Quarterly Report

December 31, 2023

MFS^® California
Municipal Bond Fund

MCA-Q3

Portfolio of Investments

12/31/23 (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 – 96.5%
Airport Revenue – 7.9%
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047	$	2,190,000	$2,238,572
Fresno, CA, Airport Revenue, “A”, BAM, 4.25%, 7/01/2044		1,000,000	1,017,073
Fresno, CA, Airport Revenue, “A”, BAM, 5%, 7/01/2053		1,000,000	1,063,366
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042		1,000,000	1,085,347
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047		1,500,000	1,628,324
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042		2,000,000	2,242,697
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043		500,000	502,903
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047		3,000,000	2,946,346
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049		5,000,000	4,877,566
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038		1,935,000	2,026,866
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037		1,305,000	1,400,447
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038		1,305,000	1,388,761
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038		2,000,000	2,102,474
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039		1,000,000	1,047,985
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042		665,000	685,079
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047		665,000	679,960
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044		2,605,000	2,722,161
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 4%, 5/01/2052		2,500,000	2,407,282
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046		3,000,000	3,034,404
San Francisco, CA, City & County Airports Commission, Refunding Rev., “C”, 5.75%, 5/01/2048		5,000,000	5,660,705
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035		1,000,000	1,043,800
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047		2,000,000	2,027,883
			$43,830,001
General Obligations - General Purpose – 3.5%
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036	$	1,080,000	$967,377
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025		810,000	820,674
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024		35,723	35,022
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033		282,606	176,182
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029		238,428	258,592
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031		497,583	553,490
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033		219,601	215,012
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035		383,721	370,998
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037		169,415	161,742
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041		230,339	211,252
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046		765,550	681,854
Oakland, CA, General Obligation, “D”, 5.5%, 7/15/2053		5,000,000	5,802,684
San Francisco, CA, City & County General Obligation Refunding Bonds, 2021-R2, 5%, 6/15/2024		2,440,000	2,465,094
State of California, Various Purpose General Obligation, 4%, 3/01/2036		2,200,000	2,358,257
State of California, Various Purpose General Obligation, 5.25%, 10/01/2050		3,000,000	3,453,303
State of Illinois, General Obligation, 5.5%, 5/01/2039		440,000	487,149
State of Illinois, General Obligation, 5.75%, 5/01/2045		410,000	451,222
			$19,469,904
General Obligations - Schools – 12.7%
Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048	$	2,000,000	$2,020,503
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029		4,335,000	3,749,559
Garden Grove, CA, Unified School District (Election 2016), General Obligation, BAM, 4%, 8/01/2046		3,000,000	3,030,764
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031		2,120,000	1,658,827
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034		500,000	331,431
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033		1,260,000	861,321
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	1,336,414
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049		875,000	889,255
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045		1,750,000	1,473,287
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047		2,595,000	2,623,677

1

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
General Obligations - Schools – continued
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032	$	1,570,000	$1,202,231
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046		170,000	143,013
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050		105,000	85,081
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033		500,000	365,068
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028		1,440,000	1,261,294
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 5.5% to 8/01/2019, 6% to 8/01/2030		3,000,000	3,126,835
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	4,983,591
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029		3,385,000	2,860,998
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028		830,000	862,264
Oakland, CA, Unified School District Rev., “A”, AGM, 5.25%, 8/01/2048		7,000,000	8,112,574
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048		90,000	73,598
San Diego, CA, La Mesa-Spring Valley School District, General Obligation, “B”, 4%, 8/01/2051		2,000,000	2,017,194
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045		2,190,000	2,217,897
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045		1,850,000	1,873,566
San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047		2,145,000	2,159,505
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049		2,235,000	2,241,643
Santa Clara County, CA, Mountain View Whisman School District General Obligation, Election of 2020, “B”, 4.25%, 9/01/2045		5,750,000	5,985,495
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042		1,000,000	1,019,741
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044		1,250,000	1,270,140
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049		2,480,000	2,489,847
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046		2,775,000	1,065,460
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047		3,035,000	1,107,058
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043		2,000,000	1,986,291
West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046		3,365,000	2,915,136
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043		1,250,000	1,089,571
			$70,490,129
Healthcare Revenue - Hospitals – 11.9%
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051	$	5,000,000	$5,508,557
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042		2,550,000	2,600,153
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037		1,000,000	1,048,362
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038		1,000,000	1,056,795
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n)		175,000	182,342
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n)		750,000	755,503
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036		1,275,000	1,328,217
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037		850,000	882,503
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042		425,000	435,900
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042		2,000,000	2,042,740
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047		1,000,000	1,013,751
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047		1,685,000	1,520,588
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028		205,000	206,065
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029		165,000	165,809
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030		85,000	85,410
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044		415,000	401,833
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047		1,500,000	1,501,848
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052		4,000,000	4,486,946
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047		2,545,000	2,558,610
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051		2,000,000	2,019,181
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039		1,600,000	1,606,481
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040		650,000	648,767
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045		2,000,000	1,981,862
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057		5,000,000	5,560,497
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053		1,000,000	1,038,669
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057		2,000,000	2,071,358
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 (n)		1,405,000	1,402,073

2

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Healthcare Revenue - Hospitals – continued
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)	$	200,000	$197,761
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054		1,650,000	1,646,412
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)		1,955,000	1,960,850
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036		635,000	666,398
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037		455,000	474,530
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038		430,000	445,355
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046		1,925,000	1,966,423
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038		1,500,000	1,567,793
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029)		5,000	5,610
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049		65,000	55,366
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047		2,000,000	2,066,659
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024		235,000	235,510
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025		290,000	292,136
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026		300,000	304,878
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028		665,000	716,937
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029		635,000	692,799
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053		5,000,000	5,023,623
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042		1,000,000	954,909
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047		1,000,000	1,026,190
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031		325,000	352,851
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042		1,000,000	1,007,183
			$65,770,993
Healthcare Revenue - Long Term Care – 2.5%
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035	$	1,270,000	$1,259,834
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039		1,000,000	1,025,773
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040		650,000	685,792
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050		1,000,000	1,026,652
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055		1,000,000	1,022,766
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)		775,000	778,456
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n)		1,250,000	1,149,337
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n)		1,405,000	1,140,046
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039		500,000	500,048
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040		500,000	495,971
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2042		735,000	718,715
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 5%, 4/01/2047		1,835,000	1,878,436
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038		435,000	448,631
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039		430,000	441,487
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040		435,000	444,912
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043		980,000	992,998
			$14,009,854
Industrial Revenue - Environmental Services – 5.7%
California Municipal Finance Authority, Environmental Improvement Rev. (Aymium Williams Project), 4%, 12/15/2042 (Put Date 6/26/2024)	$	5,000,000	$5,000,046
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 4.7%, 7/01/2041 (Put Date 4/01/2024)		2,750,000	2,751,111
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025)		3,000,000	3,005,381
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	2,777,639

3

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Industrial Revenue - Environmental Services – continued
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.25%, 12/01/2044 (Put Date 12/02/2024)	$	3,000,000	$3,005,240
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “B”, 4.8%, 11/01/2041 (Put Date 6/02/2025)		4,000,000	4,027,144
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A-2”, VRDN, 4%, 11/01/2042 (Put Date 1/16/2024) (n)		3,000,000	2,999,868
California Pollution Control Financing Authority, Solid Waste Refunding Rev. (Republic Services, Inc. Project), “B”, 4.375%, 8/01/2024 (Put Date 2/01/2024) (n)		8,000,000	8,005,474
			$31,571,903
Industrial Revenue - Other – 0.1%
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)	$	500,000	$412,499
Miscellaneous Revenue - Other – 2.4%
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, VRDN, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n)	$	4,300,000	$4,295,288
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031		1,335,000	1,357,849
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026		205,000	207,365
San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040		1,510,000	1,589,768
San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053		5,000,000	5,630,374
			$13,080,644
Multi-Family Housing Revenue – 7.7%
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)	$	2,200,000	$1,853,265
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n)		2,900,000	2,562,310
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n)		3,000,000	2,047,370
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033		2,804,816	2,851,797
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036		1,992,351	1,999,655
California Housing Finance Agency, Affordable Housing Rev., “A-1”, 4.125%, 8/01/2038		800,000	827,735
California Housing Finance Agency, Multi-Family Housing Rev. (Symphony at Del Sur), “V”, 5%, 5/01/2054 (Put Date 11/01/2026)		1,350,000	1,413,325
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)		4,000,000	3,695,911
California Municipal Finance Authority, Multi-Family Tax-Exempt Mortgage-Backed (Greenfield Commons I), “A”, 5.28%, 9/01/2046		3,300,000	3,734,505
California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n)		2,900,000	2,412,894
California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n)		2,000,000	1,424,025
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)		3,000,000	2,532,683
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire - Long Beach), “A-2”, 4%, 9/01/2056 (n)		3,000,000	2,162,956
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)		2,000,000	1,416,079
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA - Building 156 & 157 Apartments), “C”, HUD Section 8, 3.75%, 12/01/2046 (Put Date 12/01/2026)		2,750,000	2,769,943
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 Apartments), HUD Section 8, 3.375%, 1/01/2046 (Put Date 7/01/2026)		3,600,000	3,607,781
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036		1,335,235	1,348,583
San Jose, CA, Multi-Family Housing Rev. (Parkmoor) “F-2”, HUD Section 8, 5%, 6/01/2027 (Put Date 6/01/2026)		2,000,000	2,079,071
Virginia Housing Development Authority Rental Housing, “F”, HUD Section 8, 5.15%, 11/01/2048		2,000,000	2,116,858
			$42,856,746
Parking – 0.3%
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047	$	1,625,000	$1,587,908
Sales & Excise Tax Revenue – 2.7%
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030	$	30,000	$32,307
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031		40,000	43,371
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042		390,000	373,354
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040		114,000	114,553

4

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Sales & Excise Tax Revenue – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053	$	382,000	$378,047
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058		6,276,000	6,297,900
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		944,000	937,122
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040		385,000	382,195
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053		9,000	8,605
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058		2,826,000	2,785,559
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024		6,000	5,882
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027		171,000	148,838
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029		31,000	24,790
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031		1,566,000	1,146,116
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033		1,524,000	1,015,081
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n)		960,000	748,800
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n)		555,000	432,900
			$14,875,420
Secondary Schools – 4.3%
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)	$	1,000,000	$946,082
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4%, 11/01/2050		500,000	484,262
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4.125%, 11/01/2052		3,075,000	3,018,597
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n)		970,000	941,483
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046		750,000	751,266
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n)		50,000	51,776
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n)		450,000	454,758
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.25%, 8/01/2038		500,000	504,474
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2043		550,000	559,393
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2047		525,000	528,470
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n)		415,000	419,764
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n)		415,000	418,056
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n)		525,000	541,474
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n)		1,000,000	1,012,752
California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (n)		1,000,000	960,876
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n)		1,125,000	1,116,793
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n)		625,000	586,996
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n)		1,100,000	1,117,517
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n)		2,120,000	1,995,621
California School Finance Authority, School Facility Rev. (Alliance for College- Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)		1,245,000	1,263,077
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n)		870,000	897,567
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n)		870,000	875,438
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2034		530,000	533,109
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n)		505,000	522,146
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5.125%, 7/01/2044		470,000	471,186
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2047 (n)		745,000	753,566
California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), “A”, 5%, 7/01/2049 (n)		1,050,000	1,064,747

5

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Secondary Schools – continued
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047	$	1,270,000	$1,271,499
			$24,062,745
Single Family Housing - Other – 0.2%
California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052	$	970,000	$1,043,612
State & Local Agencies – 3.6%
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037	$	800,000	$852,952
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047		3,735,000	4,232,450
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047		4,425,000	5,015,453
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2037		300,000	353,490
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2038		500,000	585,247
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039		700,000	812,437
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040		900,000	1,035,272
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039		5,270,000	4,848,465
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2034		500,000	584,222
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2035		725,000	843,507
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2036		590,000	682,022
			$19,845,517
Student Loan Revenue – 0.0%
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038	$	275,000	$246,911
Tax - Other – 2.1%
California Municipal Finance Authority, Special Tax Rev., “B”, 5.5%, 9/01/2043	$	625,000	$664,455
California Municipal Finance Authority, Special Tax Rev., “B”, 5.75%, 9/01/2053		1,850,000	1,957,421
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035		2,195,000	2,309,420
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045		315,000	328,721
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048		735,000	803,801
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)		515,000	522,911
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036		170,000	174,146
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046		500,000	498,428
Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058		4,000,000	3,952,184
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)		100,000	91,787
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050		305,000	284,127
			$11,587,401
Tax Assessment – 6.9%
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048	$	940,000	$977,256
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039		1,000,000	1,042,577
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044		1,000,000	1,036,746
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050		505,000	444,496
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040		1,985,000	1,856,060
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044		500,000	517,355
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049		500,000	512,174
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031		1,000,000	1,001,229
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035		920,000	939,276
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035		1,000,000	1,001,864
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 4.125%, 9/02/2038		575,000	589,948
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 5%, 9/02/2043		650,000	702,216
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028		650,000	657,782
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029		1,350,000	1,366,225
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033		1,000,000	1,001,382

6

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Tax Assessment – continued
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032	$	2,625,000	$2,658,025
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		5,000,000	5,091,388
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042		1,000,000	1,025,042
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047		2,550,000	2,642,885
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030		890,000	925,122
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031		1,095,000	1,136,607
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034		1,385,000	1,405,933
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n)		100,000	100,406
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	1,364,630
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	1,742,107
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	1,445,759
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	1,152,701
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043		750,000	753,105
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4%, 10/01/2048		835,000	841,314
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4.125%, 10/01/2053		1,000,000	1,006,910
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033		300,000	321,552
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034		300,000	321,223
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035		250,000	265,778
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038		600,000	626,405
			$38,473,478
Tobacco – 2.6%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055	$	1,365,000	$1,282,767
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055		5,000,000	1,012,318
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049		3,515,000	3,319,609
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049		535,000	550,934
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049		465,000	479,775
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055		10,000,000	2,024,635
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051		4,000,000	4,191,323
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050		1,590,000	1,470,729
			$14,332,090
Transportation - Special Tax – 0.1%
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039	$	500,000	$543,951
Universities - Colleges – 4.7%
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036	$	2,060,000	$2,198,127
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047		1,000,000	986,581
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036		425,000	447,799
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037		1,265,000	1,327,976
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038		630,000	673,491
California Educational Facilities Authority Rev. (Saint Mary's College ), “A”, 5.5%, 10/01/2053		1,840,000	1,938,523
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036		1,000,000	1,028,745
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037		1,000,000	1,025,643
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038		500,000	511,459
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038		1,000,000	1,069,033
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033		625,000	661,881

7

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Universities - Colleges – continued
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035	$	1,195,000	$1,259,818
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039		1,000,000	1,034,829
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042		4,310,000	4,393,609
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043		1,500,000	1,559,494
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039		500,000	467,095
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048		2,500,000	2,201,046
California State University Systemwide Rev., “A”, 3%, 11/01/2052		2,000,000	1,606,656
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043		1,500,000	1,500,554
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051		200,000	160,869
			$26,053,228
Universities - Dormitories – 2.8%
California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n)	$	2,250,000	$2,268,023
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045		600,000	615,905
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050		650,000	664,356
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055		825,000	840,967
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057		450,000	457,689
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035		225,000	228,967
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037		2,605,000	2,731,640
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n)		375,000	381,559
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n)		475,000	471,452
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n)		1,440,000	1,338,604
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n)		1,740,000	1,764,004
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n)		3,000,000	2,703,868
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	1,272,477
			$15,739,511
Utilities - Cogeneration – 0.5%
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	$1,027,090
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	1,632,705
			$2,659,795
Utilities - Investor Owned – 1.0%
California Statewide Communities Development Authority, Pollution Control Rev. (Southern California Edison Co.), “D”, 4.5%, 11/01/2033	$	5,000,000	$5,446,831
Utilities - Municipal Owned – 0.7%
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039	$	280,000	$282,678
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044		315,000	317,080
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d)		50,000	13,000
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d)		475,000	123,500
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d)		765,000	198,900
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034		55,000	54,216
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)		1,200,000	312,000
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d)		180,000	46,800
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)		100,000	26,000

8

Portfolio of Investments (unaudited) – continued

Issuer		Shares/Par	Value ($)
Municipal Bonds – continued
Utilities - Municipal Owned – continued
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)	$	50,000	$13,000
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)		455,000	118,300
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)		235,000	61,100
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d)		200,000	52,000
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)		40,000	10,400
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d)		620,000	161,200
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)		45,000	11,700
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)		95,000	24,700
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d)		290,000	75,400
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d)		325,000	84,500
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)		115,000	29,900
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)		355,000	92,300
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d)		280,000	67,900
Truckee Donner Public Utility District, CA, Electric System Rev., “A”, 5%, 11/15/2037		1,250,000	1,390,867
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041		420,000	452,209
			$4,019,650
Utilities - Other – 6.1%
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	$1,177,927
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)		1,415,000	1,424,941
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)		2,735,000	2,920,563
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028)		4,000,000	4,059,016
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 5%, 12/01/2053 (Put Date 8/01/2029)		5,000,000	5,313,122
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)		5,000,000	5,289,106
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030)		3,000,000	3,327,946
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034		1,750,000	2,253,684
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031)		1,900,000	2,069,063
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029)		2,540,000	2,703,054
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033		1,655,000	1,810,690
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)		1,520,000	1,622,444
			$33,971,556
Water & Sewer Utility Revenue – 3.5%
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047	$	1,000,000	$1,042,861
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052		1,100,000	1,156,377
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050		720,000	741,045
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031		415,000	417,909
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048		3,500,000	3,566,576
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053		1,500,000	1,509,759
San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, “A”, 5%, 11/01/2053		3,500,000	3,925,415
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036		2,000,000	2,155,698
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058		1,560,000	1,725,872
Truckee Donner Public Utility District, CA, Water System Rev., “A”, 5%, 11/15/2042		2,070,000	2,358,345
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035		830,000	862,009
			$19,461,866
Total Municipal Bonds			$535,444,143
Bonds – 0.3%
Consumer Services – 0.3%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n)	$	902,000	$834,636
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)		1,796,438	571,434
Total Bonds			$1,406,070
Contingent Value Instruments – 0.1%
General Obligations - General Purpose – 0.1%
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043	$	973,401	$530,503

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Portfolio of Investments (unaudited) – continued

Issuer	Shares/Par	Value ($)
Investment Companies (h) – 2.0%
Money Market Funds – 2.0%
MFS Institutional Money Market Portfolio, 5.42% (v)	11,093,479	$11,095,698
Other Assets, Less Liabilities – 1.1%		6,375,617
Net Assets – 100.0%		$554,852,031

(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 $11,095,698 and $537,380,716, 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 $75,385,772, representing 13.6% of net assets.
(v)	Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

The following abbreviations are used in this report and are defined:
AAC	Ambac Assurance Corp.
AGM	Assured Guaranty Municipal
BAM	Build America Mutual
COP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
NPFG	National Public Finance Guarantee Corp.
VRDN	Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate.

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

12/31/23 (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. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2023 in valuing the fund's assets and liabilities:

Financial Instruments	Level 1	Level 2	Level 3	Total
Municipal Bonds	$—	$535,974,646	$—	$535,974,646
U.S. Corporate Bonds	—	1,406,070	—	1,406,070
Mutual Funds	11,095,698	—	—	11,095,698
Total	$11,095,698	$537,380,716	$—	$548,476,414

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

Affiliated Issuers	Beginning Value	Purchases	Sales Proceeds	Realized Gain (Loss)	Change in Unrealized Appreciation or Depreciation	Ending Value
MFS Institutional Money Market Portfolio	$9,269,803	$137,334,390	$135,505,469	$(3,096)	$70	$11,095,698

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Supplemental Information (unaudited) – continued

Affiliated Issuers	Dividend Income	Capital Gain Distributions
MFS Institutional Money Market Portfolio	$335,150	$—

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2023, are as follows:

California	88.9%
Puerto Rico	3.3%
Alabama	1.5%
Illinois	1.1%
Virginia	0.6%
Guam	0.5%
Texas	0.5%
South Carolina	0.4%
Tennessee	0.3%
Wisconsin	0.3%
New Hampshire	0.2%
Ohio	0.2%
New Jersey	0.1%
Minnesota (o)	0.0%
Pennsylvania (o)	0.0%
U.S. Virgin Islands (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.

12