NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MPA-Q1
 
Quarterly Report
June 30, 2025
MFS®  Pennsylvania
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 – 96.1%
Airport Revenue – 3.1%
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2048 
 
$
1,000,000
$1,037,012
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2050 
 
 
1,000,000
1,044,241
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2053 
 
 
1,000,000
1,029,935
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
755,000
755,457
Philadelphia, PA, Airport Refunding Rev., “B”, 5%, 7/01/2037 
 
 
455,000
456,915
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 
 
 
750,000
758,406
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 
 
 
55,000
55,084
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 
 
 
45,000
45,001
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 
 
 
80,000
79,477
 
 
 
$5,261,528
General Obligations - General Purpose – 5.5%
Allegheny County, PA, Bethel Park School District General Obligation, 5.5%, 8/01/2048 
 
$
1,000,000
$1,052,818
Allegheny County, PA, General Obligation, “C-80”, 5%, 12/01/2049 
 
 
1,000,000
1,021,243
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
350,000
320,465
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043 
 
 
1,000,000
936,519
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 
 
 
600,000
614,886
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029 
 
 
66,341
69,977
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
245,437
264,734
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
61,103
59,614
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
116,918
112,574
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
47,139
44,912
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
64,091
56,956
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
234,653
200,491
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
78,634
54,362
Lackawanna County, PA, General Obligation, BAM, 4%, 9/15/2035 
 
 
1,000,000
1,010,297
Penn Hills, PA, General Obligation, Capital Appreciation, “D”, 0%, 12/01/2032 
 
 
595,000
437,117
Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), “A”, 5%, 11/01/2042 
 
 
1,000,000
1,034,935
Pittsburgh, PA, General Obligation Capital Improvement, 4.25%, 9/01/2045 
 
 
1,450,000
1,325,336
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
125,000
130,934
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
115,000
119,372
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
130,000
132,696
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
165,000
146,101
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
65,000
56,697
 
 
 
$9,203,036
General Obligations - Schools – 12.2%
Allegheny County, PA, Moon Area School District General Obligation, “B”, AGM, 4%, 11/15/2049 
 
$
1,500,000
$1,299,234
Allegheny County, PA, Steel Valley School District General Obligation, BAM, 5%, 11/01/2041 
 
 
885,000
911,351
Allegheny County, PA, Steel Valley School District General Obligation, BAM, 5%, 11/01/2042 
 
 
730,000
747,709
Allentown, PA, School District, General Obligation, AGM, 5%, 6/01/2049 
 
 
1,000,000
1,018,867
Beaver County, PA, Aliquippa School District General Obligation, BAM, 4%, 12/01/2041 
 
 
1,000,000
961,933
Berks County, PA, Muhlenberg School District General Obligation, 5%, 5/15/2054 
 
 
1,000,000
1,005,209
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 
 
 
1,000,000
1,013,547
Bradford & Wyoming Counties, PA, Wyalusing Area School District, General Obligation, 5.125%, 4/01/2065 (w)
 
 
1,000,000
992,338
Bucks County, PA, Pennsbury School District General Obligation, 5%, 8/01/2043 
 
 
560,000
577,825
Bucks County, PA, Pennsbury School District General Obligation, 5%, 8/01/2044 
 
 
1,000,000
1,028,243
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031 
 
 
1,150,000
896,427
Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2043 
 
 
750,000
773,142
Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2044 
 
 
500,000
513,922
Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063 
 
 
1,500,000
1,556,517
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 
 
 
765,000
655,190
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 
 
 
1,500,000
1,480,560
Northampton and Lehigh Counties, PA, Bethlehem Area School District General Obligation, BAM, 5%, 10/01/2042 
 
 
1,000,000
1,033,362
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026) 
 
 
5,000
5,132
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 
 
$
1,495,000
$1,519,117
Philadelphia, PA, School District, “A”, 5%, 9/01/2044 
 
 
1,500,000
1,501,880
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039 
 
 
1,000,000
900,149
 
 
 
$20,391,654
Healthcare Revenue - Hospitals – 14.2%
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 
 
$
1,000,000
$1,020,822
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034 
 
 
83,000
87,833
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039 
 
 
1,470,000
1,356,991
Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, “B-1”, 0% to 11/15/2029,
6% to 6/30/2044 
 
 
735,000
530,698
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034 
 
 
105,000
107,136
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project),
4%, 8/15/2044 
 
 
1,000,000
864,697
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded
12/01/2028) 
 
 
665,000
714,076
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 
 
 
335,000
328,159
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052 
 
 
1,750,000
1,698,129
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029) 
 
 
100,000
107,257
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 
 
 
900,000
879,820
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 
 
 
500,000
474,629
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 
 
 
1,000,000
945,893
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 
 
 
1,000,000
903,143
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 
 
 
500,000
427,591
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2039 
 
 
1,000,000
931,445
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042 
 
 
2,000,000
1,781,286
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045 
 
 
1,000,000
986,805
Montour County, PA, Geisinger Authority, Health System Rev., “A”, 4%, 4/01/2039 
 
 
1,000,000
946,219
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048 
 
 
500,000
492,370
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053 
 
 
1,000,000
831,151
Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), 5.5%, 8/15/2055 (w)
 
 
1,000,000
1,052,162
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036 
 
 
1,000,000
1,007,497
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 
 
 
1,000,000
993,196
Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), “A”,
5.5%, 7/01/2053 
 
 
1,500,000
1,580,922
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group),
“A”, 5%, 7/01/2034 
 
 
500,000
504,424
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 
 
 
1,000,000
883,569
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037 
 
 
1,400,000
1,295,269
 
 
 
$23,733,189
Healthcare Revenue - Long Term Care – 5.1%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2054 
 
$
750,000
$691,387
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 
 
 
500,000
407,982
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039 
 
 
140,000
138,747
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded
1/01/2029) 
 
 
95,000
101,504
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded
1/01/2029) 
 
 
765,000
817,373
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 
 
 
750,000
750,009
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”,
5%, 7/01/2045 
 
 
500,000
463,860
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 
 
 
260,000
265,326
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 
 
 
250,000
254,439
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 
 
 
500,000
489,951
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 
 
 
500,000
450,571
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 
 
 
500,000
419,016
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), “A”, 5%, 5/01/2049 
 
 
900,000
871,042
Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055 
 
 
1,000,000
932,454
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project),
5.375%, 1/01/2050 
 
$
400,000
$351,255
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 
 
 
750,000
751,254
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2049 
 
 
500,000
437,915
 
 
 
$8,594,085
Industrial Revenue - Environmental Services – 0.7%
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) 
 
$
200,000
$217,774
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A-2”,
4.6%, 10/01/2046 (Put Date 10/01/2026) 
 
 
1,000,000
1,007,376
 
 
 
$1,225,150
Industrial Revenue - Other – 0.7%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 
 
$
1,000,000
$1,104,179
Miscellaneous Revenue - Other – 1.6%
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
$
395,000
$386,007
Pennsylvania Economic Development Authority Rev. (Capitol Region Parking System), AGM, 4%, 1/01/2041 
 
 
1,300,000
1,229,311
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project),
5%, 12/31/2034 
 
 
970,000
973,263
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
65,000
65,535
 
 
 
$2,654,116
Multi-Family Housing Revenue – 3.2%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
$
450,721
$436,443
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8,
5%, 2/01/2042 (Put Date 9/01/2025) 
 
 
225,000
225,856
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons
Apartments), FNMA, 3.6%, 8/01/2035 
 
 
912,952
869,107
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Darby Townhouses),
FNMA, 4.9%, 6/01/2041 
 
 
1,000,000
1,010,836
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Skyview Park
Apartments), FNMA, 4.625%, 2/01/2042 
 
 
1,500,000
1,491,442
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “I”, 5%, 12/01/2058 (Prerefunded 12/01/2026) 
 
 
1,250,000
1,285,841
 
 
 
$5,319,525
Port Revenue – 0.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
$
300,000
$211,093
Sales & Excise Tax Revenue – 1.8%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 
 
$
120,000
$106,221
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
1,000
869
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
35,000
33,548
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
124,000
114,001
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
979,000
920,386
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
243,000
228,013
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
116,000
108,845
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
364,000
331,703
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
9,000
7,681
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
524,000
408,832
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
509,000
361,803
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
227,000
71,879
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
195,000
188,662
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
205,000
198,337
 
 
 
$3,080,780
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Secondary Schools – 2.6%
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy
Charter School Project), 5%, 7/01/2059 (n)
 
$
750,000
$674,601
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046 
 
 
500,000
465,008
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”,
5%, 12/15/2047 
 
 
500,000
463,092
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046 
 
 
625,000
526,716
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n)
 
 
900,000
861,581
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 
 
 
450,000
450,394
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 
 
 
500,000
475,197
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project),
5.5%, 6/15/2043 (n)
 
 
500,000
481,889
 
 
 
$4,398,478
Single Family Housing - State – 8.5%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.6%, 10/01/2049 (n)
 
$
1,000,000
$950,784
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 6%, 10/01/2054 (n)
 
 
1,470,000
1,586,762
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032 
 
 
1,000,000
954,156
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.6%, 10/01/2043 
 
 
1,000,000
974,688
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.7%, 10/01/2046 
 
 
1,000,000
984,320
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “145A”, 4.75%, 10/01/2049 
 
 
1,000,000
971,478
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “146A”, 4.75%, 4/01/2053 
 
 
1,000,000
967,634
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “146A”, 6.25%, 10/01/2054 
 
 
1,000,000
1,092,658
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “149A”, 5.1%, 10/01/2045 (w)
 
 
1,000,000
998,964
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025 
 
 
300,000
300,638
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2026 
 
 
1,545,000
1,568,555
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 
 
 
1,300,000
1,378,268
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 
 
 
1,375,000
1,451,534
 
 
 
$14,180,439
State & Local Agencies – 3.3%
Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047 
 
$
565,000
$483,567
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2042 
 
 
1,375,000
1,431,107
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2043 
 
 
500,000
518,862
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2044 
 
 
650,000
671,548
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/2032) 
 
 
90,000
105,346
Pennsylvania School District Authority Rev. (William Penn School District Project), “A”, BAM, 4.125%, 3/15/2044 
 
 
1,200,000
1,109,322
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 
 
 
250,000
256,803
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 
 
 
1,000,000
1,023,745
 
 
 
$5,600,300
Student Loan Revenue – 3.8%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
$
640,000
$631,116
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.125%, 6/01/2045 
 
 
650,000
620,898
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051 
 
 
750,000
688,024
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5.5%, 6/01/2052 
 
 
750,000
736,169
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 
 
 
325,000
337,870
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 
 
 
400,000
417,922
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 
 
 
655,000
576,203
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 
 
 
1,295,000
1,295,269
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044 
 
 
705,000
683,892
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “B”, 5%, 6/01/2050 
 
 
500,000
454,101
 
 
 
$6,441,464
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tax - Other – 3.1%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 
 
$
1,000,000
$1,010,547
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)
 
 
300,000
295,379
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project),
5%, 5/01/2042 (n)
 
 
500,000
486,876
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
110,000
108,288
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
285,000
294,739
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 
 
 
675,000
693,334
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
60,000
60,424
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
185,000
182,181
Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., “B”, 4%, 5/01/2049 
 
 
500,000
440,638
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 
 
 
1,320,000
1,179,116
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 
 
 
500,000
449,672
 
 
 
$5,201,194
Tax Assessment – 0.3%
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project),
5%, 7/01/2035 
 
$
500,000
$490,733
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 
 
$
540,000
$447,410
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 
 
 
195,000
166,243
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
365,000
332,127
 
 
 
$945,780
Toll Roads – 0.8%
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 
 
$
1,500,000
$1,325,876
Transportation - Special Tax – 1.2%
Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 
 
$
2,000,000
$2,072,988
Universities - Colleges – 12.9%
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041 
 
$
1,000,000
$901,516
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048 
 
 
1,500,000
1,058,483
Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project),
4%, 5/01/2036 
 
 
300,000
278,881
Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project),
4%, 5/01/2041 
 
 
920,000
772,450
Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania
Project), BAM, 4%, 5/01/2054 
 
 
2,750,000
2,389,088
Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049 
 
 
1,000,000
1,002,781
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM,
3.125%, 5/01/2053 
 
 
95,000
68,790
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038 
 
 
1,000,000
969,104
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049 
 
 
1,000,000
887,047
Pennsylvania Economic Development Authority Rev. (Villanova University Project), 5%, 8/01/2049 
 
 
1,000,000
1,023,121
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046 
 
 
1,750,000
1,763,354
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 
 
 
750,000
766,286
Pennsylvania Higher Educational Facilities Authority Rev. (Thomas Jefferson University), “B-1”, AGM, 5.25%, 11/01/2048 
 
 
1,000,000
1,022,220
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051 
 
 
1,250,000
951,200
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM,
5%, 10/01/2038 
 
 
1,200,000
1,250,664
Pennsylvania State University, Tax-Exempt, “A”, 5.25%, 9/01/2052 
 
 
3,000,000
3,090,808
Pennsylvania System of Higher Education Rev., Temple University, AGM, 5%, 4/01/2044 
 
 
1,285,000
1,333,125
Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060 
 
 
1,000,000
1,006,500
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026 
 
 
1,000,000
1,006,277
 
 
 
$21,541,695
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Dormitories – 0.8%
Chester County, PA, Industrial Development Authority Student Housing Rev. (West Chester University of Pennsylvania), “A”,
BAM, 4%, 8/01/2048 
 
$
1,500,000
$1,293,740
Utilities - Municipal Owned – 0.3%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
150,000
$81,938
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
245,000
133,831
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
200,000
109,250
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
15,000
14,741
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
105,000
57,356
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)
 
 
40,000
21,850
 
 
 
$418,966
Utilities - Other – 3.1%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
$
935,000
$983,258
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
 
925,000
969,328
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
550,000
590,468
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 
 
 
280,000
329,107
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
845,000
886,345
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
520,000
545,773
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) 
 
 
825,000
850,650
 
 
 
$5,154,929
Water & Sewer Utility Revenue – 6.6%
Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053 
 
$
1,000,000
$1,007,799
Bucks County, PA, Water & Sewer Authority, Sewer System Rev., “A”, AGM, 4.25%, 12/01/2047 
 
 
2,000,000
1,857,307
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040 
 
 
1,000,000
1,002,000
Erie County, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043 
 
 
1,000,000
1,016,856
Erie County, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050 
 
 
995,000
864,565
Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042 
 
 
1,000,000
1,004,596
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
205,000
202,507
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2038 
 
 
1,000,000
1,032,000
Philadelphia, PA, Water & Wastewater Rev., “B”, AGM, 5.5%, 9/01/2053 
 
 
1,000,000
1,047,680
Philadelphia, PA, Water & Wastewater Rev., “C”, AGM, 5.25%, 9/01/2054 
 
 
1,000,000
1,033,038
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 5%, 9/01/2048 
 
 
1,000,000
1,014,795
 
 
 
$11,083,143
Total Municipal Bonds
$160,928,060
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
274,832
$91,821
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
252,793
$155,468
Mutual Funds (h) – 4.5%
Money Market Funds – 4.5%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
7,529,849
$7,530,602
 
Other Assets, Less Liabilities – (0.8)%
(1,282,928
)
Net Assets – 100.0%
$167,423,023
 
(a)
Non-income producing security.
 
 
 
(d)
In default.
 
 
 
6
Portfolio of Investments (unaudited) – continued
(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
$7,530,602 and $161,175,349, 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
$6,202,699, representing 3.7% of net assets.
 
 
 
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is
the annualized seven-day yield of the fund at period end.
 
 
 
(w)
When-issued security.
 
 
 
 
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
FNMA
Federal National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
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
$—
$161,083,528
$—
$161,083,528
U.S. Corporate Bonds
—
91,821
—
91,821
Investment Companies
7,530,602
—
—
7,530,602
Total
$7,530,602
$161,175,349
$—
$168,705,951
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
$4,702,009
$12,428,475
$9,599,878
$(624
)
$620
$7,530,602
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$59,531
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows: 
Pennsylvania
84.7%
Puerto Rico
2.4%
Illinois
1.5%
New York
1.5%
Alabama
1.4%
South Carolina
1.0%
California
0.8%
Tennessee
0.8%
New Jersey
0.4%
Ohio
0.4%
Florida
0.3%
Guam
0.3%
New Hampshire
0.3%
Colorado
0.2%
Wisconsin
0.2%
Michigan
0.1%
New Mexico
0.1%
Texas
0.1%
Virginia
0.1%
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