NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MPA-Q3
 
Quarterly Report
December 31, 2025
MFS®  Pennsylvania
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 – 94.6%
Airport Revenue – 3.9%
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2048 
 
$
1,000,000
$1,049,116
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2050 
 
 
1,000,000
1,053,174
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2053 
 
 
1,000,000
1,040,150
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
765,390
Philadelphia, PA, Airport Refunding Rev., “B”, 5%, 7/01/2037 
 
 
455,000
462,967
Philadelphia, PA, Airport Refunding Rev., “B”, 5%, 7/01/2055 
 
 
2,000,000
2,033,689
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 
 
 
750,000
767,167
 
 
 
$7,171,653
General Obligations - General Purpose – 5.1%
Allegheny County, PA, Bethel Park School District General Obligation, 5.5%, 8/01/2048 
 
$
1,000,000
$1,072,868
Allegheny County, PA, General Obligation, “C-80”, 5%, 12/01/2049 
 
 
1,000,000
1,038,764
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
350,000
327,364
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 
 
 
600,000
622,056
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
245,437
269,638
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
61,103
61,085
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
116,918
114,894
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
47,139
45,696
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
64,091
59,258
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
234,653
204,723
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
78,634
56,903
Lackawanna County, PA, General Obligation, BAM, 4%, 9/15/2035 
 
 
1,000,000
1,050,988
Penn Hills, PA, General Obligation, Capital Appreciation, “D”, 0%, 12/01/2032 
 
 
595,000
460,519
Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), “A”, 5%, 11/01/2042 
 
 
1,000,000
1,081,466
Pittsburgh, PA, General Obligation Capital Improvement, 4.25%, 9/01/2045 
 
 
1,450,000
1,407,105
Punxsutawney, PA, General Obligation, “B”, AGM, 5%, 12/01/2046 
 
 
500,000
506,344
Punxsutawney, PA, General Obligation, “B”, AGM, 5.125%, 12/01/2050 
 
 
500,000
506,259
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
125,000
133,753
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
115,000
121,321
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
130,000
136,237
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
165,000
159,632
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
65,000
62,176
 
 
 
$9,499,049
General Obligations - Schools – 13.5%
Allegheny County, PA, Brentwood Borough School District General Obligation, AGM, 5.25%, 5/15/2050 
 
$
1,000,000
$1,042,827
Allegheny County, PA, Elizabeth Forward School District General Obligation, BAM, 4.5%, 9/01/2050 
 
 
1,000,000
996,837
Allegheny County, PA, Moon Area School District General Obligation, “B”, AGM, 4%, 11/15/2049 
 
 
1,500,000
1,396,200
Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2041 
 
 
885,000
940,790
Allegheny County, PA, Steel Valley School District, General Obligation Limited Tax, BAM, 5%, 11/01/2042 
 
 
730,000
769,982
Allentown, PA, School District, General Obligation, AGM, 5%, 6/01/2049 
 
 
1,000,000
1,038,922
Beaver County, PA, Aliquippa School District General Obligation, BAM, 4%, 12/01/2041 
 
 
1,000,000
1,005,808
Berks County, PA, Muhlenberg School District General Obligation, 5%, 5/15/2054 
 
 
1,000,000
1,025,751
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 
 
 
1,000,000
1,016,818
Bradford & Wyoming Counties, PA, Wyalusing Area School District, General Obligation, 5.125%, 4/01/2065 
 
 
1,000,000
1,018,812
Bucks County, PA, Pennsbury School District, General Obligation, 5%, 8/01/2043 
 
 
560,000
592,964
Bucks County, PA, Pennsbury School District, General Obligation, 5%, 8/01/2044 
 
 
1,000,000
1,052,062
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031 
 
 
1,150,000
933,334
Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2043 
 
 
750,000
793,935
Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2044 
 
 
500,000
525,415
Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063 
 
 
1,500,000
1,594,082
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 
 
 
765,000
703,969
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 
 
 
1,500,000
1,514,396
Muhlenberg, PA, School District General Obligation, 5%, 5/15/2050 
 
 
1,000,000
1,035,559
Muhlenberg, PA, School District General Obligation, 5%, 5/15/2055 
 
 
1,000,000
1,032,733
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Northampton and Lehigh Counties, PA, Bethlehem Area School District General Obligation, BAM, 5%, 10/01/2042 
 
$
1,000,000
$1,065,470
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026) 
 
 
5,000
5,079
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 
 
 
1,495,000
1,510,547
Philadelphia, PA, School District, “A”, 5%, 9/01/2044 
 
 
1,500,000
1,532,142
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039 
 
 
1,000,000
991,259
 
 
 
$25,135,693
Healthcare Revenue - Hospitals – 12.6%
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 
 
$
1,000,000
$1,033,999
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034 
 
 
83,000
89,190
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039 
 
 
1,470,000
1,323,110
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
507,023
Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), “A-1”, 8%, 6/30/2034 
 
 
105,000
105,279
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project),
4%, 8/15/2044 
 
 
1,000,000
912,093
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded
12/01/2028) 
 
 
665,000
709,770
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 
 
 
335,000
337,903
Chester County, PA, Health & Education Facilities Authority, Health System Rev. (Main Line Health System), “A”,
5%, 10/01/2052 
 
 
1,750,000
1,758,448
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029) 
 
 
100,000
107,191
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 
 
 
900,000
914,361
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 
 
 
500,000
500,958
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 
 
 
1,000,000
996,877
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 
 
 
1,000,000
949,924
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 
 
 
500,000
422,336
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2039 
 
 
1,000,000
1,000,250
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042 
 
 
2,000,000
1,872,545
Montour County, PA, Geisinger Authority, Health System Rev., “A-1”, 5%, 2/15/2045 
 
 
1,000,000
1,006,101
Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke's University Health Network Project), “A”,
5%, 8/15/2048 
 
 
500,000
502,816
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053 
 
 
1,000,000
869,440
Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), 5.5%, 8/15/2055 
 
 
1,000,000
1,084,870
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036 
 
 
1,000,000
1,017,483
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 
 
 
1,000,000
1,007,694
Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), “A”,
5.5%, 7/01/2053 
 
 
1,500,000
1,609,093
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group),
“A”, 5%, 7/01/2034 
 
 
500,000
506,538
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 
 
 
1,000,000
937,307
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037 
 
 
1,400,000
1,358,764
 
 
 
$23,441,363
Healthcare Revenue - Long Term Care – 5.7%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2054 
 
$
750,000
$714,819
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 
 
 
500,000
410,656
Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project), 5.25%, 6/01/2055 
 
 
1,000,000
1,004,988
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039 
 
 
140,000
142,232
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded
1/01/2029) 
 
 
95,000
101,295
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded
1/01/2029) 
 
 
765,000
815,693
Cumberland County, PA, Municipal Authority Rev. (Messiah Village Project), “A”, 5.5%, 6/01/2051 (w)
 
 
750,000
754,370
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 
 
 
750,000
750,312
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”,
5%, 7/01/2045 
 
 
500,000
486,301
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 
 
 
260,000
266,328
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 
 
 
250,000
255,574
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 
 
$
500,000
$501,091
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 
 
 
500,000
471,808
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 
 
 
500,000
433,048
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), “A”, 5%, 5/01/2049 
 
 
900,000
888,062
Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055 
 
 
1,000,000
961,447
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project),
5.375%, 1/01/2050 
 
 
400,000
372,537
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 
 
 
750,000
751,571
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2049 
 
 
500,000
450,121
 
 
 
$10,532,253
Industrial Revenue - Environmental Services – 0.7%
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) 
 
$
200,000
$215,105
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
1,003,433
 
 
 
$1,218,538
Industrial Revenue - Other – 0.6%
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 
 
$
1,000,000
$1,113,545
Miscellaneous Revenue - Other – 1.7%
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
$
395,000
$394,370
Pennsylvania Economic Development Authority Rev. (Capitol Region Parking System), AGM, 4%, 1/01/2041 
 
 
1,300,000
1,302,022
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project),
5%, 12/31/2034 
 
 
970,000
974,383
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
525,000
515,883
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
65,000
65,580
 
 
 
$3,252,238
Multi-Family Housing Revenue – 3.3%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
$
447,377
$455,425
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (B'nai B'rith House
of Reading), FNMA, 5.25%, 9/01/2042 
 
 
1,000,000
1,071,582
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons
Apartments), FNMA, 3.6%, 8/01/2035 
 
 
904,195
899,192
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Darby Townhouses),
FNMA, 4.9%, 6/01/2041 
 
 
1,000,000
1,031,629
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Skyview Park
Apartments), FNMA, 4.625%, 2/01/2042 
 
 
1,490,000
1,503,944
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
1,273,390
 
 
 
$6,235,162
Port Revenue – 0.1%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
$
300,000
$227,901
Sales & Excise Tax Revenue – 1.7%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
120,000
$115,699
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
1,000
906
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
35,000
35,013
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
124,000
116,878
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
979,000
942,537
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
243,000
237,747
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
116,000
113,492
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
364,000
339,842
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
9,000
7,994
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
524,000
430,502
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
509,000
385,436
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
$
227,000
$75,823
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
195,000
156,000
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
184,500
 
 
 
$3,142,369
Secondary Schools – 2.4%
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy
Charter School Project), 5%, 7/01/2059 (n)
 
$
750,000
$690,938
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046 
 
 
500,000
483,041
Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), “A”,
5%, 12/15/2047 
 
 
500,000
481,678
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046 
 
 
625,000
543,205
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n)
 
 
900,000
900,190
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 
 
 
450,000
450,557
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 
 
 
500,000
490,455
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project),
5.5%, 6/15/2043 (n)
 
 
500,000
495,043
 
 
 
$4,535,107
Single Family Housing - State – 8.2%
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.6%, 10/01/2049 (n)
 
$
1,000,000
$978,666
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 6%, 10/01/2054 (n)
 
 
1,415,000
1,530,239
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032 
 
 
1,000,000
998,202
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.6%, 10/01/2043 
 
 
1,000,000
1,011,029
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.7%, 10/01/2046 
 
 
1,000,000
1,002,259
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “145A”, 4.75%, 10/01/2049 
 
 
1,000,000
988,998
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “146A”, 4.75%, 4/01/2053 
 
 
1,000,000
980,452
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “146A”, 6.25%, 10/01/2054 
 
 
980,000
1,073,084
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “149A”, 5.1%, 10/01/2045 
 
 
1,000,000
1,023,813
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “150A”, 5.15%, 10/01/2045 
 
 
1,500,000
1,526,358
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2026 
 
 
1,545,000
1,570,321
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 
 
 
1,195,000
1,269,814
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 
 
 
1,280,000
1,347,691
 
 
 
$15,300,926
State & Local Agencies – 3.1%
Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047 
 
$
565,000
$509,134
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2042 
 
 
1,375,000
1,465,884
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2043 
 
 
500,000
529,802
Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM,
5%, 4/01/2044 
 
 
650,000
684,895
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/1932) 
 
 
90,000
107,213
Pennsylvania School District Authority Rev. (William Penn School District Project), “A”, BAM, 4.125%, 3/15/2044 
 
 
1,200,000
1,199,273
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 
 
 
250,000
260,654
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 
 
 
1,000,000
1,040,707
 
 
 
$5,797,562
Student Loan Revenue – 3.3%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
$
570,000
$567,132
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.125%, 6/01/2045 
 
 
595,000
585,750
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051 
 
 
750,000
724,178
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5.5%, 6/01/2052 
 
 
750,000
761,999
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 
 
 
325,000
338,727
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 
 
 
400,000
421,193
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 
 
 
585,000
530,404
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Student Loan Revenue – continued
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 
 
$
1,155,000
$1,173,586
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044 
 
 
630,000
622,629
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “B”, 5%, 6/01/2050 
 
 
500,000
481,202
 
 
 
$6,206,800
Tax - Other – 2.9%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 
 
$
1,000,000
$1,034,681
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n)
 
 
300,000
303,568
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project),
5%, 5/01/2042 (n)
 
 
500,000
502,419
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
 
675,000
690,389
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
110,000
110,054
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
285,000
299,100
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
60,000
60,630
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
185,000
186,399
Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., “B”, 4%, 5/01/2049 
 
 
500,000
466,408
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 
 
 
1,320,000
1,237,968
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 
 
 
500,000
477,359
 
 
 
$5,368,975
Tax Assessment – 0.3%
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project),
5%, 7/01/2035 
 
$
500,000
$502,409
Tobacco – 0.5%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, “1”, 4%, 6/01/2048 
 
$
540,000
$466,218
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
 
195,000
157,845
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
360,000
329,023
 
 
 
$953,086
Toll Roads – 1.7%
Pennsylvania Turnpike Commission Oil Franchise Tax Rev., “A”, 5.25%, 12/01/2053 
 
$
1,000,000
$1,071,888
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 
 
 
1,500,000
1,400,324
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 
 
 
740,000
761,960
 
 
 
$3,234,172
Transportation - Special Tax – 1.1%
Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 
 
$
2,000,000
$2,099,171
Universities - Colleges – 11.4%
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041 
 
$
1,000,000
$971,052
Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project),
4%, 5/01/2036 
 
 
300,000
287,678
Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project),
4%, 5/01/2041 
 
 
920,000
804,814
Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania
Project), BAM, 4%, 5/01/2054 
 
 
2,750,000
2,515,248
Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049 
 
 
1,000,000
1,004,845
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM,
3.125%, 5/01/2053 
 
 
95,000
68,932
Northampton County, PA, General Purpose Authority, College Rev. (Lafayette College), 4%, 11/01/2038 
 
 
1,000,000
1,001,053
Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049 
 
 
1,000,000
920,451
Pennsylvania Economic Development Authority Rev. (Villanova University Project), 5%, 8/01/2049 
 
 
1,000,000
1,047,350
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046 
 
 
1,750,000
1,796,038
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 
 
 
750,000
780,055
Pennsylvania Higher Educational Facilities Authority Rev. (Thomas Jefferson University), “B-1”, AGM, 5.25%, 11/01/2048 
 
 
1,000,000
1,038,157
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051 
 
 
1,250,000
994,667
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM,
5%, 10/01/2038 
 
 
1,200,000
1,288,811
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
Pennsylvania State University, Tax-Exempt, “A”, 5.25%, 9/01/2052 
 
$
3,000,000
$3,150,440
Pennsylvania System of Higher Education Rev., Temple University, AGM, 5%, 4/01/2044 
 
 
1,285,000
1,373,588
Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060 
 
 
1,000,000
1,038,565
South Carolina Clemson University Athletic Facilities Rev., “A”, 3%, 5/01/2048 
 
 
1,500,000
1,125,358
 
 
 
$21,207,102
Universities - Dormitories – 0.7%
Chester County, PA, Industrial Development Authority, Student Housing Rev. (West Chester University of Pennsylvania), “A”,
BAM, 4%, 8/01/2048 
 
$
1,500,000
$1,364,645
Utilities - Municipal Owned – 0.3%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
150,000
$100,125
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
245,000
163,537
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
200,000
133,500
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
15,000
15,212
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
105,000
70,088
 
 
 
$482,462
Utilities - Other – 2.8%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
$
935,000
$987,176
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
 
925,000
982,851
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
550,000
594,579
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 
 
 
280,000
338,070
Southeast Alabama Energy Authority (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
845,000
890,358
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
520,000
557,762
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) 
 
 
825,000
848,180
 
 
 
$5,198,976
Water & Sewer Utility Revenue – 7.0%
Allegheny County, PA, Sanitary Authority Sewer Rev., 5%, 12/01/2050 
 
$
1,500,000
$1,569,285
Allegheny County, PA, Sanitary Authority Sewer Rev., 5%, 6/01/2053 
 
 
1,000,000
1,031,302
Allegheny County, PA, Sanitary Authority Sewer Rev., 5.25%, 12/01/2058 (u)
 
 
1,000,000
1,056,852
Bucks County, PA, Water & Sewer Authority, Sewer System Rev., “A”, AGM, 4.25%, 12/01/2047 
 
 
2,000,000
1,971,238
Erie County, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043 
 
 
1,000,000
1,028,396
Erie County, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050 
 
 
995,000
934,047
Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042 
 
 
1,000,000
1,015,323
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
205,000
206,201
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2038 
 
 
1,000,000
1,045,684
Philadelphia, PA, Water & Wastewater Rev., “B”, AGM, 5.5%, 9/01/2053 
 
 
1,000,000
1,071,798
Philadelphia, PA, Water & Wastewater Rev., “C”, AGM, 5.25%, 9/01/2054 
 
 
1,000,000
1,061,677
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 5%, 9/01/2048 
 
 
1,000,000
1,036,485
 
 
 
$13,028,288
Total Municipal Bonds
$176,249,445
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
274,831
$94,487
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
235,359
$150,630
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Mutual Funds (h) – 5.3%
Money Market Funds – 5.3%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
9,935,356
$9,937,343
 
Other Assets, Less Liabilities – (0.1)%
(210,811
)
Net Assets – 100.0%
$186,221,094
 
(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 $9,937,343 and
$176,494,562, 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 $6,230,420,
representing 3.3% of net assets.
(u)
Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(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
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
$—
$176,400,075
$—
$176,400,075
U.S. Corporate Bonds
—
94,487
—
94,487
Investment Companies
9,937,343
—
—
9,937,343
Total
$9,937,343
$176,494,562
$—
$186,431,905
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. 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
$4,702,009
$41,713,286
$36,478,351
$(292
)
$691
$9,937,343
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$190,212
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
Pennsylvania
84.1%
Puerto Rico
2.3%
New York
1.4%
Alabama
1.3%
Illinois
1.3%
South Carolina
0.9%
Tennessee
0.8%
California
0.7%
Wisconsin
0.6%
New Jersey
0.4%
Florida
0.3%
Guam
0.3%
New Hampshire
0.3%
Ohio
0.3%
Virgin Islands
0.3%
Colorado
0.2%
Texas
0.1%
Virginia
0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
9