NPORT-EX 3 edgar.htm
Quarterly Report
June 30, 2020
MFS®  California
Municipal Bond Fund
Portfolio of Investments
6/30/20 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer     Shares/Par Value ($)
Municipal Bonds – 97.6%
Airport Revenue – 8.2%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043    $ 2,190,000 $2,483,219
Chicago, IL, O'Hare International Airport Rev., Third Lien, “A”, 5.625%, 1/01/2035 (Prerefunded 1/01/2021)      615,000 631,414
Chicago, IL, O'Hare International Airport Rev., Third Lien, Unrefunded Balance, “A”, 5.625%, 1/01/2035      165,000 168,359
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2029      1,180,000 1,192,142
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038      1,935,000 2,315,247
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037      1,305,000 1,613,750
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038      1,305,000 1,608,974
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038      2,000,000 2,390,520
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039      1,000,000 1,192,330
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2036      750,000 922,028
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2037      1,400,000 1,715,574
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2038      1,000,000 1,221,790
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2039      1,000,000 1,218,480
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042      665,000 778,030
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047      665,000 772,969
San Diego County, CA, Regional Airport Authority Rev., “C”, 5%, 7/01/2031      1,030,000 1,325,291
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031      850,000 901,901
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044      7,605,000 9,170,869
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046      3,000,000 3,414,930
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/2025 (Prerefunded 5/03/2021)      570,000 592,601
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039      3,420,000 4,174,794
San Francisco, CA, City & County Airports Commission, International Airport Rev., Unrefunded Balance, “D”, 5%, 5/01/2025      1,430,000 1,480,822
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035      1,000,000 1,179,250
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047      2,000,000 2,304,120
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034      3,000,000 3,076,200
        $47,845,604
General Obligations - General Purpose – 5.2%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036    $ 1,080,000 $1,034,456
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025      810,000 863,646
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026      225,000 242,327
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027      255,000 277,058
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)     5,930,000 3,558,000
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035      80,000 80,921
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2021      820,000 820,000
Marin County, CA, Healthcare District (Election of 2013), “A”, 4%, 8/01/2047      3,000,000 3,385,500
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035      430,000 456,445
State of California, 5.25%, 4/01/2035      2,545,000 2,738,318
State of California, 4%, 8/01/2037      1,700,000 1,961,579
State of California, 5.25%, 11/01/2040      2,775,000 2,814,905
State of California, 5%, 4/01/2045      7,000,000 8,907,430
State of Illinois, 5.5%, 5/01/2039      440,000 495,092
State of Illinois, 5.75%, 5/01/2045      410,000 466,035
State of Illinois, “A”, 4%, 12/01/2033      210,000 207,522
Tulare County, CA, Tulare Local Health Care District, BAM, 4%, 8/01/2039      1,500,000 1,719,390
        $30,028,624
General Obligations - Schools – 19.5%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029    $ 4,335,000 $3,839,856
Compton, CA, Unified School District (Election of 2015), “B”, BAM, 4%, 6/01/2049      1,750,000 1,950,532
Compton, CA, Unified School District (Election of 2015), Capital Appreciation, “B”, BAM, 0%, 6/01/2038      2,250,000 1,392,773
Compton, CA, Unified School District (Election of 2015), Capital Appreciation, “B”, BAM, 0%, 6/01/2039      2,125,000 1,265,331
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040      2,785,000 3,229,068
Dublin, CA, Unified School District (Election of 2016), “B”, 4%, 8/01/2043      1,945,000 2,208,645
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2038      4,000,000 4,484,800
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2039    $ 4,000,000 $4,475,880
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038      2,465,000 2,754,490
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031      2,120,000 1,760,406
Grossmont, CA, Union High School District (Election of 2008), “I-2”, 4%, 8/01/2044      5,190,000 6,049,672
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040      465,000 524,636
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034      500,000 319,260
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, ASSD GTY, 0%, 11/01/2033      1,260,000 896,402
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 1,603,261
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049      875,000 1,020,696
Los Angeles County, CA, Palmdale School District (Election of 2016), 4%, 8/01/2044      2,395,000 2,688,507
Los Angeles, CA, Unified School District, General Obligation, “RYO”, 5%, 7/01/2035      3,000,000 3,964,140
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039      2,000,000 2,277,080
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040      1,000,000 1,136,270
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047      2,595,000 2,971,794
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032      1,570,000 1,240,206
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046      1,570,000 1,712,886
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, ASSD GTY, 0%, 8/01/2033      500,000 383,925
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028      1,440,000 1,287,187
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 0% to 8/01/2019, 6% to 8/01/2030      3,000,000 3,287,700
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 5,305,900
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029      3,385,000 2,915,737
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028      830,000 977,234
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030      830,000 974,188
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2034      1,000,000 1,130,110
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2035      1,000,000 1,126,000
Oakland, CA, Unified School District Rev., “C”, 5%, 8/01/2032      4,470,000 5,393,278
Orange County, CA, Garden Grove Unified School District, 4%, 8/01/2046      3,000,000 3,387,270
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045      2,590,000 3,119,551
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033      500,000 615,190
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034      1,400,000 1,717,912
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035      1,105,000 1,352,277
Placer and Sacramento Counties, CA, Roseville Joint Union High School District (School Facilities Improvement District No. 1), 4%, 8/01/2046      1,515,000 1,684,831
San Bernardino, CA, City Unified School District, “A”, AGM, 5%, 8/01/2023      600,000 684,402
San Diego, CA, Community College District (Election of 2002), Convertible Capital Appreciation, 6% to 8/01/2019, 6% to 8/01/2033      2,000,000 2,643,440
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034      1,235,000 692,625
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047      2,145,000 2,428,312
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041      1,235,000 1,353,128
San Mateo County, CA, Community College District (Election of 2001), Capital Appreciation, “A”, NATL, 0%, 9/01/2021      4,300,000 4,278,930
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2042      1,000,000 1,126,940
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2044      1,250,000 1,403,187
Santa Clara and Santa Cruz Counties, CA, West Valley-Mission Community College District (Election of 2018), “A”, 4%, 8/01/2044      2,650,000 3,110,570
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049      2,480,000 2,807,459
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046      2,775,000 1,056,221
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047      3,035,000 1,105,286
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043      2,000,000 2,227,280
        $113,342,661
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – 12.2%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2047    $ 2,075,000 $2,403,701
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042      2,550,000 2,894,836
California Health Facilities Financing Authority Rev. (City of Hope), 5%, 11/15/2049      4,000,000 4,648,840
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037      1,000,000 1,186,540
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033      750,000 888,060
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038      1,000,000 1,215,640
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2048      3,500,000 4,185,825
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046      3,180,000 3,730,108
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036      1,275,000 1,470,177
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037      850,000 977,407
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042      425,000 480,845
California Municipal Finance Authority Rev. (Eisenhower Medical Center), 5%, 7/01/2042      2,000,000 2,264,060
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047      1,000,000 1,119,360
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047      1,685,000 1,764,599
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028      205,000 226,886
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029      165,000 182,107
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030      85,000 93,588
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035      315,000 340,776
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044      415,000 441,469
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047      1,500,000 1,648,200
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047      2,545,000 2,781,863
California Statewide Communities Development Authority Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038      1,500,000 1,765,920
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042      4,000,000 4,738,800
California Statewide Communities Development Authority Rev. (Community Hospital of the Monterey Peninsula), “A”, 6%, 6/01/2033 (Prerefunded 6/01/2021)      1,250,000 1,314,613
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 8/15/2023      1,000,000 1,003,950
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053      1,000,000 1,178,850
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057      2,000,000 2,355,360
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046      200,000 215,392
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054      1,650,000 1,769,427
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056      1,000,000 1,076,010
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036      635,000 763,791
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037      455,000 545,768
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038      430,000 514,474
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046      1,925,000 2,133,015
California Statewide Communities Development Authority Rev. (Santa Ynez Valley Cottage Hospital), 5.25%, 11/01/2030      1,740,000 1,768,954
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032      390,000 420,022
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041      2,550,000 2,716,336
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049      70,000 77,388
Massachusetts Development Finance Agency Rev., “J-2”, 5%, 7/01/2048      2,520,000 2,930,936
Oroville, CA, Rev. (Oroville Hospital), 5.25%, 4/01/2049      2,000,000 2,101,300
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047      2,000,000 2,297,440
San Buenaventura, CA, Rev. (Community Memorial Health System), 7.5%, 12/01/2041      1,000,000 1,058,300
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042      1,000,000 1,024,960
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047      1,000,000 1,102,590
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042      1,000,000 1,133,390
        $70,951,873
Healthcare Revenue - Long Term Care – 2.8%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041    $ 850,000 $866,949
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035      1,270,000 1,321,384
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034      700,000 812,658
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039      1,000,000 1,148,510
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047      2,000,000 2,329,520
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
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 $493,099
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039      430,000 486,201
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040      435,000 490,719
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043      980,000 1,098,129
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044      1,405,000 1,431,007
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047      1,785,000 1,863,237
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042      735,000 774,778
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047      1,835,000 2,055,438
California Statewide Communities Development Authority Rev. (Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042      750,000 783,030
        $15,954,659
Industrial Revenue - Airlines – 0.2%
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2020    $ 1,035,000 $1,038,798
Industrial Revenue - Environmental Services – 0.6%
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 $3,237,060
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)     2,000,000 320,000
        $3,557,060
Industrial Revenue - Other – 0.6%
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)   $ 500,000 $487,045
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     1,120,000 1,067,741
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032      640,000 687,725
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044      885,000 965,880
        $3,208,391
Miscellaneous Revenue - Other – 1.3%
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034    $ 830,000 $932,613
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035      830,000 931,169
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039      1,000,000 1,118,050
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044      1,000,000 1,097,910
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031      1,335,000 1,417,997
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 1,828,912
        $7,326,651
Multi-Family Housing Revenue – 0.6%
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033    $ 2,977,585 $3,191,584
Parking – 0.3%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047    $ 1,625,000 $1,863,891
Port Revenue – 0.3%
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036    $ 1,710,000 $1,977,222
Sales & Excise Tax Revenue – 2.4%
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, AGM, 4%, 6/15/2050    $ 1,135,000 $1,175,202
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040      114,000 116,223
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058      4,615,000 4,825,213
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      1,100,000 1,105,093
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040      385,000 386,783
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053      9,000 9,120
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058      186,000 191,775
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024    $ 16,000 $14,416
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027      171,000 140,742
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029      31,000 23,665
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031      1,566,000 1,102,542
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033      1,524,000 985,159
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046      13,175,000 3,716,009
        $13,791,942
Secondary Schools – 3.9%
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2039    $ 300,000 $355,599
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2044      350,000 411,611
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)      1,000,000 1,018,370
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032      825,000 839,470
California Municipal Finance Authority, Charter School Lease Rev. (Nova Academy Project), “A”, 5%, 6/15/2036      750,000 771,345
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n)     970,000 1,020,227
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046      750,000 816,240
California Public Finance Authority, Educational Facilities Rev. (Trinity Classical Academy), “A”, 5%, 7/01/2036      400,000 415,264
California Public Finance Authority, Educational Facilities Rev. (Trinity Classical Academy), “A”, 5%, 7/01/2044      375,000 380,974
California Public Finance Authority, Educational Facilities Rev. (Trinity Classical Academy), “A”, 5%, 7/01/2054      1,000,000 1,008,000
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040      415,000 454,550
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2041      500,000 546,420
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045      415,000 451,184
California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046      1,000,000 1,028,810
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n)     600,000 628,098
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2050 (n)     525,000 544,115
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n)     625,000 642,825
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030      1,190,000 1,271,598
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2040      750,000 773,393
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050      1,060,000 1,080,426
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030      1,245,000 1,393,815
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038      870,000 993,697
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048      870,000 975,505
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034      530,000 577,080
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037      505,000 571,998
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044      470,000 506,914
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047      745,000 832,433
California School Finance Authority, School Facility Rev. (Kipp SoCal), “A”, 5%, 7/01/2049      1,050,000 1,197,157
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047      1,270,000 1,314,729
        $22,821,847
Single Family Housing - State – 1.3%
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049    $ 2,645,000 $2,933,543
Tennessee Housing Development Agency Residential Finance Program, “1”, 4.25%, 1/01/2050      2,585,000 2,864,593
Texas Department of Housing & Community Affairs Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049      1,595,000 1,795,109
        $7,593,245
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
State & Local Agencies – 3.4%
California Infrastructure & Economic Development Bank Lease Rev. (California State Teachers' Retirement System Headquarters Expansion Green Bonds - Climate Bond Certified), 5%, 8/01/2044    $ 1,500,000 $1,861,215
California Municipal Finance Authority, Lease Rev. (Orange County Civic Center Infrastructure Improvement Program - Phase II), “A”, 5%, 6/01/2043      4,505,000 5,410,640
California Public Works Board Lease Rev. (Department of Justice), “D”, 5.25%, 11/01/2020      550,000 552,211
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028      2,120,000 2,354,790
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.984% (LIBOR - 3mo. + 0.75%), 6/01/2037      2,360,000 2,081,284
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2034      1,000,000 1,197,910
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037      800,000 949,576
New Jersey Economic Development Authority Rev., School Facilities Construction, “AAA”, 5%, 6/15/2026      540,000 609,773
Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042      1,025,000 1,226,689
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030      500,000 610,285
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031      1,000,000 1,215,250
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032      550,000 665,473
San Diego, CA, Public Facilities Financing Authority Lease Rev. (Master Refunding Project), “A”, 5.25%, 3/01/2040 (Prerefunded 9/01/2020)      1,000,000 1,008,250
        $19,743,346
Student Loan Revenue – 0.1%
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038    $ 425,000 $416,266
Tax - Other – 1.7%
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035    $ 315,000 $346,371
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036      170,000 185,892
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046      500,000 540,485
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2036      305,000 363,572
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038      765,000 904,391
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2039      2,085,000 2,454,941
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031      635,000 635,178
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024      665,000 719,583
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026      2,010,000 2,193,051
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027      1,145,000 1,250,099
        $9,593,563
Tax Assessment – 5.1%
California Statewide Communities Development Authority Rev., “A”, 5%, 9/02/2048    $ 1,000,000 $1,137,670
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Rev., “C”, 5%, 9/02/2044      500,000 548,955
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Rev., “C”, 5%, 9/02/2049      500,000 546,530
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031      1,000,000 1,084,980
Jurupa, CA, Community Facilities Services District, Special Tax (Eastvale Area District No. 31), “A”, 5%, 9/01/2037      1,000,000 1,047,810
Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., “A”, AGM, 4%, 9/01/2043      1,745,000 1,981,936
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035      920,000 1,021,715
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035      1,000,000 1,104,010
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2022      340,000 371,651
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2023      340,000 385,577
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033      840,000 933,299
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028      650,000 751,354
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029      1,350,000 1,556,577
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033      1,000,000 1,078,920
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032      2,625,000 3,003,787
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030      890,000 1,046,845
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031      1,095,000 1,279,781
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034    $ 1,385,000 $1,572,183
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043      750,000 822,555
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NATL, 5%, 8/01/2043      1,100,000 1,254,770
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023      1,000,000 1,137,430
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2034      1,200,000 1,504,260
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2036      1,600,000 1,987,936
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037      700,000 866,789
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033      300,000 354,099
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034      300,000 353,472
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035      250,000 293,675
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038      600,000 694,104
        $29,722,670
Tobacco – 3.5%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036    $ 370,000 $470,995
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2038      235,000 269,334
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048      655,000 707,878
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055      3,070,000 3,232,679
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057      7,375,000 1,023,797
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049      1,500,000 1,639,905
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049      1,000,000 1,158,300
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2029      2,000,000 2,412,840
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)      1,800,000 1,893,222
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036      250,000 311,340
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2037      1,000,000 1,240,740
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2038      750,000 927,668
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048      4,250,000 5,011,260
        $20,299,958
Toll Roads – 1.2%
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033    $ 2,985,000 $3,417,527
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034      855,000 973,152
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044      1,680,000 1,814,215
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (LBJ Infrastructure Group IH-635 Managed Lanes Project), 7%, 6/30/2040      715,000 718,933
        $6,923,827
Transportation - Special Tax – 2.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ASSD GTY, 5.25%, 7/01/2041    $ 330,000 $357,539
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032      470,000 472,956
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029      65,000 65,263
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038      2,060,000 2,137,106
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035      2,330,000 2,375,808
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030      225,000 239,609
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031      1,530,000 1,615,787
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036      615,000 670,768
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032      285,000 290,760
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033      195,000 199,011
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038      75,000 75,193
Lancaster, CA, Financing Authority Rev. (Measure M&R Structure Improvement Project), BAM, 4%, 6/01/2039      1,365,000 1,586,239
Metropolitan Transportation Authority Rev., NY, “E”, 4%, 9/01/2020      820,000 821,443
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “B-2”, 5%, 5/15/2021      1,915,000 1,955,023
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Transportation - Special Tax – continued
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022    $ 1,400,000 $1,471,120
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5%, 12/15/2039      500,000 556,480
New Jersey Transportation Trust Fund Authority, Transportation System, “BB”, 5%, 6/15/2044      500,000 546,775
        $15,436,880
Universities - Colleges – 5.2%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036    $ 2,060,000 $2,312,700
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047      1,000,000 1,070,230
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036      425,000 477,250
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037      1,265,000 1,416,699
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038      630,000 751,313
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036      1,000,000 1,123,930
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037      1,000,000 1,121,530
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038      500,000 559,665
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021)      860,000 921,301
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021)      900,000 964,152
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038      1,000,000 1,188,450
California Educational Facilities Authority Rev. (University of the Pacific), 5.25%, 11/01/2029      1,265,000 1,270,009
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033      625,000 695,694
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035      1,195,000 1,322,793
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039      1,000,000 1,093,460
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042      4,310,000 4,800,090
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043      1,500,000 1,719,660
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039      500,000 517,695
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048      2,500,000 2,541,150
California Public Works Board Lease Rev. (Regents of the University of California), 5%, 12/01/2028 (Prerefunded 12/01/2021)      2,125,000 2,268,310
California State University Rev., “A”, 5%, 11/01/2024      1,580,000 1,677,565
California State University Rev., “A”, ETM, 5%, 11/01/2024 (Prerefunded 11/01/2021)      550,000 583,005
        $30,396,651
Universities - Dormitories – 3.1%
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035    $ 225,000 $239,236
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037      2,605,000 2,979,234
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2036      4,000,000 4,701,320
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051      3,065,000 3,511,969
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n)     375,000 384,750
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n)     475,000 479,745
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n)     1,440,000 1,419,854
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043      1,500,000 1,563,030
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034      1,000,000 1,087,220
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039      1,740,000 1,762,394
        $18,128,752
Utilities - Cogeneration – 0.7%
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039    $ 1,000,000 $1,136,180
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045      1,610,000 1,811,363
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022      1,300,000 1,332,500
        $4,280,043
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Utilities - Investor Owned – 0.3%
California Pollution Control Financing Authority, Water Facilities Rev. (American Water Capital Corp. Project), 5.25%, 8/01/2040    $ 2,000,000 $2,006,700
Utilities - Municipal Owned – 5.6%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039    $ 280,000 $304,066
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044      315,000 339,929
Imperial, CA, Irrigation District Electric Rev., “B”, 5%, 11/01/2026 (Prerefunded 11/01/2020)      1,245,000 1,264,696
Los Angeles, CA, Department of Water & Power System Rev., “B”, 5%, 7/01/2039 (w)     1,250,000 1,659,113
Los Angeles, CA, Department of Water & Power System Rev., “B”, 5%, 7/01/2040 (w)     1,750,000 2,310,647
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2022      10,845,000 11,365,560
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041      3,000,000 3,575,460
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     1,200,000 834,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)     180,000 125,100
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     100,000 69,750
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     50,000 34,875
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     455,000 317,363
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     475,000 330,125
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     50,000 34,750
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)     765,000 531,675
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023      10,000 10,004
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)     280,000 194,250
Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022      1,315,000 1,321,246
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     235,000 163,325
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)     200,000 139,000
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     40,000 27,800
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)     620,000 430,900
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033      260,000 265,348
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032      495,000 505,004
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2034      55,000 56,146
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     45,000 31,444
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     95,000 66,263
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2022 (a)(d)     290,000 200,825
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)     325,000 226,281
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     115,000 80,213
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     355,000 247,613
Sacramento, CA, Municipal Utility District Electric Rev., “X”, 5%, 8/15/2025 (Prerefunded 8/15/2021)      545,000 573,476
Sacramento, CA, Municipal Utility District Electric Rev., Unrefunded Balance, “X”, 5%, 8/15/2025      1,585,000 1,668,529
Turlock, CA, Irrigation District Rev., 5%, 1/01/2039      600,000 775,416
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041      2,130,000 2,242,528
        $32,322,720
Utilities - Other – 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034    $ 1,750,000 $2,643,742
Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022      2,210,000 2,406,602
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033      1,655,000 2,132,650
        $7,182,994
Water & Sewer Utility Revenue – 4.4%
Belmont, CA, Joint Powers Financing Authority, Sewer Rev., 5%, 8/01/2047    $ 1,885,000 $2,336,269
Carpinteria Valley Water District Refunding Rev., “A”, 5%, 7/01/2033      450,000 599,324
Carpinteria Valley Water District Refunding Rev., “A”, 5%, 7/01/2035      600,000 789,576
Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047      3,000,000 3,563,700
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050      720,000 859,111
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030      1,660,000 1,907,489
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031      415,000 475,466
San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044      2,205,000 2,598,306
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036      2,000,000 2,452,620
Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044      3,250,000 3,674,222
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043      1,715,000 1,881,063
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Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds – continued
Water & Sewer Utility Revenue – continued
South Placer, CA, Wastewater Authority Refunding Rev., 5%, 11/01/2034    $ 500,000 $712,725
South Placer, CA, Wastewater Authority Refunding Rev., 5%, 11/01/2035      500,000 719,235
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031      1,700,000 2,066,503
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035      830,000 1,005,537
        $25,641,146
Total Municipal Bonds   $566,589,568
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)   $ 1,900,000 $566,423
Investment Companies (h) – 1.2%
Money Market Funds – 1.2%  
MFS Institutional Money Market Portfolio, 0.17% (v)     7,128,141 $7,128,854
 
Other Assets, Less Liabilities – 1.1%   6,367,673
Net Assets – 100.0% $580,652,518
(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 $7,128,854 and $567,155,991, 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 $7,240,823, representing 1.2% 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
ASSD GTY Assured Guaranty Insurance Co.
BAM Build America Mutual
CALHF California Health Facility Construction Loan Insurance Program
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FLR Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted.
FNMA Federal National Mortgage Assn.
LIBOR London Interbank Offered Rate
NATL 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
6/30/20 (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
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. 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, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 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, 2020 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $566,589,568 $— $566,589,568
U.S. Corporate Bonds — 566,423 — 566,423
Mutual Funds 7,128,854 — — 7,128,854
Total $7,128,854 $567,155,991 $— $574,284,845
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 $3,337,616 $44,704,158 $40,912,572 $201 $(549) $7,128,854
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $7,071 $—
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Supplemental Information (unaudited) – continued
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2020, are as follows:
California 84.0%
Puerto Rico 6.7%
New York 1.6%
Illinois 1.3%
Ohio 1.0%
Pennsylvania 0.8%
Texas 0.7%
Maryland 0.5%
Massachusetts 0.5%
Tennessee 0.5%
Guam 0.4%
Alabama 0.3%
New Jersey 0.3%
Minnesota 0.1%
Virginia 0.1%
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
(4) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may have adversely impacted the prices and liquidity of the fund's investments and the fund's performance.
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