Quarterly Report
June 30, 2023
MFS® California
Municipal Bond Fund
Municipal Bond Fund
MCA-Q1
Portfolio of Investments
6/30/23 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – 98.0% | ||||
| Airport Revenue – 7.1% | ||||
| California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047 | $ | 2,190,000 | $2,212,684 | |
| Fresno, CA, Airport Revenue, “A”, BAM, 4.25%, 7/01/2044 | 1,000,000 | 986,743 | ||
| Fresno, CA, Airport Revenue, “A”, BAM, 5%, 7/01/2053 | 1,000,000 | 1,045,607 | ||
| Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042 | 1,000,000 | 1,062,910 | ||
| Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047 | 1,500,000 | 1,610,881 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042 | 2,000,000 | 2,185,363 | ||
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043 | 500,000 | 493,616 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047 | 3,000,000 | 2,899,470 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049 | 5,000,000 | 4,777,174 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 | 1,935,000 | 2,011,153 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037 | 1,305,000 | 1,380,320 | ||
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 | 1,305,000 | 1,376,272 | ||
| Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038 | 2,000,000 | 2,087,225 | ||
| Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039 | 1,000,000 | 1,040,860 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042 | 665,000 | 680,978 | ||
| San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 | 665,000 | 677,403 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 | 2,605,000 | 2,701,023 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 3,000,000 | 3,040,816 | ||
| San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035 | 1,000,000 | 1,043,761 | ||
| San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 | 2,000,000 | 2,040,406 | ||
| $35,354,665 | ||||
| General Obligations - General Purpose – 2.3% | ||||
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,080,000 | $978,082 | |
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 810,000 | 825,821 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 35,723 | 34,218 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 282,606 | 172,779 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | 244,575 | 250,613 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 242,360 | 255,194 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 238,428 | 255,341 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 497,583 | 543,467 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 219,601 | 208,635 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 383,721 | 356,644 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 169,415 | 152,037 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 230,339 | 199,999 | ||
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 765,550 | 646,797 | ||
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 2,200,000 | 2,298,683 | ||
| State of California, Various Purpose General Obligation, 5.25%, 10/01/2050 | 3,000,000 | 3,434,194 | ||
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 440,000 | 480,736 | ||
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | 410,000 | 446,451 | ||
| $11,539,691 | ||||
| General Obligations - Schools – 15.3% | ||||
| Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048 | $ | 2,000,000 | $1,952,748 | |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | 4,335,000 | 3,584,830 | ||
| Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038 (Prerefunded 10/01/2023) | 2,465,000 | 2,476,135 | ||
| Garden Grove, CA, Unified School District (Election 2016), General Obligation, BAM, 4%, 8/01/2046 | 3,000,000 | 2,988,442 | ||
| Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 | 2,120,000 | 1,588,860 | ||
| Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | 465,000 | 467,662 | ||
| Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 | 500,000 | 323,670 | ||
| Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 | 1,260,000 | 817,226 | ||
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 1,590,000 | 1,268,654 | ||
| Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 | 875,000 | 856,029 | ||
| Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045 | 1,750,000 | 1,412,254 | ||
| Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039 (Prerefunded 2/15/2027) | 2,000,000 | 2,092,652 | ||
1
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| General Obligations - Schools – continued | ||||
| Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040 (Prerefunded 2/15/2027) | $ | 1,000,000 | $1,046,326 | |
| Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 | 2,595,000 | 2,572,967 | ||
| Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 | 1,570,000 | 1,147,215 | ||
| Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046 | 170,000 | 133,121 | ||
| Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050 | 105,000 | 79,866 | ||
| Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 500,000 | 344,655 | ||
| Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 | 1,440,000 | 1,225,962 | ||
| Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 5.5% to 8/01/2019, 6% to 8/01/2030 | 3,000,000 | 3,168,358 | ||
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043 | 5,000,000 | 4,577,745 | ||
| Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 | 3,385,000 | 2,764,324 | ||
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | 830,000 | 864,351 | ||
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | 830,000 | 865,540 | ||
| Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045 | 2,590,000 | 2,736,018 | ||
| Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2038 | 400,000 | 407,305 | ||
| Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2039 | 1,045,000 | 1,062,535 | ||
| Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2040 | 1,000,000 | 1,013,759 | ||
| Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033 | 500,000 | 535,516 | ||
| Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034 | 1,400,000 | 1,497,974 | ||
| Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035 | 1,105,000 | 1,177,740 | ||
| Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048 | 90,000 | 70,982 | ||
| San Diego, CA, Community College District (Election of 2002), 6%, 8/01/2033 (Prerefunded 8/01/2027) | 2,000,000 | 2,260,655 | ||
| San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 (w) | 2,190,000 | 2,131,967 | ||
| San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 (w) | 1,850,000 | 1,800,976 | ||
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024) | 1,235,000 | 694,831 | ||
| San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047 | 2,145,000 | 2,101,540 | ||
| San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049 | 2,235,000 | 2,213,220 | ||
| Santa Clara County, CA, Mountain View Whisman School District General Obligation, Election of 2020, “B”, 4.25%, 9/01/2045 | 5,750,000 | 5,834,231 | ||
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042 | 1,000,000 | 1,004,996 | ||
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044 | 1,250,000 | 1,252,159 | ||
| South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 | 2,480,000 | 2,451,897 | ||
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 | 2,775,000 | 968,031 | ||
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 | 3,035,000 | 1,008,548 | ||
| Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 | 2,000,000 | 1,958,442 | ||
| West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046 | 3,365,000 | 2,672,852 | ||
| Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043 | 1,250,000 | 1,044,525 | ||
| $76,520,291 | ||||
| Healthcare Revenue - Hospitals – 14.0% | ||||
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | $ | 5,000,000 | $5,433,025 | |
| California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 | 2,550,000 | 2,584,125 | ||
| California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037 | 1,000,000 | 1,047,487 | ||
| California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033 | 750,000 | 774,693 | ||
| California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038 | 1,000,000 | 1,058,222 | ||
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n) | 175,000 | 178,351 | ||
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n) | 750,000 | 731,872 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 | 1,275,000 | 1,324,155 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 | 850,000 | 879,112 | ||
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 425,000 | 435,485 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 | 2,000,000 | 2,039,981 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047 | 1,000,000 | 1,013,912 | ||
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 | 1,685,000 | 1,491,096 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | 205,000 | 207,917 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | 165,000 | 167,166 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | 85,000 | 86,052 | ||
2
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Hospitals – continued | ||||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | $ | 315,000 | $317,294 | |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | 415,000 | 388,763 | ||
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 1,500,000 | 1,426,013 | ||
| California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 | 4,000,000 | 4,271,264 | ||
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 2,545,000 | 2,546,787 | ||
| California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051 | 2,000,000 | 1,956,677 | ||
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042 | 4,000,000 | 4,100,255 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039 | 1,600,000 | 1,564,015 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040 | 650,000 | 630,091 | ||
| California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045 | 2,000,000 | 1,920,692 | ||
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 5,000,000 | 5,350,839 | ||
| California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053 | 1,000,000 | 1,027,785 | ||
| California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 | 2,000,000 | 2,055,569 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 (n) | 1,405,000 | 1,382,662 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 200,000 | 193,847 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054 | 1,650,000 | 1,647,467 | ||
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 1,955,000 | 1,889,242 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036 | 635,000 | 659,183 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037 | 455,000 | 469,216 | ||
| California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038 | 430,000 | 441,530 | ||
| California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 1,925,000 | 1,953,053 | ||
| California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038 | 1,500,000 | 1,546,381 | ||
| Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 5%, 7/01/2049 | 70,000 | 56,910 | ||
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 2,000,000 | 2,059,816 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023 | 260,000 | 260,000 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024 | 235,000 | 235,554 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025 | 290,000 | 291,039 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 | 300,000 | 302,685 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 | 665,000 | 711,213 | ||
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 | 635,000 | 686,347 | ||
| University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053 | 5,000,000 | 4,805,860 | ||
| Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042 | 1,000,000 | 901,081 | ||
| Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047 | 1,000,000 | 1,020,766 | ||
| Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 | 325,000 | 349,112 | ||
| Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042 | 1,000,000 | 994,250 | ||
| $69,865,909 | ||||
| Healthcare Revenue - Long Term Care – 2.9% | ||||
| ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | $ | 1,270,000 | $1,210,213 | |
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034 | 700,000 | 730,924 | ||
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039 | 1,000,000 | 1,032,731 | ||
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040 | 650,000 | 672,372 | ||
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050 | 1,000,000 | 1,014,590 | ||
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055 | 1,000,000 | 1,011,243 | ||
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 775,000 | 752,167 | ||
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n) | 1,250,000 | 1,124,312 | ||
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 1,405,000 | 1,146,625 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039 | 500,000 | 477,638 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040 | 500,000 | 473,202 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2042 | 735,000 | 688,111 | ||
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 5%, 4/01/2047 | 1,835,000 | 1,862,719 | ||
3
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Healthcare Revenue - Long Term Care – continued | ||||
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038 | $ | 435,000 | $438,569 | |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039 | 430,000 | 433,873 | ||
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040 | 435,000 | 438,132 | ||
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043 | 980,000 | 982,592 | ||
| $14,490,013 | ||||
| Industrial Revenue - Environmental Services – 3.3% | ||||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “B”, 3.6%, 7/01/2051 (Put Date 7/17/2023) | $ | 3,000,000 | $2,999,676 | |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 3,000,000 | 3,017,355 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | 3,000,000 | 2,741,874 | ||
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.7%, 12/01/2044 (Put Date 12/01/2023) | 3,000,000 | 2,947,980 | ||
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%, 8/01/2023 (Put Date 8/01/2023) (n) | 5,000,000 | 4,999,739 | ||
| $16,706,624 | ||||
| Industrial Revenue - Other – 0.1% | ||||
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 500,000 | $398,847 | |
| Miscellaneous Revenue - Other – 2.0% | ||||
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034 | $ | 830,000 | $834,682 | |
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035 | 830,000 | 834,655 | ||
| California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 5,000,000 | 4,978,848 | ||
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031 | 1,335,000 | 1,368,963 | ||
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 205,000 | 206,648 | ||
| San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040 | 1,510,000 | 1,574,129 | ||
| $9,797,925 | ||||
| Multi-Family Housing Revenue – 6.5% | ||||
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | $ | 2,200,000 | $1,823,488 | |
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n) | 3,000,000 | 2,575,968 | ||
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 3,000,000 | 1,991,116 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 2,831,293 | 2,780,324 | ||
| California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 1,998,947 | 1,994,807 | ||
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 4,000,000 | 3,672,677 | ||
| California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n) | 3,000,000 | 2,517,137 | ||
| California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n) | 2,000,000 | 1,339,046 | ||
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 3,000,000 | 2,483,492 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 3,000,000 | 2,247,463 | ||
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 2,000,000 | 1,413,353 | ||
| Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA - Building 156 & 157 Apartments), “C”, 3.75%, 12/01/2046 (Put Date 12/01/2026) | 2,750,000 | 2,754,812 | ||
| Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 Apartments), 3.375%, 1/01/2046 (Put Date 7/01/2026) | 3,600,000 | 3,533,589 | ||
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 1,344,041 | 1,316,391 | ||
| $32,443,663 | ||||
4
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Parking – 0.3% | ||||
| Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 | $ | 1,625,000 | $1,535,744 | |
| Sales & Excise Tax Revenue – 2.8% | ||||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 | $ | 40,000 | $41,651 | |
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 30,000 | 31,326 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 40,000 | 41,974 | ||
| Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 390,000 | 344,705 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 114,000 | 111,376 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 382,000 | 364,003 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 4,615,000 | 4,499,019 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 944,000 | 897,773 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 385,000 | 366,147 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 8,280 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 2,826,000 | 2,678,292 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,763 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 171,000 | 145,211 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 24,084 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,566,000 | 1,117,175 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,524,000 | 990,581 | ||
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 4,034,000 | 1,133,270 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 960,000 | 733,200 | ||
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 555,000 | 423,881 | ||
| $13,957,711 | ||||
| Secondary Schools – 4.8% | ||||
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | $ | 1,000,000 | $926,235 | |
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 5%, 11/01/2039 | 300,000 | 311,812 | ||
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 5%, 11/01/2044 | 350,000 | 359,898 | ||
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4%, 11/01/2050 | 500,000 | 442,635 | ||
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4.125%, 11/01/2052 | 3,075,000 | 2,756,158 | ||
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n) | 970,000 | 946,027 | ||
| California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 | 750,000 | 744,000 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n) | 50,000 | 51,953 | ||
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450,000 | 451,438 | ||
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.25%, 8/01/2038 | 500,000 | 501,143 | ||
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2043 | 550,000 | 556,335 | ||
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2047 | 525,000 | 525,378 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 415,000 | 416,707 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415,000 | 415,132 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n) | 525,000 | 529,958 | ||
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n) | 1,000,000 | 986,228 | ||
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (n) | 1,000,000 | 936,509 | ||
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n) | 1,125,000 | 1,106,570 | ||
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n) | 625,000 | 579,421 | ||
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n) | 1,100,000 | 1,115,519 | ||
5
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Secondary Schools – continued | ||||
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n) | $ | 2,120,000 | $1,961,386 | |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 1,245,000 | 1,272,719 | ||
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n) | 870,000 | 884,523 | ||
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n) | 870,000 | 860,507 | ||
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2034 | 530,000 | 536,250 | ||
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n) | 505,000 | 518,121 | ||
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5.125%, 7/01/2044 | 470,000 | 472,235 | ||
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2047 (n) | 745,000 | 751,315 | ||
| California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), “A”, 5%, 7/01/2049 (n) | 1,050,000 | 1,060,457 | ||
| California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047 | 1,270,000 | 1,271,354 | ||
| $24,247,923 | ||||
| Single Family Housing - Other – 0.2% | ||||
| California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052 | $ | 1,000,000 | $1,074,118 | |
| State & Local Agencies – 3.9% | ||||
| Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037 | $ | 800,000 | $849,959 | |
| Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047 | 3,735,000 | 4,130,641 | ||
| North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047 | 4,425,000 | 4,998,335 | ||
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2037 | 300,000 | 344,041 | ||
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2038 | 500,000 | 571,324 | ||
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039 | 700,000 | 796,226 | ||
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040 | 900,000 | 1,015,923 | ||
| Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039 | 5,270,000 | 4,539,311 | ||
| Victorville, CA, Electric Rev., “A”, 5%, 5/01/2034 | 500,000 | 573,846 | ||
| Victorville, CA, Electric Rev., “A”, 5%, 5/01/2035 | 725,000 | 825,275 | ||
| Victorville, CA, Electric Rev., “A”, 5%, 5/01/2036 | 590,000 | 665,918 | ||
| $19,310,799 | ||||
| Student Loan Revenue – 0.0% | ||||
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | $ | 275,000 | $248,402 | |
| Tax - Other – 1.3% | ||||
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 315,000 | $325,522 | |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 735,000 | 802,503 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2035 | 315,000 | 321,177 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 170,000 | 172,166 | ||
| Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 500,000 | 483,962 | ||
| Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058 | 4,000,000 | 3,887,503 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 100,000 | 89,689 | ||
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 276,913 | ||
| $6,359,435 | ||||
| Tax Assessment – 6.9% | ||||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 | $ | 940,000 | $958,537 | |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039 | 1,000,000 | 1,017,625 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044 | 1,000,000 | 1,010,655 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 | 505,000 | 424,910 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 | 2,000,000 | 1,792,155 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044 | 500,000 | 509,063 | ||
| California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049 | 500,000 | 506,135 | ||
| Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 | 1,000,000 | 1,002,237 | ||
| Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035 | 920,000 | 945,849 | ||
6
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Tax Assessment – continued | ||||
| Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035 | $ | 1,000,000 | $1,003,428 | |
| North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033 | 765,000 | 767,052 | ||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | 650,000 | 661,284 | ||
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029 | 1,350,000 | 1,374,226 | ||
| Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 | 1,000,000 | 1,002,367 | ||
| Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032 | 2,625,000 | 2,694,292 | ||
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 4.25%, 9/01/2047 | 5,000,000 | 5,072,997 | ||
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042 | 1,000,000 | 1,025,371 | ||
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047 | 2,550,000 | 2,635,571 | ||
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030 | 890,000 | 927,138 | ||
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031 | 1,095,000 | 1,138,740 | ||
| Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034 | 1,385,000 | 1,412,691 | ||
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n) | 100,000 | 99,179 | ||
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2051 (n) | 1,600,000 | 1,301,228 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 750,000 | 766,092 | ||
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NPFG, 5%, 8/01/2043 | 1,100,000 | 1,136,606 | ||
| Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023 | 1,000,000 | 1,002,517 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037 | 700,000 | 740,852 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033 | 300,000 | 318,142 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034 | 300,000 | 316,735 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035 | 250,000 | 261,895 | ||
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038 | 600,000 | 617,365 | ||
| $34,442,934 | ||||
| Tobacco – 3.6% | ||||
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | $ | 5,000,000 | $1,087,192 | |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 | 3,515,000 | 3,247,640 | ||
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049 | 535,000 | 543,812 | ||
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 | 465,000 | 474,144 | ||
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 10,000,000 | 2,174,384 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051 | 4,000,000 | 4,166,866 | ||
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 1,615,000 | 1,463,139 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036 | 250,000 | 269,280 | ||
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048 | 4,250,000 | 4,412,382 | ||
| $17,838,839 | ||||
| Toll Roads – 0.2% | ||||
| Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034 | $ | 855,000 | $881,721 | |
| Transportation - Special Tax – 0.1% | ||||
| New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 500,000 | $530,296 | |
| Universities - Colleges – 4.7% | ||||
| California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 | $ | 2,060,000 | $2,132,810 | |
| California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 | 1,000,000 | 957,893 | ||
| California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 | 425,000 | 445,538 | ||
| California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 | 1,265,000 | 1,320,394 | ||
7
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Universities - Colleges – continued | ||||
| California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038 | $ | 630,000 | $664,768 | |
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 | 1,000,000 | 1,017,089 | ||
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 | 1,000,000 | 1,014,165 | ||
| California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 | 500,000 | 506,389 | ||
| California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 | 1,000,000 | 1,055,187 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033 | 625,000 | 648,925 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035 | 1,195,000 | 1,233,970 | ||
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 | 1,000,000 | 1,018,791 | ||
| California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 | 4,310,000 | 4,348,329 | ||
| California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043 | 1,500,000 | 1,547,647 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 500,000 | 465,449 | ||
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 | 2,500,000 | 2,192,500 | ||
| California State University Systemwide Rev., “A”, 3%, 11/01/2052 | 2,000,000 | 1,520,715 | ||
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1,500,000 | 1,503,047 | ||
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051 | 200,000 | 151,187 | ||
| $23,744,793 | ||||
| Universities - Dormitories – 3.5% | ||||
| California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n) | $ | 2,250,000 | $2,202,216 | |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2035 | 450,000 | 474,350 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2040 | 600,000 | 617,248 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045 | 600,000 | 610,342 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050 | 650,000 | 657,306 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055 | 825,000 | 830,875 | ||
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057 | 450,000 | 451,845 | ||
| California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 | 225,000 | 226,859 | ||
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | 2,605,000 | 2,698,919 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n) | 375,000 | 370,333 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n) | 475,000 | 461,280 | ||
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n) | 1,440,000 | 1,332,024 | ||
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034 | 1,000,000 | 1,029,460 | ||
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 1,740,000 | 1,694,113 | ||
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 3,000,000 | 2,590,315 | ||
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 3,250,000 | 1,139,856 | ||
| $17,387,341 | ||||
| Utilities - Cogeneration – 0.5% | ||||
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039 (n) | $ | 1,000,000 | $1,023,097 | |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 (n) | 1,610,000 | 1,630,790 | ||
| $2,653,887 | ||||
8
Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Municipal Bonds – continued | ||||
| Utilities - Municipal Owned – 1.7% | ||||
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 280,000 | $285,662 | |
| Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 315,000 | 321,059 | ||
| Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041 | 3,000,000 | 3,123,507 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 50,000 | 18,750 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 475,000 | 178,125 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 765,000 | 286,875 | ||
| Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 55,000 | 54,224 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,200,000 | 450,000 | ||
| Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 180,000 | 67,500 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 100,000 | 37,500 | ||
| Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 50,000 | 18,750 | ||
| Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 455,000 | 170,625 | ||
| Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 235,000 | 88,125 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2024 (a)(d) | 200,000 | 75,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 40,000 | 15,000 | ||
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 620,000 | 232,500 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 45,000 | 16,875 | ||
| Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 95,000 | 35,625 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 290,000 | 108,750 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 325,000 | 121,875 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 115,000 | 43,125 | ||
| Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 355,000 | 133,125 | ||
| Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 280,000 | 105,000 | ||
| Truckee Donner Public Utility District Electric System Rev., “A”, 5%, 11/15/2037 | 1,250,000 | 1,359,846 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2039 | 425,000 | 442,077 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2040 | 365,000 | 378,809 | ||
| Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041 | 420,000 | 435,356 | ||
| $8,613,665 | ||||
| Utilities - Other – 5.6% | ||||
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | $ | 2,540,000 | $2,655,813 | |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 1,195,000 | 1,160,977 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 1,415,000 | 1,397,935 | ||
| Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 2,735,000 | 2,863,049 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028) | 4,000,000 | 3,999,911 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 5%, 12/01/2053 (Put Date 8/01/2029) | 5,000,000 | 5,217,058 | ||
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 5,000,000 | 5,230,494 | ||
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 1,750,000 | 2,140,694 | ||
| Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 | 1,655,000 | 1,780,477 | ||
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,520,000 | 1,609,218 | ||
| $28,055,626 | ||||
| Water & Sewer Utility Revenue – 4.4% | ||||
| Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047 | $ | 1,000,000 | $1,034,928 | |
| Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052 | 1,100,000 | 1,142,635 | ||
| Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047 | 3,000,000 | 3,143,774 | ||
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 720,000 | 730,849 | ||
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031 | 415,000 | 421,464 | ||
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048 | 3,500,000 | 3,507,920 | ||
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053 | 1,500,000 | 1,494,362 | ||
| Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 | 2,000,000 | 2,121,207 | ||
| Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044 | 3,250,000 | 3,254,904 | ||
| Truckee Donner Public Utility District Water System Rev., “A”, 5%, 11/15/2042 | 2,070,000 | 2,314,650 | ||
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | 1,700,000 | 1,788,863 | ||
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | 830,000 | 868,554 | ||
| $21,824,110 | ||||
| Total Municipal Bonds | $489,824,972 | |||
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Portfolio of Investments (unaudited) – continued
| Issuer | Shares/Par | Value ($) | ||
| Bonds – 0.2% | ||||
| Consumer Services – 0.2% | ||||
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 902,000 | $801,689 | |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,796,438 | 567,113 | ||
| Total Bonds | $1,368,802 | |||
| Contingent Value Instruments – 0.1% | ||||
| General Obligations - General Purpose – 0.1% | ||||
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 1,039,759 | $523,779 | |
| Investment Companies (h) – 1.3% | ||||
| Money Market Funds – 1.3% | ||||
| MFS Institutional Money Market Portfolio, 5.04% (v) | 6,415,534 | $6,416,817 | ||
| Other Assets, Less Liabilities – 0.4% | 1,753,834 | |||
| Net Assets – 100.0% | $499,888,204 | |||
| (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 $6,416,817 and $491,717,553, 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 $69,144,745, representing 13.8% 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. | |||
| (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 |
| COP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| 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.
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Supplemental Information
6/30/23 (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. 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, 2023 in valuing the fund's assets and liabilities:
| Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $— | $490,348,751 | $— | $490,348,751 |
| U.S. Corporate Bonds | — | 1,368,802 | — | 1,368,802 |
| Mutual Funds | 6,416,817 | — | — | 6,416,817 |
| Total | $6,416,817 | $491,717,553 | $— | $498,134,370 |
For further information regarding security characteristics, see the Portfolio of Investments.
(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:
| Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
| MFS Institutional Money Market Portfolio | $9,269,803 | $36,131,310 | $38,983,170 | $(321) | $(805) | $6,416,817 |
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Supplemental Information (unaudited) – continued
| Affiliated Issuers | Dividend Income | Capital Gain Distributions |
| MFS Institutional Money Market Portfolio | $59,843 | $— |
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2023, are as follows:
| California | 91.4% |
| Puerto Rico | 3.7% |
| Alabama | 1.6% |
| Illinois | 0.8% |
| Guam | 0.6% |
| Tennessee | 0.3% |
| Wisconsin | 0.3% |
| Virginia | 0.3% |
| New Hampshire | 0.3% |
| New Jersey | 0.1% |
| Texas | 0.1% |
| Minnesota (o) | 0.0% |
| 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.
12