NPORT-EX 2 edgar.htm NPORT PART F EDGAR HTML
MCA-Q3
 
Quarterly Report
December 31, 2025
MFS®  California
Municipal Bond Fund  
 
Portfolio of Investments
12/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 98.0%
Airport Revenue – 10.9%
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 5.25%, 7/01/2049 
 
$
2,725,000
$2,841,742
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 5.25%, 7/01/2054 
 
 
3,250,000
3,367,787
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, AGM, 4.375%, 7/01/2049 
 
 
3,000,000
2,856,326
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047 
 
 
2,190,000
2,189,075
Fresno, CA, Airport Rev., “A”, BAM, 4.25%, 7/01/2044 
 
 
1,000,000
970,418
Fresno, CA, Airport Rev., “A”, BAM, 5%, 7/01/2053 
 
 
1,000,000
1,017,051
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042 
 
 
1,425,000
1,477,019
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047 
 
 
1,500,000
1,537,421
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042 
 
 
2,000,000
2,152,669
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043 
 
 
500,000
484,216
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2048 
 
 
4,115,000
4,288,431
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2050 
 
 
4,000,000
4,169,173
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047 
 
 
3,000,000
2,747,903
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049 
 
 
5,000,000
4,497,185
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 
 
 
1,935,000
1,980,883
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 
 
 
1,305,000
1,361,020
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 
 
 
2,840,000
2,879,085
Sacramento County, CA, Airport System Senior Rev., 5.25%, 7/01/2054 
 
 
3,500,000
3,719,953
Sacramento County, CA, Airport System Senior Rev., “A”, 5.25%, 7/01/2055 
 
 
2,000,000
2,083,913
Sacramento County, CA, Airport System Senior Rev., “C”, 5%, 7/01/2039 
 
 
1,000,000
1,027,941
Sacramento County, CA, Airport System Subordinate Rev., “D”, AGM, 5.25%, 7/01/2055 
 
 
2,000,000
2,079,250
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 
 
 
665,000
665,636
San Diego County, CA, Regional Airport Authority Senior Rev., “A”, 5.25%, 7/01/2050 
 
 
5,000,000
5,241,401
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 
 
 
2,605,000
2,647,364
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5.25%, 5/01/2049 
 
 
1,000,000
1,039,983
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2052 
 
 
2,500,000
2,173,346
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5.5%, 5/01/2055 (u)
 
 
4,000,000
4,233,842
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 
 
 
4,000,000
4,001,401
San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev., 5.25%, 5/01/2044 
 
 
4,000,000
4,252,799
San Francisco, CA, City & County Airports Commission, Refunding Rev., “C”, 5.75%, 5/01/2048 
 
 
5,000,000
5,363,965
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 
 
 
2,000,000
2,002,040
 
 
 
$81,350,238
General Obligations - General Purpose – 2.2%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
1,080,000
$1,010,150
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
497,583
546,647
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
219,601
219,536
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
383,721
377,077
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
169,415
164,230
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
230,339
212,970
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
765,550
667,904
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
282,606
204,506
Oakland, CA, General Obligation, “D”, 5.5%, 7/15/2053 
 
 
5,000,000
5,343,749
State of California, Various Purpose General Obligation, 4%, 3/01/2036 (Prerefunded 3/01/2030) 
 
 
45,000
47,983
State of California, Various Purpose General Obligation, 4%, 3/01/2036 
 
 
2,155,000
2,247,178
State of California, Various Purpose General Obligation, 5.25%, 10/01/2050 
 
 
3,000,000
3,206,984
State of California, Various Purpose General Obligation, 5.5%, 8/01/2054 
 
 
1,500,000
1,639,438
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
440,000
470,812
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
410,000
432,536
 
 
 
$16,791,700
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – 13.7%
Alameda, CA, Unified School District Rev. (Election of 2022), “B”, 4%, 8/01/2052 
 
$
2,000,000
$1,893,902
Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048 
 
 
1,000,000
942,222
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2041 
 
 
1,795,000
929,981
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2045 
 
 
1,710,000
694,269
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2046 
 
 
1,700,000
651,022
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2047 
 
 
1,000,000
362,085
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2048 
 
 
2,900,000
993,274
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2049 
 
 
3,500,000
1,132,744
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 2/01/2050 
 
 
3,475,000
1,090,353
Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2042 (w)
 
 
1,000,000
1,082,491
Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2044 (w)
 
 
1,675,000
1,783,072
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 
 
 
4,335,000
3,985,180
Conejo Valley, CA, Unified School District (Election of 2014), General Obligation, Capital Appreciation, “E”, 0%, 8/01/2037 
 
 
4,240,000
2,742,432
Fresno, CA, Clovis Unified School District (Election of 2020), General Obligation, “C”, 4%, 8/01/2048 
 
 
5,000,000
4,770,540
Garden Grove, CA, Unified School District (Election of 2016), General Obligation, BAM, 4%, 8/01/2046 
 
 
3,000,000
2,912,861
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 
 
 
2,120,000
1,803,742
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 
 
 
500,000
356,662
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 
 
 
1,260,000
944,976
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
1,366,531
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 
 
 
875,000
834,405
Los Angeles County, CA, Pasadena Joint Unified School District (Election of 2020), General Obligation, “D”, 5.25%, 8/01/2050 
 
 
3,000,000
3,261,721
Los Angeles County, CA, Unified School District General Obligation, “QRR”, 5.25%, 7/01/2049 
 
 
4,000,000
4,329,355
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2047 
 
 
1,000,000
369,774
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2048 
 
 
2,000,000
701,295
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2049 
 
 
1,500,000
498,869
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045 
 
 
1,750,000
1,410,248
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 
 
 
2,595,000
2,516,800
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 
 
 
1,570,000
1,295,949
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046 
 
 
170,000
132,864
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050 
 
 
105,000
78,826
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 
 
 
500,000
400,065
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 
 
 
1,440,000
1,338,282
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
5,087,947
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 
 
 
3,385,000
3,081,181
Oakland, CA, Unified School District Rev., “A”, AGM, 5.25%, 8/01/2048 
 
 
7,000,000
7,476,383
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048 
 
 
90,000
69,396
Riverside County, CA, Palm Springs Unified School District (Election of 2016), General Obligation, “B”, 4%, 8/01/2049 
 
 
3,000,000
2,890,949
San Bernadino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation,
“A”, BAM, 5%, 8/01/2050 
 
 
850,000
892,402
San Bernadino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation,
“A”, BAM, 5%, 8/01/2055 
 
 
2,200,000
2,297,504
San Bernardino & Riverside Counties, CA, Colton Joint Unified School District (Election of 2024), General Obligation, Capital
Appreciation, “A”, BAM, 0%, 8/01/2044 
 
 
750,000
323,242
San Bernardino & Riverside Counties, CA, Colton Joint Unified School District (Election of 2024), General Obligation, Taxable,
Capital Appreciation, “A”, BAM, 0%, 8/01/2045 
 
 
1,000,000
405,539
San Bernardino & Riverside Counties, CA, Colton Joint Unified School District (Election of 2024), General Obligation, Taxable,
Capital Appreciation, “A”, BAM, 0%, 8/01/2046 
 
 
1,000,000
382,123
San Diego, CA, La Mesa-Spring Valley School District, General Obligation, “B”, 4%, 8/01/2051 
 
 
2,000,000
1,875,536
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 
 
$
1,850,000
$1,818,771
San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047 
 
 
2,145,000
2,051,305
San Francisco, CA, City & County Community College District (Election of 2020), General Obligation, “B”, BAM,
5.25%, 6/15/2049 
 
 
5,000,000
5,346,458
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049 
 
 
2,235,000
2,118,622
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2043 
 
 
840,000
379,441
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2044 
 
 
940,000
398,184
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2045 
 
 
1,100,000
437,979
Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, “A”,
0%, 8/01/2046 
 
 
750,000
274,038
Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, “A”,
0%, 8/01/2047 
 
 
1,750,000
602,487
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042 
 
 
1,000,000
1,001,460
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044 
 
 
1,250,000
1,235,736
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 
 
 
2,480,000
2,352,023
Stanislaus County, CA, CERES Unified School District (Election of 2024), General Obligation, “A”, BAM, 5%, 8/01/2050 
 
 
4,000,000
4,250,031
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 
 
 
2,775,000
988,559
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 
 
 
3,035,000
1,020,836
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 
 
 
2,000,000
2,000,452
West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046 
 
 
3,365,000
2,702,021
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043 
 
 
1,250,000
1,041,540
 
 
 
$102,408,937
Healthcare Revenue - Hospitals – 11.9%
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 
 
$
5,000,000
$5,206,010
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 
 
 
2,550,000
2,484,568
California Health Facilities Financing Authority Rev. (Commonspirit Health), “A”, 5%, 12/01/2054 
 
 
5,655,000
5,816,179
California Health Facilities Financing Authority Rev. (El Camino Health), “A”, 5.25%, 2/01/2048 
 
 
2,500,000
2,702,464
California Health Facilities Financing Authority Rev. (Stanford Health Care), “A”, 5.25%, 8/15/2054 
 
 
2,500,000
2,698,230
California Infrastructure & Economic Development Bank Rev. (Adventist Health Energy Projects), “A”, 5.25%, 7/01/2054 
 
 
3,000,000
3,049,213
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n)
 
 
175,000
181,773
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n)
 
 
750,000
726,095
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 
 
 
1,275,000
1,292,046
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 
 
 
850,000
860,301
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 
 
 
425,000
428,055
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 
 
 
2,000,000
2,007,051
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047 
 
 
1,000,000
1,000,358
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 
 
 
1,685,000
1,475,835
California Municipal Finance Authority Rev. (Gracelight Community Health), “A”, 5.375%, 6/01/2056 
 
 
1,500,000
1,487,890
California Municipal Finance Authority Rev. (Healthcore NorthBay Properties), 5.69%, 9/01/2035 
 
 
2,500,000
2,586,637
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 
 
 
205,000
205,111
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 
 
 
165,000
165,091
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 
 
 
85,000
85,046
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 
 
 
415,000
408,093
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 
 
 
1,500,000
1,485,629
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 
 
 
4,000,000
3,943,630
California Municipal Finance Authority, COP (Southern Mono Healthcare), 5.25%, 6/01/2050 
 
 
3,500,000
3,646,854
California Municipal Finance Authority, COP (Southern Mono Healthcare), 5.25%, 6/01/2055 
 
 
7,690,000
7,971,523
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 
 
 
2,545,000
2,500,345
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051 
 
 
2,000,000
1,865,818
California Statewide Communities Development Authority Rev. (Emanate Health), “A”, 4%, 4/01/2040 
 
 
650,000
654,865
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 
 
 
5,000,000
5,138,331
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053 
 
 
1,000,000
1,002,520
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5.25%, 12/01/2054 
 
 
3,500,000
3,675,842
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 
 
 
2,000,000
2,003,590
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5%, 12/01/2041 (n)
 
$
1,405,000
$1,408,347
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5%, 12/01/2046 (n)
 
 
200,000
200,021
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5.5%, 12/01/2054 
 
 
1,650,000
1,653,905
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5.25%, 12/01/2056 (n)
 
 
1,955,000
1,956,485
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 
 
 
1,925,000
1,930,551
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California),
5%, 1/01/2038 
 
 
1,500,000
1,551,164
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029) 
 
 
5,000
5,360
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 
 
 
65,000
66,037
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 
 
 
2,000,000
1,988,258
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 
 
 
300,000
301,205
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 
 
 
665,000
694,505
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 
 
 
635,000
674,243
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053 
 
 
5,000,000
4,610,702
Upland, CA, San Antonio Regional Hospital, COP, 4%, 1/01/2042 
 
 
1,000,000
925,885
Upland, CA, San Antonio Regional Hospital, COP, 5%, 1/01/2047 
 
 
1,000,000
1,004,807
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 
 
 
325,000
349,318
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042 
 
 
1,000,000
1,002,238
 
 
 
$89,078,024
Healthcare Revenue - Long Term Care – 3.0%
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5%, 11/15/2043 
 
$
750,000
$774,234
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2048 
 
 
1,000,000
1,028,501
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2053 
 
 
1,250,000
1,278,334
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2058 
 
 
2,000,000
2,038,785
California Municipal Finance Authority Refunding Rev. (HumanGood-California Obligated Group), “A”, 5.25%, 10/01/2044 
 
 
1,505,000
1,567,483
California Municipal Finance Authority Refunding Rev. (HumanGood-California Obligated Group), “A”, 5.25%, 10/01/2045 
 
 
1,120,000
1,160,752
California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), “A”, 5%, 4/01/2049 
 
 
1,300,000
1,314,756
California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), “A”, 5%, 4/01/2054 
 
 
1,540,000
1,546,668
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)
 
 
775,000
779,500
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n)
 
 
1,250,000
1,143,681
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040 
 
 
500,000
489,323
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 5%, 4/01/2047 
 
 
1,835,000
1,837,638
California Statewide Communities Development Authority, Insured Refunding Rev. (Moldaw Residences), 5%, 11/01/2049 
 
 
2,000,000
2,098,227
California Statewide Communities Development Authority, Insured Refunding Rev. (Sequoia Living Projects), “A”,
5%, 7/01/2050 
 
 
3,000,000
3,152,696
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”,
4%, 7/01/2039 
 
 
430,000
434,429
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”,
4%, 7/01/2040 
 
 
435,000
439,151
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”,
4%, 7/01/2043 
 
 
980,000
981,315
 
 
 
$22,065,473
Human Services – 0.4%
California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), “A”, 5%, 11/01/2049 
 
$
750,000
$759,569
California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), “A”, 5%, 11/01/2054 
 
 
2,000,000
2,013,228
 
 
 
$2,772,797
Industrial Revenue - Environmental Services – 0.9%
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 3.875%, 3/01/2054 (Put
Date 3/01/2034) 
 
$
4,000,000
$4,003,738
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”,
2.4%, 10/01/2044 (Put Date 10/01/2029) 
 
 
3,000,000
2,902,550
 
 
 
$6,906,288
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Local Authorities – 0.4%
Los Angeles, CA, Department of Water & Power System Rev., “A”, BAM, 5%, 7/01/2053 
 
$
1,000,000
$1,035,369
Los Angeles, CA, Department of Water & Power System Rev., “A”, BAM, 5%, 7/01/2055 
 
 
2,000,000
2,066,248
 
 
 
$3,101,617
Miscellaneous Revenue - Other – 1.3%
Pasadena, CA, Public Financing Authority Lease Refunding Rev. (Rose Bowl Renovation Project), Capital Appreciation,
0%, 6/01/2048 
 
$
1,125,000
$392,656
San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev. (SFO Fuel Co. LLC),
5%, 1/01/2040 
 
 
1,510,000
1,554,479
San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053 
 
 
5,000,000
5,284,659
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 (w)
 
 
2,100,000
2,063,532
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
205,000
206,827
 
 
 
$9,502,153
Multi-Family Housing Revenue – 14.0%
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)
 
$
2,200,000
$1,827,485
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n)
 
 
2,600,000
2,386,829
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n)
 
 
3,000,000
2,040,841
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 
 
 
1,951,187
2,022,680
California Housing Finance Agency, Affordable Housing Rev., “A-1”, 4.125%, 8/01/2038 
 
 
800,000
815,378
California Housing Finance Agency, Limited Obligation Multi-Family Housing Rev. (Wakeland Riverwalk), “R”,
4.95%, 8/01/2044 
 
 
1,800,000
1,912,676
California Housing Finance Agency, Multi-Family Housing (Bayview Apartments), “W”, FNMA, 4%, 10/01/2039 
 
 
3,550,000
3,622,877
California Housing Finance Agency, Multi-Family Housing (LaSalle Apartments), “V”, FNMA, 4.1%, 9/01/2040 
 
 
5,000,000
5,079,291
California Housing Finance Agency, Multi-Family Housing (Sisal Apartments), “DD”, FNMA, 3.7%, 11/01/2037 
 
 
5,000,000
5,097,816
California Housing Finance Agency, Multi-Family Housing (All Hallows Apartments), “U”, FNMA, 4.1%, 9/01/2040 
 
 
5,000,000
5,079,291
California Housing Finance Agency, Multi-Family Housing Rev. (Ocean View Garden Apartments), “J”, FNMA,
4.33%, 2/01/2042 
 
 
3,000,000
3,002,333
California Housing Finance Agency, Multi-Family Housing Rev. (Playa Del Alameda Apartments), “Q”, FNMA,
4.25%, 8/01/2041 
 
 
985,000
996,863
California Housing Finance Agency, Multi-Family Housing Rev. (Shoreview Apartments), “T”, FHLMC, 4.1%, 7/01/2040 
 
 
5,000,000
5,045,125
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
 
 
4,000,000
3,829,986
California Municipal Finance Authority, Multi-Family Housing Rev. (Gibson Drive Apartments Project), “A”, 4.45%, 12/01/2042 
 
 
4,000,000
4,033,336
California Municipal Finance Authority, Multi-Family Housing Rev. (Whitmer Manor Community Partners LP), “A”, FNMA,
4.875%, 11/01/2043 
 
 
3,100,000
3,257,498
California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), “A”, 4.48%, 6/01/2044 
 
 
5,000,000
5,093,936
California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), “A”, 5.28%, 9/01/2046 
 
 
3,300,000
3,526,544
California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n)
 
 
2,500,000
2,281,520
California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n)
 
 
2,000,000
1,436,488
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
 
 
3,000,000
2,566,816
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)
 
 
2,000,000
1,472,801
California Statewide Communities Development Authority, Multi-Family Housing Rev. (Vintage at Folsom), “E-1”, FNMA,
4%, 10/01/2042 
 
 
3,650,000
3,545,276
Carlsbad, CA, Multi-Family Housing Rev. (Mariposa Apartments), “A”, 4.6%, 2/01/2036 
 
 
1,580,000
1,613,244
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402
Apartments), 3.375%, 1/01/2046 (Put Date 7/01/2026) 
 
 
3,600,000
3,600,257
Los Angeles, CA, Multi-Family Housing Authority Rev. (Clarendon Apartments), “A”, 4.5%, 12/01/2059 
 
 
8,750,000
8,287,576
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
1,297,750
1,321,097
National Finance Authority, NH, Municipal Certificates, “A-CA”, 3.81%, 7/20/2039 
 
 
4,956,258
4,842,894
National Finance Authority, NH, Municipal Certificates, “B-CA”, 3.81%, 7/20/2040 
 
 
2,000,000
1,845,045
North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040 
 
 
2,955,973
3,064,920
Sacramento County, CA, Multi-Family Housing Authority (Albert Einstein Residence Center), “A”, 4.125%, 5/01/2040 
 
 
2,470,000
2,508,254
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), 4.6%, 2/01/2036 
 
 
220,000
218,206
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), “C”, 4.6%, 2/01/2036 
 
 
1,675,000
1,660,014
San Francisco, CA, City & County Multi-Family Housing Rev. ( Sunnydale Hope SF Block 9), “B-1”, FNMA, 5%, 2/01/2046 
 
 
1,245,000
1,292,704
San Jose, CA, Multi-Family Housing Rev. (Arcade), “A-1”, FNMA, 5%, 9/01/2044 
 
 
2,600,000
2,767,037
Virginia Housing Development Authority, Rental Housing, “F”, 5.15%, 11/01/2048 
 
 
2,000,000
2,043,195
 
 
 
$105,038,129
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Parking – 0.2%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 
 
$
1,625,000
$1,558,676
Port Revenue – 1.0%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2052 
 
$
8,195,000
$4,643,263
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053 
 
 
12,000,000
3,105,674
 
 
 
$7,748,937
Sales & Excise Tax Revenue – 1.8%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
390,000
$376,022
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 
 
 
9,000
8,152
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
114,000
114,042
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
382,000
360,059
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
5,346,000
5,146,889
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
944,000
923,594
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
385,000
376,678
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
2,826,000
2,638,445
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
31,000
27,534
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
1,566,000
1,286,577
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
1,524,000
1,154,037
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
 
780,000
624,000
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“,
5.625%, 8/01/2024 (a)(d)(n)
 
 
555,000
499,500
 
 
 
$13,535,529
Secondary Schools – 4.4%
California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2054 
 
$
700,000
$655,356
California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2064 
 
 
1,350,000
1,232,649
California Enterprise Development Authority, Lease Rev. (Riverside County - Mead Valley Wellness Village Project), “A”,
5.5%, 11/01/2059 
 
 
3,375,000
3,634,226
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) 
 
 
1,000,000
988,426
California Infrastructure & Economic Development Bank Rev. (Social Bonds), “B”, 5%, 11/01/2059 
 
 
1,000,000
1,007,871
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School),
“B”, 4%, 11/01/2050 
 
 
500,000
432,040
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School),
“B”, 4.125%, 11/01/2052 
 
 
3,075,000
2,684,645
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”,
5%, 7/01/2038 (n)
 
 
970,000
970,653
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 
 
 
750,000
749,958
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.5%, 5/01/2044 
 
 
350,000
354,040
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.75%, 5/01/2054 
 
 
435,000
436,910
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.875%, 5/01/2059 
 
 
390,000
393,630
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools - Obligated Group),
5%, 8/01/2040 (n)
 
 
940,000
940,117
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n)
 
 
450,000
450,004
California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), “A”,
5%, 7/01/2045 
 
 
1,700,000
1,692,604
California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), “A”,
5%, 7/01/2055 
 
 
1,845,000
1,806,477
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project),
5.25%, 8/01/2038 
 
 
500,000
517,071
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project),
5.5%, 8/01/2043 
 
 
550,000
561,670
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project),
5.5%, 8/01/2047 
 
 
525,000
527,008
California School Finance Authority, Charter School Rev. (Alliance for College - Ready Public Schools Projects), 5%, 7/01/2049 
 
 
1,000,000
1,016,941
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n)
 
 
415,000
401,139
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n)
 
 
525,000
530,172
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n)
 
 
1,000,000
963,346
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Secondary Schools – continued
California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (a)(d)(z)
 
$
1,000,000
$600,000
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”,
5%, 6/01/2030 (n)
 
 
700,000
709,830
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”,
5%, 6/01/2050 (n)
 
 
2,120,000
1,986,776
California School Finance Authority, School Facility Rev. (Alliance for College - Ready Public Schools Projects), “A”,
5%, 7/01/2030 (n)
 
 
1,245,000
1,246,072
California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), “A”, 5%, 7/01/2054 
 
 
525,000
504,354
California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), “A”, 5%, 7/01/2064 
 
 
1,000,000
952,802
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n)
 
 
870,000
888,281
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n)
 
 
870,000
868,789
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n)
 
 
505,000
512,805
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2047 (n)
 
 
745,000
742,685
California School Finance Authority, School Facility Rev. (KIPP Socal Projects), “A”, 5%, 7/01/2049 (n)
 
 
1,050,000
1,046,361
 
 
 
$33,005,708
Single Family Housing - State – 0.1%
California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052 
 
$
725,000
$766,507
State & Local Agencies – 5.2%
Garden Grove, CA, Public Financing Authority Rev., “A”, BAM, 4%, 4/01/2054 
 
$
4,000,000
$3,737,543
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047 
 
 
3,735,000
3,970,730
Inglewood, CA, Joint Powers Authority Lease Rev., (Inglewood Main Library Renovation & Seismic Retrofit Project), BAM,
5.25%, 8/01/2050 
 
 
6,000,000
6,425,352
Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2050 
 
 
1,450,000
1,523,968
Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2055 
 
 
4,000,000
4,182,617
Los Angeles County, CA, Public Works Financing Authority Rev., “H”, 5.5%, 12/01/2053 
 
 
2,000,000
2,184,245
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047 
 
 
4,425,000
4,799,781
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039 
 
 
700,000
778,420
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040 
 
 
900,000
991,067
Ontario, CA, Public Financing Authority Lease Rev., “A”, 4.5%, 11/01/2055 
 
 
1,000,000
1,004,823
San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.375%, 10/01/2043 
 
 
2,000,000
2,053,308
San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.5%, 10/01/2045 
 
 
2,000,000
2,054,213
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039 
 
 
5,270,000
4,948,049
 
 
 
$38,654,116
Tax - Other – 1.4%
California Municipal Finance Authority, Special Tax Rev., “B”, 5.5%, 9/01/2043 
 
$
625,000
$659,844
California Municipal Finance Authority, Special Tax Rev., “B”, 5.75%, 9/01/2053 
 
 
1,850,000
1,953,179
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
 
2,195,000
2,245,043
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
340,000
340,166
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
735,000
771,364
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) 
 
 
515,000
515,284
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
170,000
171,783
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
500,000
503,782
Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058 
 
 
4,000,000
3,660,372
 
 
 
$10,820,817
Tax Assessment – 4.8%
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 
 
$
940,000
$948,724
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044 
 
 
1,000,000
1,022,179
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 
 
 
505,000
428,723
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 
 
 
1,975,000
1,927,920
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044 
 
 
500,000
502,835
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049 
 
 
500,000
501,714
Golden Valley, CA, Unified School District Finance Authority Rev., “A”, AGM, 5%, 9/01/2056 
 
 
1,675,000
1,738,600
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 
 
 
1,000,000
1,013,009
Irvine, CA, Community Facilities District Special Tax (Irvine Great Park Improvement Area), AGM, 5%, 9/01/2050 
 
 
5,000,000
5,231,627
Lake Elsinore, CA, Community Facilities District Special Tax (Alberhill Ranch), 5%, 9/01/2050 
 
 
1,000,000
1,011,651
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Lake Elsinore, CA, Community Facilities District Special Tax (Alberhill Ranch), 5%, 9/01/2055 
 
$
1,000,000
$1,006,163
Lincoln, CA, Community Facilities District Special Tax (Joiner Ranch East), 5%, 9/01/2050 
 
 
550,000
550,100
Lincoln, CA, Community Facilities District Special Tax (Joiner Ranch East), 5%, 9/01/2055 
 
 
760,000
754,342
Mountain House, CA, Special Tax Community Facilities District No. 2024-1 (Public Facilities and Services), 5%, 9/01/2055 
 
 
2,000,000
2,002,899
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 4.125%, 9/02/2038 
 
 
565,000
575,995
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 5%, 9/02/2043 
 
 
640,000
665,287
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 
 
 
1,000,000
1,014,318
River Islands, CA, Public Finance Authority, Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1,
“A-1”, AGM, 4.25%, 9/01/2047 
 
 
3,145,000
3,068,497
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042 
 
 
1,000,000
1,013,178
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047 
 
 
2,550,000
2,560,743
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”,
4%, 9/01/2026 (n)
 
 
35,000
35,166
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”,
4%, 9/01/2051 (n)
 
 
1,600,000
1,370,446
San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), “A”,
5%, 8/01/2043 
 
 
750,000
750,433
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission
Bay South Public Improvements), AGM, 5.25%, 8/01/2041 
 
 
1,500,000
1,685,844
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission
Bay South Public Improvements), AGM, 5.25%, 8/01/2042 
 
 
1,250,000
1,391,017
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission
Bay South Public Improvements), AGM, 5.25%, 8/01/2043 
 
 
1,000,000
1,101,890
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM,
4%, 10/01/2048 
 
 
835,000
818,075
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM,
4.125%, 10/01/2053 
 
 
1,000,000
971,742
Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), “B”, 5%, 10/01/2034 
 
 
300,000
313,403
Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), “B”, 5%, 10/01/2038 
 
 
275,000
282,862
 
 
 
$36,259,382
Tobacco – 1.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, “2”, 5%, 6/01/2055 
 
$
855,000
$692,091
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation,
“B-2”, 0%, 6/01/2055 
 
 
4,750,000
990,901
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 
 
 
3,515,000
3,014,837
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049 
 
 
135,000
134,387
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 
 
 
215,000
213,757
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation,
“B-2”, 0%, 6/01/2055 
 
 
10,000,000
1,975,670
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051 
 
 
4,000,000
3,945,022
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
1,055,000
964,219
 
 
 
$11,930,884
Toll Roads – 0.1%
Bay Area, CA, Toll Authority Bridge Rev., “F-1”, 5%, 4/01/2053 
 
$
500,000
$529,645
Universities - Colleges – 3.8%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 
 
$
2,060,000
$2,121,775
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 
 
 
1,000,000
923,806
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 
 
 
425,000
431,177
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 
 
 
1,265,000
1,281,883
California Educational Facilities Authority Rev. (Santa Clara University), “A”, 5%, 4/01/2045 
 
 
500,000
541,709
California Educational Facilities Authority Rev. (The Master's University), 5%, 8/01/2050 
 
 
2,000,000
1,910,777
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 
 
 
1,000,000
1,002,597
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 
 
 
1,000,000
1,002,311
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 
 
 
500,000
501,044
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 
 
 
1,000,000
1,028,192
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5.125%, 11/01/2040 
 
 
1,350,000
1,408,069
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5.375%, 11/01/2045 
 
$
775,000
$790,565
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5.625%, 11/01/2054 
 
 
500,000
508,253
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 
 
 
1,000,000
1,014,578
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 
 
 
4,310,000
4,325,237
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 
 
 
500,000
375,727
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 
 
 
2,500,000
1,666,161
California Municipal Finance Authority, Academic Facilities Rev. (CoreLink-Scripps Holdings LLC-Scripps College Project), “A”,
5.5%, 7/01/2060 
 
 
1,000,000
1,051,395
California Municipal Finance Authority, Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2035 
 
 
375,000
398,745
California State University Systemwide Rev., “A”, 5%, 11/01/2047 
 
 
4,000,000
4,307,509
California State University Systemwide Rev., “A”, 3%, 11/01/2052 
 
 
2,000,000
1,500,390
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”,
3%, 8/01/2051 
 
 
200,000
150,418
 
 
 
$28,242,318
Universities - Dormitories – 1.9%
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC
Project), “A”, 5%, 1/15/2039 
 
$
650,000
$698,903
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC
Project), “A”, 5%, 1/15/2045 
 
 
1,000,000
1,021,568
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College
Project), “A”, 5%, 8/01/2055 
 
 
825,000
834,783
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College
Project), “A”, 5%, 8/01/2057 
 
 
450,000
453,492
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 
 
 
225,000
225,199
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project),
5%, 5/15/2037 
 
 
2,605,000
2,696,101
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2034 (n)
 
 
375,000
386,159
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2039 (n)
 
 
475,000
480,892
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2051 (n)
 
 
1,440,000
1,358,109
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts
Project), 5.25%, 7/01/2039 (n)
 
 
1,740,000
1,775,516
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)
 
 
3,000,000
2,868,620
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation,
“B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)
 
 
3,250,000
1,587,163
 
 
 
$14,386,505
Utilities - Cogeneration – 0.4%
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority
Desalination Project Pipeline), 5%, 7/01/2039 (n)
 
$
1,000,000
$1,028,173
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority
Desalination Project Pipeline), 5%, 11/21/2045 (n)
 
 
1,610,000
1,628,944
 
 
 
$2,657,117
Utilities - Municipal Owned – 1.0%
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)
 
$
475,000
$317,062
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)
 
 
765,000
510,637
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)
 
 
600,000
400,500
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)
 
 
455,000
303,713
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)
 
 
620,000
413,850
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
55,000
55,776
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)
 
 
325,000
216,938
San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, “A”, 5%, 11/01/2053 
 
 
3,500,000
3,652,287
Truckee Donner Public Utility District, CA, Electric System Rev., “A”, 5%, 11/15/2037 
 
 
1,250,000
1,362,632
 
 
 
$7,233,395
9
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Utilities - Other – 8.3%
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) 
 
$
1,195,000
$1,222,931
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
 
2,735,000
2,887,622
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “A-1”, 5%, 12/01/2053 (Put Date
8/01/2029) 
 
 
5,000,000
5,240,904
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2056 (Put Date
11/01/2035) 
 
 
3,000,000
3,265,103
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 1/01/2054 (Put Date
10/01/2031) 
 
 
5,000,000
5,312,706
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%, 8/01/2055 (Put Date
10/01/2032) 
 
 
9,000,000
9,534,259
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “D”, 5%, 2/01/2055 (Put Date
9/01/2032) 
 
 
4,000,000
4,341,959
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 2/01/2055 (Put Date
9/01/2032) 
 
 
2,000,000
2,145,816
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 10/01/2056 (Put Date
5/01/2035) 
 
 
7,500,000
8,178,416
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5.5%, 10/01/2054 (Put Date
11/01/2030) 
 
 
2,955,000
3,224,660
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “H”, 5%, 1/01/2056 (Put Date
8/01/2033) 
 
 
5,000,000
5,471,579
California M-S-R Energy Authority, Gas Rev., “A”, 7%, 11/01/2034 
 
 
1,750,000
2,132,350
Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) 
 
 
3,000,000
3,267,884
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
1,900,000
2,054,000
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 
 
 
1,655,000
1,838,447
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
1,520,000
1,630,382
 
 
 
$61,749,018
Water & Sewer Utility Revenue – 3.3%
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047 
 
$
1,000,000
$1,020,950
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052 
 
 
1,100,000
1,118,490
East Bay, CA, Municipal Utility District Wastewater System Rev., “A”, 5%, 6/01/2049 
 
 
1,000,000
1,068,098
East Bay, CA, Municipal Utility District Wastewater System Rev., “A”, 5%, 6/01/2054 
 
 
1,000,000
1,055,480
East Bay, CA, Municipal Utility District Water System Refunding Rev., “A”, 5%, 6/01/2054 
 
 
2,000,000
2,110,960
El Dorado, CA, Irrigation District Rev., COP, “A”, 4%, 3/01/2050 
 
 
3,500,000
3,249,809
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 
 
 
720,000
724,219
North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), “A”, AGM, 5.25%, 5/01/2050 
 
 
2,005,000
2,143,955
North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), “A”, AGM, 5.25%, 5/01/2054 
 
 
1,350,000
1,436,594
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048 
 
 
3,500,000
3,384,408
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053 
 
 
1,500,000
1,430,354
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 
 
 
2,000,000
2,080,558
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058 
 
 
1,560,000
1,611,772
Truckee Donner Public Utility District, CA, Water System Rev., “A”, 5%, 11/15/2042 
 
 
2,070,000
2,240,688
 
 
 
$24,676,335
Total Municipal Bonds
$732,770,245
Bonds – 0.0%
Transportation - Services – 0.0%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)
 
$
1,044,360
$359,051
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043
 
$
845,868
$541,355
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Mutual Funds (h) – 1.8%
Money Market Funds – 1.8%
MFS Institutional Money Market Portfolio, 3.82% (v)
 
 
13,128,922
$13,131,549
 
Other Assets, Less Liabilities – 0.1%
896,275
Net Assets – 100.0%
$747,698,475
 
(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 $13,131,549 and
$733,670,651, 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 $50,497,437,
representing 6.8% of net assets.
(u)
Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
(z)
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be
resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
 
Restricted Securities
Acquisition
Date
Cost
Value
California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046
4/22/2016
$1,004,280
$600,000
% of Net assets
 
 
0.1%
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
COP
Certificate of Participation
FGIC
Financial Guaranty Insurance Co.
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
11
Supplemental Information
12/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$733,311,600
$—
$733,311,600
U.S. Corporate Bonds
—
359,051
—
359,051
Investment Companies
13,131,549
—
—
13,131,549
Total
$13,131,549
$733,670,651
$—
$746,802,200
For further information regarding security characteristics, see the Portfolio of Investments.
12
Supplemental Information (unaudited) – continued
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended December 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$11,245,030
$143,381,899
$141,494,810
$(2,156
)
$1,586
$13,131,549
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$408,638
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows: 
California
91.9%
Puerto Rico
2.3%
Illinois
0.7%
Alabama
0.6%
Maine
0.4%
New York
0.4%
North Carolina
0.4%
South Carolina
0.3%
Texas
0.3%
U.S. Virgin Islands
0.3%
Virginia
0.3%
Guam
0.2%
New Hampshire
0.2%
Ohio
0.2%
Tennessee
0.2%
Wisconsin
0.2%
Pennsylvania (o)
0.0%
(o) Less than 0.1%.
The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.
13