NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MMD-Q1
 
Quarterly Report
June 30, 2025
MFS®  Maryland
Municipal Bond Fund
 
Portfolio of Investments
6/30/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 96.2%
Airport Revenue – 3.1%
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 
 
$
70,000
$61,887
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 
 
 
65,000
55,842
Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood
Marshall Airport), “A”, AGM, 5.25%, 8/01/2049 
 
 
1,000,000
1,016,786
Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood
Marshall Airport), “A”, AGM, 5.25%, 8/01/2054 
 
 
1,000,000
1,012,989
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2025 
 
 
1,525,000
1,531,645
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 
 
 
655,000
642,912
 
 
 
$4,322,061
General Obligations - General Purpose – 10.8%
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2045 
 
$
1,315,000
$1,367,269
Anne Arundel County, MD, General Obligation, Consolidated Water & Sewer, 5%, 10/01/2053 
 
 
1,500,000
1,549,449
Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045 
 
 
1,500,000
1,393,753
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
225,000
206,013
Cheverly, MD, Public Improvement, 4.5%, 11/01/2047 
 
 
490,000
494,146
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029 
 
 
45,031
47,499
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
121,739
131,311
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
41,476
40,465
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
75,390
72,589
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
31,997
30,485
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
43,504
38,661
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
150,243
128,370
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
53,375
36,900
Howard County, MD, Metropolitan District Project, “B”, 3%, 8/15/2051 
 
 
1,155,000
807,212
Howard County, MD, Metropolitan District Project, “C”, 4%, 2/15/2048 
 
 
1,500,000
1,362,182
Hyattsville, MD, General Obligation, 5%, 1/01/2049 
 
 
1,000,000
964,247
Maryland Community Development Administration, Local Government Infrastructure, “A-2”, 4%, 6/01/2036 
 
 
1,210,000
1,207,564
Maryland State & Local Facilities Loan, General Obligation Refunding, “A”, 5%, 8/01/2025 
 
 
2,055,000
2,058,379
Montgomery County, MD, General Obligation, Consolidated Public Improvement, “A”, 5%, 8/01/2035 
 
 
1,000,000
1,106,955
Prince George's County, MD, General Obligation, Public Improvement, “A”, 5%, 8/01/2045 
 
 
1,500,000
1,574,052
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
160,000
167,596
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 
 
 
205,000
184,582
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 
 
 
95,000
84,160
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
130,000
115,110
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
50,000
43,614
 
 
 
$15,212,563
General Obligations - Schools – 0.4%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 
 
$
325,000
$256,634
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 
 
 
405,000
372,695
 
 
 
$629,329
Healthcare Revenue - Hospitals – 17.1%
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 
 
$
10,000
$8,689
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”,
4.125%, 7/01/2052 
 
 
540,000
465,143
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 
 
 
750,000
772,134
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 
 
 
750,000
760,644
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045 
 
 
1,000,000
866,297
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), “A”, 4%, 7/01/2039 
 
 
1,145,000
1,062,950
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), “A”, 4%, 7/01/2041 
 
 
1,000,000
904,039
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042 
 
 
1,475,000
1,340,109
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5.25%, 7/01/2054 
 
 
750,000
767,870
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), “A”, AGM, 5.25%, 8/15/2038 
 
 
1,155,000
1,269,640
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2029 
 
$
900,000
$900,770
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033 
 
 
1,030,000
1,030,518
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), “A”, 5%, 8/15/2041 
 
 
505,000
500,462
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), “A”, 5%, 5/15/2042 
 
 
750,000
750,820
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), “A”, 5%, 7/01/2032 
 
 
600,000
607,834
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), 5.25%, 7/01/2050 
 
 
1,000,000
1,007,064
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), AGM, 5%, 7/01/2055 
 
 
1,000,000
993,821
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), “A”, 5%, 7/01/2033 
 
 
1,205,000
1,267,275
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), “A”, 5%, 7/01/2035 
 
 
500,000
519,157
Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), “MD”, 5%, 12/01/2046 
 
 
1,000,000
1,001,209
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), “B”, 5%, 7/01/2034 
 
 
1,000,000
1,025,517
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), “D”, 4%, 7/01/2048 
 
 
1,250,000
1,100,336
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland), “A”, 5.25%, 7/01/2052 
 
 
750,000
762,636
Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), “B”, 4%, 4/15/2045 
 
 
995,000
870,107
Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), “B”, AGM,
4%, 4/15/2045 
 
 
915,000
810,474
Montgomery County, MD, Rev. (Trinity Health Credit Group), “MD”, 4%, 12/01/2044 
 
 
415,000
366,149
Montgomery County, MD, Rev. (Trinity Health Credit Group), “MD”, 5%, 12/01/2045 
 
 
1,240,000
1,218,048
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 
 
 
590,000
516,882
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 
 
 
630,000
573,000
 
 
 
$24,039,594
Healthcare Revenue - Long Term Care – 2.3%
Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045 
 
$
1,000,000
$860,344
Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038 
 
 
450,000
429,743
Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 
 
 
500,000
482,371
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), “A”, 5%, 1/01/2045 
 
 
500,000
500,758
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 
 
 
350,000
323,602
Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), “B”, 5%, 1/01/2032 
 
 
575,000
616,345
 
 
 
$3,213,163
Healthcare Revenue - Other – 0.2%
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 
 
$
260,000
$260,124
Miscellaneous Revenue - Other – 1.8%
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 
 
$
20,000
$20,016
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034 
 
 
85,000
85,529
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 
 
 
70,000
66,455
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039 
 
 
1,100,000
1,009,138
Montgomery County, MD, Transportation Fund Lease Authority Rev., “A”, 5%, 11/01/2036 
 
 
415,000
416,134
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
240,000
234,536
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC),
5%, 7/01/2028 
 
 
250,000
250,021
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057 
 
 
490,000
477,661
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
40,000
40,330
 
 
 
$2,599,820
Multi-Family Housing Revenue – 9.4%
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), “A”, 5%, 6/01/2044 
 
$
500,000
$498,810
Howard County, MD, Housing Commission Rev. (Orchard Meadows Apartments), 5%, 12/01/2043 
 
 
500,000
501,030
Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037 
 
 
750,000
759,606
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, FHA,
4%, 7/01/2048 
 
 
500,000
442,814
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”,
3.65%, 7/01/2049 
 
 
505,000
438,597
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “D”,
3.35%, 7/01/2049 
 
 
1,765,000
1,360,238
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
Maryland Community Development Administration, Multi-Family Development Rev. (Hopkins Village Apartments), “D”,
4.8%, 7/01/2042 
 
$
1,000,000
$994,715
Maryland Community Development Administration, Multi-Family Development Rev. (Villages at Marley Station), “D-1”, FNMA,
4.35%, 2/01/2044 
 
 
1,250,000
1,186,531
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “A”, 4.85%, 7/01/2053 
 
 
500,000
488,853
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “A-1”, FHA,
3.05%, 7/01/2044 
 
 
1,000,000
773,579
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”,
5.125%, 7/01/2037 
 
 
1,000,000
1,019,151
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036 
 
 
1,065,000
938,024
Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., “C”, 5.5%, 1/01/2048 
 
 
1,000,000
1,052,496
Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., “C”, 5.125%, 1/01/2053 
 
 
500,000
506,710
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
276,543
267,783
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA,
2.45%, 11/01/2045 
 
 
765,000
496,699
Virginia Housing Development Authority, Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048 
 
 
500,000
500,826
Wisconsin Housing & Economic Development Authority, Multi-Family Housing, Taxable (Flats at Bishop Woods Project), “E”,
4.75%, 6/01/2043 
 
 
1,000,000
994,720
 
 
 
$13,221,182
Parking – 1.0%
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034 
 
$
1,385,000
$1,395,922
Port Revenue – 1.1%
Maryland Economic Development Corp. Rev. (Terminal Project), “A”, 5%, 6/01/2044 
 
$
500,000
$484,443
Maryland Economic Development Corp. Rev. (Terminal Project), “A”, 5%, 6/01/2049 
 
 
250,000
234,879
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), “A”, 5%, 6/01/2031 
 
 
650,000
671,197
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
 
190,000
133,692
 
 
 
$1,524,211
Sales & Excise Tax Revenue – 2.1%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 
 
$
75,000
$66,388
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
21,000
20,129
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
81,000
74,469
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
1,817,000
1,708,213
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
160,000
150,132
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
75,000
70,374
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
267,000
243,309
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
6,000
5,120
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
338,000
263,712
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
332,000
235,990
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
151,000
47,814
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
120,000
116,100
 
 
 
$3,001,750
Secondary Schools – 0.2%
District of Columbia Rev. (Rocketship D.C. Obligated Group), “A”, 5%, 6/01/2039 (n)
 
$
250,000
$241,603
Single Family Housing - Local – 1.4%
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), “A”, FHA, 5.75%, 7/01/2054 
 
$
950,000
$1,021,154
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), “C”, VRDN, 1.8%, 1/01/2041 
 
 
1,000,000
1,000,000
 
 
 
$2,021,154
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Single Family Housing - State – 7.3%
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”,
2.1%, 9/01/2041 
 
$
1,500,000
$1,008,167
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 4.45%, 9/01/2043 
 
 
500,000
494,277
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 5.5%, 9/01/2053 
 
 
905,000
967,024
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”,
2.1%, 3/01/2033 
 
 
250,000
212,181
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”,
3%, 9/01/2051 
 
 
745,000
733,323
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “D”,
5.05%, 3/01/2047 
 
 
1,000,000
979,948
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “D”,
6%, 3/01/2053 
 
 
855,000
910,258
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “E”,
GNMA, 5.1%, 3/01/2048 
 
 
1,000,000
1,004,340
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “E”,
GNMA, 6.25%, 3/01/2054 
 
 
940,000
1,019,207
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “E”,
GNMA, 6.25%, 9/01/2055 
 
 
1,000,000
1,113,702
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”,
3%, 9/01/2039 
 
 
1,000,000
835,949
Maryland Community Development Administration, Department of Housing & Community Development Rev., “D”, FHA,
3.1%, 4/01/2026 
 
 
975,000
975,386
 
 
 
$10,253,762
State & Local Agencies – 15.2%
Baltimore County, MD, Rev. Certificates of Participation, (Equipment Acquisition Program), 5%, 3/01/2026 
 
$
1,000,000
$1,014,507
Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047 
 
 
1,000,000
855,870
Maryland Economic Development Corp., Lease Rev. (Reservoir Square Project), 5%, 7/01/2056 
 
 
2,000,000
1,968,964
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program,
5%, 5/01/2041 (Prerefunded 5/01/2026) 
 
 
500,000
509,058
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, “A”, 5%, 5/01/2035 
 
 
1,725,000
1,795,777
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, “A”, 5%, 5/01/2038 
 
 
500,000
515,247
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation,
“C”, 0%, 5/01/2054 
 
 
2,000,000
435,293
Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046 
 
 
1,405,000
1,251,709
Maryland Stadium Authority, Built to Learn Rev., 5%, 6/01/2046 
 
 
1,500,000
1,537,402
Maryland Stadium Authority, Built to Learn Rev., 5.25%, 6/01/2051 (u)
 
 
1,500,000
1,558,559
Maryland Stadium Authority, Built to Learn Rev., “A”, 4%, 6/01/2036 
 
 
1,000,000
1,009,451
Maryland Stadium Authority, Built to Learn Rev., “A”, 4%, 6/01/2041 
 
 
1,500,000
1,419,760
Maryland Stadium Authority, Sport Entertainment Facilities Rev. (Hagerstown Project), “A”, 5.25%, 6/15/2052 
 
 
1,000,000
1,036,568
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/2032) 
 
 
75,000
87,788
Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038 
 
 
1,000,000
862,199
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037 
 
 
1,000,000
1,039,774
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048 
 
 
1,500,000
1,505,819
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), “A”,
5%, 7/15/2040 
 
 
1,500,000
1,584,851
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5.25%, 7/15/2059 (u)
 
 
1,315,000
1,351,142
 
 
 
$21,339,738
Student Loan Revenue – 0.3%
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 
 
$
115,000
$86,070
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
 
385,000
379,655
 
 
 
$465,725
Tax - Other – 2.4%
Anne Arundel County, MD, Special Taxing District Refunding Bonds (Villages at Two Rivers Project), AGM, 4.25%, 7/01/2044 
 
$
1,000,000
$930,422
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
90,000
88,599
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
225,000
232,689
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tax - Other – continued
Maryland Economic Development Corp., Recreational Facilities Rev. (Southfields Sports Park Complex), 5%, 10/01/2050 
 
$
500,000
$494,892
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 
 
 
850,000
759,279
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.125%, 2/01/2048 
 
 
500,000
452,144
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 
 
 
600,000
418,753
 
 
 
$3,376,778
Tax Assessment – 3.2%
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038 
 
$
500,000
$500,493
Baltimore, MD, Special Obligation Rev. (Harbor Point Project), “B”, 3.875%, 6/01/2046 (n)
 
 
300,000
247,969
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 
 
 
500,000
502,291
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), “B”, 4.625%, 7/01/2043 (n)
 
 
250,000
230,990
Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039 
 
 
500,000
441,351
Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), “A”, 5%, 7/01/2026 
 
 
810,000
825,835
Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), “B”, 4%, 7/01/2040 
 
 
155,000
142,160
Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), “A”, 5%, 7/01/2043 (n)
 
 
250,000
240,389
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 5%, 2/15/2044 
 
 
750,000
764,095
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)
 
 
300,000
265,863
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n)
 
 
500,000
402,068
 
 
 
$4,563,504
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 
 
$
410,000
$339,700
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 
 
 
320,000
272,809
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
245,000
222,935
 
 
 
$835,444
Toll Roads – 1.0%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects),
“A”, AGM, 4%, 10/01/2052 
 
$
500,000
$426,222
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 
 
 
915,000
950,421
 
 
 
$1,376,643
Transportation - Special Tax – 3.1%
Maryland Department of Transportation, Consolidated Transportation Refunding Rev., 5%, 7/01/2043 
 
$
1,000,000
$1,048,422
Maryland Department of Transportation, Consolidated Transportation, “A”, 3%, 10/01/2033 
 
 
500,000
475,350
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 
 
 
1,000,000
860,076
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 
 
 
440,000
445,859
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 
 
 
440,000
444,351
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043 
 
 
1,140,000
1,143,105
 
 
 
$4,417,163
Universities - Colleges – 3.7%
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), “A”, 5%, 7/01/2044 
 
$
500,000
$461,181
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2054 
 
 
1,000,000
971,576
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049 
 
 
1,000,000
991,562
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5%, 6/01/2033 
 
 
450,000
453,357
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5.5%, 6/01/2047 
 
 
1,000,000
1,011,862
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046 
 
 
750,000
628,059
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051 
 
 
250,000
202,117
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 
 
 
420,000
330,562
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 
 
 
65,000
65,067
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
 
 
110,000
97,627
 
 
 
$5,212,970
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Dormitories – 2.9%
Maryland Economic Development Corp., Senior Student Housing Rev. (Morgan State University Harper-Tubman Project), “A”,
AGM, 5.75%, 7/01/2064 
 
$
1,000,000
$1,049,578
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown
Project), AGM, 5.25%, 7/01/2064 
 
 
750,000
750,408
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM,
5%, 6/01/2035 
 
 
750,000
756,292
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050 
 
 
1,000,000
970,958
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027 
 
 
215,000
215,125
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030 
 
 
300,000
300,097
 
 
 
$4,042,458
Utilities - Municipal Owned – 0.6%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
100,000
$54,625
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
160,000
87,400
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
 
250,000
136,563
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)
 
 
15,000
8,194
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
125,000
68,281
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
10,000
9,827
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 
 
 
555,000
471,048
 
 
 
$835,938
Utilities - Other – 2.8%
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
$
720,000
$754,504
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “H”, 5%, 1/01/2056 (Put Date
8/01/2033) 
 
 
1,000,000
1,072,011
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
400,000
429,431
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
665,000
697,538
Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., “A”, 5%, 11/01/2035 
 
 
485,000
501,074
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
410,000
430,321
 
 
 
$3,884,879
Water & Sewer Utility Revenue – 2.2%
Baltimore, MD, Project Rev. (Water Projects), “A”, 4%, 7/01/2038 
 
$
550,000
$537,102
Baltimore, MD, Project Rev. (Water Projects), “A”, 4%, 7/01/2049 
 
 
1,545,000
1,362,552
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 
 
 
105,000
104,121
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
130,000
128,419
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM,
6.875%, 12/01/2040 
 
 
50,000
50,857
Washington Suburban Sanitary District, MD, Consolidated Public Improvement, 4%, 6/01/2049 
 
 
1,000,000
900,860
 
 
 
$3,083,911
Total Municipal Bonds
$135,371,389
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
219,865
$73,457
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
171,593
$105,530
Mutual Funds (h) – 2.5%
Money Market Funds – 2.5%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
3,560,924
$3,561,280
 
Other Assets, Less Liabilities – 1.1%
1,572,815
Net Assets – 100.0%
$140,684,471
 
6
Portfolio of Investments (unaudited) – continued
(a)
Non-income producing security.
 
 
 
(d)
In default.
 
 
 
(h)
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is
under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were
$3,561,280 and $135,550,376, respectively.
 
 
 
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was
$2,150,602, representing 1.5% of net assets.
 
 
 
(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.
 
 
 
 
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
FHA
Federal Housing Administration
FNMA
Federal National Mortgage Assn.
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
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
daily or weekly, represents the rate in effect at period end and may not be the current rate.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
7
Supplemental Information
6/30/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
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 June 30, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$135,476,919
$—
$135,476,919
U.S. Corporate Bonds
—
73,457
—
73,457
Investment Companies
3,561,280
—
—
3,561,280
Total
$3,561,280
$135,550,376
$—
$139,111,656
For further information regarding security characteristics, see the Portfolio of Investments.
8
Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$5,413,185
$12,758,823
$14,610,388
$(558
)
$218
$3,561,280
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$48,461
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows: 
Maryland
76.7%
Washington DC
4.7%
New York
3.1%
Puerto Rico
2.8%
California
1.7%
Virginia
1.2%
Alabama
1.2%
Illinois
0.9%
Wisconsin
0.8%
Texas
0.8%
South Carolina
0.7%
Florida
0.6%
Ohio
0.4%
Pennsylvania
0.3%
New Jersey
0.3%
Tennessee
0.3%
Massachusetts
0.2%
Guam
0.2%
New Hampshire
0.2%
Colorado
0.1%
Iowa
0.1%
Mississippi (o)
0.0%
U.S. Virgin Islands (o)
0.0%
(o) Less than 0.1%.
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
9