NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MNY-Q3
 
Quarterly Report
December 31, 2025
MFS®  New York
Municipal Bond Fund  
 
Portfolio of Investments
12/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 94.7%
Airport Revenue – 7.2%
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”,
5.5%, 12/31/2060 
 
$
1,500,000
$1,516,183
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, AGM,
5.25%, 12/31/2054 
 
 
2,000,000
2,027,595
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital
Appreciation, “B”, AGM, 0%, 12/31/2054 
 
 
1,500,000
970,481
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), 6%, 6/30/2054 
 
 
1,000,000
1,033,607
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 
 
 
2,000,000
2,008,323
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
1,810,000
1,834,910
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”,
5%, 7/01/2034 
 
 
900,000
900,617
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), “A”, AGM,
4%, 7/01/2031 
 
 
1,000,000
999,995
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project),
“A”, 4%, 12/01/2040 
 
 
1,500,000
1,447,870
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038 
 
 
750,000
768,828
 
 
 
$13,508,409
General Obligations - General Purpose – 3.4%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
615,000
$575,225
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
114,620
125,922
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
108,689
108,657
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
184,514
181,319
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
83,850
81,284
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
114,004
105,408
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
354,563
309,338
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
139,873
101,218
New York General Obligation, “D”, 5.25%, 10/01/2047 
 
 
2,000,000
2,121,090
New York, NY, “B-1”, 3%, 10/01/2044 
 
 
1,825,000
1,449,085
New York, NY, “J”, FGIC, 5.5%, 2/15/2026 
 
 
5,000
5,011
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
215,000
230,056
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
200,000
210,993
Yonkers, NY, General Obligation, “F”, BAM, 5%, 11/15/2042 
 
 
750,000
804,634
 
 
 
$6,409,240
Healthcare Revenue - Hospitals – 14.5%
Albany, NY, Capital Resource Corp., Tax-Exempt Rev. (Albany Medical Center Hospital Project), “A”, 5.25%, 5/01/2050 
 
$
5,000,000
$5,194,200
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026 
 
 
450,000
449,993
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027 
 
 
300,000
299,984
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029 
 
 
590,000
589,964
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 
 
 
1,000,000
1,041,202
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041 
 
 
1,605,000
1,534,399
Genesee County, NY, Funding Corp. Rev. (Rochester Regional Health Energy Projects), 5.25%, 12/01/2050 
 
 
1,500,000
1,535,054
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037 
 
 
2,000,000
2,003,122
Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046 
 
 
2,000,000
1,973,722
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 
 
 
1,500,000
1,257,280
New York Dormitory Authority Rev. (Northwell Health Obligated Group), “A”, 4.25%, 5/01/2052 
 
 
2,000,000
1,833,287
New York Dormitory Authority Rev. (Roswell Park Cancer Institute Obligated Group), “A”, AGM, 5.5%, 7/01/2055 
 
 
1,500,000
1,604,937
New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054 
 
 
3,500,000
3,737,559
Westchester County, NY, Health Care Corp. Rev., “B”, 6%, 11/01/2030 
 
 
110,000
110,028
Westchester County, NY, Local Development Corp. Rev. (New York Blood Center Project), 5%, 7/01/2038 
 
 
1,000,000
1,078,604
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM,
5%, 11/01/2051 
 
 
1,500,000
1,528,166
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM,
5.75%, 11/01/2053 
 
$
1,500,000
$1,615,335
 
 
 
$27,386,836
Healthcare Revenue - Long Term Care – 2.4%
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project),
5.25%, 11/01/2036 
 
$
1,000,000
$1,011,538
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), “A”,
4%, 11/01/2045 
 
 
2,000,000
1,785,332
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037 
 
 
750,000
750,545
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”,
5%, 7/01/2044 
 
 
915,000
915,181
 
 
 
$4,462,596
Industrial Revenue - Airlines – 3.4%
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport
Project), 3%, 8/01/2031 
 
$
1,500,000
$1,423,138
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport
Project), 5%, 8/01/2031 
 
 
1,000,000
1,001,060
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport
Project), 5.375%, 8/01/2036 
 
 
1,035,000
1,079,901
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5.625%, 4/01/2040 
 
 
1,500,000
1,573,784
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 4.375%, 10/01/2045 
 
 
1,500,000
1,396,757
 
 
 
$6,474,640
Industrial Revenue - Environmental Services – 0.4%
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project),
4.25%, 9/01/2050 (Put Date 9/03/2030) (n)
 
$
750,000
$753,367
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)
 
$
255,000
$188,328
Miscellaneous Revenue - Other – 5.5%
Battery Park, NY, Authority Senior Rev., “A”, 5%, 11/01/2053 
 
$
2,000,000
$2,081,930
Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055 
 
 
1,000,000
1,033,062
New York City, NY, Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043 
 
 
680,000
300,367
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
1,940,000
1,936,905
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n)
 
 
1,500,000
1,499,908
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC),
5%, 7/01/2028 
 
 
1,660,000
1,660,339
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 
 
 
750,000
574,969
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 
 
 
1,000,000
757,328
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
515,000
506,057
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
90,000
90,802
 
 
 
$10,441,667
Multi-Family Housing Revenue – 14.0%
Erie County, NY, Industrial Development Agency Multi-Family (Westchester Park Preservation LP Project), FNMA,
4.25%, 2/01/2041 
 
$
1,960,000
$1,935,486
Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Andrews Terrace Community Partners LP Project),
“A”, FNMA, 4.72%, 1/01/2044 
 
 
2,000,000
2,015,379
Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Keeler Park Coummunity Partners LP Project),
4.84%, 11/01/2040 
 
 
616,295
652,656
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
632,864
644,249
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038 
 
 
340,000
336,426
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.1%, 11/01/2052 
 
 
1,000,000
1,021,879
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.15%, 11/01/2057 
 
$
1,200,000
$1,218,765
New York Housing Finance Agency Affordable Housing Rev., “G-1”, HUD Section 8, 4.625%, 11/01/2042 
 
 
350,000
359,416
New York Housing Finance Agency Affordable Housing Rev., “G-1”, HUD Section 8, 4.8%, 11/01/2047 
 
 
1,000,000
1,006,214
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “D-1”, 4.5%, 11/01/2054 
 
 
500,000
482,929
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “F”, 5.25%, 12/15/2031 (n)
 
 
500,000
515,696
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “D-2”,
4.45%, 11/01/2049 
 
 
1,000,000
985,261
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”,
4.6%, 11/01/2042 
 
 
1,000,000
1,015,499
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”,
4.75%, 11/01/2047 
 
 
500,000
497,672
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”,
4.85%, 11/01/2052 
 
 
500,000
500,698
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA,
2.45%, 11/01/2045 
 
 
2,235,000
1,575,562
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”,
3.8%, 11/01/2039 
 
 
1,730,000
1,692,897
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”,
3.95%, 11/01/2048 
 
 
2,610,000
2,363,148
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “C-1”, 4.25%, 11/01/2052 
 
 
1,500,000
1,435,661
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-1”, 2.25%, 11/01/2041 
 
 
1,535,000
1,169,859
New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “D”, 4%, 12/15/2031 
 
 
1,000,000
1,026,063
Riverhead, NY, IDA Economic Job Development Corp. Multi-Family (River Pointe Apartments Project), FNMA, 4.5%, 2/01/2041 
 
 
1,970,291
1,990,937
Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project),
4.3%, 6/01/2046 (Put Date 5/01/2041) 
 
 
1,970,000
1,969,852
 
 
 
$26,412,204
Port Revenue – 2.0%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
$
2,000,000
$1,519,341
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 
 
 
2,485,000
2,167,700
 
 
 
$3,687,041
Sales & Excise Tax Revenue – 2.9%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
185,000
$178,369
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
4,000
3,623
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
63,000
63,023
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
200,000
188,513
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
1,582,000
1,523,079
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
451,000
441,251
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
210,000
205,460
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
635,000
592,857
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
17,000
15,099
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
942,000
773,918
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
904,000
684,547
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
416,000
138,952
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
445,000
356,000
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
255,000
229,500
 
 
 
$5,394,191
Secondary Schools – 4.4%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”,
5%, 6/01/2035 
 
$
1,000,000
$1,017,710
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029 
 
 
320,000
320,353
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036 
 
 
400,000
391,433
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2042 
 
 
550,000
554,575
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2056 
 
 
550,000
525,324
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 
 
 
750,000
750,075
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052 
 
 
2,000,000
1,992,046
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Secondary Schools – continued
Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040 
 
$
675,000
$675,648
Build NYC Resource Corp. Rev. (Success Academy Charter Schools Project), 4%, 9/01/2044 
 
 
1,000,000
938,702
Nassau County, NY, Local Economic Assistance Corp., Educational Rev., Taxable (Friends of Roosevelt Children's Academy
Charter School, Inc. Project), “A”, 5%, 7/01/2055 
 
 
1,000,000
971,726
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project),
5%, 1/01/2036 
 
 
240,000
240,411
 
 
 
$8,378,003
Single Family Housing - State – 2.6%
New York Mortgage Agency Homeowner Mortgage Rev., “211”, 3.8%, 10/01/2048 
 
$
345,000
$306,679
New York Mortgage Agency Homeowner Mortgage Rev., “212”, 3.7%, 10/01/2033 
 
 
335,000
334,725
New York Mortgage Agency Homeowner Mortgage Rev., “217”, 3.625%, 4/01/2039 
 
 
355,000
349,688
New York Mortgage Agency Homeowner Mortgage Rev., “264”, 4.6%, 10/01/2054 
 
 
1,000,000
992,442
New York Mortgage Agency Homeowner Mortgage Rev., “266”, 4.7%, 10/01/2052 
 
 
1,000,000
1,004,360
New York Mortgage Agency Homeowner Mortgage Rev., “258”, 4.45%, 10/01/2044 
 
 
1,000,000
1,003,939
New York Mortgage Agency Homeowner Mortgage Rev., “258”, 4.6%, 10/01/2049 
 
 
1,000,000
982,861
 
 
 
$4,974,694
State & Local Agencies – 4.9%
Albany, NY, Capital Resource Corp., Tax Exempt Lease Rev. (Albany Convention Center Authority Project), 5%, 3/01/2050 
 
$
2,000,000
$2,032,067
Build NYC Resource Corp. Rev. (Urban Resource Institute Project), “A”, 5.5%, 12/01/2056 
 
 
1,750,000
1,841,811
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/2032) 
 
 
125,000
148,907
New York Dormitory Authority, State Personal Income Tax Rev., 3%, 3/15/2050 
 
 
1,225,000
903,486
New York Dormitory Authority, State Personal Income Tax Rev. (General Purpose), “C”, 5.25%, 3/15/2050 
 
 
500,000
531,762
Schenectady County, NY, Capital Resource Corp., Lease Rev. (One Broadway Center Project), “A”, 5%, 1/01/2045 
 
 
500,000
525,342
Schenectady County, NY, Capital Resource Corp., Lease Rev. (One Broadway Center Project), “A”, 5.25%, 1/01/2050 
 
 
1,000,000
1,053,754
Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042 
 
 
2,000,000
2,132,330
 
 
 
$9,169,459
Tax - Other – 7.0%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
$
690,000
$705,731
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
140,000
140,068
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
325,000
341,079
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”,
0%, 1/01/2045 
 
 
1,780,000
517,823
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
100,000
101,049
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
300,000
302,269
New York Transitional Finance Authority, Future Tax Secured Subordinate Bond, “C”, 5%, 11/01/2045 (w)
 
 
1,000,000
1,059,974
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 
 
 
1,800,000
1,688,139
New York, NY, Transitional Finance Authority, “B”, 5.25%, 5/01/2055 
 
 
2,110,000
2,216,106
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-1”, 4%, 5/15/2046 
 
 
2,000,000
1,850,235
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “B-1”, 5.25%, 5/15/2054 
 
 
2,000,000
2,102,517
Triborough Bridge & Tunnel Authority Rev., NY, Real Estate Transfer Tax (MTA Bridges and Tunnels), “A”, 5.25%, 12/01/2054 
 
 
2,000,000
2,108,296
 
 
 
$13,133,286
Tobacco – 1.2%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, “1”, 4%, 6/01/2048 
 
$
695,000
$600,041
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
 
175,000
141,656
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
495,000
452,406
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036 
 
 
1,000,000
1,013,904
 
 
 
$2,208,007
Toll Roads – 1.1%
New York Thruway Authority General Rev., “P”, 5.25%, 1/01/2054 
 
$
2,000,000
$2,118,095
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Transportation - Special Tax – 5.4%
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 5%, 11/15/2033 
 
$
1,000,000
$1,091,272
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 
 
 
1,340,000
1,216,826
Metropolitan Transportation Authority, NY, Transportation Refunding Green Rev. (Climate Bond Certified), BAM,
4%, 11/15/2048 
 
 
2,000,000
1,812,797
Metropolitan Transportation Authority, NY, Transportation Rev., “B”, BAM, 5%, 11/15/2052 
 
 
3,100,000
3,125,805
New York Metropolitan Transportation Authority Rev. (Green Bonds), “A-1”, 4%, 11/15/2052 
 
 
1,830,000
1,598,105
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046 
 
 
1,000,000
889,089
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 
 
 
435,000
369,495
 
 
 
$10,103,389
Universities - Colleges – 5.4%
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033 
 
$
125,000
$125,079
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)
 
 
780,000
771,391
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051 
 
 
3,000,000
2,148,065
Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2049 
 
 
635,000
669,803
Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2054 
 
 
850,000
884,946
New York Dormitory Authority Rev. (Iona University), AGM, 5%, 7/01/2051 
 
 
1,000,000
1,033,068
New York Dormitory Authority Rev. (New School), “A”, 4.25%, 7/01/2050 
 
 
1,000,000
897,115
New York Dormitory Authority Rev. (Pace University), “A”, 5.5%, 5/01/2056 
 
 
1,000,000
1,028,969
New York Dormitory Authority, Institute of Technology Rev., 5.25%, 7/01/2049 
 
 
1,500,000
1,541,873
Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051 
 
 
750,000
830,022
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev. (Clarkson University), “B”,
5%, 9/01/2039 
 
 
200,000
202,006
 
 
 
$10,132,337
Utilities - Municipal Owned – 0.3%
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
$
375,000
$250,313
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)
 
 
250,000
166,875
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
30,000
30,423
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
180,000
120,150
 
 
 
$567,761
Utilities - Other – 2.8%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) 
 
$
525,000
$537,271
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
 
1,265,000
1,335,591
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
 
1,210,000
1,285,675
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 
 
 
1,085,000
1,310,021
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
705,000
756,197
 
 
 
$5,224,755
Water & Sewer Utility Revenue – 3.8%
Buffalo, NY, Municipal Water Finance Authority, Water System Rev., “A”, AGM, 4%, 7/01/2046 
 
$
1,500,000
$1,438,527
Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044 
 
 
1,340,000
1,103,152
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
345,000
347,021
Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM,
6.875%, 12/01/2040 
 
 
100,000
101,642
New York, NY, Municipal Finance Authority, Water & Sewer System Second General Resolution Rev., “AA1”, 5.25%, 6/15/2053 
 
 
2,000,000
2,111,417
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “AA-1”, 5.25%, 6/15/2055 (u)
 
 
1,000,000
1,059,020
Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2048 
 
 
500,000
494,692
Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2052 
 
 
500,000
488,594
 
 
 
$7,144,065
Total Municipal Bonds
$178,272,370
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
549,663
$188,974
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Contingent Value Instruments – 0.2%
General Obligations - General Purpose – 0.2%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
418,654
$267,939
Mutual Funds (h) – 3.0%
Money Market Funds – 3.0%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
5,699,955
$5,701,095
 
Other Assets, Less Liabilities – 2.0%
3,823,740
Net Assets – 100.0%
$188,254,118
 
(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 $5,701,095 and
$178,729,283, 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 $6,440,069,
representing 3.4% of net assets.
(u)
Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
FGIC
Financial Guaranty Insurance Co.
FHA
Federal Housing Administration
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.
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
$—
$178,540,309
$—
$178,540,309
U.S. Corporate Bonds
—
188,974
—
188,974
Investment Companies
5,701,095
—
—
5,701,095
Total
$5,701,095
$178,729,283
$—
$184,430,378
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
$3,985,544
$44,464,539
$42,749,692
$642
$62
$5,701,095
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$122,371
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
New York
85.1%
Puerto Rico
3.5%
California
1.5%
Illinois
1.2%
Alabama
1.0%
Colorado
0.7%
Guam
0.5%
Tennessee
0.4%
Ohio
0.4%
New Hampshire
0.3%
U.S. Virgin Islands
0.3%
Wisconsin
0.3%
Mississippi
0.1%
New Jersey
0.1%
Texas
0.1%
Virginia
0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
8