", <br> 5%, 1/01/2026 <br>| $2000000 | &nbsp;&nbsp; $2011015 |
| Chesapeake, VA, Redevelopment & Housing Authority, Multi-Family Housing Rev. (Forest Cove II Project), 4.5%, 10/01/2040 (Put <br> Date 7/01/2040) <br>| 2975000 | &nbsp;&nbsp; 3059417 |
| Fairfax County, VA, Redevelopment and Housing Authority Multi-Family Housing Rev. (Residences at Government Center 2 - NW4 <br> Project), "A", FHLMC, 4.7%, 12/01/2044 <br>| 3000000 | &nbsp;&nbsp; 3041808 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 960777 | &nbsp;&nbsp; 949799 |
| Norfolk, VA, Economic Redevelopment and Housing Authority Multi-Family (Oak Park and Colonial Hall), FNMA, <br> 4.25%, 9/01/2042 (Put Date 2/01/2041) <br>| 3984680 | &nbsp;&nbsp; 3883829 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| Richmond, VA, Redevelopment & Housing Authority, Multi-Family Tax-Exempt Mortgage Backed, MTEMS (Chippenham Place <br> Apartments), FNMA, 4.5%, 5/01/2040 <br>| $3967501 | &nbsp;&nbsp; $4083523 |
| Virginia Housing Development Authority, Rental Housing, "A", 3.8%, 9/01/2044  | 2000000 | &nbsp;&nbsp; 1863539 |
| Virginia Housing Development Authority, Rental Housing, "A", 4.6%, 9/01/2049  | 1000000 | &nbsp;&nbsp; 984157 |
| Virginia Housing Development Authority, Rental Housing, "A", 4.8%, 9/01/2059  | 1000000 | &nbsp;&nbsp; 1007438 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.4%, 3/01/2043  | 710000 | &nbsp;&nbsp; 706602 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.45%, 3/01/2045  | 1535000 | &nbsp;&nbsp; 1530392 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.55%, 3/01/2048  | 2580000 | &nbsp;&nbsp; 2564364 |
| Virginia Housing Development Authority, Rental Housing, "C", 4.8%, 12/01/2049  | 1000000 | &nbsp;&nbsp; 1006897 |
| Virginia Housing Development Authority, Rental Housing, "D", 1.8%, 5/01/2033  | 500000 | &nbsp;&nbsp; 422225 |
| Virginia Housing Development Authority, Rental Housing, "D", 3.7%, 10/01/2038  | 3000000 | &nbsp;&nbsp; 2837907 |
| Virginia Housing Development Authority, Rental Housing, "D", 4.75%, 8/01/2053  | 4000000 | &nbsp;&nbsp; 4045422 |
| Virginia Housing Development Authority, Rental Housing, "D", 4%, 10/01/2053  | 2875000 | &nbsp;&nbsp; 2560010 |
| Virginia Housing Development Authority, Rental Housing, "E", 3.15%, 12/01/2049  | 1635000 | &nbsp;&nbsp; 1289457 |
| Virginia Housing Development Authority, Rental Housing, "E", 4.25%, 6/01/2052  | 3000000 | &nbsp;&nbsp; 2828812 |
| Virginia Housing Development Authority, Rental Housing, "F", 1.6%, 7/01/2033  | 770000 | &nbsp;&nbsp; 634574 |
| Virginia Housing Development Authority, Rental Housing, "F", 5.15%, 11/01/2048  | 4000000 | &nbsp;&nbsp; 4083308 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.05%, 11/01/2047  | 1000000 | &nbsp;&nbsp; 1019722 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.15%, 11/01/2052  | 2680000 | &nbsp;&nbsp; 2733734 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.375%, 11/01/2064  | 1250000 | &nbsp;&nbsp; 1293749 |
|  |  | &nbsp;&nbsp; $50441700 |
| Parking – 0.5% | Parking – 0.5% | Parking – 0.5% |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036  | $1000000 | &nbsp;&nbsp; $1023335 |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037  | 750000 | &nbsp;&nbsp; 765924 |
|  |  | &nbsp;&nbsp; $1789259 |
| Port Revenue – 2.0% | Port Revenue – 2.0% | Port Revenue – 2.0% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $590000 | &nbsp;&nbsp; $433059 |
| Virginia Port Authority Facilities Refunding Rev., "B", 5%, 7/01/2041  | 750000 | &nbsp;&nbsp; 760852 |
| Virginia Port Authority Facilities Rev., 5.25%, 7/01/2050  | 1500000 | &nbsp;&nbsp; 1587687 |
| Virginia Port Authority Facilities Rev., 5.25%, 7/01/2055  | 4000000 | &nbsp;&nbsp; 4219840 |
|  |  | &nbsp;&nbsp; $7001438 |
| Sales & Excise Tax Revenue – 5.9% | Sales & Excise Tax Revenue – 5.9% | Sales & Excise Tax Revenue – 5.9% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $245000 | &nbsp;&nbsp; $227572 |
| Hampton Roads, VA, Transportation Accountability Commission, "A", 4%, 7/01/2057  | 4000000 | &nbsp;&nbsp; 3646207 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5%, 7/01/2054  | 2765000 | &nbsp;&nbsp; 2882742 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5.25%, 7/01/2064  | 4000000 | &nbsp;&nbsp; 4230288 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 6000 | &nbsp;&nbsp; 5410 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 77000 | &nbsp;&nbsp; 75224 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 249000 | &nbsp;&nbsp; 234000 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 6292000 | &nbsp;&nbsp; 6072232 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 476000 | &nbsp;&nbsp; 455427 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 251000 | &nbsp;&nbsp; 240152 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 122000 | &nbsp;&nbsp; 113266 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 26000 | &nbsp;&nbsp; 23001 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1212000 | &nbsp;&nbsp; 991413 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1160000 | &nbsp;&nbsp; 871177 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 556000 | &nbsp;&nbsp; 188882 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 650000 | &nbsp;&nbsp; 520000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 345000 | &nbsp;&nbsp; 310500 |
|  |  | &nbsp;&nbsp; $21087493 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group-Issue No. 1), "A", 5%, 6/01/2056 (n) | $325000 | &nbsp;&nbsp; $283048 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - State – 2.3% | Single Family Housing - State – 2.3% | Single Family Housing - State – 2.3% |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-1", 4.55%, 10/01/2049  | $1500000 | &nbsp;&nbsp; $1491435 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-2", 4.4%, 10/01/2044  | 1000000 | &nbsp;&nbsp; 997346 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-2", 4.55%, 10/01/2049  | 1100000 | &nbsp;&nbsp; 1088986 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-3", 4.6%, 10/01/2049  | 1500000 | &nbsp;&nbsp; 1476535 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "F-3", 5%, 7/01/2050  | 3000000 | &nbsp;&nbsp; 3021270 |
|  |  | &nbsp;&nbsp; $8075572 |
| State & Local Agencies – 8.5% | State & Local Agencies – 8.5% | State & Local Agencies – 8.5% |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | $1170000 | &nbsp;&nbsp; $1042127 |
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040  | 1000000 | &nbsp;&nbsp; 983325 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), <br> 5%, 10/01/2038 <br>| 1500000 | &nbsp;&nbsp; 1569450 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), <br> 5%, 10/01/2039 <br>| 1765000 | &nbsp;&nbsp; 1821174 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036  | 1000000 | &nbsp;&nbsp; 929568 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037  | 580000 | &nbsp;&nbsp; 531676 |
| Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045  | 3000000 | &nbsp;&nbsp; 2844034 |
| Loudoun County, VA, Economic Development Authority Rev. (Public Facilities Project), "A", 3%, 12/01/2037  | 2000000 | &nbsp;&nbsp; 1793180 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 200000 | &nbsp;&nbsp; 237517 |
| New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036  | 3205000 | &nbsp;&nbsp; 3246338 |
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), "A", 5%, 2/01/2038  | 4000000 | &nbsp;&nbsp; 4364360 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039 (Prerefunded 8/01/2029)  | 30000 | &nbsp;&nbsp; 31589 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039  | 2000000 | &nbsp;&nbsp; 1998994 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5%, 7/15/2045  | 5000000 | &nbsp;&nbsp; 5150178 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 3685000 | &nbsp;&nbsp; 3876021 |
|  |  | &nbsp;&nbsp; $30419531 |
| Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp; $4826 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 385000 | &nbsp;&nbsp; 297694 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 1110000 | &nbsp;&nbsp; 1104678 |
|  |  | &nbsp;&nbsp; $1407198 |
| Tax - Other – 1.1% | Tax - Other – 1.1% | Tax - Other – 1.1% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $1525000 | &nbsp;&nbsp; $1563824 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 245000 | &nbsp;&nbsp; 241268 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 635000 | &nbsp;&nbsp; 660302 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 1965000 | &nbsp;&nbsp; 1461804 |
|  |  | &nbsp;&nbsp; $3927198 |
| Tax Assessment – 0.4% | Tax Assessment – 0.4% | Tax Assessment – 0.4% |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | $1000000 | &nbsp;&nbsp; $969577 |
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | 500000 | &nbsp;&nbsp; 500609 |
|  |  | &nbsp;&nbsp; $1470186 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | $610000 | &nbsp;&nbsp; $520353 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 770000 | &nbsp;&nbsp; 701569 |
|  |  | &nbsp;&nbsp; $1221922 |
| Toll Roads – 6.4% | Toll Roads – 6.4% | Toll Roads – 6.4% |
| Chesapeake Bay, VA, Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051  | $3000000 | &nbsp;&nbsp; $3001069 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", <br> AGM, 4%, 10/01/2052 <br>| 4180000 | &nbsp;&nbsp; 3714626 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Project), "B", 4%, 10/01/2044 <br>| 3000000 | &nbsp;&nbsp; 2706763 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Project), "B", AGM, 4%, 10/01/2053 <br>| 2830000 | &nbsp;&nbsp; 2510393 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | 3000000 | &nbsp;&nbsp; 3179706 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Toll Roads – continued | Toll Roads – continued | Toll Roads – continued |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), 4%, 1/01/2040  | $2000000 | &nbsp;&nbsp; $1887724 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 3000000 | &nbsp;&nbsp; 2392124 |
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052  | 1000000 | &nbsp;&nbsp; 974857 |
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2056  | 1000000 | &nbsp;&nbsp; 968634 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 1470000 | &nbsp;&nbsp; 1511405 |
|  |  | &nbsp;&nbsp; $22847301 |
| Transportation - Special Tax – 3.6% | Transportation - Special Tax – 3.6% | Transportation - Special Tax – 3.6% |
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042  | $3000000 | &nbsp;&nbsp; $2917023 |
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, "A", 4%, 5/15/2035  | 2750000 | &nbsp;&nbsp; 2777495 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037  | 1560000 | &nbsp;&nbsp; 1601716 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038  | 1560000 | &nbsp;&nbsp; 1598038 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043  | 3860000 | &nbsp;&nbsp; 3917273 |
|  |  | &nbsp;&nbsp; $12811545 |
| Universities - Colleges – 6.7% | Universities - Colleges – 6.7% | Universities - Colleges – 6.7% |
| Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026  | $265000 | &nbsp;&nbsp; $264575 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 11/01/2037  | 745000 | &nbsp;&nbsp; 748967 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 5/01/2048  | 2475000 | &nbsp;&nbsp; 2279623 |
| Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), "A", 5%, 1/01/2043  | 1000000 | &nbsp;&nbsp; 1017988 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. <br> (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 325000 | &nbsp;&nbsp; 325219 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 595000 | &nbsp;&nbsp; 593906 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 4%, 4/01/2040  | 250000 | &nbsp;&nbsp; 225470 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 5%, 4/01/2049  | 800000 | &nbsp;&nbsp; 751948 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2050  | 500000 | &nbsp;&nbsp; 521035 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2055  | 500000 | &nbsp;&nbsp; 519043 |
| University of Virginia, General Rev. Pledge Refunding, "B", 5%, 4/01/2046  | 2500000 | &nbsp;&nbsp; 2532882 |
| Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2054  | 2000000 | &nbsp;&nbsp; 2092978 |
| Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2049  | 1000000 | &nbsp;&nbsp; 1052143 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "A", 5%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp; 871163 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp; 888744 |
| Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041  | 1600000 | &nbsp;&nbsp; 1546483 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036  | 1280000 | &nbsp;&nbsp; 1248252 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041  | 470000 | &nbsp;&nbsp; 364818 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046  | 1250000 | &nbsp;&nbsp; 1064862 |
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031  | 1000000 | &nbsp;&nbsp; 1089658 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5%, 10/01/2031  | 2500000 | &nbsp;&nbsp; 2506502 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & <br> Mary Project), "B", AGM, 4.125%, 7/01/2048 <br>| 1000000 | &nbsp;&nbsp; 945829 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & <br> Mary Project), "B", AGM, 4.25%, 7/01/2058 <br>| 755000 | &nbsp;&nbsp; 705922 |
|  |  | &nbsp;&nbsp; $24158010 |
| Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% |
| Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William <br> & Mary Project), "B", AGM, 4%, 7/01/2048 <br>| $2245000 | &nbsp;&nbsp; $2060075 |
| Utilities - Investor Owned – 1.1% | Utilities - Investor Owned – 1.1% | Utilities - Investor Owned – 1.1% |
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), "A", <br> 3.65%, 11/01/2035 (Put Date 10/01/2027) <br>| $4000000 | &nbsp;&nbsp; $4063116 |
| Utilities - Municipal Owned – 1.7% | Utilities - Municipal Owned – 1.7% | Utilities - Municipal Owned – 1.7% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $320000 | &nbsp;&nbsp; $219200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 535000 | &nbsp;&nbsp; 366475 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 45000 | &nbsp;&nbsp; 44083 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 430000 | &nbsp;&nbsp; 294550 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 185000 | &nbsp;&nbsp; 183297 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 340000 | &nbsp;&nbsp; 342681 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | $35000 | &nbsp;&nbsp; $34947 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 225000 | &nbsp;&nbsp; 154125 |
| Richmond, VA, Public Utility Refunding Rev., "C", 4%, 1/15/2045  | 1000000 | &nbsp;&nbsp; 941532 |
| Richmond, VA, Public Utility Refunding Rev., "C", 4.25%, 1/15/2053  | 2500000 | &nbsp;&nbsp; 2414942 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 1455000 | &nbsp;&nbsp; 1279249 |
|  |  | &nbsp;&nbsp; $6275081 |
| Utilities - Other – 2.6% | Utilities - Other – 2.6% | Utilities - Other – 2.6% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $2020000 | &nbsp;&nbsp; $2157474 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1300000 | &nbsp;&nbsp; 1418844 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 1850000 | &nbsp;&nbsp; 1961076 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 1980000 | &nbsp;&nbsp; 2086984 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1115000 | &nbsp;&nbsp; 1203333 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 625000 | &nbsp;&nbsp; 634626 |
|  |  | &nbsp;&nbsp; $9462337 |
| Water & Sewer Utility Revenue – 8.7% | Water & Sewer Utility Revenue – 8.7% | Water & Sewer Utility Revenue – 8.7% |
| Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041  | $3000000 | &nbsp;&nbsp; $3051766 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 1045000 | &nbsp;&nbsp; 1054345 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 430000 | &nbsp;&nbsp; 430014 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 5%, 8/01/2034 (Prerefunded 8/01/2026)  | 3000000 | &nbsp;&nbsp; 3061126 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 4%, 10/01/2038  | 1265000 | &nbsp;&nbsp; 1273354 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "B", 5%, 7/01/2054  | 2000000 | &nbsp;&nbsp; 2091079 |
| Henrico County, VA, Water & Sewer System Rev., 4%, 5/01/2046  | 1435000 | &nbsp;&nbsp; 1387170 |
| Prince William County, VA, Water & Sewer Refunding Rev., 5%, 7/15/2055  | 1160000 | &nbsp;&nbsp; 1222585 |
| Prince William County, VA, Water & Sewer System Refunding Rev., 5%, 7/15/2050  | 750000 | &nbsp;&nbsp; 793115 |
| Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046  | 3865000 | &nbsp;&nbsp; 3897146 |
| Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044  | 2065000 | &nbsp;&nbsp; 1649254 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2025  | 5000 | &nbsp;&nbsp; 5018 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2027  | 45000 | &nbsp;&nbsp; 45090 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2028  | 40000 | &nbsp;&nbsp; 40079 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2036  | 3450000 | &nbsp;&nbsp; 3518746 |
| Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025  | 45000 | &nbsp;&nbsp; 45080 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2039  | 1610000 | &nbsp;&nbsp; 1739334 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2041  | 1030000 | &nbsp;&nbsp; 1100322 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2042  | 1330000 | &nbsp;&nbsp; 1409583 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 5.25%, 11/01/2047  | 2350000 | &nbsp;&nbsp; 2488610 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 4.75%, 11/01/2052  | 750000 | &nbsp;&nbsp; 759998 |
|  |  | &nbsp;&nbsp; $31062814 |
| **Total Municipal Bonds (Identified Cost, $352,402,695)** |  | &nbsp;&nbsp; **$341893863** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $429,617) | $659596 | &nbsp;&nbsp; $223537 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $314,820) | $552315 | &nbsp;&nbsp; $365218 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 4.2% | Mutual Funds (h) – 4.2% | Mutual Funds (h) – 4.2% |
| Money Market Funds – 4.2% | Money Market Funds – 4.2% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $15,227,170) | 15224668 | &nbsp;&nbsp; $15226190 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 329174 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$358037982** |

---

**See Portfolio Footnotes and Notes to Financial Statements**

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

**MFS West Virginia Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 93.6% | Municipal Bonds – 93.6% | Municipal Bonds – 93.6% |
| Airport Revenue – 0.7% | Airport Revenue – 0.7% | Airport Revenue – 0.7% |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.25%, 6/30/2060 <br>| $445000 | &nbsp;&nbsp; $450506 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 55000 | &nbsp;&nbsp; 55017 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 85000 | &nbsp;&nbsp; 85001 |
|  |  | &nbsp;&nbsp; $590524 |
| General Obligations - General Purpose – 6.0% | General Obligations - General Purpose – 6.0% | General Obligations - General Purpose – 6.0% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $260000 | &nbsp;&nbsp; $241795 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 360000 | &nbsp;&nbsp; 367019 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 44227 | &nbsp;&nbsp; 47312 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 42958 | &nbsp;&nbsp; 47604 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 40735 | &nbsp;&nbsp; 40277 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 74630 | &nbsp;&nbsp; 72784 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 31426 | &nbsp;&nbsp; 29823 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 42727 | &nbsp;&nbsp; 38261 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 143435 | &nbsp;&nbsp; 123802 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 52422 | &nbsp;&nbsp; 37441 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 165000 | &nbsp;&nbsp; 175126 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 155000 | &nbsp;&nbsp; 144688 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 70000 | &nbsp;&nbsp; 64510 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 12/01/2043  | 1000000 | &nbsp;&nbsp; 1031794 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 6/01/2044  | 2000000 | &nbsp;&nbsp; 2050095 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 12/01/2044  | 705000 | &nbsp;&nbsp; 734454 |
|  |  | &nbsp;&nbsp; $5246785 |
| General Obligations - Schools – 4.3% | General Obligations - Schools – 4.3% | General Obligations - Schools – 4.3% |
| Berkeley County, WV, Public School Board of Education, 3%, 6/01/2026  | $750000 | &nbsp;&nbsp; $751482 |
| Berkeley County, WV, Public School Board of Education, 4%, 6/01/2037  | 1000000 | &nbsp;&nbsp; 1021979 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 820000 | &nbsp;&nbsp; 635481 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048  | 310000 | &nbsp;&nbsp; 294928 |
| Wood County, WV, Public School Board of Education, 4%, 6/01/2039  | 1000000 | &nbsp;&nbsp; 998725 |
|  |  | &nbsp;&nbsp; $3702595 |
| Healthcare Revenue - Hospitals – 15.5% | Healthcare Revenue - Hospitals – 15.5% | Healthcare Revenue - Hospitals – 15.5% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $155000 | &nbsp;&nbsp; $139829 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 10000 | &nbsp;&nbsp; 9189 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049  | 490000 | &nbsp;&nbsp; 436786 |
| West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038  | 230000 | &nbsp;&nbsp; 206663 |
| West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), "A", 4.125%, 1/01/2047  | 1245000 | &nbsp;&nbsp; 970849 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2028  | 1000000 | &nbsp;&nbsp; 1001358 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2039  | 1500000 | &nbsp;&nbsp; 1521836 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "B", 5.375%, 9/01/2053  | 525000 | &nbsp;&nbsp; 551231 |
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044  | 1000000 | &nbsp;&nbsp; 1000812 |
| West Virginia Hospital Finance Authority Hospital Rev. (Vandalia Health Group), "B", 5.5%, 9/01/2048  | 1000000 | &nbsp;&nbsp; 1066273 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), "A", 5%, 6/01/2027  | 200000 | &nbsp;&nbsp; 202798 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp; 1006767 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", <br> 5.5%, 6/01/2050 <br>| 750000 | &nbsp;&nbsp; 795153 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", 4%, 6/01/2051  | 860000 | &nbsp;&nbsp; 748384 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", <br> 4.375%, 6/01/2053 <br>| 1000000 | &nbsp;&nbsp; 926753 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", 5%, 6/01/2053  | 750000 | &nbsp;&nbsp; 756299 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", AGM, <br> 4%, 6/01/2051 <br>| 2220000 | &nbsp;&nbsp; 2061616 |
|  |  | &nbsp;&nbsp; $13402596 |
| Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | $115000 | &nbsp;&nbsp; $83296 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Industrial Revenue - Other – continued | Industrial Revenue - Other – continued | Industrial Revenue - Other – continued |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Commercial Metals Co. Project), <br> 4.625%, 4/15/2055 (Put Date 5/15/2032) <br>| $500000 | &nbsp;&nbsp; $505397 |
|  |  | &nbsp;&nbsp; $588693 |
| Miscellaneous Revenue - Other – 5.1% | Miscellaneous Revenue - Other – 5.1% | Miscellaneous Revenue - Other – 5.1% |
| Morgantown, WV, Building Commission Leave Rev. (Marilla Park Aquatic Complex), "A", 4.25%, 12/01/2043  | $790000 | &nbsp;&nbsp; $749657 |
| Morgantown, WV, Building Commission Leave Rev. (Marilla Park Aquatic Complex), "A", 4.5%, 12/01/2048  | 540000 | &nbsp;&nbsp; 514438 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 580000 | &nbsp;&nbsp; 579997 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 40000 | &nbsp;&nbsp; 40310 |
| West Virginia Economic Development Authority, Excess Lottery Rev., "A", 5%, 7/01/2038  | 1000000 | &nbsp;&nbsp; 1034967 |
| West Virginia School Building Authority, "A", 3%, 7/01/2033  | 1500000 | &nbsp;&nbsp; 1481231 |
|  |  | &nbsp;&nbsp; $4400600 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | $276204 | &nbsp;&nbsp; $273048 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, 4.45%, 4/01/2043  | 35000 | &nbsp;&nbsp; 34604 |
|  |  | &nbsp;&nbsp; $307652 |
| Port Revenue – 0.1% | Port Revenue – 0.1% | Port Revenue – 0.1% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $170000 | &nbsp;&nbsp; $124780 |
| Sales & Excise Tax Revenue – 4.4% | Sales & Excise Tax Revenue – 4.4% | Sales & Excise Tax Revenue – 4.4% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $75000 | &nbsp;&nbsp; $69665 |
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic <br> Opportunity Development District), "A", 4.125%, 6/01/2043 (n)<br>| 920000 | &nbsp;&nbsp; 789315 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp; 902 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 25000 | &nbsp;&nbsp; 24423 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 83000 | &nbsp;&nbsp; 78000 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1842000 | &nbsp;&nbsp; 1777662 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 158000 | &nbsp;&nbsp; 151171 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 83000 | &nbsp;&nbsp; 79413 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 39000 | &nbsp;&nbsp; 36208 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 7000 | &nbsp;&nbsp; 6192 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 412000 | &nbsp;&nbsp; 337015 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 396000 | &nbsp;&nbsp; 297402 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 186000 | &nbsp;&nbsp; 63187 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 120000 | &nbsp;&nbsp; 96000 |
|  |  | &nbsp;&nbsp; $3806555 |
| Single Family Housing - State – 14.5% | Single Family Housing - State – 14.5% | Single Family Housing - State – 14.5% |
| West Virginia Housing Development Fund Finance, "A", 3.875%, 11/01/2044  | $1015000 | &nbsp;&nbsp; $916878 |
| West Virginia Housing Development Fund Finance, "A", 4.75%, 11/01/2045  | 1000000 | &nbsp;&nbsp; 1007296 |
| West Virginia Housing Development Fund Finance, "A", 4.75%, 11/01/2048  | 1000000 | &nbsp;&nbsp; 1003485 |
| West Virginia Housing Development Fund Finance, "A", 4.55%, 11/01/2049  | 1000000 | &nbsp;&nbsp; 993874 |
| West Virginia Housing Development Fund Finance, "B", 1.8%, 5/01/2026  | 485000 | &nbsp;&nbsp; 479115 |
| West Virginia Housing Development Fund Finance, "B", 4.7%, 11/01/2044  | 1000000 | &nbsp;&nbsp; 1010481 |
| West Virginia Housing Development Fund Finance, "B", 4.2%, 11/01/2047  | 1000000 | &nbsp;&nbsp; 946143 |
| West Virginia Housing Development Fund Finance, "B", 4.25%, 11/01/2052  | 410000 | &nbsp;&nbsp; 387054 |
| West Virginia Housing Development Fund Finance, "B", 4.7%, 11/01/2053  | 770000 | &nbsp;&nbsp; 772801 |
| West Virginia Housing Development Fund Finance, "C", 4.625%, 11/01/2042  | 1000000 | &nbsp;&nbsp; 1017424 |
| West Virginia Housing Development Fund Finance, "C", 4.8%, 11/01/2047  | 1000000 | &nbsp;&nbsp; 1003036 |
| West Virginia Housing Development Fund Finance, "D", 4.6%, 11/01/2043  | 1000000 | &nbsp;&nbsp; 1002218 |
| West Virginia Housing Development Fund Finance, "D", 4.8%, 11/01/2048  | 1000000 | &nbsp;&nbsp; 1012106 |
| West Virginia Housing Development Fund Finance, "D", 4.45%, 11/01/2049  | 1000000 | &nbsp;&nbsp; 985128 |
|  |  | &nbsp;&nbsp; $12537039 |
| State & Local Agencies – 9.3% | State & Local Agencies – 9.3% | State & Local Agencies – 9.3% |
| Jefferson County, WV, Building Commission Lease Rev. (Judicial Complex Project), BAM, 4.625%, 7/01/2042  | $750000 | &nbsp;&nbsp; $758229 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Jefferson County, WV, Building Commission Lease Rev. (Judicial Complex Project), BAM, 4.875%, 7/01/2045  | $750000 | &nbsp;&nbsp; $762425 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2050  | 1000000 | &nbsp;&nbsp; 894734 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044  | 1640000 | &nbsp;&nbsp; 681608 |
| Parkersburg, WV, Municipal Building Commission Lease Rev. (Recreation Facility and Fire Station Projects), 4.375%, 11/01/2054  | 850000 | &nbsp;&nbsp; 787607 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.25%, 5/01/2042  | 500000 | &nbsp;&nbsp; 500761 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.25%, 5/01/2047  | 500000 | &nbsp;&nbsp; 477305 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.375%, 5/01/2052  | 560000 | &nbsp;&nbsp; 532001 |
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), "A", 5%, 6/01/2029  | 500000 | &nbsp;&nbsp; 500896 |
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), "B", NPFG, 5.25%, 1/01/2030  | 1355000 | &nbsp;&nbsp; 1357607 |
| West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034  | 795000 | &nbsp;&nbsp; 796106 |
|  |  | &nbsp;&nbsp; $8049279 |
| Tax - Other – 3.5% | Tax - Other – 3.5% | Tax - Other – 3.5% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $65000 | &nbsp;&nbsp; $64010 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 175000 | &nbsp;&nbsp; 181973 |
| Monongalia County, WV, Senior Tax Increment Improvement Refunding Rev. (Development District No. 4 - University Town Centre), "A", <br> 6%, 6/01/2053 (n)<br>| 875000 | &nbsp;&nbsp; 911626 |
| Ohio County, WV, Tax Increment Rev., 5.25%, 6/01/2053  | 1000000 | &nbsp;&nbsp; 986719 |
| Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032  | 900000 | &nbsp;&nbsp; 902684 |
|  |  | &nbsp;&nbsp; $3047012 |
| Tax Assessment – 0.5% | Tax Assessment – 0.5% | Tax Assessment – 0.5% |
| Morgantown, WV, Tax Increment Rev., Parking Garage Project, "A", 5%, 6/01/2033  | $455000 | &nbsp;&nbsp; $442017 |
| Tobacco – 0.7% | Tobacco – 0.7% | Tobacco – 0.7% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $125000 | &nbsp;&nbsp; $104937 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 320000 | &nbsp;&nbsp; 272972 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 225000 | &nbsp;&nbsp; 205004 |
|  |  | &nbsp;&nbsp; $582913 |
| Toll Roads – 2.9% | Toll Roads – 2.9% | Toll Roads – 2.9% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $325000 | &nbsp;&nbsp; $259147 |
| West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042  | 1000000 | &nbsp;&nbsp; 965943 |
| West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047  | 1000000 | &nbsp;&nbsp; 922480 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 365000 | &nbsp;&nbsp; 375281 |
|  |  | &nbsp;&nbsp; $2522851 |
| Universities - Colleges – 8.9% | Universities - Colleges – 8.9% | Universities - Colleges – 8.9% |
| Fairmont, WV, State University Board of Governors Refunding Rev., "A", 5%, 6/01/2032  | $1050000 | &nbsp;&nbsp; $1170837 |
| Marshall University, WV, Board of Governors Rev., "A", AGM, 3%, 5/01/2046  | 1000000 | &nbsp;&nbsp; 783797 |
| Marshall University, WV, Board of Governors Rev., "A", AGM, 4%, 5/01/2050  | 1500000 | &nbsp;&nbsp; 1308733 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. <br> (International American University of Puerto Rico Project), 5%, 10/01/2031 <br>| 90000 | &nbsp;&nbsp; 90116 |
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), "A", 5%, 10/01/2044  | 1000000 | &nbsp;&nbsp; 1035027 |
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), "A", 5%, 10/01/2049  | 2000000 | &nbsp;&nbsp; 2036229 |
| West Virginia University, University Systems Rev., "A", NPFG, 5.25%, 4/01/2028  | 1280000 | &nbsp;&nbsp; 1318126 |
|  |  | &nbsp;&nbsp; $7742865 |
| Universities - Dormitories – 1.2% | Universities - Dormitories – 1.2% | Universities - Dormitories – 1.2% |
| West Virginia Economic Development Authority, University Facilities Refunding Rev. (Provident Group - Marshall Properties LLC - <br> Marshall University Project), "A-1", AGM, 5%, 7/01/2042 <br>| $1000000 | &nbsp;&nbsp; $1034983 |
| Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | $150000 | &nbsp;&nbsp; $102750 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 100000 | &nbsp;&nbsp; 68500 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 145000 | &nbsp;&nbsp; 99325 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 135000 | &nbsp;&nbsp; 136064 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp; 9985 |
|  |  | &nbsp;&nbsp; $416624 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Other – 2.8% | Utilities - Other – 2.8% | Utilities - Other – 2.8% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $565000 | &nbsp;&nbsp; $603452 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 560000 | &nbsp;&nbsp; 597471 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 510000 | &nbsp;&nbsp; 540621 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 315000 | &nbsp;&nbsp; 332020 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 310000 | &nbsp;&nbsp; 334559 |
|  |  | &nbsp;&nbsp; $2408123 |
| Water & Sewer Utility Revenue – 11.7% | Water & Sewer Utility Revenue – 11.7% | Water & Sewer Utility Revenue – 11.7% |
| Berkeley County, WV, Public Service District Water Rev., "A", BAM, 4.125%, 12/01/2044  | $1000000 | &nbsp;&nbsp; $978732 |
| Berkeley County, WV, Public Service District Water Rev., "A", BAM, 4.25%, 12/01/2049  | 1000000 | &nbsp;&nbsp; 975275 |
| Berkeley County, WV, Public Service Sewer District Rev., "A", BAM, 4.25%, 6/01/2045  | 1000000 | &nbsp;&nbsp; 948637 |
| Berkeley County, WV, Public Service Sewer District Rev., "A", BAM, 4.375%, 6/01/2049  | 1000000 | &nbsp;&nbsp; 959499 |
| Greenbrier County, WV, Public Service District No. 1, Sewerage System Improvement Rev., "A", BAM, 4.625%, 10/01/2052  | 1000000 | &nbsp;&nbsp; 965401 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 180000 | &nbsp;&nbsp; 180185 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 135000 | &nbsp;&nbsp; 135004 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040  | 75000 | &nbsp;&nbsp; 76259 |
| Morgantown, WV, Combined Utility System Rev., "B", 5%, 12/01/2043  | 2000000 | &nbsp;&nbsp; 2039615 |
| West Virginia Water Development Authority Rev. (Loan Program II), "A-II", 5%, 11/01/2033  | 1475000 | &nbsp;&nbsp; 1502118 |
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., "A", BAM, 4%, 6/01/2051  | 1500000 | &nbsp;&nbsp; 1384272 |
|  |  | &nbsp;&nbsp; $10144997 |
| **Total Municipal Bonds (Identified Cost, $84,064,191)** |  | &nbsp;&nbsp; **$81099483** |
| Bonds – 0.1% | Bonds – 0.1% | Bonds – 0.1% |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) (Identified Cost, $143,133) | $219865 | &nbsp;&nbsp; $74512 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $96,062) | $168529 | &nbsp;&nbsp; $111440 |
| Mutual Funds (h) – 5.1% | Mutual Funds (h) – 5.1% | Mutual Funds (h) – 5.1% |
| Money Market Funds – 5.1% | Money Market Funds – 5.1% |  |
| MFS Institutional Money Market Portfolio, 4.19% (v) (Identified Cost, $4,418,794) | 4418168 | &nbsp;&nbsp; $4418610 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp; 978778 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$86682823** |

---

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 | $1026151 | &nbsp;&nbsp; $61549661 |
| New York Fund | 5212435 | &nbsp;&nbsp; 173879683 |
| North Carolina Fund | 16056831 | &nbsp;&nbsp; 501727215 |
| Pennsylvania Fund | 3003171 | &nbsp;&nbsp; 175233694 |
| South Carolina Fund | 5662894 | &nbsp;&nbsp; 213182341 |
| Virginia Fund | 15226190 | &nbsp;&nbsp; 342482618 |
| West Virginia Fund | 4418610 | &nbsp;&nbsp; 81285435 |

---

MSTBFS-SEM

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 | $1341425 | &nbsp;&nbsp; 2.1% |
| New York Fund | 8232217 | &nbsp;&nbsp; 4.5% |
| North Carolina Fund | 3572361 | &nbsp;&nbsp; 0.7% |
| Pennsylvania Fund | 6198696 | &nbsp;&nbsp; 3.4% |
| South Carolina Fund | 4491610 | &nbsp;&nbsp; 2.0% |
| Virginia Fund | 6351152 | &nbsp;&nbsp; 1.8% |
| West Virginia Fund | 2534746 | &nbsp;&nbsp; 2.9% |

---

(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.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end <br> rate reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |

---

**See Notes to Financial Statements**

MSTBFS-SEM

------

*Financial Statements*

**Statements of Assets and Liabilities**

At 9/30/25 (unaudited)

These statements represent each fund's balance sheet, which details the assets and liabilities comprising the total value of each fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $63,529,524, <br> $178,979,687, $512,650,587, and $179,695,190, respectively)<br>| $61549661 | $173879683 | $501727215 | $175233694 |
| Investments in affiliated issuers, at value (identified cost, $1,026,124, $5,212,452, <br> $16,055,542, and $3,003,047, respectively)<br>| 1026151 | 5212435 | 16056831 | 3003171 |
| Cash |  | 1 |  | 3 |
| Receivables for |  |  |  |  |
| Investments sold |  | 95000 | 1147844 | 275000 |
| Fund shares sold | 844 | 732940 | 510502 | 166507 |
| Interest | 839015 | 2581196 | 6852645 | 2424915 |
| Receivable from investment adviser | 10242 | 13675 |  | 9498 |
| Other assets | 12433 | 16660 | 10141 | 9415 |
| Total assets | $63438346 | $182531590 | $526305178 | $181122203 |
| **Liabilities** |  |  |  |  |
| Payable to custodian | $— | $— | $3568 | $— |
| Payables for |  |  |  |  |
| Distributions | 8923 | 66698 | 130825 | 56663 |
| Investments purchased |  |  | 3400890 |  |
| Fund shares reacquired | 147007 | 145432 | 888731 | 211753 |
| When-issued investments purchased |  |  | 8386144 | 969360 |
| Payable to affiliates |  |  |  |  |
| Investment adviser |  |  | 12263 |  |
| Administrative services fee | 105 | 187 | 416 | 186 |
| Shareholder servicing costs | 15700 | 48524 | 103562 | 32733 |
| Distribution and service fees | 298 | 1824 | 5045 | 615 |
| Payable for independent Trustees' compensation | 34 | 20 |  | 20 |
| Payable for audit and tax fees | 35763 | 35765 | 35771 | 35765 |
| Accrued expenses and other liabilities | 12056 | 29004 | 40235 | 29030 |
| Total liabilities | $219886 | $327454 | $13007450 | $1336125 |
| Net assets | $63218460 | $182204136 | $513297728 | $179786078 |
| **Net assets consist of** |  |  |  |  |
| Paid-in capital | $71638015 | $201976384 | $556385205 | $192987798 |
| Total distributable earnings (loss) | (8419555)<br>| (19772248)<br>| (43087477)<br>| (13201720)<br>|
| Net assets | $63218460 | $182204136 | $513297728 | $179786078 |

---

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mississippi**<br> **Fund**<br>| **New York**<br> **Fund**<br>| **North**<br> **Carolina**<br> **Fund**<br>| **Pennsylvania**<br> **Fund**<br>|
| Net assets |  |  |  |  |
| Class A | $54060232 | $123144644 | $327549073 | $112182002 |
| Class B | 52731 | 129691 | 44989 | 148213 |
| Class C |  | 2577804 | 10606721 |  |
| Class I | 6032070 | 47986232 | 133174377 | 46099596 |
| Class R6 | 3073427 | 8365765 | 41922568 | 21356267 |
| Total net assets | $63218460 | $182204136 | $513297728 | $179786078 |
| Shares of beneficial interest outstanding |  |  |  |  |
| Class A | 6128906 | 12307787 | 30609001 | 11812865 |
| Class B | 5971 | 12995 | 4209 | 15568 |
| Class C |  | 257949 | 991752 |  |
| Class I | 685047 | 5423951 | 14928808 | 5094600 |
| Class R6 | 348966 | 944305 | 4699618 | 2359855 |
| Total shares of beneficial interest outstanding | 7168890 | 18946987 | 51233388 | 19282888 |
| Class A shares |  |  |  |  |
| Net asset value per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.82 | $10.01 | $10.70 | $9.50 |
| Offering price per share (100 / 95.75 x net asset value per share) | $9.21 | $10.45 | $11.17 | $9.92 |
| Class B shares |  |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.83 | $9.98 | $10.69 | $9.52 |
| Class C shares |  |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $— | $9.99 | $10.69 | $— |
| Class I shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.81 | $8.85 | $8.92 | $9.05 |
| Class R6 shares |  |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.81 | $8.86 | $8.92 | $9.05 |
| 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. |

---

**See Notes to Financial Statements**

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **At 9/30/25** | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| **Assets** |  |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $217,573,486, $353,147,132, and <br> $84,303,386, respectively)<br>| $213182341 | $342482618 | $81285435 |
| Investments in affiliated issuers, at value (identified cost, $5,663,020, $15,227,170, and $4,418,794, <br> respectively)<br>| 5662894 | 15226190 | 4418610 |
| Receivables for |  |  |  |
| Investments sold | 207910 | 2029225 | 100000 |
| Fund shares sold | 526027 | 387222 | 154692 |
| Interest | 2819037 | 4636804 | 1239709 |
| Receivable from investment adviser | 3919 | 9092 | 11031 |
| Other assets | 11886 | 10397 | 12896 |
| Total assets | $222414014 | $364781548 | $87222373 |
| **Liabilities** |  |  |  |
| Payable to custodian | $714 | $30549 | $— |
| Payables for |  |  |  |
| Distributions | 37221 | 65564 | 9673 |
| Investments purchased | 977020 | 3000000 |  |
| Interest expense and fees | 7918 | 19314 |  |
| Fund shares reacquired | 503143 | 621371 | 457286 |
| Payable to the holders of the floating rate certificates | 996111 | 2846563 |  |
| Payable to affiliates |  |  |  |
| Administrative services fee | 213 | 309 | 121 |
| Shareholder servicing costs | 48699 | 87540 | 20252 |
| Distribution and service fees | 1920 | 3180 | 842 |
| Payable for independent Trustees' compensation | 47 | 53 | 30 |
| Payable for audit and tax fees | 35766 | 35769 | 35764 |
| Accrued expenses and other liabilities | 19296 | 33354 | 15582 |
| Total liabilities | $2628068 | $6743566 | $539550 |
| Net assets | $219785946 | $358037982 | $86682823 |
| **Net assets consist of** |  |  |  |
| Paid-in capital | $246146169 | $392196127 | $96826876 |
| Total distributable earnings (loss) | (26360223)<br>| (34158145)<br>| (10144053)<br>|
| Net assets | $219785946 | $358037982 | $86682823 |

---

------

*Statements of Assets and Liabilities (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
|  | **South**<br> **Carolina**<br> **Fund**<br>| **Virginia**<br> **Fund**<br>| **West**<br> **Virginia**<br> **Fund**<br>|
| Net assets |  |  |  |
| Class A | $143966686 | $223599629 | $61014042 |
| Class B | 32304 | 49599 | 52300 |
| Class C |  | 2400681 |  |
| Class I | 55370274 | 107929322 | 20555785 |
| Class R6 | 20416682 | 24058751 | 5060696 |
| Total net assets | $219785946 | $358037982 | $86682823 |
| Shares of beneficial interest outstanding |  |  |  |
| Class A | 13111760 | 21927626 | 6039629 |
| Class B | 2944 | 4870 | 5182 |
| Class C |  | 235484 |  |
| Class I | 6224333 | 12178349 | 2311847 |
| Class R6 | 2294697 | 2712581 | 569277 |
| Total shares of beneficial interest outstanding | 21633734 | 37058910 | 8925935 |
| Class A shares |  |  |  |
| Net asset value per share <br>(net assets / shares of beneficial interest outstanding)<br>| $10.98 | $10.20 | $10.10 |
| Offering price per share (100 / 95.75 x net asset value per share) | $11.47 | $10.65 | $10.55 |
| Class B shares |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $10.97 | $10.19 | $10.09 |
| Class C shares |  |  |  |
| Net asset value and offering price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $— | $10.19 | $— |
| Class I shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.90 | $8.86 | $8.89 |
| Class R6 shares |  |  |  |
| Net asset value, offering price, and redemption price per share <br>(net assets / shares of beneficial interest outstanding)<br>| $8.90 | $8.87 | $8.89 |
| 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. | 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 <br> of Class A, Class B, and Class C shares. |

---

**See Notes to Financial Statements**

------

*Financial Statements*

**Statements of Operations**

Six months ended 9/30/25 (unaudited)

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** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>|
| **Net investment income (loss)** |  |  |  |  |
| Interest | $1337849 | $3875504 | $9544907 | $3413396 |
| Dividends from affiliated issuers | 20843 | 73509 | 339617 | 132675 |
| Other | 18 | 34 | 66 | 33 |
| Total investment income | $1358710 | $3949047 | $9884590 | $3546104 |
| Expenses |  |  |  |  |
| Management fee | $145341 | $397251 | $1055187 | $381700 |
| Distribution and service fees | 69648 | 168269 | 438074 | 135294 |
| Shareholder servicing costs | 22644 | 81741 | 166911 | 63670 |
| Administrative services fee | 9688 | 16760 | 35230 | 16323 |
| Independent Trustees' compensation | 1709 | 2881 | 7861 | 2769 |
| Custodian fee | 8554 | 14527 | 26973 | 16284 |
| Shareholder communications | 3370 | 4227 | 7406 | 4563 |
| Audit and tax fees | 35763 | 35766 | 35771 | 35765 |
| Legal fees | 2860 | 9080 | 7900 | 8766 |
| Registration fees | 31850 | 38996 | 41381 | 32990 |
| Miscellaneous | 15879 | 17071 | 18980 | 16823 |
| Total expenses | $347306 | $786569 | $1841674 | $714947 |
| Fees paid indirectly | (4)<br>| (14)<br>| (27)<br>| (5)<br>|
| Reduction of expenses by investment adviser and distributor | (106995)<br>| (108815)<br>| (39343)<br>| (167627)<br>|
| Net expenses | $240307 | $677740 | $1802304 | $547315 |
| Net investment income (loss) | $1118403 | $3271307 | $8082286 | $2998789 |
| **Realized and unrealized gain (loss)** |  |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |  |
| Unaffiliated issuers | $(271235)<br>| $(67987)<br>| $(403758)<br>| $(159284)<br>|
| Affiliated issuers | (108)<br>| (229)<br>| 436 | (402)<br>|
| Net realized gain (loss) | $(271343)<br>| $(68216)<br>| $(403322)<br>| $(159686)<br>|
| Change in unrealized appreciation or depreciation |  |  |  |  |
| Unaffiliated issuers | $933357 | $963278 | $3431744 | $1658559 |
| Affiliated issuers | 19 | (41)<br>| 1018 | 75 |
| Net unrealized gain (loss) | $933376 | $963237 | $3432762 | $1658634 |
| Net realized and unrealized gain (loss) | $662033 | $895021 | $3029440 | $1498948 |
| Change in net assets from operations | $1780436 | $4166328 | $11111726 | $4497737 |

---

**See Notes to Financial Statements**

------

*Statements of Operations (unaudited) – continued*

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended 9/30/25** | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| **Net investment income (loss)** |  |  |  |
| Interest | $4559292 | $6850263 | $1737616 |
| Dividends from affiliated issuers | 108998 | 240331 | 32015 |
| Other | 38 | 56 | 22 |
| Total investment income | $4668328 | $7090650 | $1769653 |
| Expenses |  |  |  |
| Management fee | $483782 | $770818 | $194096 |
| Distribution and service fees | 180194 | 281957 | 76296 |
| Shareholder servicing costs | 73445 | 141041 | 32912 |
| Administrative services fee | 19189 | 27247 | 11057 |
| Independent Trustees' compensation | 5334 | 6673 | 3962 |
| Custodian fee | 16737 | 22920 | 9542 |
| Shareholder communications | 4671 | 5866 | 3539 |
| Audit and tax fees | 35766 | 35769 | 35764 |
| Legal fees | 6834 | 6766 | 1788 |
| Registration fees | 32642 | 39611 | 32958 |
| Interest expense and fees | 17683 | 38324 |  |
| Miscellaneous | 16628 | 17474 | 16131 |
| Total expenses | $892905 | $1394466 | $418045 |
| Fees paid indirectly | (122)<br>| (17)<br>| (9)<br>|
| Reduction of expenses by investment adviser and distributor | (67757)<br>| (125203)<br>| (75890)<br>|
| Net expenses | $825026 | $1269246 | $342146 |
| Net investment income (loss) | $3843302 | $5821404 | $1427507 |
| **Realized and unrealized gain (loss)** |  |  |  |
| Realized gain (loss) (identified cost basis) |  |  |  |
| Unaffiliated issuers | $(1381604)<br>| $(423183)<br>| $(223223)<br>|
| Affiliated issuers | 668 | 876 | (53)<br>|
| Net realized gain (loss) | $(1380936)<br>| $(422307)<br>| $(223276)<br>|
| Change in unrealized appreciation or depreciation |  |  |  |
| Unaffiliated issuers | $2369879 | $3264930 | $1007998 |
| Affiliated issuers | (161)<br>| (980)<br>| (187)<br>|
| Net unrealized gain (loss) | $2369718 | $3263950 | $1007811 |
| Net realized and unrealized gain (loss) | $988782 | $2841643 | $784535 |
| Change in net assets from operations | $4832084 | $8663047 | $2212042 |

---

**See Notes to Financial Statements**

------

*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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six months ended 9/30/25 (unaudited)** | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | $1118403 | $3271307 | $8082286 | $2998789 |
| Net realized gain (loss) | (271343)<br>| (68216)<br>| (403322)<br>| (159686)<br>|
| Net unrealized gain (loss) | 933376 | 963237 | 3432762 | 1658634 |
| Change in net assets from operations | $1780436 | $4166328 | $11111726 | $4497737 |
| Total distributions to shareholders | $(1116994)<br>| $(3232927)<br>| $(8054487)<br>| $(2982712)<br>|
| Change in net assets from fund share transactions | $(6190400)<br>| $663622 | $61348544 | $12543895 |
| Total change in net assets | $(5526958)<br>| $1597023 | $64405783 | $14058920 |
| **Net assets** |  |  |  |  |
| At beginning of period | 68745418 | 180607113 | 448891945 | 165727158 |
| At end of period | $63218460 | $182204136 | $513297728 | $179786078 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended 9/30/25 (unaudited)** | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $3843302 | $5821404 | $1427507 |
| Net realized gain (loss) | (1380936)<br>| (422307)<br>| (223276)<br>|
| Net unrealized gain (loss) | 2369718 | 3263950 | 1007811 |
| Change in net assets from operations | $4832084 | $8663047 | $2212042 |
| Total distributions to shareholders | $(3820928)<br>| $(5778748)<br>| $(1419833)<br>|
| Change in net assets from fund share transactions | $(2513991)<br>| $8593463 | $(4824087)<br>|
| Total change in net assets | $(1502835)<br>| $11477762 | $(4031878)<br>|
| **Net assets** |  |  |  |
| At beginning of period | 221288781 | 346560220 | 90714701 |
| At end of period | $219785946 | $358037982 | $86682823 |

---

**See Notes to Financial Statements**

------

*Statements of Changes in Net Assets – continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ended 3/31/25** | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |  |
| **From operations** |  |  |  |  |
| Net investment income (loss) | $2253755 | $6195573 | $14477365 | $5407273 |
| Net realized gain (loss) | (641925)<br>| (273979)<br>| (2032842)<br>| (512925)<br>|
| Net unrealized gain (loss) | (706942)<br>| (2271874)<br>| (5166804)<br>| (1057347)<br>|
| Change in net assets from operations | $904888 | $3649720 | $7277719 | $3837001 |
| Total distributions to shareholders | $(2243120)<br>| $(6172928)<br>| $(14407930)<br>| $(5422955)<br>|
| Change in net assets from fund share transactions | $(9337039)<br>| $10788662 | $4608406 | $5131503 |
| Total change in net assets | $(10675271)<br>| $8265454 | $(2521805)<br>| $3545549 |
| **Net assets** |  |  |  |  |
| At beginning of period | 79420689 | 172341659 | 451413750 | 162181609 |
| At end of period | $68745418 | $180607113 | $448891945 | $165727158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Year ended 3/31/25** | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| **Change in net assets** |  |  |  |
| **From operations** |  |  |  |
| Net investment income (loss) | $7039511 | $11137351 | $2889036 |
| Net realized gain (loss) | (958794)<br>| (1502790)<br>| (109349)<br>|
| Net unrealized gain (loss) | (2921909)<br>| (4688910)<br>| (1231615)<br>|
| Change in net assets from operations | $3158808 | $4945651 | $1548072 |
| Total distributions to shareholders | $(7049222)<br>| $(11086575)<br>| $(2906751)<br>|
| Change in net assets from fund share transactions | $11624694 | $(5241311)<br>| $(1961679)<br>|
| Total change in net assets | $7734280 | $(11382235)<br>| $(3320358)<br>|
| **Net assets** |  |  |  |
| At beginning of period | 213554501 | 357942455 | 94035059 |
| At end of period | $221288781 | $346560220 | $90714701 |

---

**See Notes to Financial Statements**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.72 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.50 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $8.82 | &nbsp;&nbsp; $8.72 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $9.90 |
| Total return (%) (r)(s)(t)(x) | 2.90<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.20 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.11<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Expenses after expense reductions (f) | 0.76<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net investment income (loss) | 3.45<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $54060 | &nbsp;&nbsp; $59313 | &nbsp;&nbsp; $69552 | &nbsp;&nbsp; $73256 | &nbsp;&nbsp; $81093 | &nbsp;&nbsp; $92395 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.73 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $0.44 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.12)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $8.83 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.92 |
| Total return (%) (r)(s)(t)(x) | 2.57<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Expenses after expense reductions (f) | 1.41<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| Net investment income (loss) | 2.82<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $53 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $115 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Mississippi Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.70 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.24 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.26 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $8.81 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.89 |
| Total return (%) (r)(s)(t)(x) | 3.07<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions (f) | 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net investment income (loss) | 3.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $6032 | &nbsp;&nbsp; $6452 | &nbsp;&nbsp; $6779 | &nbsp;&nbsp; $7777 | &nbsp;&nbsp; $13661 | &nbsp;&nbsp; $13878 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.70 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.61 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.24 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Total from investment operations | $0.27 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $8.81 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $9.89 |
| Total return (%) (r)(s)(t)(x) | 3.10<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.79<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Expenses after expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net investment income (loss) | 3.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Net assets at end of period (000 omitted) | $3073 | &nbsp;&nbsp; $2929 | &nbsp;&nbsp; $3035 | &nbsp;&nbsp; $2874 | &nbsp;&nbsp; $3327 | &nbsp;&nbsp; $2668 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Mississippi Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.95 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.93 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $0.68 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $10.01 | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $11.33 |
| Total return (%) (r)(s)(t)(x) | 2.43<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.32 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.95<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions (f) | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | 3.65<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45 |
| Net assets at end of period (000 omitted) | $123145 | &nbsp;&nbsp; $125186 | &nbsp;&nbsp; $123265 | &nbsp;&nbsp; $126231 | &nbsp;&nbsp; $153525 | &nbsp;&nbsp; $170723 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.92 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $11.31 | &nbsp;&nbsp; $10.90 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.20)<br>|
| Net asset value, end of period (x) | $9.98 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $11.31 |
| Total return (%) (r)(s)(t)(x) | 2.05<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (5.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Expenses after expense reductions (f) | 1.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Net investment income (loss) | 2.89<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45 |
| Net assets at end of period (000 omitted) | $130 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $438 | &nbsp;&nbsp; $516 | &nbsp;&nbsp; $725 | &nbsp;&nbsp; $1063 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS New York Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.94 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $10.91 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.20)<br>|
| Net asset value, end of period (x) | $9.99 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.32 |
| Total return (%) (r)(s)(t)(x) | 1.95<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (5.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Expenses after expense reductions (f) | 1.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | 2.90<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45 |
| Net assets at end of period (000 omitted) | $2578 | &nbsp;&nbsp; $3493 | &nbsp;&nbsp; $4590 | &nbsp;&nbsp; $6462 | &nbsp;&nbsp; $9646 | &nbsp;&nbsp; $12260 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.80 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $0.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $8.85 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $10.02 |
| Total return (%) (r)(s)(t)(x) | 2.52<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.65 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions (f) | 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | 3.88<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45 |
| Net assets at end of period (000 omitted) | $47986 | &nbsp;&nbsp; $44430 | &nbsp;&nbsp; $37821 | &nbsp;&nbsp; $36516 | &nbsp;&nbsp; $44708 | &nbsp;&nbsp; $95882 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS New York Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.81 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.66 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $0.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.17)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $8.86 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $10.02 |
| Total return (%) (r)(s)(t)(x) | 2.56<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (4.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.72 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Expenses after expense reductions (f) | 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net investment income (loss) | 3.97<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| Portfolio turnover rate | 6<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 45 |
| Net assets at end of period (000 omitted) | $8366 | &nbsp;&nbsp; $7290 | &nbsp;&nbsp; $6227 | &nbsp;&nbsp; $48058 | &nbsp;&nbsp; $50925 | &nbsp;&nbsp; $4866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.67 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $11.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.18 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $0.73 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.18)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $10.70 | &nbsp;&nbsp; $10.67 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $11.91 |
| Total return (%) (r)(s)(t)(x) | 1.98<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.42 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Expenses after expense reductions (f) | 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net investment income (loss) | 3.38<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| Portfolio turnover rate | 2<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $327549 | &nbsp;&nbsp; $283744 | &nbsp;&nbsp; $295849 | &nbsp;&nbsp; $302524 | &nbsp;&nbsp; $354752 | &nbsp;&nbsp; $359286 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.65 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $10.80 | &nbsp;&nbsp; $11.24 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.44 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Total from investment operations | $0.18 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $0.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net asset value, end of period (x) | $10.69 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $10.80 | &nbsp;&nbsp; $11.24 | &nbsp;&nbsp; $11.90 |
| Total return (%) (r)(s)(t)(x) | 1.70<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.64 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Expenses after expense reductions (f) | 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net investment income (loss) | 2.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Portfolio turnover rate | 2<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $45 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $140 | &nbsp;&nbsp; $165 | &nbsp;&nbsp; $323 | &nbsp;&nbsp; $416 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS North Carolina Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.66 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $11.45 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.14 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment operations | $0.17 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $0.64 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.14)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $(0.18)<br>|
| Net asset value, end of period (x) | $10.69 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $11.91 |
| Total return (%) (r)(s)(t)(x) | 1.61<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Expenses after expense reductions (f) | 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net investment income (loss) | 2.63<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| Portfolio turnover rate | 2<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $10607 | &nbsp;&nbsp; $12615 | &nbsp;&nbsp; $16267 | &nbsp;&nbsp; $21315 | &nbsp;&nbsp; $28828 | &nbsp;&nbsp; $35315 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.89 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $0.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $8.92 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.93 |
| Total return (%) (r)(s)(t)(x) | 2.16<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Expenses after expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net investment income (loss) | 3.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| Portfolio turnover rate | 2<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $133174 | &nbsp;&nbsp; $109352 | &nbsp;&nbsp; $102556 | &nbsp;&nbsp; $97036 | &nbsp;&nbsp; $116857 | &nbsp;&nbsp; $113800 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS North Carolina Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.89 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.55 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Total from investment operations | $0.19 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $0.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $8.92 | &nbsp;&nbsp; $8.89 | &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.93 |
| Total return (%) (r)(s)(t)(x) | 2.20<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.53<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Expenses after expense reductions (f) | 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net investment income (loss) | 3.70<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 |
| Portfolio turnover rate | 2<br> (n)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 25 |
| Net assets at end of period (000 omitted) | $41923 | &nbsp;&nbsp; $43101 | &nbsp;&nbsp; $36601 | &nbsp;&nbsp; $31269 | &nbsp;&nbsp; $40985 | &nbsp;&nbsp; $34703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.43 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.05 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $10.24 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $0.63 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $9.50 | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $9.52 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.05 | &nbsp;&nbsp; $10.60 |
| Total return (%) (r)(s)(t)(x) | 2.51<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.21 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.94<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Expenses after expense reductions (f) | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net investment income (loss) | 3.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| Portfolio turnover rate | 3<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $112182 | &nbsp;&nbsp; $108801 | &nbsp;&nbsp; $110625 | &nbsp;&nbsp; $113427 | &nbsp;&nbsp; $132466 | &nbsp;&nbsp; $137727 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.45 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $10.27 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.19 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $0.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Net asset value, end of period (x) | $9.52 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $10.62 |
| Total return (%) (r)(s)(t)(x) | 2.13<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.32 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 |
| Expenses after expense reductions (f) | 1.44<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Net investment income (loss) | 2.75<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Portfolio turnover rate | 3<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $148 | &nbsp;&nbsp; $166 | &nbsp;&nbsp; $288 | &nbsp;&nbsp; $414 | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $851 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Pennsylvania Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.98 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp; $9.76 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.26 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Total from investment operations | $0.23 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $0.60 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $9.05 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.57 | &nbsp;&nbsp; $10.09 |
| Total return (%) (r)(s)(t)(x) | 2.59<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.18 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.69<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Expenses after expense reductions (f) | 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net investment income (loss) | 3.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| Portfolio turnover rate | 3<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $46100 | &nbsp;&nbsp; $35386 | &nbsp;&nbsp; $31002 | &nbsp;&nbsp; $31571 | &nbsp;&nbsp; $37530 | &nbsp;&nbsp; $32103 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.99 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.58 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $9.76 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $9.05 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $9.07 | &nbsp;&nbsp; $9.10 | &nbsp;&nbsp; $9.58 | &nbsp;&nbsp; $10.10 |
| Total return (%) (r)(s)(t)(x) | 2.52<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.35 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Expenses after expense reductions (f) | 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | 3.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Portfolio turnover rate | 3<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 28 |
| Net assets at end of period (000 omitted) | $21356 | &nbsp;&nbsp; $21375 | &nbsp;&nbsp; $20268 | &nbsp;&nbsp; $20702 | &nbsp;&nbsp; $20559 | &nbsp;&nbsp; $15830 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Pennsylvania Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.92 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.94 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.19 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.25 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $0.61 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.19)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.25)<br>|
| Net asset value, end of period (x) | $10.98 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $12.30 |
| Total return (%) (r)(s)(t)(x) | 2.31<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.18 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.92<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Expenses after expense reductions (f) | 0.86<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net investment income (loss) | 3.49<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |
| Portfolio turnover rate | 10<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $143967 | &nbsp;&nbsp; $147558 | &nbsp;&nbsp; $149893 | &nbsp;&nbsp; $154644 | &nbsp;&nbsp; $204883 | &nbsp;&nbsp; $222730 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.84<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS South Carolina Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.92 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.93 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.18 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Total from investment operations | $0.20 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $0.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $(0.16)<br>|
| Net asset value, end of period (x) | $10.97 | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $12.30 |
| Total return (%) (r)(s)(t)(x) | 1.83<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.50 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.67<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Expenses after expense reductions (f) | 1.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Net investment income (loss) | 2.71<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Portfolio turnover rate | 10<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $32 | &nbsp;&nbsp; $47 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $137 | &nbsp;&nbsp; $146 | &nbsp;&nbsp; $280 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS South Carolina Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.85 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.05 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $0.53 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.23)<br>|
| Net asset value, end of period (x) | $8.90 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.97 |
| Total return (%) (r)(s)(t)(x) | 2.45<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (4.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.67<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Expenses after expense reductions (f) | 0.61<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | 3.73<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Portfolio turnover rate | 10<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $55370 | &nbsp;&nbsp; $53058 | &nbsp;&nbsp; $46523 | &nbsp;&nbsp; $44457 | &nbsp;&nbsp; $56292 | &nbsp;&nbsp; $53171 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.59<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | N/A | N/A | N/A | N/A |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS South Carolina Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.85 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $9.67 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.17 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.23 |
| Net realized and unrealized gain (loss) | 0.04 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $0.54 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(0.24)<br>|
| Net asset value, end of period (x) | $8.90 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.97 |
| Total return (%) (r)(s)(t)(x) | 2.48<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (3.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.59 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.60<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Expenses after expense reductions (f) | 0.54<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net investment income (loss) | 3.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Portfolio turnover rate | 10<br> (n)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $20417 | &nbsp;&nbsp; $20626 | &nbsp;&nbsp; $17091 | &nbsp;&nbsp; $14088 | &nbsp;&nbsp; $18450 | &nbsp;&nbsp; $14608 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.52<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | N/A | N/A | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.11 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $11.07 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.25 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.41)<br>| &nbsp;&nbsp; $0.65 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.30)<br>|
| Net asset value, end of period (x) | $10.20 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $11.42 |
| Total return (%) (r)(s)(t)(x) | 2.56<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.91<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Expenses after expense reductions (f) | 0.83<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net investment income (loss) | 3.31<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 |
| Net assets at end of period (000 omitted) | $223600 | &nbsp;&nbsp; $210510 | &nbsp;&nbsp; $226140 | &nbsp;&nbsp; $247207 | &nbsp;&nbsp; $246986 | &nbsp;&nbsp; $251971 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.81<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Virginia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.10 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $11.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $0.57 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $10.19 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $11.41 |
| Total return (%) (r)(s)(t)(x) | 2.18<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.16 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Expenses after expense reductions (f) | 1.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Net investment income (loss) | 2.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 |
| Net assets at end of period (000 omitted) | $50 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $237 | &nbsp;&nbsp; $387 | &nbsp;&nbsp; $436 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Virginia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class C** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.11 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $11.42 | &nbsp;&nbsp; $11.06 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.13 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.21 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Total from investment operations | $0.21 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.50)<br>| &nbsp;&nbsp; $0.58 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.13)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.22)<br>|
| Net asset value, end of period (x) | $10.19 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $11.42 |
| Total return (%) (r)(s)(t)(x) | 2.08<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; (4.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Expenses after expense reductions (f) | 1.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Net investment income (loss) | 2.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 |
| Net assets at end of period (000 omitted) | $2401 | &nbsp;&nbsp; $3324 | &nbsp;&nbsp; $5880 | &nbsp;&nbsp; $8671 | &nbsp;&nbsp; $11754 | &nbsp;&nbsp; $14348 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 1.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Virginia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.79 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.62 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.27 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.07 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $0.60 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.29)<br>|
| Net asset value, end of period (x) | $8.86 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.93 |
| Total return (%) (r)(s)(t)(x) | 2.59<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.66<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Expenses after expense reductions (f) | 0.58<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net investment income (loss) | 3.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 |
| Net assets at end of period (000 omitted) | $107929 | &nbsp;&nbsp; $103646 | &nbsp;&nbsp; $100954 | &nbsp;&nbsp; $85821 | &nbsp;&nbsp; $88808 | &nbsp;&nbsp; $94495 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS Virginia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.79 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.59 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.29)<br>|
| Net asset value, end of period (x) | $8.87 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.93 |
| Total return (%) (r)(s)(t)(x) | 2.75<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.23 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.57<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Expenses after expense reductions (f) | 0.50<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment income (loss) | 3.64<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Portfolio turnover rate | 4<br> (n)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 21 |
| Net assets at end of period (000 omitted) | $24059 | &nbsp;&nbsp; $29031 | &nbsp;&nbsp; $24756 | &nbsp;&nbsp; $20073 | &nbsp;&nbsp; $25876 | &nbsp;&nbsp; $22118 |
| **Supplemental Ratios (%):** |  |  |  |  |  |  |
| Ratios of expenses to average net assets after expense reductions and <br> excluding interest expense and fees (f)(l)<br>| 0.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense and fees include payments made to the holders of the floating rate
 certificates.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

*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 semiannual period and the past 5 fiscal 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class A** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $10.00 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $10.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | $0.26 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp; $0.52 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.16)<br>| &nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $10.10 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $11.19 |
| Total return (%) (r)(s)(t)(x) | 2.64<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.05<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Expenses after expense reductions (f) | 0.87<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net investment income (loss) | 3.23<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $61014 | &nbsp;&nbsp; $64482 | &nbsp;&nbsp; $68855 | &nbsp;&nbsp; $79776 | &nbsp;&nbsp; $94024 | &nbsp;&nbsp; $99380 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class B** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $9.99 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.63 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $10.95 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.12 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.20 |
| Net realized and unrealized gain (loss) | 0.10 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total from investment operations | $0.22 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $0.43 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.12)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(0.20)<br>|
| Net asset value, end of period (x) | $10.09 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $10.63 | &nbsp;&nbsp; $11.18 |
| Total return (%) (r)(s)(t)(x) | 2.26<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 1.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Expenses after expense reductions (f) | 1.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Net investment income (loss) | 2.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $52 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $109 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS West Virginia Municipal Bond Fund - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class I** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.80 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.64 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.27 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $0.47 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.27)<br>|
| Net asset value, end of period (x) | $8.89 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.84 |
| Total return (%) (r)(s)(t)(x) | 2.79<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.94 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.80<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Expenses after expense reductions (f) | 0.62<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net investment income (loss) | 3.48<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $20556 | &nbsp;&nbsp; $21441 | &nbsp;&nbsp; $21196 | &nbsp;&nbsp; $16442 | &nbsp;&nbsp; $16290 | &nbsp;&nbsp; $14052 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended**<br>| **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
| **Class R6** | **9/30/25** <br>**(unaudited)**<br>| **3/31/25** | **3/31/24** | **3/31/23** | **3/31/22** | **3/31/21** |
| Net asset value, beginning of period | $8.80 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $9.63 |
| **Income (loss) from investment operations** |  |  |  |  |  |  |
| Net investment income (loss) (d) | $0.15 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $0.28 |
| Net realized and unrealized gain (loss) | 0.09 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.00)(w)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Total from investment operations | $0.24 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $0.49 |
| **Less distributions declared to shareholders** |  |  |  |  |  |  |
| From net investment income | $(0.15)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Net asset value, end of period (x) | $8.89 | &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $9.36 | &nbsp;&nbsp; $9.84 |
| Total return (%) (r)(s)(t)(x) | 2.82<br> (n)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.13 |
| **Ratios (%) (to average net assets) and Supplemental data:** |  |  |  |  |  |  |
| Expenses before expense reductions (f) | 0.72<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Expenses after expense reductions (f) | 0.55<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net investment income (loss) | 3.56<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Portfolio turnover rate | 5<br> (n)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
| Net assets at end of period (000 omitted) | $5061 | &nbsp;&nbsp; $4740 | &nbsp;&nbsp; $3945 | &nbsp;&nbsp; $3226 | &nbsp;&nbsp; $1754 | &nbsp;&nbsp; $824 |

---

**See Notes to Financial Statements**

------

*Financial Highlights - continued*

**MFS West Virginia Municipal Bond Fund - continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Per share data is based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note
 2 in the Notes to Financial Statements for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Certain expenses have been reduced without which performance would have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;(s) From time to time the fund may receive proceeds from litigation settlements, without
 which performance would be lower.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Total returns do not include any applicable sales charges.

&nbsp;&nbsp;&nbsp;&nbsp;(w) Per share amount was less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(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**

------

**Notes to Financial Statements** 

(unaudited)

**(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 and developments 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. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. 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 certain distributions made by the funds could be taxable to shareholders.

An operating segment is defined in FASB Accounting Standards Codification Topic 280-Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each fund represents a single operating segment and the Chairman's Committee of the funds' adviser acts as the segment's CODM. Each fund's total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within each fund's financial statements.

**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.

------

*Notes to Financial Statements (unaudited) - continued* 

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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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 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 September 30, 2025 in valuing each fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Mississippi Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $61493777 | $— | &nbsp;&nbsp; $61493777 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 55884 |  | &nbsp;&nbsp; 55884 |
| Investment Companies | &nbsp;&nbsp; 1026151 |  |  | &nbsp;&nbsp; 1026151 |
| Total | &nbsp;&nbsp; $1026151 | &nbsp;&nbsp; $61549661 | $— | &nbsp;&nbsp; $62575812 |
| **New York Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $173693402 | $— | &nbsp;&nbsp; $173693402 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 186281 |  | &nbsp;&nbsp; 186281 |
| Investment Companies | &nbsp;&nbsp; 5212435 |  |  | &nbsp;&nbsp; 5212435 |
| Total | &nbsp;&nbsp; $5212435 | &nbsp;&nbsp; $173879683 | $— | &nbsp;&nbsp; $179092118 |
| **North Carolina Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $501410537 | $— | &nbsp;&nbsp; $501410537 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 316678 |  | &nbsp;&nbsp; 316678 |
| Investment Companies | &nbsp;&nbsp; 16056831 |  |  | &nbsp;&nbsp; 16056831 |
| Total | &nbsp;&nbsp; $16056831 | &nbsp;&nbsp; $501727215 | $— | &nbsp;&nbsp; $517784046 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Pennsylvania Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $175140553 | $— | &nbsp;&nbsp; $175140553 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 93141 |  | &nbsp;&nbsp; 93141 |
| Investment Companies | &nbsp;&nbsp; 3003171 |  |  | &nbsp;&nbsp; 3003171 |
| Total | &nbsp;&nbsp; $3003171 | &nbsp;&nbsp; $175233694 | $— | &nbsp;&nbsp; $178236865 |
| **South Carolina Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $213033316 | $— | &nbsp;&nbsp; $213033316 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 149025 |  | &nbsp;&nbsp; 149025 |
| Investment Companies | &nbsp;&nbsp; 5662894 |  |  | &nbsp;&nbsp; 5662894 |
| Total | &nbsp;&nbsp; $5662894 | &nbsp;&nbsp; $213182341 | $— | &nbsp;&nbsp; $218845235 |
| **Virginia Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $342259081 | $— | &nbsp;&nbsp; $342259081 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 223537 |  | &nbsp;&nbsp; 223537 |
| Investment Companies | &nbsp;&nbsp; 15226190 |  |  | &nbsp;&nbsp; 15226190 |
| Total | &nbsp;&nbsp; $15226190 | &nbsp;&nbsp; $342482618 | $— | &nbsp;&nbsp; $357708808 |
| **West Virginia Fund** |  |  |  |  |
| **Financial Instruments** |  |  |  |  |
| Municipal Bonds | $— | &nbsp;&nbsp; $81210923 | $— | &nbsp;&nbsp; $81210923 |
| U.S. Corporate Bonds |  | &nbsp;&nbsp; 74512 |  | &nbsp;&nbsp; 74512 |
| Investment Companies | &nbsp;&nbsp; 4418610 |  |  | &nbsp;&nbsp; 4418610 |
| Total | &nbsp;&nbsp; $4418610 | &nbsp;&nbsp; $81285435 | $— | &nbsp;&nbsp; $85704045 |

---

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

**Inverse Floaters** — Certain funds invest in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floating rate security is created when a 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 daily or 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 Statements of Assets and Liabilities as "Payable to the holders of the floating rate certificates". The carrying value of that liability as reported in each fund's Statement of Assets and Liabilities approximates its fair value which would be considered level 2 under the fair value hierarchy. At September 30, 2025, each fund's payable to the holders of the floating rate certificates and the related weighted average interest rate on the settled floating rate certificates issued by the trust were as follows:

---

| | | |
|:---|:---|:---|
|  | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>|
| Payable to the holders of the floating rate certificates | $996111 | $2846563 |
| Weighted average interest rate on floating rate certificates issued by the trust | 3.65% | 2.93% |

---

For the six months ended September 30, 2025, the average payable to the holders of the settled floating rate certificates, the weighted average interest rates related to this payable, and the associated interest expense and fees (recorded as incurred), were as follows:

---

| | | |
|:---|:---|:---|
|  | **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>|
| Average payable to the holders of the settled floating rate certificates | $1000501 | $2485126 |
| Weighted average interest rates on this payable | 3.32% | 2.65% |
| "Interest expense and fees" in the Statements of Operations | $17124 | $37338 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

**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.

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 six months ended September 30, 2025, 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 generally 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, and treating a portion of the proceeds from redemptions as a distribution for tax purposes, as applicable to each fund.

------

*Notes to Financial Statements (unaudited) - continued* 

The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year ended 3/31/25** | &nbsp;&nbsp; **Mississippi** <br>**Fund** <br>| &nbsp;&nbsp; **New York** <br>**Fund** <br>| &nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund** <br>| &nbsp;&nbsp; **Pennsylvania** <br>**Fund** <br>| &nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund** <br>| &nbsp;&nbsp; **Virginia** <br>**Fund** <br>| &nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund** <br>|
| Ordinary income (including any short-term <br> capital gains)<br>| &nbsp;&nbsp; $73936 | &nbsp;&nbsp; $26856 | &nbsp;&nbsp; $192681 | &nbsp;&nbsp; $116515 | &nbsp;&nbsp; $148851 | &nbsp;&nbsp; $160657 | &nbsp;&nbsp; $37195 |
| Tax-exempt income | &nbsp;&nbsp; 2169184 | &nbsp;&nbsp; 6146072 | &nbsp;&nbsp; 14215249 | &nbsp;&nbsp; 5306440 | &nbsp;&nbsp; 6900371 | &nbsp;&nbsp; 10925918 | &nbsp;&nbsp; 2869556 |
| Total distributions | &nbsp;&nbsp; $2243120 | &nbsp;&nbsp; $6172928 | &nbsp;&nbsp; $14407930 | &nbsp;&nbsp; $5422955 | &nbsp;&nbsp; $7049222 | &nbsp;&nbsp; $11086575 | &nbsp;&nbsp; $2906751 |

---

The federal tax cost and the tax basis components of distributable earnings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of 9/30/25** | &nbsp;&nbsp; **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $64669114 | &nbsp;&nbsp; $184362560 | &nbsp;&nbsp; $529667868 | &nbsp;&nbsp; $183019761 |
| Gross appreciation | &nbsp;&nbsp; 791449 | &nbsp;&nbsp; 2103300 | &nbsp;&nbsp; 4728648 | &nbsp;&nbsp; 1871854 |
| Gross depreciation | &nbsp;&nbsp; (2884751)<br>| &nbsp;&nbsp; (7373742)<br>| &nbsp;&nbsp; (16612470)<br>| &nbsp;&nbsp; (6654750)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(2093302)<br>| &nbsp;&nbsp; $(5270442)<br>| &nbsp;&nbsp; $(11883822)<br>| &nbsp;&nbsp; $(4782896)<br>|
| <br>**As of 3/31/25** |  |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; 62392 | &nbsp;&nbsp; 155854 | &nbsp;&nbsp; 244211 | &nbsp;&nbsp; 35914 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 320765 | &nbsp;&nbsp; 833893 | &nbsp;&nbsp; 1448878 | &nbsp;&nbsp; 702380 |
| Capital loss carryforwards | &nbsp;&nbsp; (6254890)<br>| &nbsp;&nbsp; (14899948)<br>| &nbsp;&nbsp; (31887697)<br>| &nbsp;&nbsp; (8583452)<br>|
| Other temporary differences | &nbsp;&nbsp; (202190)<br>| &nbsp;&nbsp; (543366)<br>| &nbsp;&nbsp; (1258006)<br>| &nbsp;&nbsp; (477512)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3009074)<br>| &nbsp;&nbsp; (6252082)<br>| &nbsp;&nbsp; (14692102)<br>| &nbsp;&nbsp; (6394075)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **As of 9/30/25** | &nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| Cost of investments | &nbsp;&nbsp; $222038893 | &nbsp;&nbsp; $365041414 | &nbsp;&nbsp; $88906160 |
| Gross appreciation | &nbsp;&nbsp; 2253966 | &nbsp;&nbsp; 3464953 | &nbsp;&nbsp; 650700 |
| Gross depreciation | &nbsp;&nbsp; (6443735)<br>| &nbsp;&nbsp; (13644122)<br>| &nbsp;&nbsp; (3852815)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $(4189769)<br>| &nbsp;&nbsp; $(10179169)<br>| &nbsp;&nbsp; $(3202115)<br>|
| <br>**As of 3/31/25** |  |  |  |
| Undistributed ordinary income | &nbsp;&nbsp; 40683 | &nbsp;&nbsp; 212257 | &nbsp;&nbsp; 90343 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 1002473 | &nbsp;&nbsp; 1057922 | &nbsp;&nbsp; 373518 |
| Capital loss carryforwards | &nbsp;&nbsp; (20798723)<br>| &nbsp;&nbsp; (23240961)<br>| &nbsp;&nbsp; (6940457)<br>|
| Other temporary differences | &nbsp;&nbsp; (630127)<br>| &nbsp;&nbsp; (959142)<br>| &nbsp;&nbsp; (246617)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (6985685)<br>| &nbsp;&nbsp; (14112520)<br>| &nbsp;&nbsp; (4213049)<br>|

---

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

As of March 31, 2025, 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** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Short-Term | $(1657479) | $(6041564) | $(11756934) | $(3528295) | $(4690813) | $(5880008) | $(2100097) |
| Long-Term | (4597411) | (8858384) | (20130763) | (5055157) | (16107910) | (17360953) | (4840360) |
| Total | $(6254890) | $(14899948) | $(31887697) | $(8583452) | $(20798723) | $(23240961) | $(6940457) |

---

**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

------

*Notes to Financial Statements (unaudited) - 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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi Fund** | **Mississippi Fund** | **New York Fund** | **New York Fund** | **North Carolina Fund** | **North Carolina Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** |
|  | **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>|
| Class A | $955456 | $1911142 | $2197635 | $4342395 | $5105874 | $8997625 | $1869920 | $3579181 |
| Class B | 716 | 1237 | 2515 | 7729 | 826 | 2305 | 2107 | 5664 |
| Class C |  |  | 42638 | 111150 | 154106 | 347823 |  |  |
| Class I | 108926 | 230841 | 848373 | 1458713 | 2044563 | 3693516 | 727563 | 1110415 |
| Class R6 | 51896 | 99900 | 141766 | 252941 | 749118 | 1366661 | 383122 | 727695 |
| Total | $1116994 | $2243120 | $3232927 | $6172928 | $8054487 | $14407930 | $2982712 | $5422955 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **South Carolina Fund** | **South Carolina Fund** | **Virginia Fund** | **Virginia Fund** | **West Virginia Fund** | **West Virginia Fund** |
|  | **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>| **Six Months** <br> **Ended** <br>**9/30/25**<br>| **Year Ended** <br>**3/31/25**<br>|
| Class A | $2496178 | $4606945 | $3511131 | $6666260 | $977786 | $2065322 |
| Class B | 573 | 1143 | 612 | 3862 | 626 | 840 |
| Class C |  |  | 36527 | 112498 |  |  |
| Class I | 950829 | 1796505 | 1780568 | 3401948 | 355813 | 695605 |
| Class R6 | 373348 | 644629 | 449910 | 902007 | 85608 | 144984 |
| Total | $3820928 | $7049222 | $5778748 | $11086575 | $1419833 | $2906751 |

---

**(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, 2026. For the six months ended September 30, 2025, these management fee reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| $4535 | $12396 | $32926 | $11910 | $15095 | $24052 | $6057 |

---

The management fee incurred for the six months ended September 30, 2025 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 (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 these funds' average daily net assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Class A | 0.76% | 0.83% | 0.84% | 0.69% | 0.84% | 0.81% | 0.87% |
| Class B | 1.41% | 1.58% | 1.59% | 1.44% | 1.59% | 1.56% | 1.62% |
| Class C | N/A | 1.58% | 1.59% | N/A | N/A | 1.56% | N/A |
| Class I | 0.66% | 0.58% | 0.59% | 0.59% | 0.59% | 0.56% | 0.62% |
| Class R6 | 0.60% | 0.53% | 0.52% | 0.52% | 0.53% | 0.49% | 0.55% |

---

------

*Notes to Financial Statements (unaudited) - continued* 

These written agreements will continue until modified by the funds' Board of Trustees, but such agreements will continue at least until July 31, 2026. For the six months ended September 30, 2025, these reductions amounted to the following, which are included in the reduction of total expenses in the Statements of Operations (except for the New York Fund, which reflects a reduction amount for the period from April 1, 2025 through July 31, 2025, due to the new agreement described in the following paragraph).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| $60761 | $63600 | $6391 | $74878 | $52575 | $101141 | $69833 |

---

For the New York Fund, this written agreement terminated on July 31, 2025. Effective August 1, 2025, the investment adviser has agreed in writing to pay a portion of the New York 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 this fund's average daily net assets:

---

| | |
|:---|:---|
|  | **New York** <br>**Fund**<br>|
| Class A | 0.83% |
| Class B | 1.58% |
| Class C | 1.58% |
| Class I | 0.58% |
| Class R6 | 0.52% |

---

This written agreement will continue until modified by the fund's Board of Trustees, but such agreement will continue at least until July 31, 2026. For the period from August 1, 2025 through September 30, 2025, this reduction amounted to $32,817 for the New York Fund, which is included in the reduction of total expenses in the Statements of Operations.

**Distributor** — MFS Fund Distributors, Inc. (MFD), a wholly-owned subsidiary of MFS, as distributor, received the following amounts for the six months ended September 30, 2025, as its portion of the initial sales charge on sales of Class A shares of each fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| $70 | $1387 | $4058 | $2272 | $3664 | $1230 | $588 |

---

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**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Mississippi Fund |  | 0.25% | 0.25% | 0.10% | $69392 |
| New York Fund |  | 0.25% | 0.25% | 0.25% | 152467 |
| North Carolina Fund |  | 0.25% | 0.25% | 0.25% | 379026 |
| Pennsylvania Fund |  | 0.25% | 0.25% | 0.10% | 134522 |
| South Carolina Fund |  | 0.25% | 0.25% | 0.25% | 179983 |
| Virginia Fund |  | 0.25% | 0.25% | 0.25% | 267349 |
| West Virginia Fund |  | 0.25% | 0.25% | 0.25% | 76042 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B**  | **Class B**  | **Class B**  | **Class B**  | **Class B**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| Mississippi Fund | 0.75% | 0.25% | 1.00% | 0.75% | $256 |
| New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | 880 |
| North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 315 |
| Pennsylvania Fund | 0.75% | 0.25% | 1.00% | 0.85% | 772 |
| South Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 211 |
| Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 242 |
| West Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 254 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  |
|  | **Distribution** <br>**Fee Rate (d)**<br>| **Service** <br>**Fee Rate (d)**<br>| **Total** <br>**Distribution** <br>**Plan (d)**<br>| **Annual** <br>**Effective** <br>**Rate (e)**<br>| **Distribution** <br>**and Service** <br>**Fee**<br>|
| New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | $14922 |
| North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 58733 |
| Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 14366 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| Total Distribution and Service Fees | $69648 | $168269 | $438074 | $135294 | $180194 | $281957 | $76296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The annual effective rates represent actual fees incurred under the distribution plan for the six months ended September 30, 2025 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 six months ended September 30, 2025, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| &nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| Class A | $— | $2 | $26 | $9 | $87 | $10 | $— |

---

**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, 2026. For the six months ended September 30, 2025, these reductions amounted to $41,635 and $64 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, 2026. For the six months ended September 30, 2025, these reductions amounted to $80,714 and $116 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 six months ended September 30, 2025, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CDSC Imposed** | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Class A | $1430 | $1641 | $9904 | $2725 | $10509 | $5442 | $2408 |
| Class B |  |  |  |  |  |  |  |
| Class C | N/A | 154 | 98 | N/A | N/A |  | N/A |

---

------

*Notes to Financial Statements (unaudited) - continued* 

**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 six months ended September 30, 2025, each fund paid the following fee, which equated to the following annual percentage of each fund's average daily net assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Expenses paid | $1092 | $8898 | $8375 | $9658 | $3551 | $7453 | $1997 |
| Annual percentage of average daily net assets | 0.0034% | 0.0101% | 0.0036% | 0.0114% | 0.0033% | 0.0044% | 0.0046% |

---

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 six months ended September 30, 2025, these out-of-pocket expenses, sub-accounting and other shareholder servicing costs amounted to the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| $21552 | $72843 | $158536 | $54012 | $69894 | $133588 | $30915 |

---

**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 six months ended September 30, 2025 was equivalent to the following annual effective rates of each fund's average daily net assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Percentage of average daily net assets | 0.0300% | 0.0190% | 0.0150% | 0.0192% | 0.0178% | 0.0159% | 0.0256% |

---

**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.

**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 fund shares on the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Date** | **Transaction** | **Class** | **Shares** | **Amount** |
| Mississippi Fund | 8/19/2024 | Redemption | Class I | 3 | $25 |
| New York Fund | 8/19/2024 | Redemption | Class I | 2 | 21 |
| North Carolina Fund | 8/19/2024 | Redemption | Class I | 3 | 27 |
| Pennsylvania Fund | 8/19/2024 | Redemption | Class I | 2 | 22 |
| South Carolina Fund | 6/03/2024 | Purchase | Class B | 2285 | 25000 |
| South Carolina Fund | 8/19/2024 | Redemption | Class I | 2 | 19 |
| Virginia Fund | 8/19/2024 | Redemption | Class I | 2 | 22 |
| Virginia Fund | 2/25/2025 | Purchase | Class B | 4356 | 45000 |
| West Virginia Fund | 8/19/2024 | Redemption | Class I | 3 | 28 |
| West Virginia Fund | 3/24/2025 | Purchase | Class B | 3976 | 40000 |

---

At September 30, 2025, MFS held 100% of the outstanding shares of Class B of the Mississippi Fund and West Virginia Fund.

At September 30, 2025, MFS held approximately 80% and 91% of the outstanding shares of Class B of the South Carolina Fund and Virginia Fund, respectively.

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4) Portfolio Securities**

For the six months ended September 30, 2025, purchases and sales of investments, other than short-term obligations, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| &nbsp;&nbsp; **New York** <br>**Fund**<br>| &nbsp;&nbsp; **North** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp; **Pennsylvania** <br>**Fund**<br>| &nbsp;&nbsp; **South** <br>**Carolina** <br>**Fund**<br>| &nbsp;&nbsp; **Virginia** <br>**Fund**<br>| &nbsp;&nbsp; **West** <br>**Virginia** <br>**Fund**<br>|
| Purchases | $3506671 | $10322400 | $77968429 | $18832308 | $21397213 | $23980786 | $4372070 |
| Sales | $10353173 | $12569059 | $10704375 | $4865063 | $28184666 | $13584223 | $12617092 |

---

**(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** | **Mississippi Fund** | **Mississippi Fund** | **Mississippi Fund** | **New York Fund** | **New York Fund** | **New York Fund** | **New York Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 167628 | $1440556 | &nbsp;&nbsp; 329399 | $2936235 | &nbsp;&nbsp; 748444 | $7295549 | &nbsp;&nbsp; 2042380 | $20683718 |
| Class C |  |  |  |  | &nbsp;&nbsp; 10066 | 97576 | &nbsp;&nbsp; 64124 | 653330 |
| Class I | 74141 | 637227 | &nbsp;&nbsp; 251107 | 2219326 | &nbsp;&nbsp; 1883486 | 16310740 | &nbsp;&nbsp; 2030183 | 18199516 |
| Class R6 | 152008 | 1301696 | &nbsp;&nbsp; 143239 | 1274234 | &nbsp;&nbsp; 329020 | 2846399 | &nbsp;&nbsp; 314269 | 2824387 |
|  | 393777 | $3379479 | &nbsp;&nbsp; 723745 | $6429795 | &nbsp;&nbsp; 2971016 | $26550264 | &nbsp;&nbsp; 4450956 | $42360951 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 106040 | $914661 | &nbsp;&nbsp; 206581 | $1833119 | &nbsp;&nbsp; 194624 | $1901809 | &nbsp;&nbsp; 372220 | $3771785 |
| Class B | 83 | 716 | &nbsp;&nbsp; 139 | 1237 | &nbsp;&nbsp; 249 | 2424 | &nbsp;&nbsp; 734 | 7409 |
| Class C |  |  |  |  | &nbsp;&nbsp; 4268 | 41641 | &nbsp;&nbsp; 10638 | 107654 |
| Class I | 11095 | 95554 | &nbsp;&nbsp; 22537 | 199788 | &nbsp;&nbsp; 84593 | 730986 | &nbsp;&nbsp; 136870 | 1226339 |
| Class R6 | 6020 | 51866 | &nbsp;&nbsp; 11262 | 99805 | &nbsp;&nbsp; 16280 | 140881 | &nbsp;&nbsp; 28157 | 252620 |
|  | 123238 | $1062797 | &nbsp;&nbsp; 240519 | $2133949 | &nbsp;&nbsp; 300014 | $2817741 | &nbsp;&nbsp; 548619 | $5365807 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (949627)<br>| $(8162678)<br>| &nbsp;&nbsp; (1563059)<br>| $(13838670)<br>| &nbsp;&nbsp; (1218372)<br>| $(11851069)<br>| &nbsp;&nbsp; (2052427)<br>| $(20841079)<br>|
| Class B |  |  | &nbsp;&nbsp; (365)<br>| (3209)<br>| &nbsp;&nbsp; (8220)<br>| (79397)<br>| &nbsp;&nbsp; (23346)<br>| (236480)<br>|
| Class C |  |  |  |  | &nbsp;&nbsp; (107936)<br>| (1052488)<br>| &nbsp;&nbsp; (178870)<br>| (1811965)<br>|
| Class I | (141712)<br>| (1218252)<br>| &nbsp;&nbsp; (296792)<br>| (2638162)<br>| &nbsp;&nbsp; (1595003)<br>| (13745258)<br>| &nbsp;&nbsp; (1356982)<br>| (12145754)<br>|
| Class R6 | (145674)<br>| (1251746)<br>| &nbsp;&nbsp; (160173)<br>| (1420742)<br>| &nbsp;&nbsp; (228492)<br>| (1976171)<br>| &nbsp;&nbsp; (212188)<br>| (1902818)<br>|
|  | (1237013)<br>| $(10632676)<br>| &nbsp;&nbsp; (2020389)<br>| $(17900783)<br>| &nbsp;&nbsp; (3158023)<br>| $(28704383)<br>| &nbsp;&nbsp; (3823813)<br>| $(36938096)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | (675959)<br>| $(5807461)<br>| &nbsp;&nbsp; (1027079)<br>| $(9069316)<br>| &nbsp;&nbsp; (275304)<br>| $(2653711)<br>| &nbsp;&nbsp; 362173 | $3614424 |
| Class B | 83 | 716 | &nbsp;&nbsp; (226)<br>| (1972)<br>| &nbsp;&nbsp; (7971)<br>| (76973)<br>| &nbsp;&nbsp; (22612)<br>| (229071)<br>|
| Class C |  |  |  |  | &nbsp;&nbsp; (93602)<br>| (913271)<br>| &nbsp;&nbsp; (104108)<br>| (1050981)<br>|
| Class I | (56476)<br>| (485471)<br>| &nbsp;&nbsp; (23148)<br>| (219048)<br>| &nbsp;&nbsp; 373076 | 3296468 | &nbsp;&nbsp; 810071 | 7280101 |
| Class R6 | 12354 | 101816 | &nbsp;&nbsp; (5672)<br>| (46703)<br>| &nbsp;&nbsp; 116808 | 1011109 | &nbsp;&nbsp; 130238 | 1174189 |
|  | (719998)<br>| $(6190400)<br>| &nbsp;&nbsp; (1056125)<br>| $(9337039)<br>| &nbsp;&nbsp; 113007 | $663622 | &nbsp;&nbsp; 1175762 | $10788662 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **North Carolina Fund** | **North Carolina Fund** | **North Carolina Fund** | **North Carolina Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** | **Pennsylvania Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 6911708 | $72156856 | &nbsp;&nbsp; 4903807 | $53329571 | &nbsp;&nbsp; 1548999 | $14390878 | &nbsp;&nbsp; 1425703 | $13717733 |
| Class C | 45155 | 475679 | &nbsp;&nbsp; 102668 | 1113487 |  |  |  |  |
| Class I | 4660653 | 40593385 | &nbsp;&nbsp; 3812694 | 34522260 | &nbsp;&nbsp; 1852733 | 16326279 | &nbsp;&nbsp; 1180870 | 10766035 |
| Class R6 | 1039893 | 9074084 | &nbsp;&nbsp; 1677390 | 15196265 | &nbsp;&nbsp; 299172 | 2644454 | &nbsp;&nbsp; 669698 | 6105755 |
|  | 12657409 | $122300004 | &nbsp;&nbsp; 10496559 | $104161583 | &nbsp;&nbsp; 3700904 | $33361611 | &nbsp;&nbsp; 3276271 | $30589523 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 471450 | $4945979 | &nbsp;&nbsp; 797592 | $8649682 | &nbsp;&nbsp; 194953 | $1814059 | &nbsp;&nbsp; 363071 | $3470499 |
| Class B | 78 | 826 | &nbsp;&nbsp; 210 | 2272 | &nbsp;&nbsp; 226 | 2106 | &nbsp;&nbsp; 588 | 5631 |
| Class C | 14527 | 152271 | &nbsp;&nbsp; 31657 | 343055 |  |  |  |  |
| Class I | 203715 | 1781240 | &nbsp;&nbsp; 378526 | 3421800 | &nbsp;&nbsp; 74167 | 657439 | &nbsp;&nbsp; 114365 | 1041944 |
| Class R6 | 79196 | 692505 | &nbsp;&nbsp; 142725 | 1290181 | &nbsp;&nbsp; 22997 | 203907 | &nbsp;&nbsp; 41078 | 374297 |
|  | 768966 | $7572821 | &nbsp;&nbsp; 1350710 | $13706990 | &nbsp;&nbsp; 292343 | $2677511 | &nbsp;&nbsp; 519102 | $4892371 |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (3378440)<br>| $(35347818)<br>| &nbsp;&nbsp; (6421859)<br>| $(69582533)<br>| &nbsp;&nbsp; (1469737)<br>| $(13638185)<br>| &nbsp;&nbsp; (1876388)<br>| $(17965964)<br>|
| Class B | (3421)<br>| (35632)<br>| &nbsp;&nbsp; (5636)<br>| (61457)<br>| &nbsp;&nbsp; (2220)<br>| (20662)<br>| &nbsp;&nbsp; (13176)<br>| (126886)<br>|
| Class C | (251385)<br>| (2645897)<br>| &nbsp;&nbsp; (454154)<br>| (4925312)<br>|  |  |  |  |
| Class I | (2235748)<br>| (19455078)<br>| &nbsp;&nbsp; (3254262)<br>| (29402568)<br>| &nbsp;&nbsp; (770779)<br>| (6813927)<br>| &nbsp;&nbsp; (776100)<br>| (7087582)<br>|
| Class R6 | (1267276)<br>| (11039856)<br>| &nbsp;&nbsp; (1027348)<br>| (9288297)<br>| &nbsp;&nbsp; (341093)<br>| (3022453)<br>| &nbsp;&nbsp; (567210)<br>| (5169959)<br>|
|  | (7136270)<br>| $(68524281)<br>| &nbsp;&nbsp; (11163259)<br>| $(113260167)<br>| &nbsp;&nbsp; (2583829)<br>| $(23495227)<br>| &nbsp;&nbsp; (3232874)<br>| $(30350391)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | 4004718 | $41755017 | &nbsp;&nbsp; (720460)<br>| $(7603280)<br>| &nbsp;&nbsp; 274215 | $2566752 | &nbsp;&nbsp; (87614)<br>| $(777732)<br>|
| Class B | (3343)<br>| (34806)<br>| &nbsp;&nbsp; (5426)<br>| (59185)<br>| &nbsp;&nbsp; (1994)<br>| (18556)<br>| &nbsp;&nbsp; (12588)<br>| (121255)<br>|
| Class C | (191703)<br>| (2017947)<br>| &nbsp;&nbsp; (319829)<br>| (3468770)<br>|  |  |  |  |
| Class I | 2628620 | 22919547 | &nbsp;&nbsp; 936958 | 8541492 | &nbsp;&nbsp; 1156121 | 10169791 | &nbsp;&nbsp; 519135 | 4720397 |
| Class R6 | (148187)<br>| (1273267)<br>| &nbsp;&nbsp; 792767 | 7198149 | &nbsp;&nbsp; (18924)<br>| (174092)<br>| &nbsp;&nbsp; 143566 | 1310093 |
|  | 6290105 | $61348544 | &nbsp;&nbsp; 684010 | $4608406 | &nbsp;&nbsp; 1409418 | $12543895 | &nbsp;&nbsp; 562499 | $5131503 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **South Carolina Fund** | **South Carolina Fund** | **South Carolina Fund** | **South Carolina Fund** | **Virginia Fund** | **Virginia Fund** | **Virginia Fund** | **Virginia Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |  |  |  |  |
| Class A | 1152546 | $12368776 | &nbsp;&nbsp; 2678946 | $29820611 | &nbsp;&nbsp; 3808888 | $38182498 | &nbsp;&nbsp; 2443845 | $25203723 |
| Class B |  |  | &nbsp;&nbsp; 2285 | 25005 |  |  | &nbsp;&nbsp; 4357 | 45000 |
| Class C |  |  |  |  | &nbsp;&nbsp; 6505 | 64902 | &nbsp;&nbsp; 37770 | 388489 |
| Class I | 1828652 | 15858990 | &nbsp;&nbsp; 2102902 | 18935174 | &nbsp;&nbsp; 3054311 | 26424059 | &nbsp;&nbsp; 2913371 | 26086284 |
| Class R6 | 623964 | 5442328 | &nbsp;&nbsp; 968824 | 8732513 | &nbsp;&nbsp; 504971 | 4352290 | &nbsp;&nbsp; 1117567 | 10013295 |
|  | 3605162 | $33670094 | &nbsp;&nbsp; 5752957 | $57513303 | &nbsp;&nbsp; 7374675 | $69023749 | &nbsp;&nbsp; 6516910 | $61736791 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |  |  |  |  |
| Class A | 219768 | $2360842 | &nbsp;&nbsp; 398406 | $4428939 | &nbsp;&nbsp; 324252 | $3229012 | &nbsp;&nbsp; 600058 | $6174669 |
| Class B | 52 | 559 | &nbsp;&nbsp; 103 | 1143 | &nbsp;&nbsp; 62 | 612 | &nbsp;&nbsp; 370 | 3810 |
| Class C |  |  |  |  | &nbsp;&nbsp; 3298 | 32828 | &nbsp;&nbsp; 9659 | 99372 |
| Class I | 101663 | 885110 | &nbsp;&nbsp; 187574 | 1690420 | &nbsp;&nbsp; 195317 | 1690472 | &nbsp;&nbsp; 361474 | 3233158 |
| Class R6 | 42828 | 372894 | &nbsp;&nbsp; 71466 | 643818 | &nbsp;&nbsp; 51902 | 449490 | &nbsp;&nbsp; 100576 | 900131 |
|  | 364311 | $3619405 | &nbsp;&nbsp; 657549 | $6764320 | &nbsp;&nbsp; 574831 | $5402414 | &nbsp;&nbsp; 1072137 | $10411140 |

---

------

*Notes to Financial Statements (unaudited) - continued* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **South Carolina Fund - continued** | **South Carolina Fund - continued** | **South Carolina Fund - continued** | **South Carolina Fund - continued** | **Virginia Fund - continued** | **Virginia Fund - continued** | **Virginia Fund - continued** | **Virginia Fund - continued** |
|  | **Six Months Ended**<br> **9/30/25**  | **Six Months Ended**<br> **9/30/25**  | **Year ended**<br> **3/31/25**  | **Year ended**<br> **3/31/25**  | **Six Months Ended**<br> **9/30/25**  | **Six Months Ended**<br> **9/30/25**  | **Year ended**<br> **3/31/25**  | **Year ended**<br> **3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares reacquired |  |  |  |  |  |  |  |  |
| Class A | (1768765)<br>| $(18967526)<br>| &nbsp;&nbsp; (3057287)<br>| $(34017654)<br>| &nbsp;&nbsp; (3027430)<br>| $(30228110)<br>| &nbsp;&nbsp; (4203438)<br>| $(43336774)<br>|
| Class B | (1426)<br>| (15195)<br>| &nbsp;&nbsp; (2370)<br>| (26191)<br>| &nbsp;&nbsp; (54)<br>| (528)<br>| &nbsp;&nbsp; (20408)<br>| (209015)<br>|
| Class C |  |  |  |  | &nbsp;&nbsp; (103194)<br>| (1022909)<br>| &nbsp;&nbsp; (290276)<br>| (2988965)<br>|
| Class I | (1701340)<br>| (14724207)<br>| &nbsp;&nbsp; (1462224)<br>| (13151096)<br>| &nbsp;&nbsp; (2866907)<br>| (24689721)<br>| &nbsp;&nbsp; (2769969)<br>| (24733902)<br>|
| Class R6 | (702311)<br>| (6096562)<br>| &nbsp;&nbsp; (608065)<br>| (5457988)<br>| &nbsp;&nbsp; (1145708)<br>| (9891432)<br>| &nbsp;&nbsp; (683347)<br>| (6120586)<br>|
|  | (4173842)<br>| $(39803490)<br>| &nbsp;&nbsp; (5129946)<br>| $(52652929)<br>| &nbsp;&nbsp; (7143293)<br>| $(65832700)<br>| &nbsp;&nbsp; (7967438)<br>| $(77389242)<br>|
| Net change |  |  |  |  |  |  |  |  |
| Class A | (396451)<br>| $(4237908)<br>| &nbsp;&nbsp; 20065 | $231896 | &nbsp;&nbsp; 1105710 | $11183400 | &nbsp;&nbsp; (1159535)<br>| $(11958382)<br>|
| Class B | (1374)<br>| (14636)<br>| &nbsp;&nbsp; 18 | (43)<br>| &nbsp;&nbsp; 8 | 84 | &nbsp;&nbsp; (15681)<br>| (160205)<br>|
| Class C |  |  |  |  | &nbsp;&nbsp; (93391)<br>| (925179)<br>| &nbsp;&nbsp; (242847)<br>| (2501104)<br>|
| Class I | 228975 | 2019893 | &nbsp;&nbsp; 828252 | 7474498 | &nbsp;&nbsp; 382721 | 3424810 | &nbsp;&nbsp; 504876 | 4585540 |
| Class R6 | (35519)<br>| (281340)<br>| &nbsp;&nbsp; 432225 | 3918343 | &nbsp;&nbsp; (588835)<br>| (5089652)<br>| &nbsp;&nbsp; 534796 | 4792840 |
|  | (204369)<br>| $(2513991)<br>| &nbsp;&nbsp; 1280560 | $11624694 | &nbsp;&nbsp; 806213 | $8593463 | &nbsp;&nbsp; (378391)<br>| $(5241311)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **West Virginia Fund** | **West Virginia Fund** | **West Virginia Fund** | **West Virginia Fund** |
|  | **Six Months Ended** <br>**9/30/25**  | **Six Months Ended** <br>**9/30/25**  | **Year ended** <br>**3/31/25**  | **Year ended** <br>**3/31/25**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  |  |  |  |
| Class A | 315708 | $3105956 | &nbsp;&nbsp; 810127 | $8225301 |
| Class B |  |  | &nbsp;&nbsp; 3976 | 40000 |
| Class I | 96178 | 837966 | &nbsp;&nbsp; 285037 | 2548611 |
| Class R6 | 52502 | 454876 | &nbsp;&nbsp; 142590 | 1275710 |
|  | 464388 | $4398798 | &nbsp;&nbsp; 1241730 | $12089622 |
| Shares issued to shareholders in <br>reinvestment of distributions<br>|  |  |  |  |
| Class A | 96842 | $954315 | &nbsp;&nbsp; 198435 | $2014583 |
| Class B | 64 | 626 | &nbsp;&nbsp; 79 | 802 |
| Class I | 36382 | 315572 | &nbsp;&nbsp; 68032 | 608017 |
| Class R6 | 9869 | 85608 | &nbsp;&nbsp; 16226 | 144984 |
|  | 143157 | $1356121 | &nbsp;&nbsp; 282772 | $2768386 |
| Shares reacquired |  |  |  |  |
| Class A | (823325)<br>| $(8079504)<br>| &nbsp;&nbsp; (1341594)<br>| $(13657186)<br>|
| Class B |  |  | &nbsp;&nbsp; (2793)<br>| (28290)<br>|
| Class I | (257645)<br>| (2223139)<br>| &nbsp;&nbsp; (288619)<br>| (2581292)<br>|
| Class R6 | (31967)<br>| (276363)<br>| &nbsp;&nbsp; (61569)<br>| (552919)<br>|
|  | (1112937)<br>| $(10579006)<br>| &nbsp;&nbsp; (1694575)<br>| $(16819687)<br>|
| Net change |  |  |  |  |
| Class A | (410775)<br>| $(4019233)<br>| &nbsp;&nbsp; (333032)<br>| $(3417302)<br>|
| Class B | 64 | 626 | &nbsp;&nbsp; 1262 | 12512 |
| Class I | (125085)<br>| (1069601)<br>| &nbsp;&nbsp; 64450 | 575336 |
| Class R6 | 30404 | 264121 | &nbsp;&nbsp; 97247 | 867775 |
|  | (505392)<br>| $(4824087)<br>| &nbsp;&nbsp; (170073)<br>| $(1961679)<br>|

---

Effective June 1, 2019, purchases of each fund's Class B shares were closed to new and existing investors subject to certain exceptions.

------

*Notes to Financial Statements (unaudited) - continued* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 12, 2026 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 six months ended September 30, 2025, each fund's commitment fee and interest expense were as follows and are included in "Miscellaneous" expense in the Statements of Operations, with the exception of the South Carolina Fund and the Virginia Fund, whose commitment fee and interest expense are included in "Interest expense and fees" in the Statements of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mississippi** <br>**Fund**<br>| **New York** <br>**Fund**<br>| **North** <br>**Carolina** <br>**Fund**<br>| **Pennsylvania** <br>**Fund**<br>| **South** <br>**Carolina** <br>**Fund**<br>| **Virginia** <br>**Fund**<br>| **West** <br>**Virginia** <br>**Fund**<br>|
| Commitment Fee | $168 | $445 | $1106 | $409 | $559 | $840 | $220 |
| 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 six months ended September 30, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** | **Affiliated Issuer - MFS Institutional Money Market Portfolio** |
|  | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| Mississippi Fund | $1038250 | $9562584 | $9574594 | $(108)<br>| $19 | $1026151 |
| New York Fund | 3985544 | 25077997 | 23850836 | (229)<br>| (41)<br>| 5212435 |
| North Carolina Fund | 8317182 | 77200517 | 69462322 | 436 | 1018 | 16056831 |
| Pennsylvania Fund | 4702009 | 25381483 | 27079994 | (402)<br>| 75 | 3003171 |
| South Carolina Fund | 3272621 | 39408557 | 37018791 | 668 | (161)<br>| 5662894 |
| Virginia Fund | 6659052 | 59048192 | 50480950 | 876 | (980)<br>| 15226190 |
| West Virginia Fund | 1300197 | 15155913 | 12037260 | (53)<br>| (187)<br>| 4418610 |

---

---

| | | |
|:---|:---|:---|
|  | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| Mississippi Fund | $20843 | $— |
| New York Fund | 73509 |  |
| North Carolina Fund | 339617 |  |
| Pennsylvania Fund | 132675 |  |
| South Carolina Fund | 108998 |  |
| Virginia Fund | 240331 |  |
| West Virginia Fund | 32015 |  |

---

------

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for 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.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

There is nothing to report for this item for 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.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

This information is disclosed as part of the financial statements included in Item 7 above for 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. See the Statements of Operations and Note 3 within the Notes to Financial Statements for more information.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

------

**Board Review of Investment Advisory Agreement**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, annually approve the continuation of each Fund's investment advisory agreement with MFS. The Trustees consider matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July 2025 ("contract review meetings") for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Funds and the other investment companies that the Board oversees (the "MFS Funds"). The independent Trustees were assisted in their evaluation of the Funds' investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.

In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for each Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Funds.

In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party, on the investment performance of the Funds for various time periods ended December 31, 2024 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the "Broadridge performance universe"), (ii) information provided by Broadridge on the Funds' advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee "breakpoints" are observed for the Funds, (v) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the Funds and the MFS Funds as a whole, and compared to MFS' institutional business, (vi) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel providing investment advisory, administrative and other services to the Funds and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the continuation of the investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Funds and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.

Based on information provided by Broadridge and MFS, the Trustees reviewed each Fund's total return investment performance as well as its respective Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of each Fund's Class I shares in comparison to the performance of funds in its respective Broadridge performance universe over the five-year period ended December 31, 2024, which the Trustees believed was a long enough period to reflect differing market conditions. See below for a description of the performance information considered by the Trustees.

In assessing the reasonableness of each Fund's advisory fee, the Trustees considered, among other information, each Fund's advisory fee and the total expense ratio of each Fund's Class I shares as a percentage of average daily net assets and the advisory fee and total expense ratios of the Broadridge expense groups based on information provided by Broadridge. The Trustees considered whether the Funds were subject to any fee waivers or reductions or expense limitations. See below for a description of the fee information considered by the Trustees.

The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS ("separate accounts") and unaffiliated investment companies for which MFS serves as subadviser ("subadvised funds") that have comparable investment strategies to each Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to each Fund, as well as the more extensive regulatory burdens imposed on MFS in managing each Fund, in comparison to the relevant separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS' investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of each Fund in comparison to the relevant separate accounts.

------

*Board Review of Investment Advisory Agreement - continued*

The Trustees also considered whether each Fund may benefit from any economies of scale in the management of the Fund in the event of growth in assets of the Fund and/or growth in assets of the MFS Funds as a whole. They noted that each Fund's advisory fee rate schedule is not subject to any breakpoints. Taking into account the information noted below, the Trustees determined not to recommend any advisory fee breakpoints for the Funds at this time. The Trustees also noted that MFS has agreed in writing to waive a portion of the management fees of certain MFS Funds, including the Funds, if the total combined assets of certain funds within the MFS Funds' complex increase above agreed upon thresholds (the "group fee waiver"), enabling each Fund's shareholders to share in the benefits from any economies of scale at the complex level. The group fee waiver is reviewed and renewed annually between the Board and MFS. The Trustees concluded that the group fee waiver was sufficient to allow each Fund to benefit from economies of scale as its assets and overall complex assets grow.

The Trustees also considered information prepared by MFS relating to MFS' costs and profits with respect to each Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds, the Funds and other accounts and products for purposes of estimating profitability.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to each Fund represent reasonable compensation in light of the services being provided by MFS to the Funds.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Funds. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Funds of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Funds by MFS and its affiliates under agreements and plans other than the investment advisory agreement, including any 12b-1 fees the Funds pay to MFS Fund Distributors, Inc., an affiliate of MFS. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Funds' behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Funds were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that each Fund's investment advisory agreement with MFS should be continued for an additional one-year period, commencing August 1, 2025.

**MFS Mississippi Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 3rd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 3rd quintile for each of the one- and three-year periods ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was approximately at the Broadridge expense group median and the Fund's total expense ratio was higher than the Broadridge expense group median.

------

*Board Review of Investment Advisory Agreement - continued*

**MFS New York Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

**MFS North Carolina Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for each of the one- and three-year periods ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

**MFS Pennsylvania Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period for the period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

------

*Board Review of Investment Advisory Agreement - continued*

**MFS South Carolina Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 2nd quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 1st quintile for the one-year period and the 2nd quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

**MFS Virginia Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate and total expense ratio were each approximately at the Broadridge expense group median.

**MFS West Virginia Municipal Bond Fund**

The total return performance of the Fund's Class I shares was in the 1st quintile relative to the funds in its Broadridge performance universe for the five-year period ended December 31, 2024 (the 1st quintile being the best performers and the 5th quintile being the worst performers). The total return performance of the Fund's Class I shares was in the 2nd quintile for the one-year period and the 1st quintile for the three-year period ended December 31, 2024 relative to the other funds in the universe. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund's performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS' responses and efforts relating to investment performance.

In assessing the reasonableness of the Fund's advisory fee, the Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees' approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund's last fiscal year), the Fund's effective advisory fee rate was lower than the Broadridge expense group median and the total expense ratio was approximately at the Broadridge expense group median.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. 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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
* 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. 

* 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. 

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.

------

#### ITEM 19. EXHIBITS.
* 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: Not applicable.

* Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

* 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](EX-99.302CERT.htm).

* 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.

* Change in the registrant's independent public accountant. Not applicable.

* 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](EX-99.906CERT.htm).

------

#### 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: November 13, 2025

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: November 13, 2025

By (Signature and Title)\*

/S/ KASEY L. PHILLIPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)

Date: November 13, 2025

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

------

## Exhibit 99.906

**<u>EX-99.906CERT</u>**

**MFS MUNICIPAL SERIES TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Municipal Series Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 13, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

**<u>EX-99.906CERT</u>**

**MFS MUNICIPAL SERIES TRUST**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Form N-CSR (the "Report") of MFS Municipal Series Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 13, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

**A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.**

------

## Ex-99

**<u>EX-99.302CERT</u>**

**MFS MUNICIPAL SERIES TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, David L. DiLorenzo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Municipal Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2025

<u>/S/ DAVID L. DILORENZO</u>

David L. DiLorenzo

President (Principal Executive Officer)

**<u>EX-99.302CERT</u>**

**MFS MUNICIPAL SERIES TRUST**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Kasey L. Phillips, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of MFS Municipal Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 13, 2025

<u>/S/ KASEY L. PHILLIPS</u>

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

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