MVA-Q1
 
Quarterly Report
June 30, 2025
MFS®  Virginia
Municipal Bond Fund
 
Portfolio of Investments
6/30/25 (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 – 95.6%
Airport Revenue – 3.9%
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2037 
 
$
1,000,000
$1,015,669
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2038 
 
 
1,000,000
1,011,447
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2041 
 
 
1,000,000
919,609
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.25%, 10/01/2048 
 
 
3,600,000
3,650,770
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2055 (u)
 
 
2,000,000
2,087,241
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2027 
 
 
980,000
984,437
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2028 
 
 
1,000,000
1,004,528
New York Transportation Development Corp., Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”,
5%, 7/01/2034 
 
 
995,000
996,018
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
1,650,998
 
 
 
$13,320,717
General Obligations - General Purpose – 6.7%
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2043 
 
$
1,375,000
$1,291,480
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2044 
 
 
1,430,000
1,325,604
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2045 
 
 
1,485,000
1,360,750
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2046 
 
 
1,550,000
1,407,237
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
 
775,000
709,600
Bristol County, VA, General Obligation Anticipation Notes, 5%, 9/01/2027 
 
 
1,650,000
1,655,194
Chesterfield County, VA, Public Improvement, “A”, 4%, 1/01/2036 
 
 
1,570,000
1,586,382
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 
 
 
1,300,000
1,332,253
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.625%, 7/01/2029 
 
 
144,946
152,890
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
318,785
343,850
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
133,501
130,247
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
251,000
241,674
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
102,991
98,125
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
140,029
124,441
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
476,628
407,238
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
171,803
118,773
Fairfax County, VA, Public Improvement, “A”, 5%, 10/01/2037 
 
 
1,000,000
1,046,434
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2039 
 
 
800,000
863,538
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2040 
 
 
925,000
992,286
Petersburg, VA, General Obligation, 4.25%, 9/01/2048 
 
 
1,160,000
1,073,393
Petersburg, VA, General Obligation, 4.25%, 9/01/2053 
 
 
1,500,000
1,378,285
Petersburg, VA, General Obligation Refunding, 4.125%, 12/01/2054 
 
 
3,000,000
2,690,105
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
270,000
282,819
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
245,000
254,313
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 
 
 
280,000
285,806
Suffolk, VA, General Obligation Capital Improvement, “A”, 2%, 2/01/2039 
 
 
1,675,000
1,192,558
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 
 
 
365,000
323,194
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 
 
 
145,000
126,479
 
 
 
$22,794,948
Healthcare Revenue - Hospitals – 12.9%
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 
 
$
2,800,000
$2,927,844
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 
 
 
1,475,000
1,546,520
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043 
 
 
625,000
562,296
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 
 
 
40,000
34,757
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), 5%, 5/15/2051 
 
 
3,000,000
3,067,893
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2044 
 
 
2,000,000
1,839,499
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2048 
 
 
4,000,000
3,543,426
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”,
4.125%, 7/01/2052 
 
 
1,835,000
1,580,625
Henrico County, VA, Economic Development Authority Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”,
5%, 11/01/2048 
 
 
1,500,000
1,507,249
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
$1,045,045
Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM,
5.25%, 7/01/2048 
 
 
4,000,000
4,104,707
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038 
 
 
2,200,000
2,123,652
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039 
 
 
1,320,000
1,258,463
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), “A”, 5%, 1/01/2047 
 
 
3,000,000
2,953,126
Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048 
 
 
3,000,000
2,612,220
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2047 
 
 
1,625,000
1,696,545
Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), “A”,
3%, 11/01/2046 
 
 
2,255,000
1,636,324
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 
 
 
3,370,000
2,706,151
Virginia Small Business Financing Authority, Health Care Facilities Refunding Rev. (Mary Washington Healthcare Obligated
Group), “A”, 5.25%, 6/15/2055 
 
 
2,500,000
2,526,956
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 
 
 
3,445,000
2,936,177
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 
 
 
600,000
605,813
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 
 
 
400,000
403,328
Winchester, VA, Economic Development Authority Rev. (Valley Health System Obligated Group), “A”, 5%, 1/01/2043 
 
 
1,065,000
1,080,315
 
 
 
$44,298,931
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
$776,074
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
4%, 10/01/2040 
 
 
500,000
481,120
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
4%, 10/01/2045 
 
 
720,000
646,504
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
“A”, 5%, 10/01/2052 
 
 
1,500,000
1,498,128
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 
 
 
1,000,000
941,135
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge),
5%, 1/01/2037 
 
 
1,000,000
989,045
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 
 
 
1,000,000
997,293
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay),
7%, 9/01/2053 
 
 
2,000,000
2,187,443
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 5%, 1/01/2033 
 
 
1,750,000
1,835,348
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054 
 
 
750,000
761,015
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042 
 
 
1,000,000
968,921
 
 
 
$12,082,026
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
$1,008,303
Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date
7/01/2038) (n)
 
 
1,000,000
956,268
 
 
 
$1,964,571
Industrial Revenue - Other – 1.2%
Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project),
4%, 11/01/2052 (Put Date 11/20/2025) 
 
$
4,000,000
$4,001,152
Miscellaneous Revenue - Other – 0.9%
Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, “A”,
0%, 7/01/2049 
 
$
7,500,000
$2,190,772
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
845,000
825,762
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
130,000
131,071
 
 
 
$3,147,605
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – 14.4%
Arlington County, VA, Industrial Development Authority Multi-Family Housing Rev. (Park Shirlington Apartments), “A”,
5%, 1/01/2026 
 
$
2,000,000
$2,019,287
Chesapeake, VA, Redevelopment & Housing Authority, Multi-Family Housing Rev. (Forest Cove II Project),
4.5%, 10/01/2040 (Put Date 7/01/2040) 
 
 
2,975,000
3,021,282
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
2,962,210
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
964,327
933,780
New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD
Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) 
 
 
525,000
526,996
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) 
 
 
4,000,000
3,738,531
Richmond, VA, Redevelopment & Housing Authority, Multi-Family Tax-Exempt Mortgage Backed, MTEMS (Chippenham Place
Apartments), FNMA, 4.5%, 5/01/2040 
 
 
3,973,830
3,963,779
Virginia Housing Development Authority, Rental Housing, “A”, 3.8%, 9/01/2044 
 
 
2,000,000
1,746,480
Virginia Housing Development Authority, Rental Housing, “A”, 4.6%, 9/01/2049 
 
 
1,000,000
949,693
Virginia Housing Development Authority, Rental Housing, “A”, 4.8%, 9/01/2059 
 
 
1,000,000
970,080
Virginia Housing Development Authority, Rental Housing, “B”, 4.4%, 3/01/2043 
 
 
710,000
682,790
Virginia Housing Development Authority, Rental Housing, “B”, 4.45%, 3/01/2045 
 
 
1,535,000
1,476,671
Virginia Housing Development Authority, Rental Housing, “B”, 4.55%, 3/01/2048 
 
 
2,580,000
2,464,118
Virginia Housing Development Authority, Rental Housing, “C”, 4.8%, 12/01/2049 
 
 
1,000,000
979,264
Virginia Housing Development Authority, Rental Housing, “D”, 1.8%, 5/01/2033 
 
 
500,000
408,001
Virginia Housing Development Authority, Rental Housing, “D”, 3.7%, 10/01/2038 
 
 
3,000,000
2,716,335
Virginia Housing Development Authority, Rental Housing, “D”, 4.75%, 8/01/2053 
 
 
4,000,000
3,921,381
Virginia Housing Development Authority, Rental Housing, “D”, 4%, 10/01/2053 
 
 
2,875,000
2,418,299
Virginia Housing Development Authority, Rental Housing, “E”, 3.15%, 12/01/2049 
 
 
1,635,000
1,211,935
Virginia Housing Development Authority, Rental Housing, “E”, 4.25%, 6/01/2052 
 
 
3,000,000
2,659,665
Virginia Housing Development Authority, Rental Housing, “F”, 1.6%, 7/01/2033 
 
 
770,000
612,637
Virginia Housing Development Authority, Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048 
 
 
4,000,000
4,006,612
Virginia Housing Development Authority, Rental Housing, “G”, 5.05%, 11/01/2047 
 
 
1,000,000
1,002,723
Virginia Housing Development Authority, Rental Housing, “G”, 5.15%, 11/01/2052 
 
 
2,680,000
2,702,799
Virginia Housing Development Authority, Rental Housing, “G”, 5.375%, 11/01/2064 
 
 
1,250,000
1,272,863
 
 
 
$49,368,211
Parking – 0.5%
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 
 
$
1,000,000
$1,020,173
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 
 
 
750,000
763,386
 
 
 
$1,783,559
Port Revenue – 0.3%
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 
 
$
590,000
$415,149
Virginia Port Authority Facilities Refunding Rev., “B”, 5%, 7/01/2041 
 
 
750,000
747,271
 
 
 
$1,162,420
Sales & Excise Tax Revenue – 6.4%
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 
 
$
245,000
$216,868
Hampton Roads, VA, Transportation Accountability Commission, “A”, 4%, 7/01/2057 
 
 
4,000,000
3,434,592
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5%, 7/01/2054 
 
 
2,765,000
2,811,267
Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., “A”, 5.25%, 7/01/2064 
 
 
4,000,000
4,095,011
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
6,000
5,212
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
77,000
73,805
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
249,000
228,922
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
7,532,000
7,081,046
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
476,000
446,642
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
251,000
235,519
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
122,000
111,175
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
26,000
22,189
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
1,212,000
945,618
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
1,160,000
824,542
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046 
 
 
556,000
176,056
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)
 
$
795,000
$769,163
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
333,788
 
 
 
$21,811,415
Secondary Schools – 0.1%
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2056 (n)
 
$
325,000
$279,519
Single Family Housing - State – 1.4%
Virginia Housing Development Authority, Commonwealth Mortgage, “E-1”, 4.55%, 10/01/2049 
 
$
1,500,000
$1,417,678
Virginia Housing Development Authority, Commonwealth Mortgage, “E-2”, 4.4%, 10/01/2044 
 
 
1,000,000
945,755
Virginia Housing Development Authority, Commonwealth Mortgage, “E-2”, 4.55%, 10/01/2049 
 
 
1,100,000
1,044,102
Virginia Housing Development Authority, Commonwealth Mortgage, “E-3”, 4.6%, 10/01/2049 
 
 
1,500,000
1,428,210
 
 
 
$4,835,745
State & Local Agencies – 8.7%
Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047 
 
$
1,170,000
$1,001,368
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 
 
 
1,000,000
942,009
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition),
5%, 10/01/2038 
 
 
1,500,000
1,550,908
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition),
5%, 10/01/2039 
 
 
1,765,000
1,797,931
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 
 
 
1,000,000
904,482
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 
 
 
580,000
515,961
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 
 
 
3,000,000
2,679,862
Loudoun County, VA, Economic Development Authority Rev. (Public Facilities Project), “A”, 3%, 12/01/2037 
 
 
2,000,000
1,718,586
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 (Prerefunded 12/15/2032) 
 
 
200,000
234,102
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 
 
 
3,205,000
3,268,005
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “A”,
5%, 2/01/2038 
 
 
4,000,000
4,281,808
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 (Prerefunded 8/01/2029) 
 
 
30,000
31,304
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 
 
 
2,000,000
1,933,923
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5%, 7/15/2045 
 
 
5,000,000
5,054,094
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5.25%, 7/15/2059 (u)
 
 
3,685,000
3,786,280
 
 
 
$29,700,623
Student Loan Revenue – 0.4%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 
 
$
5,000
$4,739
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 
 
 
385,000
288,147
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 
 
 
1,245,000
1,227,717
 
 
 
$1,520,603
Tax - Other – 1.1%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
$
245,000
$241,186
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
635,000
656,699
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 
 
 
1,525,000
1,566,422
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 
 
 
1,965,000
1,371,414
 
 
 
$3,835,721
Tax Assessment – 0.4%
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)
 
$
1,000,000
$944,001
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n)
 
 
500,000
500,510
 
 
 
$1,444,511
Tobacco – 0.4%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 
 
$
610,000
$520,041
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
770,000
700,653
 
 
 
$1,220,694
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Toll Roads – 6.1%
Chesapeake Bay, VA, Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 
 
$
3,000,000
$2,928,079
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
3,563,215
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
2,669,116
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
2,431,230
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 
 
 
3,000,000
3,116,134
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project),
4%, 1/01/2040 
 
 
2,000,000
1,815,565
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 
 
 
3,000,000
2,308,765
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052 
 
 
1,000,000
943,861
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2056 
 
 
1,000,000
935,369
 
 
 
$20,711,334
Transportation - Special Tax – 3.7%
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042 
 
$
3,000,000
$2,808,790
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, “A”, 4%, 5/15/2035 
 
 
2,750,000
2,763,626
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 
 
 
1,560,000
1,580,773
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 
 
 
1,560,000
1,575,427
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043 
 
 
3,860,000
3,870,513
 
 
 
$12,599,129
Universities - Colleges – 7.0%
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 
 
$
510,000
$507,972
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 11/01/2037 
 
 
745,000
737,116
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 5/01/2048 
 
 
2,475,000
2,159,703
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), “A”,
5%, 1/01/2043 
 
 
1,000,000
1,011,297
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational
Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 
 
 
325,000
324,276
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 
 
 
595,000
596,192
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 4%, 4/01/2040 
 
 
250,000
219,404
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 5%, 4/01/2049 
 
 
800,000
729,772
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2050 
 
 
500,000
513,245
Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2055 
 
 
500,000
510,668
University of Virginia, General Rev. Pledge Refunding, “B”, 5%, 4/01/2046 
 
 
2,500,000
2,516,204
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2054 
 
 
2,000,000
2,059,673
Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2049 
 
 
1,000,000
1,038,661
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “A”, 5%, 7/01/2035 (n)
 
 
1,000,000
869,607
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
 
 
1,000,000
887,519
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 
 
 
1,600,000
1,489,161
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 
 
 
1,280,000
1,230,295
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 
 
 
470,000
364,448
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 
 
 
1,250,000
1,052,363
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 
 
 
1,000,000
1,082,841
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 
 
 
2,500,000
2,504,731
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
898,792
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
668,134
 
 
 
$23,972,074
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
$1,990,303
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
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
$4,053,965
Utilities - Municipal Owned – 1.7%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
320,000
$174,800
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
535,000
292,244
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 
 
 
45,000
43,283
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)
 
 
145,000
79,206
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
430,000
234,887
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 
 
 
185,000
182,234
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 
 
 
340,000
339,959
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
35,000
34,396
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
225,000
122,906
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)
 
 
90,000
49,163
Richmond, VA, Public Utility Refunding Rev., “C”, 4%, 1/15/2045 
 
 
1,000,000
898,199
Richmond, VA, Public Utility Refunding Rev., “C”, 4.25%, 1/15/2053 
 
 
2,500,000
2,285,745
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 
 
 
1,455,000
1,234,910
 
 
 
$5,971,932
Utilities - Other – 2.9%
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
$
2,020,000
$2,124,258
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
1,300,000
1,395,651
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) 
 
 
1,850,000
1,940,520
Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., “A”, 5%, 11/01/2035 
 
 
1,980,000
2,045,622
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
1,115,000
1,170,263
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 
 
 
1,140,000
1,157,393
 
 
 
$9,833,707
Water & Sewer Utility Revenue – 8.6%
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 
 
$
3,000,000
$3,042,701
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 
 
 
1,045,000
1,048,427
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
430,000
424,771
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 8/01/2034 (Prerefunded 8/01/2026) 
 
 
3,000,000
3,073,267
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 4%, 10/01/2038 
 
 
1,265,000
1,266,510
Hampton Roads, VA, Sanitation District Wastewater Rev., “B”, 5%, 7/01/2054 
 
 
2,000,000
2,049,649
Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046 
 
 
1,435,000
1,317,687
Prince William County, VA, Water & Sewer System Refunding Rev., 5%, 7/15/2050 
 
 
750,000
778,680
Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046 
 
 
3,865,000
3,801,587
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 
 
 
2,065,000
1,550,204
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2025 
 
 
5,000
5,018
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2027 
 
 
45,000
45,085
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
3,484,077
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025 
 
 
45,000
45,072
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2039 
 
 
1,610,000
1,718,257
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2041 
 
 
1,030,000
1,086,751
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2042 
 
 
1,330,000
1,394,609
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 5.25%, 11/01/2047 
 
 
2,350,000
2,462,131
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 4.75%, 11/01/2052 
 
 
750,000
755,137
 
 
 
$29,389,694
Total Municipal Bonds
$327,095,109
Bonds – 0.1%
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
659,596
$220,371
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
 
$
552,315
$339,674
Mutual Funds (h) – 2.9%
Money Market Funds – 2.9%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
10,008,932
$10,009,933
 
Other Assets, Less Liabilities – 1.3%
4,288,933
Net Assets – 100.0%
$341,954,020
 
(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
$10,009,933 and $327,655,154, 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
$6,586,508, representing 1.9% 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.
 
 
 
 
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
6/30/25 (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 June 30, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$327,434,783
$—
$327,434,783
U.S. Corporate Bonds
—
220,371
—
220,371
Investment Companies
10,009,933
—
—
10,009,933
Total
$10,009,933
$327,655,154
$—
$337,665,087
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. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 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
$26,040,565
$22,689,682
$(984
)
$982
$10,009,933
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$98,888
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows: 
Virginia
74.0%
Washington DC
9.7%
Puerto Rico
4.2%
Alabama
1.8%
Illinois
1.6%
New York
1.5%
Texas
1.1%
Tennessee
0.7%
Guam
0.5%
New Jersey
0.4%
South Carolina
0.4%
Wisconsin
0.3%
New Hampshire
0.3%
Florida
0.3%
Ohio
0.2%
California
0.2%
New Mexico
0.2%
Iowa
0.1%
U.S. Virgin Islands (o)
0.0%
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