NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MVA-Q3
 
Quarterly Report
December 31, 2025
MFS®  Virginia
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 – 98.3%
Airport Revenue – 3.3%
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2037 
 
$
1,000,000
$1,033,226
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2038 
 
 
1,000,000
1,030,850
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2041 
 
 
1,000,000
966,659
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.25%, 10/01/2048 
 
 
3,600,000
3,730,126
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2055 (u)
 
 
2,000,000
2,114,628
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
1,650,000
1,672,708
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”,
5%, 7/01/2034 
 
 
995,000
995,682
 
 
 
$11,543,879
General Obligations - General Purpose – 8.2%
Alexandria, VA, General Obligation, 5%, 12/15/2037 
 
$
2,080,000
$2,429,789
Alexandria, VA, General Obligation, 5%, 12/15/2038 
 
 
3,585,000
4,159,954
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2043 
 
 
1,375,000
1,377,235
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2044 
 
 
1,430,000
1,415,912
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2045 
 
 
1,485,000
1,450,551
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2046 
 
 
1,550,000
1,500,565
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
775,000
724,877
Chesterfield County, VA, Public Improvement, “A”, 4%, 1/01/2036 
 
 
1,570,000
1,600,444
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 
 
 
1,300,000
1,347,788
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
318,785
350,219
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
133,501
133,461
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
251,000
246,654
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
102,991
99,839
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
140,029
129,470
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
476,628
415,834
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
171,803
124,324
Fairfax County, VA, Public Improvement, “A”, 5%, 10/01/2037 
 
 
1,000,000
1,062,548
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2039 
 
 
800,000
886,512
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2040 
 
 
925,000
1,016,585
Petersburg, VA, General Obligation, 4.25%, 9/01/2048 
 
 
1,160,000
1,158,991
Petersburg, VA, General Obligation, 4.25%, 9/01/2053 
 
 
1,500,000
1,483,292
Petersburg, VA, General Obligation Refunding, 4.125%, 12/01/2054 
 
 
3,000,000
2,904,309
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
270,000
288,907
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
245,000
258,467
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
280,000
293,434
Suffolk, VA, General Obligation Capital Improvement, “A”, 2%, 2/01/2039 
 
 
1,675,000
1,322,551
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
365,000
353,125
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
145,000
138,699
 
 
 
$28,674,336
Healthcare Revenue - Hospitals – 14.1%
Albany-Dougherty County, GA, Hospital Authority Rev. (Phoebe Putney Health System), “A”, 5%, 9/01/2044 
 
$
1,280,000
$1,322,762
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 
 
 
2,800,000
2,992,976
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 
 
 
1,475,000
1,564,209
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043 
 
 
625,000
586,710
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 
 
 
40,000
37,417
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), 5%, 5/15/2051 
 
 
3,000,000
3,090,041
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2044 
 
 
2,000,000
1,931,551
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2048 
 
 
4,000,000
3,690,328
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”,
4.125%, 7/01/2052 
 
 
1,835,000
1,663,916
Henrico County, VA, Economic Development Authority Rev., Health Facilities (Bon Secours Mercy Health, Inc.), “A”,
5%, 11/01/2048 
 
 
1,500,000
1,549,836
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM,
5.25%, 7/01/2043 
 
$
1,000,000
$1,089,802
Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM,
5.25%, 7/01/2048 
 
 
4,000,000
4,239,760
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038 
 
 
2,200,000
2,212,272
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039 
 
 
1,320,000
1,321,602
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), “A”, 5%, 1/01/2047 
 
 
3,000,000
3,005,921
Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048 
 
 
3,000,000
2,751,847
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2036 
 
 
1,125,000
1,282,824
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2037 
 
 
500,000
564,646
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2047 
 
 
1,625,000
1,763,729
Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), “A”,
3%, 11/01/2046 
 
 
2,255,000
1,781,972
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 
 
 
3,370,000
3,037,843
Virginia Small Business Financing Authority, Health Care Facilities Refunding Rev. (Mary Washington Healthcare Obligated
Group), “A”, 5.25%, 6/15/2055 
 
 
2,500,000
2,582,173
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 
 
 
3,445,000
3,013,922
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 
 
 
600,000
601,017
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 
 
 
400,000
400,619
Winchester, VA, Economic Development Authority Rev. (Valley Health System Obligated Group), “A”, 5%, 1/01/2043 
 
 
1,065,000
1,127,368
 
 
 
$49,207,063
Healthcare Revenue - Long Term Care – 3.5%
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia), “C”, 5%, 12/01/2037 
 
$
765,000
$778,460
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
4%, 10/01/2040 
 
 
500,000
496,659
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
4%, 10/01/2045 
 
 
720,000
656,873
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
“A”, 5%, 10/01/2052 
 
 
1,500,000
1,505,139
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 
 
 
1,000,000
981,671
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge),
5%, 1/01/2037 
 
 
1,000,000
1,002,503
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 
 
 
1,000,000
1,001,159
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay),
7%, 9/01/2053 
 
 
2,000,000
2,194,939
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 5%, 1/01/2033 
 
 
1,750,000
1,840,727
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054 
 
 
750,000
766,522
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042 
 
 
1,000,000
1,000,487
 
 
 
$12,225,139
Industrial Revenue - Environmental Services – 0.6%
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”,
4.25%, 8/01/2027 (Put Date 8/01/2027) 
 
$
1,000,000
$1,004,362
Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date
7/01/2038) (n)
 
 
1,000,000
953,130
 
 
 
$1,957,492
Miscellaneous Revenue - Other – 1.2%
Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, “A”,
0%, 7/01/2049 
 
$
7,500,000
$2,348,400
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
845,000
843,652
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
1,015,000
997,374
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
130,000
131,159
 
 
 
$4,320,585
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – 14.6%
Arlington County, VA, Industrial Development Authority, Multi-Family Housing Rev. (Park Shirlington Apartments), “A”,
5%, 1/01/2026 
 
$
2,000,000
$2,000,000
Chesapeake, VA, Redevelopment & Housing Authority, Multi-Family Housing Rev. (Forest Cove II Project), 4.5%, 10/01/2040 (Put
Date 7/01/2040) 
 
 
2,965,000
3,134,199
Fairfax County, VA, Redevelopment and Housing Authority Multi-Family Housing Rev. (Residences at Government Center 2 -
NW4 Project), “A”, FHLMC, 4.7%, 12/01/2044 
 
 
3,000,000
3,009,991
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
957,172
974,393
Norfolk, VA, Economic Redevelopment and Housing Authority Multi-Family (Oak Park and Colonial Hall), FNMA,
4.25%, 9/01/2042 (Put Date 2/01/2041) 
 
 
3,984,681
4,008,279
Richmond, VA, Redevelopment & Housing Authority, Multi-Family Tax-Exempt Mortgage Backed, MTEMS (Chippenham Place
Apartments), FNMA, 4.5%, 5/01/2040 
 
 
3,961,084
4,127,956
Virginia Housing Development Authority, Rental Housing, “A”, 3.8%, 9/01/2044 
 
 
2,000,000
1,910,248
Virginia Housing Development Authority, Rental Housing, “A”, 4.6%, 9/01/2049 
 
 
1,000,000
981,681
Virginia Housing Development Authority, Rental Housing, “A”, 4.8%, 9/01/2059 
 
 
1,000,000
998,671
Virginia Housing Development Authority, Rental Housing, “B”, 4.4%, 3/01/2043 
 
 
710,000
719,812
Virginia Housing Development Authority, Rental Housing, “B”, 4.45%, 3/01/2045 
 
 
1,535,000
1,545,433
Virginia Housing Development Authority, Rental Housing, “B”, 4.55%, 3/01/2048 
 
 
2,580,000
2,557,209
Virginia Housing Development Authority, Rental Housing, “C”, 4.8%, 12/01/2049 
 
 
1,000,000
999,654
Virginia Housing Development Authority, Rental Housing, “D”, 1.8%, 5/01/2033 
 
 
500,000
428,188
Virginia Housing Development Authority, Rental Housing, “D”, 3.7%, 10/01/2038 
 
 
3,000,000
2,988,425
Virginia Housing Development Authority, Rental Housing, “D”, 4.75%, 8/01/2053 
 
 
4,000,000
3,931,378
Virginia Housing Development Authority, Rental Housing, “D”, 4%, 10/01/2053 
 
 
2,875,000
2,596,366
Virginia Housing Development Authority, Rental Housing, “E”, 3.15%, 12/01/2049 
 
 
1,635,000
1,280,409
Virginia Housing Development Authority, Rental Housing, “E”, 4.25%, 6/01/2052 
 
 
3,000,000
2,859,110
Virginia Housing Development Authority, Rental Housing, “F”, 1.6%, 7/01/2033 
 
 
770,000
644,568
Virginia Housing Development Authority, Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048 
 
 
4,000,000
4,086,390
Virginia Housing Development Authority, Rental Housing, “G”, 5.05%, 11/01/2047 
 
 
1,000,000
1,020,375
Virginia Housing Development Authority, Rental Housing, “G”, 5.15%, 11/01/2052 
 
 
2,680,000
2,737,174
Virginia Housing Development Authority, Rental Housing, “G”, 5.375%, 11/01/2064 
 
 
1,250,000
1,295,887
 
 
 
$50,835,796
Parking – 0.5%
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 
 
$
1,000,000
$1,021,515
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 
 
 
750,000
765,076
 
 
 
$1,786,591
Port Revenue – 2.0%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
$
590,000
$448,206
Virginia Port Authority Facilities Refunding Rev., “B”, 5%, 7/01/2041 
 
 
750,000
757,031
Virginia Port Authority Facilities Rev., 5.25%, 7/01/2050 
 
 
1,500,000
1,591,238
Virginia Port Authority Facilities Rev., 5.25%, 7/01/2055 
 
 
4,000,000
4,218,985
 
 
 
$7,015,460
Sales & Excise Tax Revenue – 6.0%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
245,000
$236,219
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5%, 7/01/2054 
 
 
2,765,000
2,875,776
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 4%, 7/01/2057 
 
 
4,000,000
3,609,460
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5.25%, 7/01/2064 
 
 
4,000,000
4,207,255
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
6,000
5,435
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
77,000
77,029
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
249,000
234,698
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
6,292,000
6,057,656
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
476,000
465,710
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
251,000
245,574
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
122,000
113,903
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
26,000
23,093
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
1,212,000
995,741
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
1,160,000
878,401
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
556,000
185,715
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
$
650,000
$520,000
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
345,000
310,500
 
 
 
$21,042,165
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2056 (n)
 
$
325,000
$280,629
Single Family Housing - State – 2.3%
Virginia Housing Development Authority, Commonwealth Mortgage, “E-1”, 4.55%, 10/01/2049 
 
$
1,500,000
$1,482,656
Virginia Housing Development Authority, Commonwealth Mortgage, “E-2”, 4.4%, 10/01/2044 
 
 
1,000,000
1,002,865
Virginia Housing Development Authority, Commonwealth Mortgage, “E-2”, 4.55%, 10/01/2049 
 
 
1,100,000
1,087,281
Virginia Housing Development Authority, Commonwealth Mortgage, “E-3”, 4.6%, 10/01/2049 
 
 
1,500,000
1,478,507
Virginia Housing Development Authority, Commonwealth Mortgage, “F-3”, 5%, 7/01/2050 
 
 
3,000,000
3,036,816
 
 
 
$8,088,125
State & Local Agencies – 8.8%
Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047 
 
$
1,170,000
$1,054,313
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 
 
 
1,000,000
1,005,776
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition),
5%, 10/01/2038 
 
 
1,500,000
1,579,621
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition),
5%, 10/01/2039 
 
 
1,765,000
1,835,697
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 
 
 
1,000,000
960,531
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 
 
 
580,000
551,015
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 
 
 
3,000,000
2,879,815
Loudoun County, VA, Economic Development Authority Rev. (Public Facilities Project), “A”, 3%, 12/01/2037 
 
 
2,000,000
1,859,175
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/1932) 
 
 
200,000
238,252
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 
 
 
3,205,000
3,240,065
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “A”,
5%, 2/01/2038 
 
 
4,000,000
4,402,158
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 (Prerefunded 8/01/2029) 
 
 
30,000
31,401
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 
 
 
2,000,000
2,020,114
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5%, 7/15/2045 
 
 
5,000,000
5,139,387
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5.25%, 7/15/2059 (u)
 
 
3,685,000
3,850,277
 
 
 
$30,647,597
Student Loan Revenue – 0.4%
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 
 
 
385,000
304,702
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
 
1,110,000
1,104,415
 
 
 
$1,413,997
Tax - Other – 1.1%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
$
1,525,000
$1,559,768
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
245,000
245,119
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
635,000
666,416
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 
 
 
1,965,000
1,441,856
 
 
 
$3,913,159
Tax Assessment – 0.4%
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)
 
$
1,000,000
$989,818
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n)
 
 
500,000
500,671
 
 
 
$1,490,489
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tobacco – 0.3%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
$
610,000
$493,773
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
760,000
694,603
 
 
 
$1,188,376
Toll Roads – 6.9%
Chesapeake Bay, VA, Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 
 
$
3,000,000
$3,001,769
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects),
“A”, AGM, 4%, 10/01/2052 
 
 
4,180,000
3,708,293
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital
Improvement Project), “B”, 4%, 10/01/2044 
 
 
3,000,000
2,786,958
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital
Improvement Project), “B”, AGM, 4%, 10/01/2053 
 
 
2,830,000
2,501,904
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 
 
 
3,000,000
3,213,562
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project),
4%, 1/01/2040 
 
 
2,000,000
1,937,550
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 
 
 
3,000,000
2,468,770
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052 
 
 
2,000,000
1,915,175
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2056 
 
 
1,000,000
947,705
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 
 
 
1,470,000
1,513,624
 
 
 
$23,995,310
Transportation - Special Tax – 2.8%
Commonwealth of Virginia, Transportation Capital Projects Refunding Rev., “A”, 4%, 5/15/2035 
 
$
2,750,000
$2,794,437
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 
 
 
1,560,000
1,598,389
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 
 
 
1,560,000
1,596,023
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043 
 
 
3,860,000
3,912,186
 
 
 
$9,901,035
Universities - Colleges – 6.2%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 
 
$
265,000
$264,557
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 11/01/2037 
 
 
745,000
754,300
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 5/01/2048 
 
 
2,475,000
2,289,889
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), “A”,
5%, 1/01/2043 
 
 
1,000,000
1,021,315
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities
Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 
 
 
325,000
325,735
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 
 
 
595,000
595,668
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 4%, 4/01/2040 
 
 
250,000
233,957
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 5%, 4/01/2049 
 
 
800,000
766,497
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2050 
 
 
500,000
525,751
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2055 
 
 
500,000
523,482
University of Virginia, General Rev. Pledge Refunding, “B”, 5%, 4/01/2046 
 
 
2,500,000
2,532,397
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2054 
 
 
2,000,000
2,094,469
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2049 
 
 
1,000,000
1,053,175
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “A”, 5%, 7/01/2035 (n)
 
 
1,000,000
855,456
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
 
 
1,000,000
872,501
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 
 
 
1,600,000
1,601,066
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 
 
 
1,280,000
1,269,114
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 
 
 
470,000
374,862
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 
 
 
1,250,000
1,070,784
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 
 
 
1,000,000
1,081,998
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William
& Mary Project), “B”, AGM, 4.125%, 7/01/2048 
 
 
1,000,000
957,809
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William
& Mary Project), “B”, AGM, 4.25%, 7/01/2058 
 
 
755,000
715,631
 
 
 
$21,780,413
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Dormitories – 0.6%
Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC -
William & Mary Project), “B”, AGM, 4%, 7/01/2048 
 
$
2,245,000
$2,081,374
Utilities - Investor Owned – 1.2%
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”,
3.65%, 11/01/2035 (Put Date 10/01/2027) 
 
$
4,000,000
$4,049,080
Utilities - Municipal Owned – 1.1%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
320,000
$213,600
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
535,000
357,113
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 
 
 
45,000
44,219
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
430,000
287,025
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 
 
 
185,000
183,418
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 
 
 
340,000
343,794
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
35,000
35,494
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
225,000
150,188
Richmond, VA, Public Utility Refunding Rev., “C”, 4%, 1/15/2045 
 
 
1,000,000
980,072
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 
 
 
1,455,000
1,297,683
 
 
 
$3,892,606
Utilities - Other – 3.2%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
$
2,020,000
$2,132,723
Kentucky Public Energy Authority, Gas Supply Rev., “B”, 5%, 12/01/2033 
 
 
1,715,000
1,777,907
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
1,300,000
1,405,368
Southeast Alabama Energy Authority (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
1,850,000
1,949,305
Southeast Alabama Energy Authority, “A”, 5%, 11/01/2035 
 
 
1,980,000
2,102,381
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
1,115,000
1,195,971
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 
 
 
625,000
631,359
 
 
 
$11,195,014
Water & Sewer Utility Revenue – 8.9%
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 
 
$
3,000,000
$3,056,618
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 
 
 
1,045,000
1,059,857
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
430,000
432,519
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 8/01/2034 (Prerefunded 8/01/2026) 
 
 
3,000,000
3,043,432
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 4%, 10/01/2038 
 
 
1,265,000
1,279,134
Hampton Roads, VA, Sanitation District Wastewater Rev., “B”, 5%, 7/01/2054 
 
 
2,000,000
2,091,659
Henrico County, VA, Water & Sewer System Rev., 4%, 5/01/2046 
 
 
1,435,000
1,381,606
Prince William County, VA, Water & Sewer Refunding Rev., 5%, 7/15/2055 
 
 
1,160,000
1,228,620
Prince William County, VA, Water & Sewer System Refunding Rev., 5%, 7/15/2050 
 
 
750,000
796,838
Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046 
 
 
3,865,000
3,925,312
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 
 
 
2,065,000
1,688,049
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2027 
 
 
45,000
45,084
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2028 
 
 
40,000
40,074
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2036 
 
 
3,450,000
3,534,548
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2039 
 
 
1,610,000
1,762,607
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2041 
 
 
1,030,000
1,113,368
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2042 
 
 
1,330,000
1,425,250
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 5.25%, 11/01/2047 
 
 
2,350,000
2,501,098
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 4.75%, 11/01/2052 
 
 
750,000
760,995
 
 
 
$31,166,668
Total Municipal Bonds
$343,692,378
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
659,596
$226,769
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
514,224
$329,104
Mutual Funds (h) – 1.5%
Money Market Funds – 1.5%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
5,368,814
$5,369,888
 
Other Assets, Less Liabilities – (0.0)%
(142,429
)
Net Assets – 100.0%
$349,475,710
 
(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 $5,369,888 and
$344,248,251, 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 $6,353,126,
representing 1.8% 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
FHLMC
Federal Home Loan Mortgage Corp.
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
$—
$344,021,482
$—
$344,021,482
U.S. Corporate Bonds
—
226,769
—
226,769
Investment Companies
5,369,888
—
—
5,369,888
Total
$5,369,888
$344,248,251
$—
$349,618,139
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
$6,659,052
$80,244,442
$81,536,244
$1,852
$786
$5,369,888
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$382,200
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
Virginia
75.1%
Washington DC
9.1%
Puerto Rico
3.8%
Alabama
1.8%
Illinois
1.6%
New York
1.6%
Texas
1.2%
Wisconsin
0.7%
Tennessee
0.5%
Guam
0.5%
Kentucky
0.5%
New Jersey
0.4%
South Carolina
0.4%
Georgia
0.4%
U.S. Virgin Islands
0.3%
New Hampshire
0.3%
Florida
0.3%
California
0.2%
Ohio
0.1%
Iowa
0.1%
Pennsylvania (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