Portfolio of Investments

12/31/20 (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 – 99.2%
Airport Revenue – 8.2%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043	$	2,190,000	$2,586,609
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038		1,935,000	2,366,911
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037		1,305,000	1,649,664
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038		1,305,000	1,645,448
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038		2,000,000	2,436,880
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039		1,000,000	1,216,020
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2036		750,000	946,627
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2037		1,400,000	1,761,830
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2038		1,000,000	1,255,200
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2039		1,000,000	1,252,420
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042		665,000	794,835
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047		665,000	788,092
San Diego County, CA, Regional Airport Authority Rev., “C”, 5%, 7/01/2031		1,030,000	1,350,217
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031		850,000	896,979
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2039		2,000,000	2,355,700
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2040		1,000,000	1,175,090
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044		7,605,000	9,416,891
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046		3,000,000	3,490,110
San Francisco, CA, City & County Airports Commission, International Airport Rev., “D”, 5%, 5/01/2025 (Prerefunded 5/03/2021)		570,000	579,131
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039		3,420,000	4,289,809
San Francisco, CA, City & County Airports Commission, International Airport Rev., Unrefunded Balance, “D”, 5%, 5/01/2025		1,430,000	1,451,436
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035		1,000,000	1,195,730
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047		2,000,000	2,339,080
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034		3,000,000	3,018,900
			$50,259,609
General Obligations - General Purpose – 4.7%
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036	$	1,080,000	$1,054,469
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025		810,000	894,661
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026		225,000	252,270
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027		255,000	289,198
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d)		5,930,000	4,062,050
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035		80,000	83,739
Marin County, CA, Healthcare District (Election of 2013), “A”, 4%, 8/01/2047		3,000,000	3,411,180
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035		430,000	453,422
State of California, 5.25%, 4/01/2035		2,545,000	2,697,140
State of California, 4%, 8/01/2037		1,700,000	1,996,616
State of California, 5%, 4/01/2045		7,000,000	8,924,020
State of Illinois, 5.5%, 5/01/2039		440,000	532,418
State of Illinois, 5.75%, 5/01/2045		410,000	498,006
State of Illinois, “A”, 4%, 12/01/2033		105,000	112,765
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2032		1,505,000	1,875,817
Tulare County, CA, Tulare Local Health Care District, BAM, 4%, 8/01/2039		1,500,000	1,769,490
			$28,907,261
General Obligations - Schools – 18.5%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029	$	4,335,000	$3,959,112
Compton, CA, Unified School District (Election of 2015), “B”, BAM, 4%, 6/01/2049		1,750,000	1,976,922
Compton, CA, Unified School District (Election of 2015), Capital Appreciation, “B”, BAM, 0%, 6/01/2038		2,250,000	1,400,333
Compton, CA, Unified School District (Election of 2015), Capital Appreciation, “B”, BAM, 0%, 6/01/2039		2,125,000	1,272,514
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040		2,785,000	3,308,580
Dublin, CA, Unified School District (Election of 2016), “B”, 4%, 8/01/2043		1,945,000	2,255,441
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2038		4,000,000	4,566,640
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2039		4,000,000	4,559,880
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038		2,465,000	2,788,014

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031	$	2,120,000	$1,790,891
Grossmont, CA, Union High School District (Election of 2008), “I-2”, 4%, 8/01/2044		5,190,000	6,169,145
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040		465,000	535,076
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034		500,000	332,960
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033		1,260,000	937,528
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	1,637,461
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049		875,000	1,038,931
Los Angeles County, CA, Palmdale School District (Election of 2016), 4%, 8/01/2044		2,395,000	2,771,231
Los Angeles, CA, Unified School District, General Obligation, “RYO”, 5%, 7/01/2035		3,000,000	4,042,380
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039		2,000,000	2,314,960
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040		1,000,000	1,155,450
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047		2,595,000	3,035,294
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032		1,570,000	1,282,031
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046		1,570,000	1,724,880
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033		500,000	398,440
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028		1,440,000	1,320,322
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	3,346,770
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	5,412,100
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029		3,385,000	3,003,206
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028		830,000	990,763
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030		830,000	985,011
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2034		1,000,000	1,166,290
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2035		1,000,000	1,163,920
Oakland, CA, Unified School District Rev., “C”, 5%, 8/01/2032		2,470,000	3,065,196
Orange County, CA, Garden Grove Unified School District, 4%, 8/01/2046		3,000,000	3,458,850
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045		2,590,000	3,166,223
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	616,585
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	1,722,994
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	1,357,227
Placer and Sacramento Counties, CA, Roseville Joint Union High School District (School Facilities Improvement District No. 1), 4%, 8/01/2046		1,515,000	1,729,903
San Bernardino, CA, City Unified School District, “A”, AGM, 5%, 8/01/2023		600,000	671,040
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	2,679,060
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024)		1,235,000	698,059
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047		2,145,000	2,475,480
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041 (Prerefunded 8/01/2022)		1,235,000	1,329,638
San Mateo County, CA, Community College District (Election of 2001), Capital Appreciation, “A”, NATL, 0%, 9/01/2021		4,300,000	4,295,227
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2042		1,000,000	1,161,890
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2044		1,250,000	1,446,362
Santa Clara and Santa Cruz Counties, CA, West Valley-Mission Community College District (Election of 2018), “A”, 4%, 8/01/2044		2,650,000	3,185,167
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049		2,480,000	2,836,748
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046		2,775,000	1,104,256
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047		3,035,000	1,155,728
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043		2,000,000	2,257,940
			$113,056,049
Healthcare Revenue - Hospitals – 13.1%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2047	$	2,075,000	$2,479,397
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042		2,550,000	3,005,328
California Health Facilities Financing Authority Rev. (City of Hope), 5%, 11/15/2049		4,000,000	4,824,280
California Health Facilities Financing Authority Rev. (Commonwealth Health), “A”, 5%, 4/01/2033		2,500,000	3,288,275

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Health Facilities Financing Authority Rev. (Commonwealth Health), “A”, 4%, 4/01/2035	$	2,500,000	$3,009,275
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037		1,000,000	1,216,640
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033		750,000	871,808
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038		1,000,000	1,251,410
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2048		3,500,000	4,254,040
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046		1,880,000	2,244,513
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, ETM, 5%, 11/15/2046 (Prerefunded 11/15/2026)		1,300,000	1,653,847
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036		1,275,000	1,509,090
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037		850,000	1,003,629
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042		425,000	496,957
California Municipal Finance Authority Rev. (Eisenhower Medical Center), 5%, 7/01/2042		2,000,000	2,318,720
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047		1,000,000	1,149,580
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047		1,685,000	1,816,733
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028		205,000	229,569
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029		165,000	184,114
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030		85,000	94,621
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035		315,000	347,357
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044		415,000	452,217
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047		1,500,000	1,718,220
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047		2,545,000	2,856,915
California Statewide Communities Development Authority Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038		1,500,000	1,796,100
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042		4,000,000	4,893,000
California Statewide Communities Development Authority Rev. (Community Hospital of the Monterey Peninsula), “A”, 6%, 6/01/2033 (Prerefunded 6/01/2021)		1,250,000	1,279,525
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039		1,600,000	1,900,432
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040		650,000	770,302
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045		2,000,000	2,334,280
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053		1,000,000	1,195,870
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057		2,000,000	2,388,780
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)		200,000	222,464
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054		1,650,000	1,824,388
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)		1,000,000	1,125,040
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036		635,000	772,281
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037		455,000	552,001
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038		430,000	520,524
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046		1,925,000	2,194,384
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032		390,000	420,295
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041 (Prerefunded 12/01/2021)		2,550,000	2,662,837
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049		70,000	80,221
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047		2,000,000	2,374,480
San Buenaventura, CA, Rev. (Community Memorial Health System), 7.5%, 12/01/2041		1,000,000	1,054,820
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2021		225,000	228,607
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2022		230,000	240,592
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023		260,000	280,069
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024		235,000	259,412
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025		290,000	327,294
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026		300,000	344,427
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028		665,000	823,928
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029		635,000	796,436
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042		1,000,000	1,094,340
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047		1,000,000	1,140,090
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031		325,000	419,055
Washington Township, CA, Health Care District Rev., “A”, 4%, 7/01/2033		550,000	645,684

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042	$	1,000,000	$1,162,630
			$80,401,123
Healthcare Revenue - Long Term Care – 3.2%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041	$	850,000	$865,606
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035		1,270,000	1,338,389
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034		700,000	828,842
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039		1,000,000	1,175,030
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040		650,000	808,217
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050		1,000,000	1,222,120
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055		1,000,000	1,212,590
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047		2,000,000	2,344,300
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038		435,000	512,047
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039		430,000	505,130
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040		435,000	507,606
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043		980,000	1,134,664
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n)		1,405,000	1,464,066
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047		1,785,000	1,857,810
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042		735,000	785,186
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047		1,835,000	2,069,586
California Statewide Communities Development Authority Rev. (Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042		750,000	824,640
			$19,455,829
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	$3,325,740
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)		2,000,000	610,000
			$3,935,740
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	$504,160
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)		1,120,000	1,127,392
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n)		640,000	715,712
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n)		885,000	1,009,652
			$3,356,916
Miscellaneous Revenue - Other – 0.9%
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034	$	830,000	$920,761
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035		830,000	919,540
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031		1,335,000	1,520,084
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	1,852,227
			$5,212,612
Multi-Family Housing Revenue – 1.1%
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033	$	2,954,639	$3,329,819
CSCDA Community Improvement Authority, California Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n)		3,000,000	3,466,440
			$6,796,259
Parking – 0.3%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047	$	1,625,000	$1,914,283

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Port Revenue – 1.4%
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036	$	1,710,000	$2,022,845
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2028 (w)		1,250,000	1,589,275
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2029 (w)		1,625,000	2,106,211
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 11/01/2029 (w)		2,125,000	2,779,925
			$8,498,256
Sales & Excise Tax Revenue – 2.2%
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040	$	114,000	$125,129
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058		4,615,000	5,142,956
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		1,100,000	1,192,004
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		385,000	416,932
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		9,000	9,763
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058		186,000	204,496
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024		16,000	15,092
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027		171,000	152,250
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029		31,000	26,327
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031		1,566,000	1,218,316
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033		1,524,000	1,091,230
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046		13,175,000	4,076,213
			$13,670,708
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	$374,427
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2044		350,000	431,284
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)		1,000,000	1,020,170
California Infrastructure and Economic Development Bank, 4%, 11/01/2050		500,000	584,325
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032		825,000	848,339
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n)		970,000	1,099,951
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046		750,000	837,367
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040		415,000	476,632
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2041		500,000	573,000
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045		415,000	472,839
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n)		525,000	642,716
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n)		1,000,000	1,205,400
California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046		1,000,000	1,072,750
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n)		1,125,000	1,255,365
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n)		625,000	686,225
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n)		1,190,000	1,347,734
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2040 (n)		750,000	823,050
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n)		1,060,000	1,150,503
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030		1,245,000	1,445,009
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038		870,000	1,037,405
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048		870,000	1,015,351
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034		530,000	596,176
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037		505,000	610,934
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044		470,000	524,999
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047		745,000	884,896
California School Finance Authority, School Facility Rev. (Kipp SoCal), “A”, 5%, 7/01/2049		1,050,000	1,300,740

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Secondary Schools – continued
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047	$	1,270,000	$1,294,892
			$23,612,479
Single Family Housing - State – 1.2%
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049	$	2,525,000	$2,822,445
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050		2,400,000	2,678,616
Texas Department of Housing & Community Affairs Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049		1,520,000	1,719,910
			$7,220,971
State & Local Agencies – 3.0%
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	$1,901,160
California Municipal Finance Authority, Lease Rev. (Orange County Civic Center Infrastructure Improvement Program - Phase II), “A”, 5%, 6/01/2043		4,505,000	5,542,186
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028		2,120,000	2,328,544
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.901% (LIBOR - 3mo. + 0.75%), 6/01/2037		2,360,000	2,151,683
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2034		1,000,000	1,207,640
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037		800,000	960,016
New Jersey Economic Development Authority Rev., School Facilities Construction, “AAA”, 5%, 6/15/2026		540,000	646,623
Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042		1,025,000	1,235,289
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030		500,000	608,725
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031		1,000,000	1,212,580
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032		550,000	664,252
			$18,458,698
Student Loan Revenue – 0.1%
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038	$	425,000	$433,428
Tax - Other – 0.8%
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035	$	315,000	$364,965
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036		170,000	196,495
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046		500,000	567,660
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031		635,000	642,417
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024		665,000	720,700
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026		2,010,000	2,225,351
			$4,717,588
Tax Assessment – 6.3%
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039	$	1,000,000	$1,180,120
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044		1,000,000	1,160,880
California Statewide Communities Development Authority Rev., “A”, 5%, 9/02/2048		940,000	1,109,050
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Rev., “C”, 4%, 9/02/2040		2,000,000	2,180,560
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Rev., “C”, 5%, 9/02/2044		500,000	582,105
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Rev., “C”, 5%, 9/02/2049		500,000	578,250
California Statewide Communities Development Infrastructure Program, “B”, 4%, 9/02/2050		1,000,000	1,064,410
Goleta City, CA, Redevelopment Agency, “A”, BAM, 4%, 12/01/2043		2,610,000	3,058,137
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031		1,000,000	1,096,000
Jurupa, CA, Community Facilities Services District, Special Tax (Eastvale Area District No. 31), “A”, 5%, 9/01/2037		1,000,000	1,061,220
Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., “A”, AGM, 4%, 9/01/2043		1,745,000	2,013,887
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035		920,000	1,046,656
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035		1,000,000	1,100,720
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2022		340,000	365,133

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2023	$	340,000	$380,477
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033		840,000	928,906
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028		650,000	746,213
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029		1,350,000	1,546,141
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033		1,000,000	1,092,900
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032		2,625,000	3,029,014
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030		890,000	1,053,493
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031		1,095,000	1,292,593
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034		1,385,000	1,582,266
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043		750,000	845,272
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NATL, 5%, 8/01/2043		1,100,000	1,281,665
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023		1,000,000	1,120,740
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2034		1,200,000	1,552,572
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2036		1,600,000	2,056,624
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037		700,000	897,099
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033		300,000	368,664
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034		300,000	367,320
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035		250,000	305,195
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038		600,000	723,558
			$38,767,840
Tobacco – 4.4%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036	$	370,000	$487,886
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2038		235,000	284,310
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048		655,000	745,711
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055		1,430,000	1,617,745
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057		7,375,000	1,122,770
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049		1,500,000	1,742,070
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049		1,000,000	1,226,130
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “A”, 4%, 6/01/2049		1,000,000	1,151,720
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 1.375%, 6/01/2030		250,000	260,570
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049		750,000	899,752
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055		10,000,000	2,311,300
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “A”, 4%, 6/01/2049		1,000,000	1,168,130
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 1.1%, 6/01/2030		200,000	204,328
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 4%, 6/01/2049		325,000	358,527
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055		5,000,000	1,236,550
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2029		2,000,000	2,461,840
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)		1,800,000	1,842,678
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036		250,000	327,078
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2037		1,000,000	1,301,310
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2038		750,000	971,677
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048		4,250,000	5,308,845
			$27,030,927

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Toll Roads – 1.0%
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033	$	2,985,000	$3,494,361
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034		855,000	996,759
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044		1,680,000	1,826,983
			$6,318,103
Transportation - Special Tax – 2.3%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032	$	470,000	$479,339
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029		65,000	65,759
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038		2,060,000	2,248,758
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035		2,330,000	2,483,034
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030		225,000	247,907
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031		1,530,000	1,682,266
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032		285,000	304,232
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033		195,000	208,508
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038		75,000	75,876
Lancaster, CA, Financing Authority Rev. (Measure M&R Structure Improvement Project), BAM, 4%, 6/01/2039		1,365,000	1,611,041
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “B-2”, 5%, 5/15/2021		1,915,000	1,935,088
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022		1,400,000	1,467,004
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5%, 12/15/2039		500,000	608,700
New Jersey Transportation Trust Fund Authority, Transportation System, “BB”, 5%, 6/15/2044		500,000	592,345
			$14,009,857
Universities - Colleges – 5.4%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036	$	2,060,000	$2,517,650
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047		1,000,000	1,107,140
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036		425,000	502,635
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037		1,265,000	1,492,510
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038		630,000	785,805
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036		1,000,000	1,140,690
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037		1,000,000	1,138,630
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038		500,000	568,355
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021)		860,000	897,204
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021)		900,000	939,627
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038		1,000,000	1,247,310
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033		625,000	746,431
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035		1,195,000	1,422,445
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039		1,000,000	1,179,310
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042		4,310,000	5,024,210
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043		1,500,000	1,787,115
California Municipal Finance Authority Rev. (University of The Pacific), “A”, 5%, 11/01/2029 (w)		500,000	639,395
California Municipal Finance Authority Rev. (University of The Pacific), “A”, 5%, 11/01/2030 (w)		520,000	675,813
California Municipal Finance Authority Rev. (University of The Pacific), “A”, 4%, 11/01/2042 (w)		1,600,000	1,812,352
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039		500,000	520,985
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048		2,500,000	2,561,200
California Public Works Board Lease Rev. (Regents of the University of California), 5%, 12/01/2028 (Prerefunded 12/01/2021)		2,125,000	2,219,031
California State University Rev., “A”, 5%, 11/01/2024 (Prerefunded 11/01/2021)		1,580,000	1,642,947
California State University Rev., “A”, ETM, 5%, 11/01/2024 (Prerefunded 11/01/2021)		550,000	571,912
			$33,140,702
Universities - Dormitories – 4.6%
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2035	$	450,000	$553,415
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2040		600,000	727,554
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045		600,000	717,948
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050		650,000	774,748

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Dormitories – continued
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055	$	825,000	$975,703
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057		450,000	530,132
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035		225,000	241,477
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037		2,605,000	3,085,466
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2036		4,000,000	4,895,440
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051		3,065,000	3,650,047
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n)		375,000	429,446
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n)		475,000	536,441
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n)		1,440,000	1,596,067
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043		1,500,000	1,617,060
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034		1,000,000	1,124,140
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	1,779,689
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)		3,250,000	1,474,525
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)		3,000,000	3,292,050
			$28,001,348
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	$1,201,670
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045		1,610,000	1,908,800
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
			$4,442,970
Utilities - Municipal Owned – 4.4%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039	$	280,000	$315,834
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044		315,000	352,986
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2022		10,845,000	11,104,087
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041		3,000,000	3,592,560
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		1,200,000	969,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		180,000	145,350
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)		100,000	81,000
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)		50,000	40,500
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		455,000	368,550
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)		50,000	39,750
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)		475,000	383,562
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d)		765,000	617,737
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023		10,000	10,016
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)		280,000	225,400
Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022		1,315,000	1,324,258
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)		235,000	189,763
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		200,000	161,500
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)		40,000	32,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		620,000	500,650
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033		260,000	278,010
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032		495,000	528,403
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2034		55,000	58,829
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)		45,000	36,506

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)	$	95,000	$76,950
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)		290,000	230,550
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		325,000	263,250
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)		115,000	93,150
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)		355,000	287,550
Sacramento, CA, Municipal Utility District Electric Rev., “X”, 5%, 8/15/2025 (Prerefunded 8/15/2021)		545,000	561,001
Sacramento, CA, Municipal Utility District Electric Rev., Unrefunded Balance, “X”, 5%, 8/15/2025		1,585,000	1,631,932
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041		2,130,000	2,237,671
			$26,738,605
Utilities - Other – 1.2%
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034	$	1,750,000	$2,804,165
Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022		2,210,000	2,407,928
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033		1,655,000	2,277,859
			$7,489,952
Water & Sewer Utility Revenue – 5.1%
Belmont, CA, Joint Powers Financing Authority, Sewer Rev., 5%, 8/01/2047	$	1,885,000	$2,394,591
Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2033		450,000	610,142
Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2035		600,000	804,642
Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047		3,000,000	3,575,850
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		720,000	892,822
Metropolitan Water District of Southern California Water Rev., “A”, VRDN, 0.01%, 7/01/2047		5,000,000	5,000,000
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030		1,660,000	1,891,421
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031		415,000	471,170
San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044		2,205,000	2,652,262
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036		2,000,000	2,499,120
Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044		3,250,000	3,738,507
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043		1,715,000	1,892,365
South Placer, CA, Wastewater Authority Refunding Rev., 5%, 11/01/2034		500,000	720,620
South Placer, CA, Wastewater Authority Refunding Rev., 5%, 11/01/2035		500,000	727,360
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031		1,700,000	2,037,433
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035		830,000	987,758
			$30,896,063
Total Municipal Bonds			$606,744,176
Bonds – 0.1%
Consumer Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NATL, 0%, 2/15/2043 (n)	$	1,900,000	$547,241
Investment Companies (h) – 1.2%
Money Market Funds – 1.2%
MFS Institutional Money Market Portfolio, 0.1% (v)		7,148,385	$7,148,385

Other Assets, Less Liabilities – (0.5)%			(2,901,288)
Net Assets – 100.0%			$611,538,514

(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 $7,148,385 and $607,291,417, 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 $25,721,640, representing 4.2% 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.

Supplemental Information

12/31/20 (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 December 31, 2020 in valuing the fund's assets or liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$606,744,176	$—	$606,744,176
U.S. Corporate Bonds	—	547,241	—	547,241
Mutual Funds	7,148,385	—	—	7,148,385
Total	$7,148,385	$607,291,417	$—	$614,439,802

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	$116,141,830	$112,329,247	$(1,254)	$(560)	$7,148,385

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$12,771	$—

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
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.
VRDN	Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate.

California	88.1%
Puerto Rico	6.3%
Illinois	0.9%
Pennsylvania	0.8%
Ohio	0.7%
New Jersey	0.6%
New York	0.6%
Texas	0.6%
Maryland	0.5%
Guam	0.4%
Tennessee	0.4%
Alabama	0.3%
Minnesota	0.1%
Virginia	0.1%