NPORT-EX 3 edgar.htm NPORT PART F EDGAR HTML
MCA-Q1
 
Quarterly Report
June 30, 2026
MFS®  California
Municipal Bond Fund  
 
Portfolio of Investments
6/30/26 (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 – 99.8%
Airport Revenue – 10.7%
Burbank, Glendale & Pasadena, CA, Airport Authority Senior Rev., “B”, 5.25%, 7/01/2049 
 
$
2,725,000
$2,875,583
Burbank, Glendale & Pasadena, CA, Airport Authority Senior Rev., “B”, 5.25%, 7/01/2054 
 
 
3,250,000
3,398,299
Burbank, Glendale & Pasadena, CA, Airport Authority Senior Rev., “B”, AGM, 4.375%, 7/01/2049 
 
 
3,000,000
2,979,626
Burbank, Pasadena & Glendale, CA, Airport Authority Senior Rev., “B”, BAM, 5.5%, 7/01/2055 
 
 
4,000,000
4,341,259
California Municipal Finance Authority Rev. (Clay Lacy Aviation Facilities - John Wayne Airport, Orange County Project),
6%, 1/01/2055 
 
 
2,000,000
2,116,384
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047 
 
 
2,190,000
2,200,178
Fresno, CA, Airport Rev., “A”, BAM, 4.25%, 7/01/2044 
 
 
1,000,000
1,004,934
Fresno, CA, Airport Rev., “A”, BAM, 5%, 7/01/2053 
 
 
1,000,000
1,030,265
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042 
 
 
1,425,000
1,511,166
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047 
 
 
1,500,000
1,573,430
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042 
 
 
2,000,000
2,169,215
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043 
 
 
500,000
495,064
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2048 
 
 
4,115,000
4,327,841
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2050 
 
 
4,000,000
4,245,956
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049 
 
 
5,000,000
4,629,931
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 
 
 
1,935,000
1,975,843
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 
 
 
1,305,000
1,354,036
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047 
 
 
3,000,000
2,835,825
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project/Green Bonds), AGM, 5.25%, 6/30/2060 
 
 
2,840,000
2,900,426
Sacramento County, CA, Airport System Senior Rev., 5.25%, 7/01/2054 
 
 
3,500,000
3,754,213
Sacramento County, CA, Airport System Senior Rev., “A”, 5.25%, 7/01/2055 
 
 
2,000,000
2,091,254
Sacramento County, CA, Airport System Senior Rev., “C”, 5%, 7/01/2039 
 
 
1,000,000
1,026,230
Sacramento County, CA, Airport System Subordinate Rev., “D”, AGM, 5.25%, 7/01/2055 
 
 
2,000,000
2,107,815
San Diego County, CA, Regional Airport Authority Senior Rev., “A”, 5.25%, 7/01/2050 
 
 
5,000,000
5,288,488
San Francisco, CA, City & County Airports Commission, International Airport Refunding Rev., “C”, 5.75%, 5/01/2048 
 
 
5,000,000
5,452,919
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 
 
 
2,605,000
2,669,211
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5.25%, 5/01/2049 
 
 
1,000,000
1,054,231
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2052 
 
 
2,500,000
2,267,761
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5.5%, 5/01/2055 (u)
 
 
4,000,000
4,296,347
San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev., 5.25%, 5/01/2044 
 
 
4,000,000
4,344,947
San Francisco, CA, San Francisco International Airport, Airport Commission Refunding Rev., “A”, 5.5%, 5/01/2051 
 
 
4,000,000
4,336,949
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 
 
 
2,000,000
2,006,330
 
 
 
$88,661,956
General Obligations - General Purpose – 2.0%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 
 
$
1,080,000
$1,010,554
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 5.75%, 7/01/2031 
 
 
497,583
542,977
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2033 
 
 
219,601
222,440
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2035 
 
 
383,721
387,072
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2037 
 
 
169,415
169,991
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041 
 
 
230,339
224,249
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2046 
 
 
765,550
701,230
Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, “A”, 0%, 7/01/2033 
 
 
282,606
207,069
Oakland, CA, General Obligation, “D”, 5.5%, 7/15/2053 
 
 
5,000,000
5,382,580
State of California, Various Purpose General Obligation, 4%, 3/01/2036 (Prerefunded 3/01/2030) 
 
 
45,000
47,417
State of California, Various Purpose General Obligation, 4%, 3/01/2036 
 
 
2,155,000
2,218,534
State of California, Various Purpose General Obligation, 5.25%, 10/01/2050 
 
 
3,000,000
3,238,972
State of California, Various Purpose General Obligation, 5.5%, 8/01/2054 
 
 
1,500,000
1,657,997
State of Illinois, General Obligation, 5.5%, 5/01/2039 
 
 
440,000
467,286
State of Illinois, General Obligation, 5.75%, 5/01/2045 
 
 
410,000
433,265
 
 
 
$16,911,633
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – 13.6%
Alameda, CA, Unified School District Rev. (Election of 2022), “B”, 4%, 8/01/2052 
 
$
2,000,000
$1,936,871
Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048 
 
 
1,000,000
971,986
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2041 
 
 
1,795,000
963,000
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2045 
 
 
1,710,000
729,764
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2046 
 
 
1,700,000
682,922
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2047 
 
 
1,000,000
377,676
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2048 
 
 
2,900,000
1,039,587
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2049 
 
 
3,500,000
1,194,087
Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, “D”,
0%, 2/01/2050 
 
 
3,475,000
1,154,251
Antelope Valley, CA, Community College District, General Obligation Refunding Rev., 5%, 8/01/2042 (w)
 
 
1,000,000
1,110,251
Antelope Valley, CA, Community College District, General Obligation Refunding Rev., 5%, 8/01/2044 (w)
 
 
1,675,000
1,836,461
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 
 
 
4,335,000
4,009,787
Conejo Valley, CA, Unified School District (Election of 2014), General Obligation, Capital Appreciation, “E”, 0%, 8/01/2037 
 
 
4,240,000
2,774,232
Fresno, CA, Clovis Unified School District (Election of 2020), General Obligation, “C”, 4%, 8/01/2048 
 
 
5,000,000
4,955,914
Garden Grove, CA, Unified School District (Election of 2016), General Obligation, BAM, 4%, 8/01/2046 
 
 
3,000,000
2,985,906
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 
 
 
2,120,000
1,825,037
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 
 
 
500,000
362,860
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 
 
 
1,260,000
956,101
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
1,486,481
Los Angeles County, CA, El Monte City School District, General Obligation Refunding, AGM, 5%, 8/01/2044 
 
 
265,000
298,232
Los Angeles County, CA, El Monte City School District, General Obligation Refunding, AGM, 5%, 8/01/2046 
 
 
475,000
524,576
Los Angeles County, CA, Los Nietos School District 2008 Measure M Election, General Obligation, Capital Appreciation, “E”,
AGM, 0%, 8/01/2047 
 
 
1,000,000
368,103
Los Angeles County, CA, Los Nietos School District 2008 Measure M Election, General Obligation, Capital Appreciation, “E”,
AGM, 0%, 8/01/2048 
 
 
750,000
261,949
Los Angeles County, CA, Los Nietos School District 2008 Measure M Election, General Obligation, Capital Appreciation, “E”,
AGM, 0%, 8/01/2049 
 
 
1,000,000
330,754
Los Angeles County, CA, Los Nietos School District 2008 Measure M Election, General Obligation, Capital Appreciation, “E”,
AGM, 0%, 8/01/2050 
 
 
1,000,000
312,979
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 
 
 
875,000
856,450
Los Angeles County, CA, Pasadena Joint Unified School District (Election of 2020), General Obligation, “D”, 5.25%, 8/01/2050 
 
 
3,000,000
3,286,629
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2047 
 
 
1,000,000
384,168
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2048 
 
 
2,000,000
728,281
Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, “F”,
0%, 6/01/2049 
 
 
1,500,000
516,863
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045 
 
 
1,750,000
1,454,081
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 
 
 
2,595,000
2,582,387
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 
 
 
1,570,000
1,310,442
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046 
 
 
170,000
138,920
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050 
 
 
105,000
80,787
Monterey County, CA, Alisal Union School District (Election of 2006), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2047 
 
 
2,000,000
741,504
Monterey County, CA, Alisal Union School District (Election of 2006), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2048 
 
 
2,000,000
696,857
Monterey County, CA, Alisal Union School District (Election of 2006), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2049 
 
 
2,200,000
721,601
Monterey County, CA, Alisal Union School District (Election of 2006), General Obligation, Capital Appreciation, “D”,
0%, 8/01/2050 
 
 
1,665,000
517,620
Monterey County, CA, Alisal Union School District (Election of 2006), General Obligation, Capital Appreciation, “D”,
0%, 2/01/2051 
 
 
1,625,000
490,576
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 
 
$
500,000
$404,645
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 
 
 
1,440,000
1,359,532
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
5,244,131
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 
 
 
3,385,000
3,117,744
Oakland, CA, Unified School District Rev., “A”, AGM, 5.25%, 8/01/2048 
 
 
7,000,000
7,482,605
Placer & Sacramento Counties, CA, Roseville Joint Union High School District, General Obligation Refunding (School Facilities
Improvement District No. 1), “B”, 5%, 8/01/2044 (w)
 
 
1,350,000
1,474,384
Placer & Sacramento Counties, CA, Roseville Joint Union High School District, General Obligation Refunding (School Facilities
Improvement District No. 1), “B”, 5%, 8/01/2045 (w)
 
 
1,575,000
1,704,369
Placer & Sacramento Counties, CA, Roseville Joint Union High School District, General Obligation Refunding (School Facilities
Improvement District No. 1), “B”, 5%, 8/01/2046 (w)
 
 
1,200,000
1,286,849
Riverside County, CA, Corona-Norco Unified School District (Election of 2014), General Obligation, “D”, 5%, 8/01/2049 
 
 
2,500,000
2,676,297
Riverside County, CA, Palm Springs Unified School District (Election of 2016), General Obligation, “B”, 4%, 8/01/2049 
 
 
3,000,000
2,993,928
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
344,633
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
432,227
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
405,242
San Bernardino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation,
“A”, BAM, 5%, 8/01/2050 
 
 
850,000
896,821
San Bernardino County, CA, Mountain View School District, School Facilities Improvement District No. 3, General Obligation,
“A”, BAM, 5%, 8/01/2055 
 
 
2,200,000
2,304,713
San Diego, CA, La Mesa-Spring Valley School District, General Obligation, “B”, 4%, 8/01/2051 
 
 
2,000,000
1,925,070
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 
 
 
1,850,000
1,853,401
San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047 
 
 
2,145,000
2,143,680
San Francisco, CA, City & County Community College District (Election of 2020), General Obligation, “B”, BAM,
5.25%, 6/15/2049 
 
 
5,000,000
5,392,271
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049 
 
 
2,235,000
2,197,411
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2043 
 
 
840,000
403,167
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2044 
 
 
940,000
423,658
San Mateo County, CA, Ravenswood City School District (Election of 2022), General Obligation, Capital Appreciation, “B”,
AGM, 0%, 8/01/2045 
 
 
1,100,000
465,187
Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, “A”,
0%, 8/01/2046 
 
 
750,000
289,265
Santa Barbara County, CA, Community College District (Election of 2024), General Obligation, Capital Appreciation, “A”,
0%, 8/01/2047 
 
 
1,750,000
633,211
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042 
 
 
1,000,000
1,001,783
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044 
 
 
1,250,000
1,251,424
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 
 
 
2,480,000
2,372,320
Stanislaus County, CA, CERES Unified School District (Election of 2024), General Obligation, “A”, BAM, 5%, 8/01/2050 
 
 
4,000,000
4,249,231
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 
 
 
2,775,000
1,113,350
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 
 
 
3,035,000
1,141,808
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 
 
 
2,000,000
2,006,775
West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046 
 
 
3,365,000
2,731,230
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043 
 
 
1,250,000
1,081,142
 
 
 
$112,760,437
Healthcare Revenue - Hospitals – 10.8%
California Health Facilities Financing Authority Rev. (Cedars - Sinai Health System), “A”, 5%, 8/15/2051 
 
$
5,000,000
$5,303,053
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 
 
 
2,550,000
2,536,929
California Health Facilities Financing Authority Rev. (Commonspirit Health), “A”, 5%, 12/01/2054 
 
 
5,655,000
5,852,936
California Health Facilities Financing Authority Rev. (El Camino Health), “A”, 5.25%, 2/01/2048 
 
 
2,500,000
2,723,941
California Health Facilities Financing Authority Rev. (Stanford Health Care), “A”, 5.25%, 8/15/2054 
 
 
2,500,000
2,709,982
California Infrastructure & Economic Development Bank Rev. (Adventist Health Energy Projects), “A”, 5.25%, 7/01/2054 
 
 
3,000,000
3,083,829
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n)
 
 
175,000
182,813
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n)
 
 
750,000
762,044
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 
 
$
1,275,000
$1,283,594
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 
 
 
850,000
855,258
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 
 
 
425,000
426,983
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 
 
 
2,000,000
2,012,648
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 
 
 
1,685,000
1,499,141
California Municipal Finance Authority Rev. (Gracelight Community Health), “A”, 5.375%, 6/01/2056 
 
 
1,500,000
1,509,224
California Municipal Finance Authority Rev. (Healthcore NorthBay Properties), “A”, 5.69%, 9/01/2035 
 
 
2,500,000
2,555,835
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 
 
 
205,000
205,114
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 
 
 
165,000
165,084
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 
 
 
85,000
85,041
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 
 
 
415,000
414,982
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 
 
 
1,500,000
1,500,303
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 
 
 
4,000,000
4,055,643
California Municipal Finance Authority, COP (Southern Mono Healthcare), 5.25%, 6/01/2050 
 
 
3,500,000
3,703,496
California Municipal Finance Authority, COP (Southern Mono Healthcare), 5.25%, 6/01/2055 
 
 
7,690,000
8,060,281
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 
 
 
2,545,000
2,545,473
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051 
 
 
2,000,000
1,892,047
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 
 
 
5,000,000
5,130,150
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5.25%, 12/01/2054 
 
 
3,500,000
3,732,706
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 
 
 
2,000,000
2,005,925
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5%, 12/01/2041 (n)
 
 
1,405,000
1,405,685
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5%, 12/01/2046 (n)
 
 
200,000
200,045
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5.5%, 12/01/2054 
 
 
1,650,000
1,650,614
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”,
5.25%, 12/01/2056 (n)
 
 
1,955,000
1,955,458
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 
 
 
1,925,000
1,930,298
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California),
5%, 1/01/2038 
 
 
1,500,000
1,542,260
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029) 
 
 
5,000
5,295
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 
 
 
65,000
66,278
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 
 
 
2,000,000
2,001,312
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2041 
 
 
1,370,000
1,411,903
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2046 
 
 
1,430,000
1,440,429
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 
 
 
300,000
300,000
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 
 
 
665,000
687,080
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053 
 
 
5,000,000
4,744,614
Upland, CA, San Antonio Regional Hospital, COP, 4%, 1/01/2042 
 
 
1,000,000
953,630
Upland, CA, San Antonio Regional Hospital, COP, 5%, 1/01/2047 
 
 
1,000,000
1,004,537
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 
 
 
325,000
344,509
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042 
 
 
1,000,000
1,001,960
 
 
 
$89,440,362
Healthcare Revenue - Long Term Care – 2.6%
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5%, 11/15/2043 
 
$
750,000
$787,300
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2048 
 
 
1,000,000
1,038,279
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2053 
 
 
1,250,000
1,283,529
California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), “B”, 5.25%, 11/15/2058 
 
 
2,000,000
2,048,036
California Municipal Finance Authority Refunding Rev. (HumanGood - California Obligated Group), “A”, 5.25%, 10/01/2044 
 
 
1,505,000
1,584,331
California Municipal Finance Authority Refunding Rev. (HumanGood - California Obligated Group), “A”, 5.25%, 10/01/2045 
 
 
1,120,000
1,172,264
California Municipal Finance Authority Rev. (PRS - California Obligated Group Projects), “A”, 5%, 4/01/2049 
 
 
1,300,000
1,332,171
California Municipal Finance Authority Rev. (PRS - California Obligated Group Projects), “A”, 5%, 4/01/2054 
 
 
1,540,000
1,566,059
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)
 
 
775,000
786,982
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n)
 
 
1,250,000
1,208,917
California Statewide Communities Development Authority Rev. (Odd Fellows Home of California Project), “A”, CALHF,
5%, 4/01/2056 
 
 
2,750,000
2,853,794
California Statewide Communities Development Authority, Insured Refunding Rev. (Moldaw Residences), 5%, 11/01/2049 
 
 
2,000,000
2,081,020
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Healthcare Revenue - Long Term Care – continued
California Statewide Communities Development Authority, Insured Refunding Rev. (Sequoia Living Projects), “A”,
5%, 7/01/2050 
 
$
3,000,000
$3,135,407
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”,
4%, 7/01/2043 
 
 
980,000
982,613
 
 
 
$21,860,702
Human Services – 0.3%
California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), “A”, 5%, 11/01/2049 
 
$
750,000
$775,495
California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), “A”, 5%, 11/01/2054 
 
 
2,000,000
2,044,155
 
 
 
$2,819,650
Industrial Revenue - Environmental Services – 0.8%
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
$4,060,041
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
2,947,139
 
 
 
$7,007,180
Land Development – 6.1%
California Municipal Finance Authority, Community Facilities District No. 2024-11 (City of Lincoln - Hidden Hills),
5%, 9/01/2036 
 
$
250,000
$260,899
California Municipal Finance Authority, Community Facilities District No. 2024-11 (City of Lincoln - Hidden Hills),
5%, 9/01/2041 
 
 
365,000
378,102
California Municipal Finance Authority, Community Facilities District No. 2024-11 (City of Lincoln - Hidden Hills),
5%, 9/01/2046 
 
 
600,000
612,169
California Municipal Finance Authority, Community Facilities District No. 2024-11 (City of Lincoln - Hidden Hills),
5%, 9/01/2051 
 
 
625,000
632,152
California Municipal Finance Authority, Community Facilities District No. 2024-11 (City of Lincoln - Hidden Hills),
5%, 9/01/2056 
 
 
850,000
852,013
California Municipal Finance Authority, Special Tax Rev., “B”, 5.5%, 9/01/2043 
 
 
625,000
665,672
California Municipal Finance Authority, Special Tax Rev., “B”, 5.75%, 9/01/2053 
 
 
1,850,000
1,957,195
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 
 
 
940,000
950,860
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 
 
 
505,000
435,673
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 
 
 
1,975,000
1,940,967
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C-2”, 5%, 9/02/2046 
 
 
860,000
901,615
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C-2”, 5%, 9/02/2051 
 
 
2,100,000
2,161,610
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 
 
 
1,000,000
1,013,360
Irvine, CA, Community Facilities District Special Tax (Irvine Great Park Improvement Area), AGM, 5%, 9/01/2050 
 
 
5,000,000
5,398,278
Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058 
 
 
4,000,000
3,732,896
Lake Elsinore, CA, Community Facilities District Special Tax (Alberhill Ranch), 5%, 9/01/2050 
 
 
1,000,000
1,021,567
Lake Elsinore, CA, Community Facilities District Special Tax (Alberhill Ranch), 5%, 9/01/2055 
 
 
1,000,000
1,016,308
Lincoln, CA, Community Facilities District Special Tax (Joiner Ranch East), 5%, 9/01/2050 
 
 
550,000
555,737
Lincoln, CA, Community Facilities District Special Tax (Joiner Ranch East), 5%, 9/01/2055 
 
 
760,000
761,204
Mountain House, CA, House Finance Authority, Special Tax Rev., “A”, 5%, 9/01/2046 
 
 
450,000
461,684
Mountain House, CA, House Finance Authority, Special Tax Rev., “A”, 5%, 9/01/2051 
 
 
575,000
582,963
Mountain House, CA, House Finance Authority, Special Tax Rev., “A”, 5%, 9/01/2056 
 
 
650,000
653,603
Mountain House, CA, Improvement Area No. 3, Community Facilities District No. 2024-1 (Public Facilities & Services),
5%, 9/01/2056 
 
 
1,150,000
1,160,038
Mountain House, CA, Special Tax Community Facilities District No. 2024-1 (Public Facilities and Services), 5%, 9/01/2055 
 
 
2,000,000
2,013,551
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 4.125%, 9/02/2038 
 
 
565,000
574,850
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 5%, 9/02/2043 
 
 
640,000
671,814
Rancho Cordova, CA, Improvement Area No. 1, Preserve Community Facilities District No. 2025-1, Special Tax, 5%, 9/01/2046 
 
 
340,000
352,752
Rancho Cordova, CA, Improvement Area No. 1, Preserve Community Facilities District No. 2025-1, Special Tax, 5%, 9/01/2051 
 
 
650,000
660,703
Rancho Cordova, CA, Improvement Area No. 1, Preserve Community Facilities District No. 2025-1, Special Tax, 5%, 9/01/2055 
 
 
650,000
657,711
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 
 
 
1,000,000
1,014,729
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
3,069,367
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042 
 
 
1,000,000
1,017,509
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047 
 
 
2,550,000
2,559,973
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Land Development – continued
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”,
4%, 9/01/2026 (n)
 
$
35,000
$35,031
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
1,389,770
San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), “A”,
5%, 8/01/2043 
 
 
750,000
750,628
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
1,684,390
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
1,398,268
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
1,114,982
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM,
4%, 10/01/2048 
 
 
835,000
827,859
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM,
4.125%, 10/01/2053 
 
 
1,000,000
976,009
Wildomar, CA, Community Facilities District No. 2023-1 (Avalino), Special Tax, 5%, 9/01/2041 
 
 
275,000
290,204
Wildomar, CA, Community Facilities District No. 2023-1 (Avalino), Special Tax, 5%, 9/01/2046 
 
 
325,000
337,437
Wildomar, CA, Community Facilities District No. 2023-1 (Avalino), Special Tax, 5%, 9/01/2051 
 
 
600,000
611,218
Wildomar, CA, Community Facilities District No. 2023-1 (Avalino), Special Tax, 5%, 9/01/2055 
 
 
550,000
559,787
 
 
 
$50,675,107
Miscellaneous Revenue - Other – 2.2%
California Infrastructure & Economic Development Bank Rev. (Los Angeles County Museum of Natural History Foundation),
5%, 7/01/2056 (w)
 
$
3,000,000
$3,136,432
Pasadena, CA, Public Financing Authority Lease Refunding Rev. (Rose Bowl Renovation Project), Capital Appreciation,
0%, 6/01/2048 
 
 
1,125,000
417,158
San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053 
 
 
5,000,000
5,271,283
Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), “A-1”, 6%, 12/01/2055 
 
 
2,100,000
2,133,130
Virgin Islands Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 
 
 
205,000
205,707
West Patterson, CA, Financing Authority, Community Facilities District No. 2022-2 (Baldwin Ranch Infrastructure), AGM,
5%, 9/01/2051 
 
 
3,000,000
3,137,749
West Patterson, CA, Financing Authority, Community Facilities District No. 2022-2 (Baldwin Ranch Infrastructure), AGM,
5%, 9/01/2056 
 
 
4,045,000
4,212,576
 
 
 
$18,514,035
Multi-Family Housing Revenue – 16.2%
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)
 
$
2,200,000
$1,879,872
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n)
 
 
2,600,000
2,472,253
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n)
 
 
3,000,000
2,116,745
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 
 
 
2,422,812
2,479,257
California Housing Finance Agency, Affordable Housing Rev., “A-1”, 4.125%, 8/01/2038 
 
 
800,000
807,551
California Housing Finance Agency, Limited Obligation Multi-Family Housing Rev. (Napa Creek Manor), “A”, FNMA,
4.25%, 5/01/2043 
 
 
6,000,000
6,031,495
California Housing Finance Agency, Limited Obligation Multi-Family Housing Rev. (Wakeland Riverwalk), “R”,
4.95%, 8/01/2044 
 
 
1,800,000
1,887,333
California Housing Finance Agency, Multi-Family Housing Rev. (All Hallows Apartments), “U”, FNMA, 4.1%, 9/01/2040 
 
 
5,000,000
5,019,127
California Housing Finance Agency, Multi-Family Housing Rev. (Bayview Apartments), “W”, FNMA, 4%, 10/01/2039 
 
 
3,550,000
3,612,681
California Housing Finance Agency, Multi-Family Housing Rev. (La Salle Apartments), “V”, FNMA, 4.1%, 9/01/2040 
 
 
5,000,000
5,024,419
California Housing Finance Agency, Multi-Family Housing Rev. (Ocean View Garden Apartments), “J”, FNMA,
4.33%, 2/01/2042 
 
 
3,000,000
3,005,203
California Housing Finance Agency, Multi-Family Housing Rev. (Playa Del Alameda Apartments), “Q”, FNMA,
4.25%, 8/01/2041 
 
 
980,000
991,882
California Housing Finance Agency, Multi-Family Housing Rev. (Shoreview Apartments), “T”, FHLMC, 4.1%, 7/01/2040 
 
 
5,000,000
4,983,422
California Housing Finance Agency, Multi-Family Housing Rev. (Sisal Apartments), “DD”, FNMA, 3.7%, 11/01/2037 
 
 
5,000,000
5,053,193
California Municipal Finance Authority, Multi-Family Housing Rev. (707 by Vintage), “A”, 4.4%, 12/01/2043 
 
 
10,000,000
10,030,325
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
 
 
4,000,000
3,843,431
California Municipal Finance Authority, Multi-Family Housing Rev. (Gibson Drive Apartments Project), “A”, 4.45%, 12/01/2042 
 
 
4,000,000
4,046,209
California Municipal Finance Authority, Multi-Family Housing Rev. (La Vista Apartments), “A”, 4.35%, 6/01/2042 
 
 
3,000,000
3,064,281
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Multi-Family Housing Revenue – continued
California Municipal Finance Authority, Multi-Family Housing Rev. (Warner Center II), “A-S”, 8%, 6/01/2058 (Put Date
4/01/2046) 
 
$
1,000,000
$1,008,972
California Municipal Finance Authority, Multi-Family Housing Rev. (Whitmer Manor Community Partners LP), “A”, FNMA,
4.875%, 11/01/2043 
 
 
3,100,000
3,199,976
California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), “A”, 4.48%, 6/01/2044 
 
 
5,000,000
5,175,446
California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), “A”, 5.28%, 9/01/2046 
 
 
3,300,000
3,592,146
California Municipal Finance Authority, Municipal Certificates, “A-1”, 4.05%, 7/20/2041 
 
 
1,994,893
1,976,595
California Municipal Finance Authority, Municipal Certificates, “A-2”, 4.05%, 7/20/2041 
 
 
997,446
933,304
California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n)
 
 
2,500,000
2,377,099
California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n)
 
 
2,000,000
1,453,101
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
 
 
3,000,000
2,630,415
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)
 
 
2,000,000
1,522,599
California Statewide Communities Development Authority, Multi-Family Housing Refunding Rev. (Siena Apartments), “A”,
FNMA, 4.2%, 5/01/2036 
 
 
2,500,000
2,543,488
California Statewide Communities Development Authority, Multi-Family Housing Rev. (Sunterra Apartments), “D-S-A”,
7.5%, 1/01/2037 
 
 
1,000,000
984,064
California Statewide Communities Development Authority, Multi-Family Housing Rev. (Vintage at Folsom), “E-1”, FNMA,
4%, 10/01/2042 
 
 
3,650,000
3,573,235
Carlsbad, CA, Multi-Family Housing Rev. (Mariposa Apartments), “A”, 4.6%, 2/01/2036 
 
 
1,520,000
1,537,650
Los Angeles, CA, Multi-Family Housing Authority Rev. (Clarendon Apartments), “A”, 4.5%, 12/01/2059 
 
 
8,750,000
8,359,105
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 
 
 
1,287,887
1,311,345
National Finance Authority, NH, Municipal Certificates, “A-CA”, 3.923%, 7/20/2039 
 
 
4,933,536
4,808,133
National Finance Authority, NH, Municipal Certificates, “B-CA”, 3.923%, 7/20/2040 
 
 
2,000,000
1,809,886
North Carolina, Housing Finance Agency (Multi-Family Mortgaged Back), FNMA, 4.45%, 5/01/2040 
 
 
2,943,138
3,035,308
Sacramento County, CA, Multi-Family Housing Authority (Albert Einstein Residence Center), “A”, 4.125%, 5/01/2040 
 
 
2,465,000
2,490,708
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), 4.6%, 2/01/2036 
 
 
212,000
209,666
San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), “C”, 4.6%, 2/01/2036 
 
 
1,615,000
1,561,666
San Francisco, CA, City & County Multi-Family Housing Rev. (Sunnydale Hope SF Block 9), “B-1”, FNMA, 5%, 2/01/2046 
 
 
1,245,000
1,320,701
San Jose, CA, Multi-Family Housing Rev. (Arcade), “A-1”, FNMA, 5%, 9/01/2044 
 
 
2,600,000
2,830,460
Santa Barbara County, CA, Housing Authority Rev. (Heritage Ridge Senior Apartments), 4%, 12/01/2038 
 
 
1,500,000
1,498,384
Santa Barbara County, CA, Housing Authority Rev. (Heritage Ridge Special Needs Family Apartments), 4%, 12/01/2038 
 
 
2,000,000
2,010,856
Stanislaus County, CA, Regional Housing Authority, Multi-Family Housing Rev. (Riverbank Commons), “A”, 5%, 6/01/2041 
 
 
360,000
385,900
Stanislaus County, CA, Regional Housing Authority, Multi-Family Housing Rev. (Riverbank Commons), “A”, 5%, 6/01/2046 
 
 
460,000
476,134
Stanislaus County, CA, Regional Housing Authority, Multi-Family Housing Rev. (Riverbank Commons), “A”, 5%, 6/01/2051 
 
 
540,000
555,630
Stanislaus County, CA, Regional Housing Authority, Multi-Family Housing Rev. (Riverbank Commons), “A”, 5.25%, 6/01/2056 
 
 
615,000
642,619
Virginia Housing Development Authority, Rental Housing, “F”, 5.15%, 11/01/2048 
 
 
2,000,000
2,058,000
 
 
 
$134,221,270
Parking – 0.2%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 
 
$
1,625,000
$1,607,827
Port Revenue – 0.7%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2052 
 
$
4,000,000
$2,427,256
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053 
 
 
12,000,000
3,126,908
 
 
 
$5,554,164
Sales & Excise Tax Revenue – 1.7%
Guam Government Business Privilege Tax Refunding Rev., “F”, 4%, 1/01/2042 
 
$
390,000
$380,820
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040 
 
 
114,000
114,366
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053 
 
 
382,000
377,118
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058 
 
 
5,346,000
5,337,326
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
944,000
944,148
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 
 
 
385,000
385,060
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.536%, 7/01/2053 
 
 
9,000
8,570
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058 
 
 
2,826,000
2,764,272
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2029 
 
 
31,000
28,257
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2031 
 
 
1,566,000
1,338,720
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 
 
 
1,524,000
1,209,385
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”,
6.25%, 8/01/2027 (a)(d)(n)
 
$
780,000
$569,400
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), “A”,
5.625%, 8/01/2024 (a)(d)(z)
 
 
555,000
499,500
 
 
 
$13,956,942
Secondary Schools – 3.7%
California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2054 
 
$
700,000
$687,279
California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2064 
 
 
1,350,000
1,304,060
California Enterprise Development Authority, Lease Rev. (Riverside County - Mead Valley Wellness Village Project), “A”,
5.5%, 11/01/2059 
 
 
3,375,000
3,681,283
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) 
 
 
1,000,000
997,578
California Infrastructure & Economic Development Bank Rev. (Social Bonds), “B”, 5%, 11/01/2059 
 
 
1,000,000
1,019,988
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School),
“B”, 4%, 11/01/2050 
 
 
500,000
456,700
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School),
“B”, 4.125%, 11/01/2052 
 
 
3,075,000
2,827,116
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”,
5%, 7/01/2038 (n)
 
 
970,000
975,314
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 
 
 
750,000
750,046
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.5%, 5/01/2044 
 
 
350,000
359,039
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.75%, 5/01/2054 
 
 
435,000
440,409
California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), “A”, 5.875%, 5/01/2059 
 
 
390,000
396,310
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools - Obligated Group),
5%, 8/01/2040 (n)
 
 
940,000
940,212
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools - Obligated Group),
5%, 8/01/2041 (n)
 
 
450,000
450,072
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools - Obligated Group),
5%, 8/01/2045 (n)
 
 
415,000
412,644
California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools - Obligated Group), “A”,
5%, 7/01/2045 
 
 
1,700,000
1,728,500
California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools - Obligated Group), “A”,
5%, 7/01/2055 
 
 
1,845,000
1,815,991
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project),
5.25%, 8/01/2038 
 
 
500,000
499,691
California School Finance Authority, Charter School Rev. (Alliance for College - Ready Public Schools Projects), 5%, 7/01/2049 
 
 
1,000,000
1,020,993
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No.3), “A”,
5%, 8/01/2040 (n)
 
 
525,000
528,878
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No.3), “A”,
5%, 8/01/2050 (n)
 
 
1,000,000
954,898
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, Charter School Rev. (Larchmont Charter School Project), 6%, 6/01/2056 
 
 
1,775,000
1,849,957
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”,
5%, 6/01/2050 (n)
 
 
2,120,000
2,059,022
California School Finance Authority, School Facility Rev. (Alliance for College - Ready Public Schools Projects), “A”,
5%, 7/01/2030 (n)
 
 
1,020,000
1,003,032
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n)
 
 
870,000
882,075
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n)
 
 
870,000
863,107
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n)
 
 
505,000
508,940
California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), “A”, 5%, 7/01/2049 (n)
 
 
1,050,000
1,054,280
 
 
 
$31,067,414
Single Family Housing - State – 0.1%
California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052 
 
$
650,000
$688,231
State & Local Agencies – 4.9%
California State Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 9/01/2049 
 
$
2,000,000
$2,156,358
California State Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 9/01/2050 
 
 
1,250,000
1,344,526
Garden Grove, CA, Public Financing Authority Rev., “A”, BAM, 4%, 4/01/2054 
 
 
4,000,000
3,797,874
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047 
 
 
3,735,000
3,996,678
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
State & Local Agencies – continued
Inglewood, CA, Joint Powers Authority Lease Rev. (Inglewood Main Library Renovation & Seismic Retrofit Project), BAM,
5.25%, 8/01/2050 
 
$
6,000,000
$6,487,714
Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2050 
 
 
1,450,000
1,546,287
Kerman, CA, Public Financing Authority Lease Rev., BAM, 5%, 10/01/2055 
 
 
4,000,000
4,233,098
Los Angeles County, CA, Public Works Financing Authority Rev., “H”, 5.5%, 12/01/2053 
 
 
2,000,000
2,207,821
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047 
 
 
4,425,000
4,806,757
Ontario, CA, Public Financing Authority Lease Rev., “A”, 4.5%, 11/01/2055 
 
 
1,000,000
1,007,881
San Bernardino, CA, Unified School District Certificates of Participation, AGM, 4.375%, 10/01/2043 
 
 
2,000,000
2,087,852
San Bernardino, CA, Unified School District Certificates of Participation, AGM, 4.5%, 10/01/2045 
 
 
2,000,000
2,061,374
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039 
 
 
5,270,000
4,910,625
 
 
 
$40,644,845
Tax - Other – 0.6%
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035 
 
$
2,195,000
$2,219,839
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045 
 
 
340,000
341,989
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048 
 
 
735,000
773,081
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) 
 
 
515,000
515,704
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 
 
 
170,000
170,340
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 
 
 
500,000
498,183
 
 
 
$4,519,136
Tax Assessment – 0.8%
Golden Valley, CA, Unified School District Finance Authority Rev., “A”, AGM, 5%, 9/01/2056 
 
$
1,675,000
$1,793,208
Orange County, CA, Community Facilities District No. 2025-1, Special Tax Rev. (Rienda 3-Improvement Area No.1), “A”,
5%, 8/15/2046 
 
 
1,500,000
1,567,144
Orange County, CA, Community Facilities District No. 2025-1, Special Tax Rev. (Rienda 3-Improvement Area No.1), “A”,
5%, 8/15/2051 
 
 
3,225,000
3,313,774
 
 
 
$6,674,126
Tobacco – 1.4%
Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 
 
$
855,000
$669,339
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation,
“B-2”, 0%, 6/01/2055 
 
 
4,500,000
983,142
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 
 
 
3,515,000
3,189,821
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 
 
 
105,000
105,259
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation,
“B-2”, 0%, 6/01/2055 
 
 
10,000,000
2,070,967
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051 
 
 
4,000,000
4,011,474
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 
 
 
885,000
812,355
 
 
 
$11,842,357
Toll Roads – 0.1%
Bay Area, CA, Toll Authority Bridge Rev., “F-1”, 5%, 4/01/2053 
 
$
500,000
$533,068
Transportation - Special Tax – 0.4%
California Municipal Finance Authority Rev. (SFMTA Potrero Yard Modernization Project), “A”, 5.5%, 9/01/2060 
 
$
3,000,000
$3,274,626
Universities - Colleges – 3.2%
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 
 
$
1,000,000
$961,396
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 
 
 
425,000
428,404
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 
 
 
1,265,000
1,274,446
California Educational Facilities Authority Rev. (Santa Clara University), “A”, 5%, 4/01/2045 
 
 
500,000
545,941
California Educational Facilities Authority Rev. (The Master's University), 5%, 8/01/2050 
 
 
2,000,000
1,930,823
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 
 
 
1,000,000
1,000,749
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 
 
 
1,000,000
1,000,675
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 
 
 
500,000
500,308
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 
 
 
1,000,000
1,021,335
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2035 
 
 
375,000
394,322
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5.125%, 11/01/2040 
 
 
1,350,000
1,404,520
9
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
$800,649
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5.625%, 11/01/2054 
 
 
500,000
509,928
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 
 
 
1,000,000
1,011,705
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 
 
 
4,310,000
4,326,852
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 
 
 
500,000
376,985
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 
 
 
2,500,000
1,665,248
California Municipal Finance Authority, Academic Facilities Rev. (CoreLink - Scripps Holdings LLC - Scripps College Project), “A”,
5.5%, 7/01/2060 
 
 
1,000,000
1,074,458
California State University Systemwide Rev., “A”, 5%, 11/01/2047 
 
 
4,000,000
4,359,480
California State University Systemwide Rev., “A”, 3%, 11/01/2052 
 
 
2,000,000
1,514,639
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”,
3%, 8/01/2051 
 
 
200,000
152,021
 
 
 
$26,254,884
Universities - Dormitories – 1.6%
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC
Project), “A”, 5%, 1/15/2039 
 
$
650,000
$689,093
California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC
Project), “A”, 5%, 1/15/2045 
 
 
1,000,000
1,026,196
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 
 
 
225,000
225,177
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project),
5%, 5/15/2037 
 
 
2,605,000
2,690,580
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2034 (n)
 
 
375,000
385,301
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2039 (n)
 
 
475,000
482,147
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”,
5%, 6/01/2051 (n)
 
 
1,440,000
1,435,959
California Statewide Communities Development Authority, College Housing Rev. (NCCD - Hooper Street LLC College of the Arts
Project), 5.25%, 7/01/2039 (z)
 
 
1,740,000
1,774,310
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)
 
 
3,000,000
2,979,514
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
1,688,315
 
 
 
$13,376,592
Utilities - Cogeneration – 0.3%
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
$1,027,798
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
1,646,921
 
 
 
$2,674,719
Utilities - Municipal Owned – 1.5%
Los Angeles, CA, Department of Water & Power System Rev., “A”, BAM, 5%, 7/01/2053 
 
$
1,000,000
$1,039,914
Los Angeles, CA, Department of Water & Power System Rev., “A”, BAM, 5%, 7/01/2055 
 
 
2,000,000
2,076,504
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 
 
 
55,000
55,361
San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, “A”, 5%, 11/01/2053 
 
 
3,500,000
3,683,464
Southern California Public Power Authority, Southern Transmission System Renewal Project Rev. (A Public Entity Organized
Under the Laws of the State of California), “1”, 5.25%, 7/01/2053 
 
 
4,000,000
4,272,240
Truckee Donner Public Utility District, CA, Electric System Rev., “A”, 5%, 11/15/2037 
 
 
1,250,000
1,350,526
 
 
 
$12,478,009
Utilities - Other – 9.9%
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
$1,206,791
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) 
 
 
2,735,000
2,874,277
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
5,232,140
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “A-1”, 5%, 4/01/2056 (Put Date
2/01/2036) 
 
 
3,000,000
3,225,270
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2036 
 
 
3,000,000
3,128,196
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Utilities - Other – continued
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2056 (Put Date
11/01/2035) 
 
$
3,000,000
$3,213,560
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 2/01/2036 
 
 
4,000,000
4,379,588
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
5,294,594
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%, 8/01/2055 (Put Date
10/01/2032) 
 
 
9,000,000
9,399,417
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “D”, 5%, 2/01/2055 (Put Date
9/01/2032) 
 
 
4,000,000
4,330,512
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 7/01/2035 
 
 
4,000,000
4,402,962
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 2/01/2055 (Put Date
9/01/2032) 
 
 
2,000,000
2,130,915
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 10/01/2056 (Put Date
5/01/2035) 
 
 
7,500,000
8,113,235
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5%, 6/01/2036 (w)
 
 
2,000,000
2,168,407
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
3,225,312
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “H”, 5%, 1/01/2056 (Put Date
8/01/2033) 
 
 
5,000,000
5,396,347
California M-S-R Energy Authority, Gas Rev., “A”, 7%, 11/01/2034 
 
 
1,750,000
2,110,177
Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) 
 
 
3,000,000
3,212,574
Moreno Valley, CA, Public Financing Authority, Electric System Rev., “A”, AGM, 5.25%, 5/01/2056 
 
 
3,000,000
3,256,939
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) 
 
 
1,900,000
2,044,054
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 
 
 
1,655,000
1,769,216
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) 
 
 
1,520,000
1,619,873
 
 
 
$81,734,356
Water & Sewer Utility Revenue – 3.4%
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047 
 
$
1,000,000
$1,019,224
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052 
 
 
1,100,000
1,118,846
East Bay, CA, Municipal Utility District Wastewater System Rev., “A”, 5%, 6/01/2054 
 
 
1,000,000
1,059,755
East Bay, CA, Municipal Utility District Water System Refunding Rev., “A”, 5%, 6/01/2054 
 
 
2,000,000
2,119,510
El Dorado, CA, Irrigation District Rev., COP, “A”, 4%, 3/01/2050 
 
 
3,500,000
3,372,338
North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), “A”, AGM, 5.25%, 5/01/2050 
 
 
2,005,000
2,152,548
North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), “A”, AGM, 5.25%, 5/01/2054 
 
 
1,350,000
1,438,781
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048 
 
 
3,500,000
3,435,839
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053 
 
 
1,500,000
1,436,815
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 
 
 
2,000,000
2,064,975
Texas Water Development Board State, Water Implementation Rev., “A”, 5%, 10/15/2058 
 
 
1,560,000
1,615,930
Truckee Donner Public Utility District, CA, Water System Rev., “A”, 5%, 11/15/2042 
 
 
2,070,000
2,235,101
Windsor, CA, Joint Powers Financial Authority, Wastewater Rev. (Green Bonds), AGM, 5%, 11/01/2051 
 
 
3,500,000
3,733,498
Windsor, CA, Joint Powers Financial Authority, Wastewater Rev. (Green Bonds), AGM, 5%, 11/01/2056 
 
 
1,750,000
1,784,288
 
 
 
$28,587,448
Total Municipal Bonds
$828,341,076
Bonds – 0.0%
Transportation & Logistics – 0.0%
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2043 (n)
 
$
886,241
$322,069
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
$607,967
11
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Mutual Funds (h) – 0.9%
Money Market Funds – 0.9%
MFS Institutional Money Market Portfolio, 3.67% (v)
 
 
7,729,045
$7,729,045
 
Other Assets, Less Liabilities – (0.8)%
(6,900,336
)
Net Assets – 100.0%
$830,099,821
 
(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 $7,729,045 and
$829,271,112, 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 $47,392,158,
representing 5.7% 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
$936,363
$600,000
California Statewide Communities Development Authority, College Housing Rev. (NCCD - Hooper Street LLC College of
the Arts Project), 5.25%, 7/01/2039
1/16/2019
1,773,772
1,774,310
Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands
Project), “A”, 5.625%, 8/01/2024
1/8/2021-10/5/2021
499,013
499,500
Total Restricted Securities
 
 
$2,873,810
% of Net assets
 
 
0.3%
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
CALHF
California Health Facility Construction Loan Insurance Program
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.
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Supplemental Information
6/30/26 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are
generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at
issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2026 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Municipal Bonds
$—
$828,949,043
$—
$828,949,043
U.S. Corporate Bonds
—
322,069
—
322,069
Investment Companies
7,729,045
—
—
7,729,045
Total
$7,729,045
$829,271,112
$—
$837,000,157
For further information regarding security characteristics, see the Portfolio of Investments.
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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 June 30, 2026:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$33,263,493
$45,943,479
$71,480,344
$429
$1,988
$7,729,045
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$188,098
$—
(3) Jurisdiction Weightings
Jurisdiction weighting percentages based on net assets, as of June 30, 2026, are as follows: 
California
94.3%
Puerto Rico
1.9%
Illinois
0.6%
Alabama
0.5%
Maine
0.4%
New York
0.4%
North Carolina
0.4%
South Carolina
0.3%
Texas
0.3%
Virginia
0.3%
U.S. Virgin Islands
0.3%
New Hampshire
0.2%
Ohio
0.2%
Tennessee
0.2%
Guam
0.1%
Wisconsin
0.1%
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.
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