NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MMP-Q3
 
Quarterly Report
December 31, 2025
MFS®  Mississippi
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 – 97.2%
Airport Revenue – 1.3%
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 
 
$
60,000
$54,985
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 
 
 
55,000
49,191
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 
 
 
475,000
476,977
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”,
5%, 7/01/2034 
 
 
230,000
230,158
 
 
 
$811,311
General Obligations - General Purpose – 13.4%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
220,000
$205,771
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029 
 
 
41,212
43,667
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
40,029
43,976
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
37,958
37,947
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
66,803
65,646
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
29,283
28,387
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
39,814
36,812
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
128,406
112,028
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
48,848
35,349
Mississippi Development Bank Special Obligation (Desoto County, Mississippi Convention Center General Obligation Bond
Project), 5%, 3/01/2045 
 
 
1,000,000
1,041,878
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 
 
 
1,000,000
1,120,908
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045 
 
 
500,000
454,837
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 
 
 
500,000
506,193
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 
 
 
500,000
426,107
Mississippi Development Bank Special Obligation (Olive Branch Public Improvement), 4%, 6/01/2044 
 
 
750,000
727,313
Mississippi Development Bank Special Obligation (Tupelo Public Improvement General Obligation Project), 4%, 9/01/2044 
 
 
275,000
266,602
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM,
5%, 7/01/2048 
 
 
1,000,000
1,009,347
Pearl, MS, General Obligation Public Improvement, BAM, 4.75%, 9/01/2038 
 
 
275,000
297,947
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
150,000
160,504
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
65,000
68,119
State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026) 
 
 
1,000,000
1,021,533
State of Mississippi, “B”, 3%, 10/01/2035 
 
 
770,000
740,052
 
 
 
$8,450,923
General Obligations - Schools – 13.9%
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 
 
$
700,000
$534,304
Madison County, MS, Certificate of Participation (Canton Public School District Lease Purchase Project), BAM, 5.25%, 1/01/2045 
 
 
350,000
373,105
Mississippi Development Bank Special Obligation (Columbus Municipal School District General Obligation Project), BAM,
5.25%, 5/01/2047 
 
 
500,000
523,361
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 
 
 
1,000,000
1,042,326
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2038 
 
 
460,000
478,736
Mississippi Development Bank Special Obligation (Lamar County School District General Obligation Project), 5%, 6/01/2050 
 
 
500,000
517,545
Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM,
4.125%, 4/01/2043 
 
 
1,000,000
974,359
Mississippi Development Bank Special Obligation (Ocean Springs School District General Obligation Bond Project),
5%, 6/01/2050 
 
 
500,000
516,771
Mississippi Development Bank Special Obligation (Oxford School District), 4%, 4/01/2044 
 
 
350,000
333,048
Mississippi Development Bank Special Obligation (Petal School District), AGM, 5%, 5/01/2049 
 
 
1,000,000
1,038,208
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 
 
 
750,000
702,002
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035 
 
 
1,020,000
763,929
Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038 
 
 
1,000,000
1,015,933
 
 
 
$8,813,627
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 3.2%
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 
 
$
20,000
$17,285
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5.5%, 7/01/2055 
 
 
500,000
519,108
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Ochsner Clinic Foundation Project), “C”, 5%, 5/15/2055 
 
 
500,000
511,684
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”,
4%, 1/01/2040 
 
 
1,000,000
988,536
 
 
 
$2,036,613
Industrial Revenue - Environmental Services – 0.8%
Mississippi Business Finance Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 3/01/2027 
 
$
500,000
$501,600
Industrial Revenue - Other – 0.8%
Mississippi Development Bank, Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n)
 
$
425,000
$405,729
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”,
2.875%, 1/01/2041 (n)
 
 
100,000
73,854
 
 
 
$479,583
Industrial Revenue - Paper – 0.8%
Warren County, MS, Gulf Opportunity Zone Refunding Rev. (International Paper Co. Project), “A”, 4.2%, 5/01/2034 
 
$
500,000
$519,156
Miscellaneous Revenue - Other – 1.1%
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
$
210,000
$209,665
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057 
 
 
310,000
305,747
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
180,000
176,874
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
35,000
35,312
 
 
 
$727,598
Multi-Family Housing Revenue – 2.9%
Mississippi Home Corp., Multi-Family Housing Rev. (Jackson Housing Portfolio Project), 4.55%, 4/01/2042 
 
$
750,000
$762,900
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
235,241
239,473
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA,
2.45%, 11/01/2045 
 
 
580,000
408,871
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), “A”, FNMA,
4.45%, 4/01/2043 
 
 
30,000
29,927
Virginia Housing Development Authority, Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048 
 
 
385,000
393,315
 
 
 
$1,834,486
Sales & Excise Tax Revenue – 5.0%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
70,000
$67,491
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 
 
 
750,000
823,886
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 
 
 
20,000
20,008
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
71,000
66,922
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
1,086,000
1,045,552
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
162,000
158,498
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
71,000
69,465
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
234,000
218,470
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
7,000
6,217
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
346,000
284,263
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
330,000
249,890
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
150,000
50,103
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
115,000
92,000
 
 
 
$3,153,671
Single Family Housing - State – 14.7%
Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., “A”, GNMA, 5.75%, 4/01/2055 
 
$
240,000
$261,139
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 4.8%, 12/01/2045 
 
 
750,000
756,556
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 4.65%, 12/01/2054 
 
 
1,750,000
1,739,605
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Single Family Housing - State – continued
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043 
 
$
1,000,000
$804,521
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 3.95%, 12/01/2042 
 
 
1,000,000
1,000,958
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.65%, 12/01/2044 
 
 
750,000
761,283
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 5.125%, 12/01/2045 
 
 
500,000
509,827
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.05%, 12/01/2047 
 
 
1,000,000
934,463
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.65%, 12/01/2048 
 
 
1,000,000
983,572
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.8%, 12/01/2049 
 
 
750,000
753,591
Mississippi Home Corp., Single Family Mortgage Rev., “E”, GNMA, 4.45%, 12/01/2044 
 
 
750,000
754,985
 
 
 
$9,260,500
State & Local Agencies – 5.7%
Hinds County, MS, Certificates of Participation (Lease Purchase Project), “A”, BAM, 4.625%, 9/01/2054 (n)
 
$
500,000
$461,702
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 
 
 
500,000
500,765
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 
 
 
1,000,000
1,014,937
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2048 
 
 
750,000
817,721
Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053 
 
 
750,000
812,748
 
 
 
$3,607,873
Student Loan Revenue – 0.2%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 
 
$
10,000
$9,760
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 
 
 
110,000
87,057
 
 
 
$96,817
Tax - Other – 4.3%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
$
350,000
$357,979
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
65,000
65,032
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
150,000
157,421
State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), “A”, 4%, 10/01/2045 
 
 
750,000
700,927
State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), “A”, 5%, 10/01/2049 
 
 
1,000,000
1,037,715
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 
 
 
545,000
399,904
 
 
 
$2,718,978
Tobacco – 0.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, “1”, 4%, 6/01/2048 
 
$
265,000
$228,792
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
190,000
173,651
 
 
 
$402,443
Toll Roads – 0.8%
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 
 
$
280,000
$230,418
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 
 
 
270,000
278,013
 
 
 
$508,431
Universities - Colleges – 13.3%
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 
 
$
370,000
$305,954
Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM,
4%, 5/01/2044 
 
 
500,000
476,863
Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM,
5%, 5/01/2049 
 
 
750,000
773,786
Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project),
4%, 3/01/2050 
 
 
435,000
395,182
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”,
4%, 8/01/2043 
 
 
600,000
584,062
Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 4%, 8/01/2049 
 
 
750,000
694,078
Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 5%, 8/01/2053 
 
 
750,000
776,823
University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 
 
 
1,000,000
928,037
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”,
5%, 6/01/2042 
 
 
1,250,000
1,266,985
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”,
4%, 6/01/2047 
 
 
1,000,000
936,349
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”,
5%, 6/01/2047 
 
$
1,250,000
$1,257,422
 
 
 
$8,395,541
Utilities - Investor Owned – 0.5%
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 
 
$
500,000
$324,157
Utilities - Municipal Owned – 1.1%
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
$
180,000
$120,150
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 
 
 
15,000
14,739
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
120,000
80,100
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 
 
 
60,000
59,487
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 
 
 
105,000
106,172
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
10,000
10,141
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 
 
 
355,000
316,617
 
 
 
$707,406
Utilities - Other – 2.5%
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
$
460,000
$488,769
Southeast Alabama Energy Authority, “A”, 5%, 11/01/2035 
 
 
210,000
222,980
Southeast Alabama Energy Authority, “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) 
 
 
560,000
611,783
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
265,000
284,244
 
 
 
$1,607,776
Water & Sewer Utility Revenue – 10.3%
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 
 
$
145,000
$145,067
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
120,000
120,703
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 
 
 
2,000,000
2,000,962
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 
 
 
1,105,000
1,038,532
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 
 
 
1,500,000
1,369,114
Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM,
6.875%, 12/01/2040 
 
 
750,000
762,311
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) 
 
 
1,000,000
1,049,739
 
 
 
$6,486,428
Total Municipal Bonds
$61,444,918
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
164,899
$56,693
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
146,208
$93,573
Mutual Funds (h) – 2.1%
Money Market Funds – 2.1%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
1,311,652
$1,311,914
 
Other Assets, Less Liabilities – 0.5%
292,854
Net Assets – 100.0%
$63,199,952
 
(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 $1,311,914 and
$61,595,184, respectively.
4
Portfolio of Investments (unaudited) – continued
(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 $1,299,643,
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
FHA
Federal Housing Administration
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.
5
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
$—
$61,538,491
$—
$61,538,491
U.S. Corporate Bonds
—
56,693
—
56,693
Investment Companies
1,311,914
—
—
1,311,914
Total
$1,311,914
$61,595,184
$—
$62,907,098
For further information regarding security characteristics, see the Portfolio of Investments.
6
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
$1,038,250
$11,591,660
$11,318,130
$(21
)
$155
$1,311,914
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$33,954
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
Mississippi
77.0%
Puerto Rico
4.9%
New York
2.7%
California
2.3%
Massachusetts
1.8%
Alabama
1.8%
Illinois
1.6%
Virginia
1.1%
Arkansas
0.9%
Texas
0.7%
Wisconsin
0.6%
Guam
0.5%
Pennsylvania
0.5%
Tennessee
0.5%
New Hampshire
0.4%
Ohio
0.4%
U.S. Virgin Islands
0.3%
Colorado
0.2%
Iowa
0.2%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
7