NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MGA-Q3
 
Quarterly Report
December 31, 2025
MFS®  Georgia
Municipal Bond Fund  
 
Portfolio of Investments
12/31/25 (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 – 94.4%
Airport Revenue – 3.5%
Atlanta, GA, Airport General Rev., “B”, 5.25%, 7/01/2049 
 
$
1,000,000
$1,042,128
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052 
 
 
1,000,000
1,013,440
Atlanta, GA, Airport General Rev., “C”, 5%, 7/01/2053 
 
 
500,000
506,950
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044 
 
 
1,000,000
1,017,726
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
500,000
506,881
 
 
 
$4,087,125
General Obligations - General Purpose – 4.4%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
220,000
$205,771
Cartersville, GA, General Obligation, 2%, 10/01/2040 
 
 
1,000,000
744,416
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
150,816
165,687
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
46,290
46,276
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
85,068
83,595
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
35,711
34,618
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
48,553
44,892
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
171,495
149,621
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
59,571
43,108
Dacula, GA, Urban Redevelopment Agency Rev. (Georgia Project), AGM, 4.125%, 2/01/2050 
 
 
1,000,000
938,550
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048 
 
 
500,000
486,385
Senoia, GA, Building and Facilities Authority Rev., 4%, 12/01/2046 
 
 
1,000,000
965,527
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
180,000
192,605
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
85,000
89,078
Washington County, GA, Hospital Authority Rev., Anticipation Certificates (Medical Center Project), 4%, 2/01/2044 
 
 
1,000,000
979,277
 
 
 
$5,169,406
General Obligations - Schools – 3.2%
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 
 
$
370,000
$288,099
Commerce, GA, City School District, General Obligation, 6%, 8/01/2047 
 
 
500,000
568,939
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 
 
 
930,000
709,861
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043 
 
 
1,000,000
1,070,239
Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044 
 
 
1,000,000
1,061,188
 
 
 
$3,698,326
Healthcare Revenue - Hospitals – 12.2%
Albany-Dougherty County, GA, Hospital Authority Rev. (Phoebe Putney Health System), “A”, 5%, 9/01/2044 
 
$
1,000,000
$1,033,407
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 
 
 
210,000
194,293
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center, Inc. Project), 5%, 7/01/2055 
 
 
750,000
773,615
Cedartown, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded
7/01/2026) 
 
 
500,000
505,802
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 
 
 
25,000
21,607
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053 
 
 
1,000,000
1,071,986
Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), “A”, AGM, 5%, 4/01/2048 
 
 
1,000,000
1,029,910
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), 4%, 8/15/2048 
 
 
250,000
228,907
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), “B”,
5%, 8/15/2041 
 
 
850,000
925,240
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), “B”, FNMA,
5%, 8/15/2042 
 
 
450,000
484,451
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 
 
 
15,000
15,239
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039 
 
 
400,000
400,695
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049 
 
 
1,000,000
896,888
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 
 
 
1,000,000
1,023,750
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042 
 
 
750,000
758,042
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project),
5%, 8/01/2028 
 
 
400,000
400,415
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 
 
 
1,000,000
1,010,090
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
New York Dormitory Authority Rev. (Northwell Health Obligated Group), “A”, 4.25%, 5/01/2052 
 
$
500,000
$458,322
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 
 
 
720,000
674,799
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 
 
 
1,000,000
1,001,851
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043 
 
 
1,000,000
949,196
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 
 
 
550,000
481,178
 
 
 
$14,339,683
Healthcare Revenue - Long Term Care – 0.9%
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A”,
5%, 7/01/2036 
 
$
500,000
$500,738
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.
Obligated Group), 5%, 11/15/2033 
 
 
500,000
506,300
 
 
 
$1,007,038
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”,
2.875%, 1/01/2041 (n)
 
$
130,000
$96,010
Industrial Revenue - Paper – 0.1%
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n)
 
$
150,000
$147,153
Miscellaneous Revenue - Other – 6.9%
Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, “A-1”, 0% to
6/15/2028, 6.5% to 12/15/2048 
 
$
275,000
$246,970
Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), “A-1”, 5%, 4/01/2034 (n)
 
 
500,000
510,177
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “A”, 4%, 1/01/2054 
 
 
1,250,000
1,071,375
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)
 
 
1,000,000
949,706
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), “A”, 4.625%, 5/01/2043 
 
 
1,000,000
1,025,224
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), “A”, 5%, 3/15/2036 
 
 
500,000
501,677
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), “A”, 5%, 3/15/2044 
 
 
660,000
668,372
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052 
 
 
1,000,000
1,004,768
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
280,000
279,553
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC),
5%, 7/01/2028 
 
 
175,000
175,036
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), “A”, 5.25%, 6/01/2061 
 
 
500,000
497,701
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), “B”, 6.25%, 6/01/2061 
 
 
250,000
250,361
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Third Tier HMT Pledge), “C”, AGM, 5%, 6/01/2058 
 
 
500,000
511,341
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
325,000
319,356
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
45,000
45,401
 
 
 
$8,057,018
Multi-Family Housing Revenue – 7.8%
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Connell Commons), “A”, 4.75%, 5/01/2043 
 
$
1,100,000
$1,129,313
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), “A”, 4.85%, 9/01/2043 
 
 
1,000,000
1,065,965
DeKalb County, GA, Housing Authority, Affordable Multi-Family Housing Refunding Rev. (The Avenues of North Decatur),
4.125%, 12/01/2034 
 
 
1,000,000
1,008,123
DeKalb County, GA, Housing Authority, Affordable Multi-Family Housing Rev. (Park at 500 Project), 4%, 3/01/2034 
 
 
1,000,000
1,006,536
DeKalb County, GA, Housing Authority, Affordable Multi-Family Senior Rev. (Kensington Station Project), “A”, 4%, 12/01/2033 
 
 
1,000,000
1,019,961
Douglas County, GA, Housing Authority, Multi-Family Rev. (Durelee Lane Senior Residences), “A”, FNMA, 5.1%, 2/01/2044 
 
 
1,000,000
1,054,764
Griffin, GA, Housing Authority, Multi-Family Housing Rev. (Parc at Rosenwald), “A”, FNMA, 5.15%, 9/01/2044 
 
 
1,000,000
1,071,735
Lawrenceville, GA, Housing Finance Authority, Multi-Family Rev. (Applewood Towers Project), “A”, 4.375%, 10/01/2042 
 
 
990,000
1,009,014
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
314,714
320,376
Savannah, GA, Housing Authority, Multi-Family (Pines at Garden City Project), FNMA, 4.75%, 3/01/2042 
 
 
500,000
527,642
 
 
 
$9,213,429
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Port Revenue – 2.3%
Georgia Ports Authority Rev., 4%, 7/01/2047 
 
$
1,000,000
$959,028
Georgia Ports Authority Rev., 4%, 7/01/2052 
 
 
1,000,000
926,266
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 
 
 
1,000,000
872,314
 
 
 
$2,757,608
Sales & Excise Tax Revenue – 4.6%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
90,000
$86,774
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., “A”, 5.25%, 7/01/2050 
 
 
1,000,000
1,069,700
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., “A”, 5%, 7/01/2039 
 
 
1,000,000
1,120,750
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., “E-1”, 3%, 7/01/2040 
 
 
1,000,000
883,008
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
24,000
24,009
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
82,000
77,290
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
627,000
603,648
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
196,000
191,763
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
83,000
81,206
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
578,000
539,639
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
6,000
5,329
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
326,000
267,831
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
316,000
239,289
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
145,000
48,433
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
245,000
196,000
 
 
 
$5,434,669
Secondary Schools – 0.6%
DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), “A”, 5%, 6/01/2055 
 
$
500,000
$476,447
District of Columbia Rev. (Rocketship D.C. Obligated Group), “A”, 5%, 6/01/2049 (n)
 
 
250,000
222,467
 
 
 
$698,914
Single Family Housing - State – 7.7%
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 
 
$
40,000
$40,094
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.15%, 12/01/2038 
 
 
1,000,000
1,016,929
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 3.85%, 12/01/2041 
 
 
1,465,000
1,443,933
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 3.6%, 12/01/2044 
 
 
1,000,000
903,511
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2048 
 
 
405,000
374,154
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.6%, 12/01/2049 
 
 
1,000,000
985,287
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4.7%, 12/01/2054 
 
 
1,000,000
1,000,117
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “B”, 4.875%, 12/01/2038 
 
 
685,000
717,047
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C”, 5.05%, 12/01/2045 
 
 
1,000,000
1,023,111
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “C”, 4.55%, 12/01/2049 
 
 
750,000
745,336
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 4.45%, 9/01/2043 
 
 
595,000
598,198
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 4.5%, 9/01/2046 
 
 
195,000
195,522
 
 
 
$9,043,239
State & Local Agencies – 3.6%
Fayette County, GA, Development Authority Rev. (United States Soccer Federation, Inc. Project), 5.25%, 10/01/2054 
 
$
1,000,000
$1,029,738
Georgia Municipal Association, Inc. (City of Fairburn Project), 4%, 1/01/2055 
 
 
1,000,000
921,464
Knightdale, NC, Limited Obligation, 4%, 3/01/2043 
 
 
650,000
643,185
Knightdale, NC, Limited Obligation, 4%, 3/01/2045 
 
 
550,000
536,777
Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054 
 
 
1,000,000
1,038,942
 
 
 
$4,170,106
Student Loan Revenue – 0.1%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 
 
$
5,000
$4,880
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 
 
 
130,000
102,886
 
 
 
$107,766
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tax - Other – 2.5%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
$
435,000
$444,917
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
70,000
70,034
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
185,000
194,153
Cobb-Marietta, GA, Coliseum & Exhibit Hall Authority Rev. (Cobb Galleria Centre Project), 5.5%, 10/01/2050 
 
 
1,000,000
1,090,113
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
35,000
35,367
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
100,000
100,756
Jefferson, GA, Public Building Authority Rev. (School District Project), 5%, 2/01/2050 
 
 
1,000,000
1,050,035
 
 
 
$2,985,375
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 
 
$
10,000
$9,980
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 
 
 
9,000
9,167
 
 
 
$19,147
Tobacco – 0.4%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
$
355,000
$287,359
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
240,000
219,349
 
 
 
$506,708
Toll Roads – 0.7%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 
 
$
375,000
$308,596
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 
 
 
450,000
463,355
 
 
 
$771,951
Universities - Colleges – 10.8%
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), “A”, 3.5%, 6/01/2035 
 
$
500,000
$502,671
Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048 
 
 
750,000
792,037
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 
 
 
560,000
565,553
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 
 
 
1,000,000
946,529
Cobb County, GA, Development Authority Lease Rev. (KSU Summit II Student Housing Project), 4.625%, 7/15/2056 
 
 
1,000,000
980,222
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 
 
 
1,000,000
1,024,331
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 
 
 
500,000
464,483
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 
 
 
1,000,000
1,021,858
Georgia Higher Education Facilities Authority Rev. (USG Real Estate Foundation XIV, LLC Project), “B”, 5%, 1/01/2045 (w)
 
 
495,000
521,873
Georgia Higher Education Facilities Authority Rev. (USG Real Estate Foundation XIV, LLC Project), “B”, 5%, 1/01/2046 (w)
 
 
505,000
529,203
Georgia Private Colleges & Universities Authority Rev. (Emory University), “A”, 5.25%, 9/01/2045 
 
 
750,000
819,254
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 
 
 
350,000
350,137
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 
 
 
1,000,000
1,033,392
Gwinnett County, GA, Development Authority Rev. (Student Housing), “A”, 5%, 7/01/2040 
 
 
1,000,000
1,015,131
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 
 
 
500,000
413,451
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 
 
 
870,000
883,242
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities
Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 
 
 
60,000
60,135
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 
 
 
40,000
40,052
South Carolina Clemson University Athletic Facilities Rev., “A”, 3%, 5/01/2048 
 
 
1,000,000
750,239
 
 
 
$12,713,793
Universities - Dormitories – 0.3%
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2030 
 
$
390,000
$390,243
Utilities - Municipal Owned – 8.5%
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 
 
$
500,000
$501,762
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 
 
 
500,000
501,440
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, 4.5%, 7/01/2063 
 
 
1,000,000
963,496
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2048 
 
 
1,000,000
1,019,537
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2055 
 
 
1,000,000
1,012,465
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2039 
 
 
750,000
772,763
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2037 
 
$
1,000,000
$1,071,544
Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2038 
 
 
125,000
129,952
Georgia Municipal Electric Authority, “A”, BAM, 5.25%, 1/01/2054 
 
 
1,000,000
1,044,574
Georgia Municipal Gas Authority Rev. (Mid-State Energy Commission Project), BAM, 5%, 9/01/2050 
 
 
1,000,000
1,020,117
Griffin, GA, Combined Public Utility Rev., BAM, 5%, 1/01/2051 
 
 
1,000,000
1,044,988
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
155,000
103,463
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
 
200,000
133,500
Puerto Rico Electric Power Authority Rev., “RR”, AGM, 5%, 7/01/2028 
 
 
490,000
490,036
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
125,000
83,438
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 
 
 
70,000
70,781
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
10,000
10,141
 
 
 
$9,973,997
Utilities - Other – 3.7%
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
$
585,000
$621,587
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2055 (Put Date 6/01/2032) 
 
 
500,000
541,446
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2055 (Put Date 12/01/2035) 
 
 
1,000,000
1,064,757
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) 
 
 
750,000
798,292
Kentucky Public Energy Authority, Gas Supply Rev., “B”, 5%, 12/01/2033 
 
 
520,000
539,074
Southeast Alabama Energy Authority, “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) 
 
 
715,000
781,116
 
 
 
$4,346,272
Water & Sewer Utility Revenue – 9.5%
Atlanta, GA, Water & Wastewater Refunding Rev., BAM, 4%, 11/01/2043 
 
$
1,000,000
$989,238
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 
 
 
500,000
503,236
Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053 
 
 
1,000,000
938,231
Coweta County, GA, Water & Sewerage Authority Rev., 5%, 6/01/2054 
 
 
1,000,000
1,039,772
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052 
 
 
1,000,000
1,031,884
Gainesville, GA, Water & Sewer Rev., 5%, 11/15/2046 
 
 
400,000
427,131
Georgia Upper Oconee Basin Water Authority Rev., 5%, 7/01/2049 
 
 
1,000,000
1,049,727
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 
 
 
125,000
125,058
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
155,000
155,908
Henry County, GA, Water Authority, Water & Sewer Rev., 4.25%, 2/01/2044 
 
 
1,000,000
1,008,373
Macon, GA, Water Authority, Water & Sewer Rev., 5%, 10/01/2054 
 
 
1,000,000
1,045,571
Spalding County, GA, Water & Sewer Facilities Authority Rev., 4.85%, 6/01/2056 
 
 
690,000
702,673
Springfield, GA, Water & Sewer Rev., AGM, 5%, 9/01/2045 
 
 
500,000
526,792
Springfield, GA, Water & Sewer Rev., AGM, 5%, 9/01/2047 
 
 
600,000
627,874
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project),
5%, 2/01/2053 
 
 
1,000,000
1,033,452
 
 
 
$11,204,920
Total Municipal Bonds
$110,939,896
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
219,865
$75,590
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
178,303
$114,113
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Mutual Funds (h) – 5.2%
Money Market Funds – 5.2%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
6,093,901
$6,095,120
 
Other Assets, Less Liabilities – 0.2%
280,936
Net Assets – 100.0%
$117,505,655
 
(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 $6,095,120 and
$111,129,599, 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 $2,476,656,
representing 2.1% 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.
(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
FNMA
Federal National Mortgage Assn.
GNMA
Government 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.
6
Supplemental Information
12/31/25 (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 December 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$111,054,009
$—
$111,054,009
U.S. Corporate Bonds
—
75,590
—
75,590
Investment Companies
6,095,120
—
—
6,095,120
Total
$6,095,120
$111,129,599
$—
$117,224,719
For further information regarding security characteristics, see the Portfolio of Investments.
7
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. The following were affiliated issuers for the period ended December 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$2,250,200
$31,696,889
$27,851,930
$(436
)
$397
$6,095,120
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$85,106
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
Georgia
80.5%
Puerto Rico
3.2%
New York
2.0%
North Carolina
1.6%
Illinois
1.3%
Virginia
0.7%
California
0.7%
Maryland
0.7%
Alabama
0.7%
South Carolina
0.6%
Arkansas
0.6%
Wisconsin
0.6%
Kentucky
0.5%
Guam
0.4%
Massachusetts
0.4%
U.S. Virgin Islands
0.3%
New Hampshire
0.3%
Ohio
0.2%
Washington DC
0.2%
Pennsylvania
0.2%
Iowa
0.1%
Texas
0.1%
Connecticut (o)
0.0%
Colorado (o)
0.0%
Kentucky  (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.
8