NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MAR-Q3
 
Quarterly Report
December 31, 2025
MFS®  Arkansas
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 – 99.4%
Airport Revenue – 0.6%
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 
 
$
840,000
$843,496
General Obligations - General Purpose – 2.1%
Arkansas Higher Education, General Obligation, 4%, 6/01/2029 
 
$
1,000,000
$1,001,374
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
375,000
350,747
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 
 
 
550,000
570,218
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
63,265
69,503
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
59,992
59,974
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
111,025
109,103
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
46,282
44,866
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
62,925
58,180
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
216,442
188,835
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
77,204
55,868
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
120,000
128,403
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 
 
 
115,000
120,518
 
 
 
$2,878,910
General Obligations - Schools – 8.6%
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047 
 
$
1,000,000
$947,215
Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046 
 
 
1,000,000
668,756
Crittenden County, AR, Community College District, 4.6%, 2/01/2035 
 
 
285,000
282,129
Crittenden County, AR, Community College District, 4.7%, 2/01/2040 
 
 
625,000
606,990
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 
 
 
1,000,000
928,480
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045 
 
 
1,370,000
999,522
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041 
 
 
1,100,000
1,100,611
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042 
 
 
1,000,000
979,378
Jefferson County, AR, Pine Bluff School District No. 3 Construction, “B”, 4.25%, 2/01/2053 
 
 
1,000,000
955,182
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 
 
 
755,000
576,285
North Little Rock, AR, School District No. 1, 2%, 2/01/2027 
 
 
2,000,000
1,969,857
North Little Rock, AR, School District No. 1, 2%, 2/01/2038 
 
 
865,000
686,258
Union County, AR, El Dorado School District No. 15 Refunding & Construction, “A”, 5%, 2/01/2044 
 
 
1,250,000
1,281,891
 
 
 
$11,982,554
Healthcare Revenue - Hospitals – 12.2%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 
 
$
1,000,000
$1,006,321
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029 
 
 
1,000,000
1,001,582
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034 
 
 
740,000
776,201
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 
 
 
2,000,000
2,009,022
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 
 
 
750,000
654,893
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 
 
 
1,250,000
873,343
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 
 
 
1,900,000
1,921,169
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 
 
 
990,000
887,281
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033 
 
 
1,645,000
1,645,586
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 
 
 
500,000
502,013
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 
 
 
30,000
25,928
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038 
 
 
1,000,000
954,862
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 
 
 
20,000
18,709
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”,
4.125%, 7/01/2052 
 
 
810,000
734,481
Montgomery County, MD, Rev. (Trinity Health Credit Group), “MD”, 5%, 12/01/2045 
 
 
300,000
300,811
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048 
 
 
1,000,000
958,939
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 
 
 
2,820,000
2,840,614
 
 
 
$17,111,755
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – 0.5%
Arkansas Development Finance Authority, Resource Recovery Rev. (Weyerhaeuser Co. Project) , 3.875%, 10/15/2065 (Put Date
10/15/2032) 
 
$
750,000
$750,669
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”,
2.875%, 1/01/2041 (n)
 
$
170,000
$125,552
Miscellaneous Revenue - Other – 5.3%
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 
 
$
2,605,000
$2,609,604
Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050 
 
 
1,000,000
949,335
Fayetteville, AR, Hotel, Motel & Restaurant Rev., BAM, 5%, 11/01/2034 
 
 
2,000,000
2,003,456
Jonesboro, AR, Capital Improvement Rev., AGM, 5.2%, 8/01/2055 
 
 
500,000
516,044
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
375,000
374,402
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057 
 
 
560,000
552,316
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
400,000
393,054
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
60,000
60,535
 
 
 
$7,458,746
Multi-Family Housing Revenue – 0.3%
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
$
420,363
$427,926
Sales & Excise Tax Revenue – 19.8%
Alma, AR, Sales & Use Tax, AGM, 4.125%, 3/01/2039 
 
$
905,000
$924,853
Batesville, AK, Sales & Use Tax Rev., “B”, BAM, 4%, 2/01/2047 
 
 
2,250,000
2,153,411
Batesville, AK, Sales & Use Tax Rev., “B”, BAM, 4%, 2/01/2049 
 
 
750,000
726,966
Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2038 
 
 
1,000,000
1,023,793
Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2040 
 
 
750,000
765,215
Centerton, AR, Sales and Use Tax Improvement, AGM, 4%, 11/01/2044 
 
 
1,500,000
1,457,487
Centerton, AR, Sales and Use Tax Improvement, AGM, 4.125%, 11/01/2049 
 
 
1,000,000
970,427
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 
 
 
1,150,000
1,150,809
Dardanelle, AR, Water & Sewer, Sales & Use Tax Refunding & Improvement Rev., BAM, 5.125%, 10/01/2055 
 
 
1,000,000
1,019,527
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2032 
 
 
350,000
345,262
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2033 
 
 
370,000
360,260
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2034 
 
 
380,000
370,744
Forrest City, AR, Sales & Use Tax, 3%, 11/01/2036 
 
 
400,000
382,749
Fort Smith, AR, Sales & Use Tax, AGM, 5.25%, 11/01/2055 
 
 
1,000,000
1,051,314
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
 
110,000
106,057
Hope, AR, Sales & Use Tax, BAM, 4.5%, 6/01/2046 
 
 
300,000
299,983
Madison County, AR, Sales & Use Tax, 4.375%, 12/01/2043 
 
 
1,000,000
1,013,476
Madison County, AR, Sales & Use Tax, 4.625%, 12/01/2048 
 
 
500,000
514,584
Magnolia, AR, Sales & Use Tax Improvement, “B”, BAM, 4.375%, 4/01/2050 
 
 
650,000
635,289
Marion, AR, Sales & Use Tax Improvement, “B”, AGM, 5%, 11/01/2050 
 
 
1,000,000
1,018,867
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 
 
 
1,000,000
1,098,515
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 
 
 
425,000
408,050
Osceola, AR, Sales & Use Tax Rev. Improvement, BAM, 4%, 6/01/2044 
 
 
1,300,000
1,257,723
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 
 
 
1,170,000
1,170,091
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
2,000
1,812
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
36,000
36,013
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
122,000
114,993
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
2,403,000
2,313,501
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
235,000
229,920
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
120,000
117,406
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
62,000
57,885
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
12,000
10,658
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
593,000
487,190
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
568,000
430,114
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
270,000
90,185
Searcy, AR, Sales & Use Tax, 4%, 11/01/2041 
 
 
1,000,000
985,579
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Searcy, AR, Sales & Use Tax, 4.125%, 11/01/2044 
 
$
460,000
$445,375
Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, “B”, BAM, 4.125%, 8/01/2050 
 
 
2,000,000
1,893,839
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
180,000
144,000
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
200,000
180,000
 
 
 
$27,763,922
Secondary Schools – 0.7%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 
 
$
750,000
$721,827
District of Columbia Rev. (Rocketship D.C. Obligated Group), “A”, 5%, 6/01/2039 (n)
 
 
250,000
248,447
 
 
 
$970,274
Single Family Housing - State – 7.9%
Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., “A”, GNMA, 5.75%, 4/01/2055 
 
$
720,000
$783,417
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“A”, GNMA, 4.6%, 7/01/2045 
 
 
1,310,000
1,306,437
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“A”, GNMA, 4.6%, 7/01/2049 
 
 
795,000
781,927
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“A”, GNMA, 4.65%, 1/01/2054 
 
 
975,000
967,817
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“A”, GNMA, 5%, 7/01/2054 
 
 
940,000
985,761
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“B”, GNMA, 5%, 7/01/2050 
 
 
1,000,000
1,009,947
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“B”, GNMA, 5.5%, 1/01/2056 
 
 
1,500,000
1,629,327
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“C”, 4.45%, 7/01/2045 
 
 
1,000,000
989,546
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program),
“C”, GNMA, 5%, 1/01/2055 
 
 
1,455,000
1,540,140
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 4.45%, 9/01/2043 
 
 
825,000
829,435
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”,
GNMA, 4.5%, 9/01/2046 
 
 
275,000
275,736
 
 
 
$11,099,490
Student Loan Revenue – 0.1%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 
 
$
5,000
$4,880
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 
 
 
185,000
146,415
 
 
 
$151,295
Tax - Other – 3.2%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
$
95,000
$95,046
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
260,000
272,864
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 
 
 
3,000,000
3,005,160
Searcy, AR, Hotel & Restaurant Gross Receipts Tax, BAM, 4.25%, 4/01/2045 
 
 
500,000
492,786
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 
 
 
890,000
653,054
 
 
 
$4,518,910
Tax Assessment – 0.0%
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 
 
$
15,000
$14,970
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 
 
 
12,000
12,222
 
 
 
$27,192
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tobacco – 2.6%
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC,
0%, 7/01/2027 
 
$
2,470,000
$2,353,857
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC,
0%, 7/01/2028 
 
 
500,000
461,247
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, “1”, 4%, 6/01/2048 
 
 
185,000
159,723
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
 
475,000
384,495
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
325,000
297,034
 
 
 
$3,656,356
Toll Roads – 1.4%
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects),
“A”, AGM, 4%, 10/01/2052 
 
$
1,000,000
$887,151
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 
 
 
500,000
411,462
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 
 
 
590,000
607,509
 
 
 
$1,906,122
Universities - Colleges – 12.0%
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 
 
$
2,500,000
$2,502,956
Arkansas Technology University, Student Fee Rev., “A”, BAM, 5%, 12/01/2042 
 
 
500,000
514,484
Arkansas Technology University, Student Fee Rev., “A”, BAM, 4.5%, 12/01/2047 
 
 
500,000
497,331
Board of Trustees of the University of Arkansas, Student Fee Rev. (Community College at Morrilton), 5%, 5/01/2051 
 
 
1,000,000
1,040,529
Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043 
 
 
1,500,000
1,543,610
Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2047 
 
 
2,000,000
2,077,987
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), “A”, 5%, 12/01/2045 
 
 
1,705,000
1,771,664
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2047 
 
 
2,000,000
2,075,494
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2052 
 
 
500,000
515,673
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047 
 
 
1,000,000
1,037,270
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052 
 
 
1,000,000
927,317
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College), “M”, 3%, 7/01/2047 
 
 
1,120,000
838,050
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 
 
 
620,000
512,680
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 4.375%, 10/01/2031 
 
 
60,000
59,337
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 5%, 10/01/2042 
 
 
65,000
61,870
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 
 
 
340,000
340,382
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048 
 
 
550,000
488,058
 
 
 
$16,804,692
Utilities - Municipal Owned – 0.7%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
$
100,000
$66,750
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
 
100,000
66,750
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)
 
 
145,000
96,787
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
210,000
140,175
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)
 
 
110,000
73,425
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 
 
 
625,000
557,424
 
 
 
$1,016,523
Utilities - Other – 4.0%
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
$
815,000
$865,971
Osceola, AR, Utility & Improvement Refunding Rev., “A”, BAM, 4.25%, 8/01/2053 
 
 
1,500,000
1,443,551
Southeast Alabama Energy Authority (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
755,000
795,527
Southeast Alabama Energy Authority, “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) 
 
 
1,005,000
1,097,932
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) 
 
 
725,000
745,370
West Memphis, AR, Public Utility System Rev., BAM, 4.25%, 12/01/2049 
 
 
700,000
665,147
 
 
 
$5,613,498
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – 17.3%
Arkansas Community Water System, Public Water Authority Rev., AGM, 5%, 10/01/2038 
 
$
205,000
$223,116
Arkansas Community Water System, Public Water Authority Rev., AGM, 5%, 10/01/2039 
 
 
100,000
108,119
Arkansas Community Water System, Public Water Authority Rev., AGM, 5%, 10/01/2040 
 
 
175,000
187,840
Arkansas Development Finance Authority Rev. (Revolving Loan Fund), 5%, 6/01/2050 
 
 
1,310,000
1,381,543
Arkansas Development Finance Authority, Revolving Loan Rev., 5%, 6/01/2045 (w)
 
 
1,000,000
1,070,705
Arkansas Development Finance Authority, Revolving Loan Rev., 5%, 6/01/2046 (w)
 
 
1,000,000
1,066,124
Benton & Washington Counties, AR, Beaver Water District Rev., 4.875%, 4/15/2050 
 
 
1,000,000
1,033,224
Benton & Washington Counties, AR, Beaver Water District Rev., 5%, 4/15/2055 
 
 
1,000,000
1,039,699
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.125%, 10/01/2049 
 
 
750,000
699,833
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052 
 
 
500,000
447,381
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.25%, 10/01/2054 
 
 
750,000
711,875
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4%, 5/01/2044 
 
 
645,000
612,835
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4.25%, 5/01/2049 
 
 
1,620,000
1,513,020
Conway County, AR, Regional Water Distribution District Rev. Improvement, “B”, BAM, 4.375%, 5/01/2054 
 
 
1,885,000
1,775,691
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039 
 
 
525,000
527,765
Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2049 
 
 
500,000
457,284
Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2054 
 
 
345,000
316,545
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 
 
 
500,000
500,233
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
200,000
201,172
Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047 
 
 
1,500,000
1,447,327
Hot Springs, AR, Waterworks & Construction Rev., “B”, BAM, 2.75%, 12/01/2047 
 
 
1,000,000
696,380
Hot Springs, AR, Waterworks & Construction Rev., “B”, BAM, 2.75%, 12/01/2050 
 
 
1,000,000
668,933
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 
 
 
1,750,000
1,709,993
Malvern, AR, Water& Sewer Refunding & Construction Rev., BAM, 3.7%, 8/01/2043 
 
 
750,000
690,205
Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2045 
 
 
1,000,000
991,642
Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2046 
 
 
1,000,000
979,585
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2040 
 
 
550,000
559,912
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2043 
 
 
685,000
681,518
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4.125%, 9/01/2049 
 
 
2,000,000
1,888,243
 
 
 
$24,187,742
Total Municipal Bonds
$139,295,624
Bonds – 0.0%
Transportation - Services – 0.0%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
274,832
$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
 
$
231,080
$147,891
Mutual Funds (h) – 1.3%
Money Market Funds – 1.3%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
1,787,816
$1,788,174
 
Other Assets, Less Liabilities – (0.8)%
(1,149,637
)
Net Assets – 100.0%
$140,176,539
 
(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 $1,788,174 and
$139,538,002, 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 $1,166,888,
representing 0.8% 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.
5
Portfolio of Investments (unaudited) – continued
(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
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
12/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$139,443,515
$—
$139,443,515
U.S. Corporate Bonds
—
94,487
—
94,487
Investment Companies
1,788,174
—
—
1,788,174
Total
$1,788,174
$139,538,002
$—
$141,326,176
For further information regarding security characteristics, see the Portfolio of Investments.
7
Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended December 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$3,518,065
$26,897,871
$28,627,791
$(152
)
$181
$1,788,174
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$74,195
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
Arkansas
82.4%
Puerto Rico
3.7%
Alabama
1.9%
New York
1.3%
Texas
1.3%
Illinois
1.2%
Massachusetts
1.2%
Maryland
1.0%
California
0.8%
Washington DC
0.8%
Wisconsin
0.7%
Connecticut
0.6%
Guam
0.6%
Tennessee
0.5%
Ohio
0.4%
Pennsylvania
0.4%
Virginia
0.4%
New Hampshire
0.3%
U.S. Virgin Islands
0.3%
Iowa
0.1%
Colorado (o)
0.0%
(o) Less than 0.1%.
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8