Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 156.3% | ||||
Airport Revenue – 11.7% | ||||
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043 | $ | 340,000 | $411,499 | |
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037 | 195,000 | 246,131 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 | 195,000 | 245,417 | ||
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2021 | 500,000 | 516,510 | ||
San Diego County, CA, Regional Airport Authority Rev., “A”, 5%, 7/01/2043 | 500,000 | 562,200 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042 | 335,000 | 407,095 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 | 335,000 | 404,258 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2030 | 285,000 | 311,240 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031 | 150,000 | 163,482 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 | 395,000 | 486,810 | ||
San Jose, CA, Airport Rev., “A-2”, 5.25%, 3/01/2034 | 440,000 | 465,955 | ||
$4,220,597 | ||||
General Obligations - General Purpose – 5.0% | ||||
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2020 | $ | 165,000 | $168,670 | |
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 40,000 | 40,630 | ||
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035 | 30,000 | 31,881 | ||
State of California, 5.25%, 4/01/2035 | 455,000 | 503,357 | ||
State of California, 5.5%, 3/01/2040 | 630,000 | 643,709 | ||
State of California, 5.25%, 11/01/2040 | 415,000 | 434,310 | ||
$1,822,557 | ||||
General Obligations - Schools – 35.1% | ||||
Beaumont, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, AGM, 0%, 8/01/2044 | $ | 1,000,000 | $477,320 | |
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 415,000 | 476,632 | ||
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038 | 535,000 | 615,175 | ||
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | 1,000,000 | 1,130,890 | ||
Imperial County, CA, Community College District Rev., “C”, 3.375%, 8/01/2037 | 500,000 | 531,205 | ||
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 | 750,000 | 470,445 | ||
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2035 | 1,250,000 | 746,875 | ||
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 515,000 | 472,780 | ||
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 | 125,000 | 145,588 | ||
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 | 405,000 | 460,173 | ||
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 | 330,000 | 247,421 | ||
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 255,000 | 277,866 | ||
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 | 855,000 | 870,817 | ||
Napa Valley, CA, Unified School District, 5%, 8/01/2020 | 225,000 | 233,305 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | 170,000 | 206,672 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | 170,000 | 205,081 | ||
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045 | 410,000 | 501,122 | ||
Pomona, CA, Unified School District, “A”, NATL, 6.55%, 8/01/2029 | 1,000,000 | 1,310,140 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 | 265,000 | 140,140 | ||
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047 | 355,000 | 401,555 | ||
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041 | 265,000 | 293,798 | ||
Santee, CA, School District (Election of 2006), Capital Appreciation, “D”, ASSD GTY, 0%, 8/01/2043 | 765,000 | 368,722 | ||
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 | 350,000 | 396,596 | ||
Vallejo City, CA, Unified School District, “A”, NATL, 5.9%, 8/01/2025 | 500,000 | 587,735 | ||
West Contra Costa, CA, Unified School District, “A”, NATL, 5.7%, 2/01/2023 | 500,000 | 580,020 | ||
West Covina, CA, Unified School District, “A”, NATL, 5.8%, 2/01/2021 | 500,000 | 533,620 | ||
$12,681,693 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – 22.7% | ||||
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Sharp Healthcare), “A”, 5%, 8/01/2026 | $ | 110,000 | $119,991 | |
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 | 450,000 | 542,641 | ||
California Health Facilities Financing Authority Rev. (Memorial Health Services), “A”, 5%, 10/01/2033 | 295,000 | 327,246 | ||
California Health Facilities Financing Authority Rev. (Scripps Health), “A”, 5%, 11/15/2032 | 525,000 | 567,735 | ||
California Health Facilities Financing Authority Rev. (Scripps Health), “A”, 5%, 11/15/2040 | 255,000 | 274,082 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/2031 (Prerefunded 8/15/2020) | 500,000 | 523,210 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 | 535,000 | 646,082 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 | 225,000 | 270,965 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 | 150,000 | 180,186 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 | 230,000 | 251,321 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | 45,000 | 51,678 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | 35,000 | 40,090 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | 15,000 | 17,106 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 65,000 | 73,192 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | 85,000 | 94,568 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 455,000 | 520,620 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, CALHF, 5.5%, 8/15/2023 | 500,000 | 501,665 | ||
California Statewide Communities Development Authority Rev. (Kaiser Permanente), “A”, 5%, 4/01/2042 | 455,000 | 495,977 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054 | 350,000 | 395,217 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036 | 65,000 | 81,073 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037 | 45,000 | 55,953 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038 | 40,000 | 49,476 | ||
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 350,000 | 409,689 | ||
California Statewide Communities Development Authority Rev. (Santa Ynez Valley Cottage Hospital), 5.25%, 11/01/2030 | 260,000 | 271,973 | ||
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032 | 610,000 | 674,721 | ||
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041 | 450,000 | 484,033 | ||
Upland, CA, (San Antonio Community Hospital), COP, 6.375%, 1/01/2032 (Prerefunded 1/01/2021) | 250,000 | 267,813 | ||
$8,188,303 | ||||
Healthcare Revenue - Long Term Care – 5.8% | ||||
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Episcopal Senior Communities), 6.125%, 7/01/2041 | $ | 150,000 | $161,789 | |
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | 230,000 | 253,545 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043 | 150,000 | 171,192 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 | 295,000 | 327,382 | ||
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047 | 315,000 | 339,973 | ||
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042 | 115,000 | 125,529 | ||
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047 | 315,000 | 373,694 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 300,000 | 334,437 | ||
$2,087,541 | ||||
Industrial Revenue - Other – 1.9% | ||||
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $ | 485,000 | $674,373 | |
Miscellaneous Revenue - Other – 4.3% | ||||
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Jackson Lab), 5%, 7/01/2037 | $ | 400,000 | $439,092 | |
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2030 | 235,000 | 270,264 | ||
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034 | 170,000 | 195,241 | ||
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035 | 170,000 | 194,800 | ||
California Statewide Communities Development Authority Rev. (Buck Institute for Research on Aging), AGM, 5%, 11/15/2044 | 385,000 | 445,422 | ||
$1,544,819 | ||||
Port Revenue – 4.0% | ||||
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036 | $ | 300,000 | $361,461 | |
Port of Oakland, CA, Rev., “P”, 5%, 5/01/2033 | 1,000,000 | 1,090,670 | ||
$1,452,131 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – 0.0% | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | $ | 2,000 | $1,235 | |
Secondary Schools – 4.0% | ||||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 | $ | 130,000 | $148,637 | |
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 | 85,000 | 96,113 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 | 85,000 | 95,741 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 | 255,000 | 296,136 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 | 130,000 | 156,343 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 | 130,000 | 154,348 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037 | 85,000 | 101,645 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047 | 130,000 | 152,576 | ||
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047 | 230,000 | 247,597 | ||
$1,449,136 | ||||
State & Local Agencies – 10.4% | ||||
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028 | $ | 380,000 | $429,932 | |
California Public Works Board Lease Rev. (New Stockton Courthouse), “B”, 5%, 10/01/2033 | 275,000 | 323,026 | ||
Los Angeles County, CA, Facilities Lease Rev. (Vermont Corridor County Administration Building), “A”, 5%, 12/01/2043 | 1,000,000 | 1,247,620 | ||
Los Angeles County, CA, Schools Regionalized Business Service Corp., Pooled Financing, Capital Appreciation, “A”, AAC, 0%, 8/01/2023 | 1,220,000 | 1,145,812 | ||
Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042 | 160,000 | 195,813 | ||
Santa Clara and Santa Cruz Counties, CA, West Valley-Mission Community College District (Election of 2018), “A”, 4%, 8/01/2044 | 350,000 | 407,641 | ||
$3,749,844 | ||||
Tax - Other – 1.5% | ||||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | $ | 90,000 | $90,787 | |
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 120,000 | 129,672 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 80,000 | 87,964 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027 | 210,000 | 232,209 | ||
$540,632 | ||||
Tax Assessment – 5.4% | ||||
Huntington Park, CA, Public Financing Authority Rev., “A”, 5.25%, 9/01/2019 | $ | 500,000 | $500,000 | |
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033 | 160,000 | 181,915 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030 | 190,000 | 230,960 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031 | 225,000 | 272,043 | ||
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034 | 295,000 | 346,135 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 (Mission Bay South Public Improvements), “A”, 5%, 8/01/2033 | 130,000 | 141,044 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 250,000 | 286,665 | ||
$1,958,762 | ||||
Toll Roads – 3.1% | ||||
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033 | $ | 515,000 | $599,470 | |
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034 | 145,000 | 167,791 | ||
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044 | 320,000 | 357,968 | ||
$1,125,229 | ||||
Transportation - Special Tax – 2.5% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 55,000 | $56,112 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029 | 10,000 | 10,078 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038 | 345,000 | 375,405 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035 | 30,000 | 32,240 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2032 | 40,000 | 43,242 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033 | 25,000 | 27,020 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038 | 10,000 | 10,010 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
San Francisco, CA, Municipal Transportation Agency Rev., “B”, 5%, 3/01/2037 | $ | 335,000 | $366,929 | |
$921,036 | ||||
Universities - Colleges – 10.6% | ||||
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 | $ | 285,000 | $352,747 | |
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 | 235,000 | 285,344 | ||
California Educational Facilities Authority Rev. (Stanford University), “U-7”, 5%, 6/01/2046 | 235,000 | 366,786 | ||
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021) | 140,000 | 155,004 | ||
California Educational Facilities Authority Rev. (University of San Francisco), 6.125%, 10/01/2030 (Prerefunded 10/01/2021) | 145,000 | 160,698 | ||
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 | 640,000 | 770,144 | ||
California Public Works Board Lease Rev. (Regents of the University of California), 5%, 12/01/2028 (Prerefunded 12/01/2021) | 375,000 | 409,478 | ||
California State University Rev., “A”, 5%, 11/01/2024 | 370,000 | 402,412 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%, 7/01/2033 | 75,000 | 75,120 | ||
Regents of the University of California, Limited Project Rev., “O”, 4%, 5/15/2048 | 750,000 | 849,082 | ||
$3,826,815 | ||||
Universities - Dormitories – 4.4% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | $ | 395,000 | $485,143 | |
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | 440,000 | 536,967 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 230,000 | 261,053 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 | 260,000 | 305,817 | ||
$1,588,980 | ||||
Utilities - Cogeneration – 1.8% | ||||
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 | $ | 390,000 | $471,358 | |
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 11/21/2045 | 150,000 | 160,888 | ||
$632,246 | ||||
Utilities - Municipal Owned – 5.3% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 50,000 | $57,175 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 55,000 | 62,558 | ||
Northern California Power Agency, Capital Facilities Rev., “A”, 5.25%, 8/01/2024 | 390,000 | 396,540 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,001 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 55,000 | 55,001 | ||
Puerto Rico Electric Power Authority Rev., “SS”, ASSD GTY, 4.375%, 7/01/2030 | 5,000 | 5,012 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 275,000 | 219,312 | ||
Puerto Rico Electric Power Authority Rev., “UU”, ASSD GTY, 4.25%, 7/01/2027 | 40,000 | 40,078 | ||
Puerto Rico Electric Power Authority Rev., “V”, NATL, 5.25%, 7/01/2033 | 35,000 | 37,828 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032 | 125,000 | 135,130 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 235,000 | 187,413 | ||
Sacramento, CA, Municipal Utility District Electric Rev., Unrefunded Balance, “X”, 5%, 8/15/2025 | 275,000 | 296,931 | ||
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041 | 370,000 | 397,891 | ||
$1,900,870 | ||||
Utilities - Other – 3.2% | ||||
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039 | $ | 245,000 | $391,356 | |
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 | 585,000 | 777,886 | ||
$1,169,242 | ||||
Water & Sewer Utility Revenue – 13.6% | ||||
Alameda and Contra Costa Counties, CA, East Bay Municipal District Water System Rev., “A”, 5%, 6/01/2044 | $ | 500,000 | $643,745 | |
El Monte, CA, Water Authority Rev., “A”, BAM, 5%, 9/01/2048 | 750,000 | 930,878 | ||
Escondido, CA, Joint Powers Financing Authority Rev. (Water System Financing), 5%, 9/01/2041 | 460,000 | 500,015 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 20,000 | $23,034 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 105,000 | 119,314 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 105,000 | 118,469 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 105,000 | 116,732 | ||
Madera, CA, Financing Authority, Irrigation Rev., 6.5%, 1/01/2040 (Prerefunded 1/01/2020) | 440,000 | 448,043 | ||
Norco, CA, Financing Authority, Enterprise Rev., AGM, 5.625%, 10/01/2039 | 215,000 | 215,692 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 340,000 | 400,731 | ||
San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044 | 295,000 | 340,734 | ||
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043 | 370,000 | 414,707 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | 350,000 | 424,757 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | 170,000 | 205,647 | ||
$4,902,498 | ||||
Total Municipal Bonds | $56,438,539 | |||
Trust Units – 0.1% | ||||
Sales & Excise Tax Revenue – 0.1% | ||||
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (taxable), 8/01/2042 | 16,361 | $2,209 | ||
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (tax-exempt), 8/01/2042 | 49,686 | 36,022 | ||
Total Trust Units | $38,231 | |||
Investment Companies (h) – 9.6% | ||||
Money Market Funds – 9.6% | ||||
MFS Institutional Money Market Portfolio, 2.17% (v) | 3,467,729 | $3,468,076 | ||
Other Assets, Less Liabilities – 1.7% | 585,851 | |||
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) – (67.6)% | (24,425,000) | |||
Net assets applicable to common shares – 100.0% | $36,105,697 |
(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 $3,468,076 and $56,476,770, respectively. | |||
(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. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
ASSD GTY | Assured Guaranty Insurance Co. |
BAM | Build America Mutual |
CALHF | California Health Facility Construction Loan Insurance Program |
COP | Certificate of Participation |
NATL | National Public Finance Guarantee Corp. |
Derivative Contracts at 8/31/19 | ||||||
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond | Short | USD | 25 | $4,131,250 | December – 2019 | $13,970 |
U.S. Treasury Note 10 yr | Short | USD | 19 | 2,502,656 | December – 2019 | 2,733 |
$16,703 |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $56,476,770 | $— | $56,476,770 |
Mutual Funds | 3,468,076 | — | — | 3,468,076 |
Total | $3,468,076 | $56,476,770 | $— | $59,944,846 |
Other Financial Instruments | ||||
Futures Contracts - Assets | $16,703 | $— | $— | $16,703 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $1,106,006 | $9,945,866 | $7,584,121 | $113 | $212 | $3,468,076 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $17,089 | $— |
California | 88.7% |
Puerto Rico | 3.6% |
New York | 1.1% |
Guam | 0.8% |