Quarterly Report

August 31, 2018

MFS^®  California Municipal Fund

Portfolio of Investments

8/31/18 (unaudited)

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

Issuer			Shares/Par	Value ($)
Municipal Bonds – 166.2%
Airport Revenue – 9.9%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043		$	340,000	$ 379,658
Orange County, CA, Airport Rev., “A”, 5%, 7/01/2031			190,000	195,442
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2021			500,000	529,655
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2043			500,000	549,750
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042			335,000	375,002
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047			335,000	373,649
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2030			285,000	310,881
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031			150,000	163,456
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034			440,000	474,104
				$ 3,351,597
General Obligations - General Purpose – 5.5%
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2020		$	165,000	$ 172,255
Commonwealth of Puerto Rico, Public Improvement Refunding, “A-4”, AGM, 5%, 7/01/2031			40,000	41,652
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035			30,000	31,805
State of California, 5.25%, 4/01/2035			455,000	504,072
State of California, 5.5%, 3/01/2040			630,000	663,617
State of California, 5.25%, 11/01/2040			415,000	445,220
				$ 1,858,621
General Obligations - Schools – 39.6%
Alhambra, CA, Unified School District, “B”, ASSD GTY, 5.25%, 8/01/2028 (Prerefunded 8/01/2019)		$	500,000	$ 517,255
Beaumont, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, AGM, 0%, 8/01/2040			955,000	384,579
Beaumont, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, AGM, 0%, 8/01/2044			1,000,000	339,040
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038			535,000	598,606
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040			1,000,000	1,056,770
Imperial County, CA, Community College District Rev., “C”, 3.375%, 8/01/2037			500,000	485,995
Imperial County, CA, Community College District Rev., Capital Appreciation “C”, BAM, 0%, 8/01/2034			750,000	403,822
Imperial County, CA, Community College District Rev., Capital Appreciation “C”, BAM, 0%, 8/01/2035			1,250,000	635,425
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045			515,000	362,292
Los Angeles, CA, Community College District, 3%, 8/01/2039			455,000	416,502
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047			405,000	420,443
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032			330,000	199,287
Montebello, CA, Unified School District (Election of 2004), “A-1”, ASSD GTY, 5.25%, 8/01/2034 (Prerefunded 8/01/2019)			355,000	367,088
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046			255,000	261,426
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043			855,000	706,846
Napa Valley, CA, Unified School District, 5%, 8/01/2020			225,000	239,780
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028			170,000	199,267
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030			170,000	197,734
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045			410,000	467,806
Pomona, CA, Unified School District, “A”, NATL, 6.55%, 8/01/2029			1,000,000	1,244,270
San Diego, CA, Community College (Election of 2002), 5.25%, 8/01/2033 (Prerefunded 8/01/2019)			125,000	129,314
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034			265,000	129,728
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047			355,000	369,456
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041			265,000	292,096
San Mateo County, CA, Union High School District, “E”, 3%, 9/01/2041			560,000	503,283
Santee, CA, School District (Election of 2006), Capital Appreciation, “D”, ASSD GTY, 0%, 8/01/2043			765,000	272,271
Vallejo City, CA, Unified School District, “A”, NATL, 5.9%, 8/01/2025			500,000	577,585
Victor, CA, Elementary School District (Election of 2008), “A”, ASSD GTY, 5.125%, 8/01/2034 (Prerefunded 8/01/2019)			500,000	516,465
West Contra Costa, CA, Unified School District, “A”, NATL, 5.7%, 2/01/2023			500,000	581,075
West Covina, CA, Unified School District, “A”, NATL, 5.8%, 2/01/2021			500,000	546,870
				$ 13,422,376

1

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 25.3%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Sharp Healthcare), “A”, 5%, 8/01/2026		$	110,000	$ 120,051
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Sharp Healthcare), “B”, 6.25%, 8/01/2039 (Prerefunded 8/01/2019)			505,000	526,952
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042			450,000	502,911
California Health Facilities Financing Authority Rev. (Memorial Health Services), “A”, 5%, 10/01/2033			295,000	327,364
California Health Facilities Financing Authority Rev. (Providence St. Joseph Health System), “A”, 3%, 10/01/2041			220,000	197,188
California Health Facilities Financing Authority Rev. (Scripps Health), “A”, 5%, 11/15/2032			525,000	574,513
California Health Facilities Financing Authority Rev. (Scripps Health), “A”, 5%, 11/15/2040			255,000	278,552
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/2031 (Prerefunded 8/15/2020)			500,000	541,760
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046			535,000	603,084
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036			225,000	250,774
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037			150,000	166,604
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042			75,000	82,899
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2028			45,000	49,228
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2029			35,000	38,166
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2030			15,000	16,305
California Municipal Finance Authority Rev. (Northbay Healthcare Group), 5%, 11/01/2044			85,000	90,547
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035			65,000	69,870
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047			455,000	489,498
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 8/15/2023			500,000	501,425
California Statewide Communities Development Authority Rev. (Kaiser Permanente), “A”, 5%, 4/01/2042			455,000	494,772
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054			350,000	379,515
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036			65,000	74,950
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037			45,000	51,809
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038			40,000	45,807
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046			350,000	383,281
California Statewide Communities Development Authority Rev. (Santa Ynez Valley Cottage Hospital), 5.25%, 11/01/2030			260,000	276,994
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032			610,000	668,621
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041			450,000	492,714
Upland, CA, COP (San Antonio Community Hospital), 6.375%, 1/01/2032 (Prerefunded 1/01/2021)			250,000	276,977
				$ 8,573,131
Healthcare Revenue - Long Term Care – 6.5%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041		$	150,000	$ 163,352
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035			230,000	248,855
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038			65,000	67,350
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039			70,000	72,414
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040			65,000	67,133
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043			150,000	154,545
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044			295,000	312,125
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047			315,000	334,483
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042			115,000	116,582
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047			315,000	348,985
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro Inc. Project), “A”, CALHF, 5%, 11/15/2044			300,000	329,052
				$ 2,214,876
Industrial Revenue - Other – 1.8%
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035		$	485,000	$ 599,048
Miscellaneous Revenue - Other – 4.4%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Jackson Lab), 5%, 7/01/2037		$	400,000	$ 433,336
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2030			235,000	265,797
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034			170,000	190,607
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035			170,000	190,171
California Statewide Communities Development Authority Rev. (Buck Institute for Research on Aging), AGM, 5%, 11/15/2044			385,000	424,782
				$ 1,504,693

2

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds – continued
Port Revenue – 6.7%
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, 5%, 10/01/2037		$	470,000	$ 524,088
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036			600,000	676,284
Port of Oakland, CA, Rev., “P”, 5%, 5/01/2033			1,000,000	1,083,870
				$ 2,284,242
Sales & Excise Tax Revenue – 1.0%
California Economic Recovery, “A”, 5%, 7/01/2020 (Prerefunded 7/01/2019)		$	250,000	$ 257,370
Puerto Rico Sales Tax Financing Corp., Sales Tax Rev., Capital Appreciation, “A”, NATL, 0%, 8/01/2042			210,000	61,551
				$ 318,921
Secondary Schools – 2.8%
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040		$	85,000	$ 90,875
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045			85,000	90,610
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030			255,000	278,669
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037			85,000	94,330
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047			130,000	142,923
California Statewide Communities Development Authority School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047			230,000	250,019
				$ 947,426
State & Local Agencies – 13.1%
California Public Works Board Lease Rev. (Department of Corrections), “E”, AGM, 3%, 10/01/2036		$	415,000	$ 400,346
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028			380,000	425,068
California Public Works Board Lease Rev. (New Stockton Courthouse), “B”, 5%, 10/01/2033			275,000	313,670
Los Angeles County, CA, Facilities Lease Rev. (Vermont Corridor County Administration Building), “A”, 5%, 12/01/2043			1,000,000	1,158,890
Los Angeles County, CA, Schools Regionalized Business Service Corp., Pooled Financing, Capital Appreciation, “A”, AAC, 0%, 8/01/2023			1,220,000	1,070,123
Los Angeles, CA, Municipal Improvement Corp. Lease Rev., “B”, ASSD GTY, 5.5%, 4/01/2030 (Prerefunded 4/01/2019)			390,000	399,259
Ontario Public Finance Authority Lease Rev. , AGM, 5%, 11/01/2042			160,000	182,149
Sacramento County, CA, Public Facilities Project, COP, AAC, 4.75%, 10/01/2027			500,000	500,560
				$ 4,450,065
Tax - Other – 1.6%
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031		$	90,000	$ 90,049
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024			120,000	131,077
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026			80,000	88,433
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027			210,000	233,535
				$ 543,094
Tax Assessment – 7.1%
Huntington Park, CA, Public Financing Authority Rev., “A”, AGM, 5.25%, 9/01/2019		$	500,000	$ 501,235
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033			160,000	176,955
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030			190,000	217,432
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031			225,000	256,554
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034			295,000	329,607
San Dieguito, CA, Public Facilities Authority, ''A'', AAC, 5%, 8/01/2032			500,000	501,100
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 (Mission Bay South Public Improvements), “A”, 5%, 8/01/2033			130,000	141,311
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043			250,000	276,158
				$ 2,400,352
Tobacco – 1.0%
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2047		$	335,000	$ 344,045

3

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds – continued
Toll Roads – 3.1%
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033		$	515,000	$ 552,456
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034			145,000	154,530
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044			320,000	354,115
				$ 1,061,101
Transportation - Special Tax – 2.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032		$	55,000	$ 56,851
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029			10,000	10,009
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038			345,000	377,699
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035			30,000	31,949
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032			40,000	43,017
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033			25,000	26,843
Commonwealth of Puerto Rico Highway & Transportation Authority Unrefunded Rev., “A”, NATL, 5%, 7/01/2038			10,000	10,001
San Francisco, CA, Municipal Transportation Agency Rev., “B”, 5%, 3/01/2037			335,000	365,157
				$ 921,526
Universities - Colleges – 10.8%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036		$	285,000	$ 327,593
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036			75,000	84,869
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037			235,000	265,174
California Educational Facilities Authority Rev. (Stanford University), “U-7”, 5%, 6/01/2046			235,000	305,185
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021)			140,000	158,375
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030			145,000	163,474
California Municipal Finance Authority Rev. (Azusa Pacific University Project), “B”, 5%, 4/01/2035			345,000	377,896
California Public Works Board Lease Rev. (The Regents of the University of California), 5%, 12/01/2028 (Prerefunded 12/01/2021)			375,000	414,829
California State University Rev., “A”, 5%, 11/01/2024			370,000	406,393
California State University Rev., “A”, 5%, 11/01/2030			270,000	310,943
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033			75,000	75,107
The Regents of the University of California, Limited Project Rev., “O”, 4%, 5/15/2048			750,000	776,198
				$ 3,666,036
Universities - Dormitories – 0.8%
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation) “A”, 5%, 6/01/2035		$	25,000	$ 27,295
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043			230,000	257,393
				$ 284,688
Utilities - Cogeneration – 0.7%
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 11/21/2045		$	150,000	$ 157,977
California Pollution Control Financing Authority, Water Furnishing Rev. (San Diego County Water Desalination Project Pipeline), 5%, 11/21/2045			75,000	75,815
				$ 233,792
Utilities - Municipal Owned – 5.7%
California Department of Water Resources, Power Supply Rev., “L”, 5%, 5/01/2019		$	305,000	$ 312,174
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039			50,000	54,430
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044			55,000	59,778
Northern California Power Agency, Capital Facilities Rev., “A”, 5.25%, 8/01/2024			390,000	408,751
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023			10,000	10,004
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024			55,000	55,019
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030			5,000	5,004
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027			40,000	40,030
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033			35,000	37,579
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032			125,000	134,429
Sacramento, CA, Municipal Utility District Electric Rev., “X”, 5%, 8/15/2025 (Prerefunded 8/15/2021)			95,000	103,793
Sacramento, CA, Municipal Utility District Electric Rev., Unrefunded Balance, “X”, 5%, 8/15/2025			275,000	300,704
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041			370,000	400,011
				$ 1,921,706

4

Portfolio of Investments (unaudited) – continued

Issuer			Shares/Par	Value ($)
Municipal Bonds – continued
Utilities - Other – 3.1%
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039		$	245,000	$ 343,228
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033			585,000	692,055
				$ 1,035,283
Water & Sewer Utility Revenue – 13.0%
Atwater, CA, Public Financing Authority Wastewater Rev., ASSD GTY, 5%, 5/01/2034 (Prerefunded 5/01/2019)		$	500,000	$ 511,895
El Monte, CA, Water Authority Rev., “A”, BAM, 5%, 9/01/2048			750,000	863,257
Escondido, CA, Joint Powers Financing Authority Rev. (Water System Financing), 5%, 9/01/2041			460,000	495,319
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036			20,000	21,929
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046			105,000	114,153
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029			105,000	114,467
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035			105,000	112,907
Madera, CA, Financing Authority, Irrigation Rev., 6.5%, 1/01/2040 (Prerefunded 1/01/2020)			440,000	468,503
Norco, CA, Financing Authority, Enterprise Rev., AGM, 5.625%, 10/01/2039			215,000	223,387
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030			340,000	383,037
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031			85,000	95,518
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043			370,000	405,912
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031			350,000	401,072
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035			170,000	192,083
				$ 4,403,439
Total Municipal Bonds				$56,340,058
Investment Companies (h) – 4.3%
Money Market Funds – 4.3%
MFS Institutional Money Market Portfolio, 2.03% (v)			1,444,833	$ 1,444,833
Other Assets, Less Liabilities – 1.5%				527,626
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value of $24,425,000 net of unamortized debt issuance costs of $11,074 (issued by the fund) – (72.0)%				(24,413,926)
Net assets applicable to common shares – 100.0%				$33,898,591

(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 $1,444,833 and $56,340,058, respectively.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
ASSD GTY	Assured Guaranty Insurance Co.
BAM	Build America Mutual
CALHF	California Health Facility Construction Loan Insurance Program
COP	Certificate of Participation
NATL	National Public Finance Guarantee Corp.

    

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Portfolio of Investments (unaudited) – continued

Derivative Contracts at 8/31/18
Futures Contracts
Description	Long/ Short	Currency	Contracts	Notional Amount	Expiration Date	Value/Unrealized Appreciation (Depreciation)
Liability Derivatives
Interest Rate Futures
U.S. Treasury Bond 30 yr	Short	USD	8	$1,153,750	December – 2018	$(2,919)
U.S. Treasury Note 10 yr	Short	USD	19	2,285,047	December – 2018	(4,670)
						$(7,589)

At August 31, 2018, the fund had cash collateral of $38,350 to cover any collateral or margin obligations for certain derivative contracts.

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

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Supplemental Information

8/31/18 (unaudited)

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

(1) Investment Valuations

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

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of August 31, 2018 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$56,340,058	$—	$56,340,058
Mutual Funds	1,444,833	—	—	1,444,833
Total	$1,444,833	$56,340,058	$—	$57,784,891
Other Financial Instruments
Futures Contracts - Liabilities	$(7,589)	$—	$—	$(7,589)

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

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Supplemental Information (unaudited) – continued

(2) Investments in Affiliated Issuers

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

Affiliated Issuers	Beginning Shares/Par Amount	Acquisitions Shares/Par Amount	Dispositions Shares/Par Amount	Ending Shares/Par Amount
MFS Institutional Money Market Portfolio	435,550	11,053,793	(10,044,510)	1,444,833

Affiliated Issuers	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Capital Gain Distributions	Dividend Income	Ending Value
MFS Institutional Money Market Portfolio	$42	$196	$—	$12,241	$1,444,833

    

(3) Jurisdiction Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2018, are as follows:

California	94.3%
Puerto Rico	2.9%
New York	1.0%
Guam	0.8%

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

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