NPORT-EX 4 edgar.htm NPORT PART F EDGAR HTML
MMA-Q1
 
Quarterly Report
June 30, 2025
MFS®  Massachusetts
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 – 95.3%
Airport Revenue – 5.5%
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 
 
$
265,000
$234,287
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 
 
 
250,000
214,776
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038 
 
 
2,000,000
2,037,228
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2040 
 
 
2,755,000
2,784,057
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2042 
 
 
3,000,000
2,998,142
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2042 
 
 
3,455,000
3,529,569
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2047 
 
 
1,500,000
1,491,996
Massachusetts Port Authority Rev., “C”, 5%, 7/01/2044 
 
 
3,000,000
3,014,789
Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051 
 
 
3,055,000
3,055,280
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
1,675,000
1,676,013
 
 
 
$21,036,137
General Obligations - General Purpose – 13.4%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
705,000
$645,507
Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052 
 
 
1,740,000
1,508,008
Commonwealth of Massachusetts, “B”, 5.25%, 8/01/2028 
 
 
2,225,000
2,400,193
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “A”, 5%, 5/01/2053 
 
 
2,130,000
2,169,076
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “B”, 4%, 5/01/2045 
 
 
2,000,000
1,825,789
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “B”, 5%, 5/01/2048 
 
 
2,000,000
2,055,769
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “B”, 5%, 5/01/2054 
 
 
2,115,000
2,155,836
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “E”, 5%, 8/01/2053 
 
 
2,930,000
2,990,750
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “F”, 5%, 11/01/2042 
 
 
3,000,000
3,033,193
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029 
 
 
156,003
164,553
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
343,525
370,535
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
143,685
140,183
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
282,284
271,795
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
110,848
105,611
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
150,711
133,934
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
516,737
441,508
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
184,909
127,833
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041 
 
 
1,095,000
1,150,548
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042 
 
 
1,130,000
1,180,365
Hingham, MA, General Obligation, Municipal Purpose Loan, 4%, 2/01/2050 
 
 
3,020,000
2,718,298
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044 
 
 
1,665,000
1,547,635
Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049 
 
 
3,000,000
2,114,555
Lowell, MA, General Obligation State Qualified Municipal Purpose Loan, 4.25%, 9/01/2053 
 
 
3,000,000
2,696,819
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2039 
 
 
1,090,000
1,089,055
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2040 
 
 
1,125,000
1,116,803
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2041 
 
 
1,000,000
977,839
New Bedford, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 9/01/2047 
 
 
3,000,000
2,690,666
Newton, MA, General Obligation Municipal Purpose Loan, 4%, 2/01/2047 
 
 
4,300,000
3,939,553
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2041 
 
 
685,000
661,732
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2042 
 
 
790,000
750,664
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2043 
 
 
730,000
685,372
Provincetown, MA, General Obligation Municipal Purpose Loan, Taxable, 3%, 6/15/2028 
 
 
755,000
752,447
Quincy, MA, General Obligation, “B”, 5%, 7/01/2041 
 
 
620,000
655,973
Quincy, MA, General Obligation, “B”, 5%, 7/01/2042 
 
 
600,000
630,247
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
280,000
293,293
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
255,000
264,694
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 
 
 
630,000
567,253
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 
 
 
280,000
248,051
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
395,000
349,757
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
160,000
139,563
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 
 
 
5,000,000
3,468,554
 
 
 
$51,229,809
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – 2.2%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 
 
$
1,270,000
$1,002,844
Nashoba, MA, Regional School District, General Obligation Project Loan, “70B”, 4%, 6/15/2045 
 
 
3,010,000
2,739,634
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 
 
 
1,285,000
1,182,502
Tri-County, MA, Regional School District General Obligation Project Loan, “70B”, 4%, 6/01/2044 
 
 
4,000,000
3,679,872
 
 
 
$8,604,852
Healthcare Revenue - Hospitals – 16.3%
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 
 
$
2,405,000
$2,447,974
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”,
4.125%, 7/01/2052 
 
 
1,960,000
1,688,297
Massachusetts Development Finance Agency Rev. (Atrius Health), “A”, 4%, 6/01/2049 (Prerefunded 6/01/2029) 
 
 
1,500,000
1,574,643
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), “N”, 5%, 7/01/2044 
 
 
2,000,000
2,000,047
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “J-2”, 5%, 7/01/2043 
 
 
2,855,000
2,857,247
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “J-2”, 5%, 7/01/2048 
 
 
3,115,000
3,039,625
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2036 
 
 
635,000
655,176
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2037 
 
 
850,000
872,790
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2038 
 
 
700,000
715,165
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 5.25%, 7/01/2048 
 
 
2,000,000
1,980,365
Massachusetts Development Finance Agency Rev. (Brown University Health Obligated Group), “A”, 5.5%, 8/15/2050 
 
 
3,000,000
3,078,488
Massachusetts Development Finance Agency Rev. (CareGroup), “I”, 5%, 7/01/2037 
 
 
1,000,000
1,003,830
Massachusetts Development Finance Agency Rev. (CareGroup), “J-2”, 5%, 7/01/2036 
 
 
1,000,000
1,023,744
Massachusetts Development Finance Agency Rev. (CareGroup), “J-2”, 5%, 7/01/2037 
 
 
1,000,000
1,020,527
Massachusetts Development Finance Agency Rev. (Children's Hospital), “T”, 4%, 3/01/2054 
 
 
2,500,000
2,149,064
Massachusetts Development Finance Agency Rev. (Children's Hospital), “T”, 5.25%, 3/01/2054 
 
 
3,000,000
3,094,987
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “N”, 5%, 12/01/2041 
 
 
2,690,000
2,701,237
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “O”, 5%, 12/01/2034 
 
 
400,000
422,713
Massachusetts Development Finance Agency Rev. (Mass General Brigham), “D”, 5%, 7/01/2054 
 
 
3,000,000
3,002,231
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “G”, 5%, 7/15/2046 
 
 
1,000,000
1,096,463
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “Q”, 5%, 7/01/2041 
 
 
1,810,000
1,817,692
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “Q”, 5%, 7/01/2047 
 
 
1,500,000
1,476,900
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 
 
 
1,500,000
1,365,411
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 5%, 7/01/2041 
 
 
2,300,000
2,239,870
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2041 
 
 
1,850,000
1,850,183
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 
 
 
2,000,000
2,016,918
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “L”, 5%, 7/01/2044 
 
 
1,000,000
981,578
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “N-1”, 5.25%, 7/01/2050 
 
 
5,000,000
5,048,804
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 
 
 
2,080,000
1,716,526
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 
 
 
2,000,000
1,891,326
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 4%, 10/01/2045 
 
 
4,075,000
3,528,258
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 
 
 
2,120,000
1,857,272
 
 
 
$62,215,351
Healthcare Revenue - Long Term Care – 1.7%
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031 
 
$
1,250,000
$1,250,995
Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5.25%, 7/01/2055 
 
 
2,000,000
1,956,472
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)
 
 
415,361
4
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042 
 
 
485,000
418,492
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042 
 
 
525,000
515,589
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n)
 
 
500,000
501,371
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051 
 
 
900,000
730,847
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n)
 
 
1,250,000
1,262,770
 
 
 
$6,636,540
Industrial Revenue - Environmental Services – 0.0%
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”,
4.1%, 12/01/2044 (Put Date 12/01/2025) 
 
$
165,000
$165,012
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Miscellaneous Revenue - Other – 2.3%
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037 
 
$
1,000,000
$1,022,227
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038 
 
 
1,000,000
1,017,643
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043 
 
 
1,000,000
1,002,805
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2038 
 
 
1,180,000
1,199,805
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2039 
 
 
2,000,000
2,029,095
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
950,000
928,372
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057 
 
 
1,495,000
1,457,353
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
140,000
141,153
 
 
 
$8,798,453
Multi-Family Housing Revenue – 6.1%
Massachusetts Housing Finance Agency Housing, “B”, 4.125%, 12/01/2036 
 
$
3,000,000
$3,000,051
Massachusetts Housing Finance Agency Rev., “A-3”, 3.05%, 12/01/2027 
 
 
2,000,000
2,000,351
Massachusetts Housing Finance Agency, “A”, 3.7%, 12/01/2038 
 
 
1,000,000
916,189
Massachusetts Housing Finance Agency, “A”, 3.8%, 12/01/2043 
 
 
2,025,000
1,770,115
Massachusetts Housing Finance Agency, “A-1”, 4.55%, 12/01/2044 
 
 
1,000,000
969,409
Massachusetts Housing Finance Agency, “A-1”, 4.7%, 12/01/2049 
 
 
800,000
777,025
Massachusetts Housing Finance Agency, “A-1”, 4.8%, 12/01/2054 
 
 
1,000,000
973,496
Massachusetts Housing Finance Agency, “C-1”, 4.85%, 12/01/2043 
 
 
1,000,000
985,196
Massachusetts Housing Finance Agency, “C-1”, 5.1%, 12/01/2048 
 
 
1,000,000
1,004,037
Massachusetts Housing Finance Agency, “C-1”, 5.2%, 12/01/2053 
 
 
1,000,000
1,003,615
Massachusetts Housing Finance Agency, “C-1”, 5.125%, 12/01/2057 
 
 
3,000,000
3,017,603
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039 
 
 
1,000,000
789,047
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044 
 
 
2,000,000
1,545,983
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.75%, 12/01/2030 
 
 
1,425,000
1,425,950
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.875%, 12/01/2032 
 
 
1,190,000
1,190,613
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
1,079,909
1,045,701
North Carolina Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040 
 
 
990,780
1,009,443
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), “A”, FNMA,
4.45%, 4/01/2043 
 
 
140,000
134,779
 
 
 
$23,558,603
Sales & Excise Tax Revenue – 5.5%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 
 
$
255,000
$225,720
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 
 
 
1,850,000
2,036,037
Massachusetts Bay Transportation Authority, Senior Sales Tax, “A”, 5.25%, 7/01/2052 
 
 
4,000,000
4,188,794
Massachusetts Bay Transportation Authority, Senior Sales Tax, Capital Appreciation, “A”, 0%, 7/01/2030 
 
 
1,465,000
1,238,305
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., “A”, 5%, 2/15/2044 
 
 
4,000,000
4,061,564
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
5,000
4,344
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
73,000
69,971
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
239,000
219,729
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
3,806,000
3,578,128
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
597,000
560,179
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
256,000
240,211
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
2,179,000
1,985,661
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
22,000
18,775
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
1,059,000
826,246
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
1,011,000
718,631
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
475,000
150,408
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
585,000
565,987
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
360,000
348,300
 
 
 
$21,036,990
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Secondary Schools – 2.1%
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2056 (n)
 
$
290,000
$249,417
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039 
 
 
1,000,000
988,134
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054 
 
 
1,000,000
911,997
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030 
 
 
500,000
500,291
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031 
 
 
1,015,000
1,015,552
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “B”, 5%, 7/01/2037 
 
 
1,000,000
1,001,188
Massachusetts Development Finance Agency Rev. (Middlesex School), 4.25%, 7/01/2054 
 
 
1,350,000
1,178,258
Massachusetts Development Finance Agency Rev. (Roxbury Latin School), “A”, 3.5%, 7/01/2044 
 
 
265,000
218,694
Massachusetts Development Finance Agency Rev. (Sabis International Charter School), 5%, 4/15/2033 
 
 
2,000,000
2,000,222
 
 
 
$8,063,753
Single Family Housing - State – 4.1%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 
 
$
210,000
$210,271
Massachusetts Housing Finance Agency, Single Family Housing Rev., “206”, 3.3%, 6/01/2034 
 
 
365,000
346,816
Massachusetts Housing Finance Agency, Single Family Housing Rev., “206”, 3.45%, 12/01/2036 
 
 
485,000
453,145
Massachusetts Housing Finance Agency, Single Family Housing Rev., “220”, GNMA, 1.35%, 12/01/2029 
 
 
400,000
356,907
Massachusetts Housing Finance Agency, Single Family Housing Rev., “222”, GNMA, 3%, 6/01/2051 
 
 
775,000
758,703
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052 
 
 
3,580,000
3,784,363
Massachusetts Housing Finance Agency, Single Family Housing Rev., “230”, 4.35%, 12/01/2025 
 
 
525,000
526,480
Massachusetts Housing Finance Agency, Single Family Housing Rev., “230”, 4.45%, 6/01/2026 
 
 
315,000
317,562
Massachusetts Housing Finance Agency, Single Family Housing Rev., “234”, GNMA, 4.5%, 12/01/2044 
 
 
1,250,000
1,199,342
Massachusetts Housing Finance Agency, Single Family Housing Rev., “234”, GNMA, 4.7%, 12/01/2049 
 
 
2,750,000
2,655,833
Massachusetts Housing Finance Agency, Single Family Housing Rev., “237”, 4.5%, 12/01/2049 
 
 
630,000
586,123
Massachusetts Housing Finance Agency, Single Family Housing Rev., “237”, 4.55%, 12/01/2054 
 
 
500,000
473,447
Massachusetts Housing Finance Agency, Single Family Housing Rev., “242”, GNMA, 4.75%, 12/01/2050 
 
 
1,500,000
1,464,531
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044 
 
 
1,865,000
1,368,434
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “231”, 4.7%, 12/01/2033 
 
 
500,000
521,797
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “231”, 4.75%, 12/01/2034 
 
 
560,000
580,629
 
 
 
$15,604,383
Student Loan Revenue – 5.2%
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 
 
$
2,250,000
$1,856,443
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3%, 7/01/2051 
 
 
2,000,000
1,267,963
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2052 
 
 
3,000,000
2,339,192
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2029 
 
 
1,400,000
1,465,282
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2030 
 
 
1,300,000
1,372,107
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2031 
 
 
1,000,000
1,062,123
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 
 
 
2,105,000
1,791,369
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 4.25%, 7/01/2044 
 
 
1,000,000
983,055
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 5%, 7/01/2032 
 
 
1,450,000
1,539,887
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3.75%, 7/01/2047 
 
 
4,000,000
3,120,155
Massachusetts Educational Financing Authority, Education Loan Rev., “N”, 4.25%, 7/01/2032 
 
 
1,800,000
1,795,795
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
 
1,330,000
1,311,537
 
 
 
$19,904,908
Tax - Other – 0.8%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
$
270,000
$265,797
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
710,000
734,262
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 
 
 
1,670,000
1,715,360
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
120,000
120,848
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
370,000
364,362
 
 
 
$3,200,629
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 
 
$
20,000
$19,767
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 
 
 
31,000
31,142
 
 
 
$50,909
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 
 
$
1,290,000
$1,068,813
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 
 
 
505,000
430,526
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
895,000
814,394
 
 
 
$2,313,733
Toll Roads – 0.3%
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract
Assistance, 5%, 1/01/2037 
 
$
1,000,000
$1,043,480
Transportation – 1.1%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), “A”, 5%, 6/01/2053 
 
$
4,000,000
$4,087,552
Transportation - Special Tax – 2.3%
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), “A”,
5%, 6/01/2036 
 
$
2,850,000
$2,877,031
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), “A”,
5%, 6/01/2042 
 
 
3,000,000
3,033,980
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), “B”, 5%, 6/01/2049 
 
 
3,000,000
3,065,372
 
 
 
$8,976,383
Universities - Colleges – 19.5%
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College), “M”, 3%, 7/01/2047 
 
$
2,830,000
$2,025,797
Massachusetts Development Finance Agency Refunding Rev. (Boston College), “W”, 4.25%, 7/01/2055 
 
 
3,500,000
3,144,289
Massachusetts Development Finance Agency Refunding Rev. (Boston University), “B-2”, 5%, 10/01/2048 
 
 
2,000,000
2,073,093
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), “S-1”, 5%, 10/01/2038 
 
 
3,015,000
3,125,684
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), “S-1”, 5%, 10/01/2040 
 
 
2,665,000
2,744,250
Massachusetts Development Finance Agency Refunding Rev. (Emerson College), 5.25%, 1/01/2044 
 
 
1,020,000
1,051,321
Massachusetts Development Finance Agency Refunding Rev. (Olin College), “F”, 5%, 11/01/2040 
 
 
850,000
890,433
Massachusetts Development Finance Agency Refunding Rev. (Olin College), “F”, 5%, 11/01/2042 
 
 
950,000
978,060
Massachusetts Development Finance Agency Refunding Rev. (Olin College), “F”, 4.125%, 11/01/2043 
 
 
1,250,000
1,140,928
Massachusetts Development Finance Agency Refunding Rev. (Olin College), “G”, 5.25%, 11/01/2051 
 
 
3,500,000
3,561,625
Massachusetts Development Finance Agency Refunding Rev. (Smith College), 4%, 7/01/2045 
 
 
2,000,000
1,829,108
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035 
 
 
970,000
978,499
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036 
 
 
850,000
851,230
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037 
 
 
625,000
627,090
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038 
 
 
340,000
339,470
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039 
 
 
3,055,000
2,730,774
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040 
 
 
1,500,000
1,503,404
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2055 
 
 
1,250,000
1,219,616
Massachusetts Development Finance Agency Rev. (Brandeis University), “R”, 5%, 10/01/2038 
 
 
835,000
861,300
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043 
 
 
725,000
720,470
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048 
 
 
2,845,000
2,757,496
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042 
 
 
2,000,000
2,004,411
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043 
 
 
2,000,000
1,871,515
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 
 
 
1,375,000
1,097,039
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045 
 
 
250,000
195,352
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047 
 
 
1,000,000
942,677
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2052 
 
 
2,300,000
2,141,205
Massachusetts Development Finance Agency Rev. (Merrimack College), “B”, 4%, 7/01/2042 
 
 
475,000
408,027
Massachusetts Development Finance Agency Rev. (Merrimack College), “B”, 4%, 7/01/2050 
 
 
1,825,000
1,465,699
Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044 
 
 
2,000,000
2,044,414
Massachusetts Development Finance Agency Rev. (Northeastern University), “A”, 5%, 10/01/2042 
 
 
2,000,000
2,088,341
Massachusetts Development Finance Agency Rev. (PRG Medford Properties, Inc. Tufts University Student Housing Project),
5.25%, 6/01/2055 
 
 
2,000,000
2,035,404
Massachusetts Development Finance Agency Rev. (Simmons University), “H”, SYNCORA, 5.25%, 10/01/2026 
 
 
970,000
982,052
Massachusetts Development Finance Agency Rev. (Simmons University), “L”, 5%, 10/01/2035 
 
 
2,000,000
1,998,505
Massachusetts Development Finance Agency Rev. (Springfield College), “A”, 4%, 6/01/2056 
 
 
1,500,000
1,024,651
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046 
 
 
1,000,000
812,979
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 
 
 
1,385,000
1,090,068
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 
 
$
2,000,000
$1,871,944
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031 
 
 
1,110,000
1,111,528
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038 
 
 
2,550,000
2,607,061
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039 
 
 
950,000
974,032
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047 
 
 
1,395,000
1,378,376
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027 
 
 
1,735,000
1,828,998
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 
 
 
1,000,000
1,067,114
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), “A”, 2.45%, 11/01/2030 (Put Date
4/01/2026) 
 
 
3,500,000
3,473,925
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), “I”, 0.7%, 7/01/2033 (Put Date 7/01/2025) 
 
 
2,000,000
2,000,000
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational
Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 
 
 
215,000
214,521
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 4.375%, 10/01/2031 
 
 
75,000
72,316
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 5%, 10/01/2042 
 
 
90,000
80,626
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 
 
 
470,000
470,942
 
 
 
$74,507,659
Universities - Dormitories – 0.6%
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 5%, 7/01/2054 
 
$
1,300,000
$1,197,194
Massachusetts Development Finance Agency Rev. (Merrimack College Student Housing Project), “A”, 5%, 7/01/2060 
 
 
1,100,000
997,211
 
 
 
$2,194,405
Utilities - Municipal Owned – 0.4%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
315,000
$172,069
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
510,000
278,587
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)
 
 
300,000
163,875
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)
 
 
45,000
24,581
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
415,000
226,694
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029 
 
 
385,000
386,175
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
35,000
34,396
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
220,000
120,175
 
 
 
$1,406,552
Utilities - Other – 3.6%
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
$
2,250,000
$2,357,823
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
1,200,000
1,288,294
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
2,065,000
2,166,039
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) 
 
 
2,720,000
2,935,640
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
1,270,000
1,332,945
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 
 
 
1,610,000
1,634,564
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) 
 
 
2,020,000
2,082,804
 
 
 
$13,798,109
Water & Sewer Utility Revenue – 1.7%
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
$
455,000
$449,467
Massachusetts Clean Water Trust Revolving, “26 B”, 5%, 2/01/2043 
 
 
1,000,000
1,065,455
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027 
 
 
1,280,000
1,350,723
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033 
 
 
2,000,000
2,319,858
Massachusetts Water Resources Authority, General Rev., “B”, 5%, 8/01/2042 
 
 
430,000
455,006
Massachusetts Water Resources Authority, General Rev., “B”, 5%, 8/01/2043 
 
 
750,000
789,467
 
 
 
$6,429,976
Total Municipal Bonds
$364,864,178
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
659,596
$220,371
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
594,447
$365,585
Mutual Funds (h) – 2.7%
Money Market Funds – 2.7%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
10,283,529
$10,284,557
 
Other Assets, Less Liabilities – 1.8%
6,932,818
Net Assets – 100.0%
$382,667,509
 
(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
$10,284,557 and $365,450,134, 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
$4,076,588, representing 1.1% of net assets.
 
 
 
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is
the annualized seven-day yield of the fund at period end.
 
 
 
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
FHA
Federal Housing Administration
FNMA
Federal National Mortgage Assn.
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
SYNCORA
Syncora Guarantee Inc.
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
$—
$365,229,763
$—
$365,229,763
U.S. Corporate Bonds
—
220,371
—
220,371
Investment Companies
10,284,557
—
—
10,284,557
Total
$10,284,557
$365,450,134
$—
$375,734,691
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
$5,866,473
$31,527,699
$27,109,639
$(780
)
$804
$10,284,557
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$68,280
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows: 
Massachusetts
82.1%
Puerto Rico
3.3%
California
1.8%
Illinois
1.5%
Alabama
1.4%
Tennessee
1.3%
New York
1.2%
Texas
0.7%
Connecticut
0.6%
Ohio
0.4%
Pennsylvania
0.4%
New Jersey
0.3%
South Carolina
0.3%
Guam
0.3%
New Hampshire
0.3%
North Carolina
0.3%
Wisconsin
0.2%
Colorado
0.1%
Virginia
0.1%
Washington DC
0.1%
U.S. Virgin Islands (o)
0.0%
Maryland (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