# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001752724-25-180808
**Filing Date:** 2025-7
**Character Count:** 93371
**Document Hash:** ac5b1a3a24fbfeb524dcfa414a6b1051
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180808.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180808

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Municipals Trust
- **CENTRAL INDEX KEY:** 0000778365

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 251155325

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE HIGH YIELD MUNICIPALS TRUST
- **DATE OF NAME CHANGE:** 19910203

## Series and Classes Contracts Data

### Eaton Vance North Carolina Municipal Income Fund (Series ID: S000004850)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000013136 | Eaton Vance North Carolina Municipal Income Fund Class A | ETNCX           |
| C000013138 | Eaton Vance North Carolina Municipal Income Fund Class C | ECNCX           |
| C000063950 | Eaton Vance North Carolina Municipal Income Fund Class I | EINCX           |

## Nport-Ex

Eaton Vance<br>

North Carolina Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Mortgage-Backed Securities — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.4% | Housing — 0.4% | Housing — 0.4% |
| Raleigh Housing Authority, NC, (Brad Parkside Apartments LLC), Series 2024A, (FNMA), 4.40%, 12/1/43 | $1000 | &nbsp;&nbsp;$955095 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $1,000,000) |  | &nbsp;&nbsp;**$955095** |

---

Tax-Exempt Municipal Obligations — 95.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 8.2% | Education — 8.2% | Education — 8.2% |
| North Carolina Agricultural and Technical State University, 5.00%, 10/1/48 | $2800 | &nbsp;&nbsp;$2859261 |
| North Carolina Capital Facilities Finance Agency, (Duke University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | 1995 | &nbsp;&nbsp;&nbsp;&nbsp; 1947283 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1987295 |
| North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 808351 |
| North Carolina State University at Raleigh, 4.00%, 10/1/46 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1091818 |
| University of North Carolina at Charlotte, 5.00%, 10/1/47 | 7800 | &nbsp;&nbsp;&nbsp;&nbsp; 7877786 |
| University of North Carolina at Greensboro, 4.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 901289 |
| Western Carolina University, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 374645 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027807 |
|  |  | &nbsp;&nbsp;**$18875535** |
| Electric Utilities — 4.2% | Electric Utilities — 4.2% | Electric Utilities — 4.2% |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | $2065 | &nbsp;&nbsp;$2004647 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | 2615 | &nbsp;&nbsp;&nbsp;&nbsp; 2708203 |
| Greenville, NC, (Greenville Utilities Commission): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4653044 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226934 |
|  |  | &nbsp;&nbsp;**$9592828** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% | Escrowed/Prerefunded — 0.5% |
| New Hanover County, NC, (New Hanover Regional Medical Center), Prerefunded to 10/1/27, 5.00%, 10/1/36 | $1000 | &nbsp;&nbsp;$1046812 |
|  |  | &nbsp;&nbsp;**$1046812** |
| General Obligations — 12.6% | General Obligations — 12.6% | General Obligations — 12.6% |
| Brunswick County, NC, 4.00%, 8/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;$853640 |
| Concord, NC, 4.00%, 9/1/41 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1506271 |
| Greensboro, NC, 4.00%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 384109 |
| Guilford County, NC, 4.00%, 3/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 918694 |
| Huntersville, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1180419 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/42 | 1425 | &nbsp;&nbsp;&nbsp;&nbsp; 1372379 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/43 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1390677 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1194436 |
| Johnston County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/40 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1275011 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/41 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp; 1434449 |
| Lee County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1030133 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp; 1002279 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/43 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1136567 |
| Mecklenburg County, NC, 4.00%, 2/1/45 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1104493 |
| North Carolina, 2.00%, 6/1/32 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2647785 |
| Pender County, NC, 4.00%, 3/1/45 | 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 2393314 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048255 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 802978 |
| Wake County, NC, 5.00%, 4/1/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2751416 |
| Wake Forest, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 252027 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 700860 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 772571 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 982646 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 868257 |
|  |  | &nbsp;&nbsp;**$29003666** |
| Hospital — 10.0% | Hospital — 10.0% | Hospital — 10.0% |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health): |  |  |
| &nbsp;&nbsp;&nbsp;3.45% to 10/31/25 (Put Date), 1/15/48 | $2000 | &nbsp;&nbsp;$2000871 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.95%, 1/15/48<sup>(1)</sup> | 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System), (SPA: JPMorgan Chase Bank, N.A.), 2.95%, 1/15/38<sup>(1)</sup> | 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| North Carolina Medical Care Commission, (Novant Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/49 | $2665 | &nbsp;&nbsp;$2299782 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 1.77%, 11/1/34<sup>(2)</sup> | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.50%, 11/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2599621 |
| University of North Carolina Hospitals at Chapel Hill: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/49 | 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7184027 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 3.00%, 2/15/31<sup>(1)</sup> | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
|  |  | &nbsp;&nbsp;**$22984301** |
| Housing — 6.4% | Housing — 6.4% | Housing — 6.4% |
| North Carolina Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 1/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;$543455 |
| &nbsp;&nbsp;&nbsp;(Liq: TD Bank, N.A.), 3.00%, 1/1/50<sup>(1)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1093539 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.80%, 1/1/40 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1313993 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.85%, 7/1/38 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1723936 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.00%, 7/1/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2365431 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.55%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 854287 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 3.00%, 7/1/49<sup>(1)</sup> | 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 1948169 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.875%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1007826 |
| Raleigh Housing Authority, NC, (919 At Cross Link), (FNMA), 4.50%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 532104 |
|  |  | &nbsp;&nbsp;**$14782740** |
| Industrial Development Revenue — 0.4% | Industrial Development Revenue — 0.4% | Industrial Development Revenue — 0.4% |
| Cumberland County Industrial Facilities and Pollution Control Financing Authority, NC, (Aero Project), (AMT), 3.75% to 11/1/25 (Put Date), 12/1/27 | $1000 | &nbsp;&nbsp;$1000329 |
|  |  | &nbsp;&nbsp;**$1000329** |
| Insured - Education — 1.8% | Insured - Education — 1.8% | Insured - Education — 1.8% |
| East Carolina University, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 4.125%, 10/1/43 | $1265 | &nbsp;&nbsp;$1202717 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.25%, 10/1/47 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1400480 |
| &nbsp;&nbsp;&nbsp;(BAM), 4.375%, 10/1/48 | 1570 | &nbsp;&nbsp;&nbsp;&nbsp; 1479840 |
| University of North Carolina, (AGC), 5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35008 |
|  |  | &nbsp;&nbsp;**$4118045** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $1335 | &nbsp;&nbsp;$1298334 |
|  |  | &nbsp;&nbsp;**$1298334** |
| Insured - Transportation — 6.2% | Insured - Transportation — 6.2% | Insured - Transportation — 6.2% |
| Greater Asheville Regional Airport Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(AGM), (AMT), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$278375 |
| &nbsp;&nbsp;&nbsp;(AGM), (AMT), 5.00%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051580 |
| &nbsp;&nbsp;&nbsp;(AGM), (AMT), 5.25%, 7/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2539175 |
| &nbsp;&nbsp;&nbsp;(AGM), (AMT), 5.50%, 7/1/47 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2575699 |
| &nbsp;&nbsp;&nbsp;(AGM), (AMT), 5.50%, 7/1/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055484 |
| North Carolina Turnpike Authority, (Triangle Expressway System): |  |  |
| &nbsp;&nbsp;&nbsp;(AGC), 0.00%, 1/1/35 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 4434468 |
| &nbsp;&nbsp;&nbsp;(AGM), 5.00%, 1/1/39 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1213557 |
|  |  | &nbsp;&nbsp;**$14148338** |
| Lease Revenue/Certificates of Participation — 2.9% | Lease Revenue/Certificates of Participation — 2.9% | Lease Revenue/Certificates of Participation — 2.9% |
| Ashe County, NC, 5.00%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$343254 |
| Charlotte, NC, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/36 | 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1335511 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1167006 |
| Pender County, NC, 4.00%, 4/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 923695 |
| Wake County, NC, 4.00%, 3/1/37 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1895465 |
| Watauga Public Facilities Corp., NC, 5.25%, 6/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077141 |
|  |  | &nbsp;&nbsp;**$6742072** |
| Other Revenue — 0.6% | Other Revenue — 0.6% | Other Revenue — 0.6% |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | $1400 | &nbsp;&nbsp;$1474547 |
|  |  | &nbsp;&nbsp;**$1474547** |
| Senior Living/Life Care — 6.2% | Senior Living/Life Care — 6.2% | Senior Living/Life Care — 6.2% |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | $2000 | &nbsp;&nbsp;$2023940 |
| North Carolina Medical Care Commission, (EveryAge): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 812907 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/44 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1219955 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/49 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1028839 |
| North Carolina Medical Care Commission, (Penick Village): |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 408438 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/44 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1337835 |
| North Carolina Medical Care Commission, (Pennybyrn at Maryfield), 5.00%, 10/1/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1771407 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| North Carolina Medical Care Commission, (Plantation Village, Inc.), 4.00%, 1/1/41 | $1100 | &nbsp;&nbsp;$948554 |
| North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 761596 |
| North Carolina Medical Care Commission, (The Pines at Davidson): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 510316 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010910 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes), 5.125%, 10/1/54 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2423183 |
|  |  | &nbsp;&nbsp;**$14257880** |
| Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority, 5.00%, 9/1/38<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$195945 |
| Mecklenburg County, NC, Special Obligation, 5.00%, 1/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001529 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 2846854 |
|  |  | &nbsp;&nbsp;**$4044328** |
| Student Loan — 2.2% | Student Loan — 2.2% | Student Loan — 2.2% |
| North Carolina Education Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/35<sup>(4)</sup> | $1700 | &nbsp;&nbsp;$1731369 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/43 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1429933 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/45<sup>(4)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006961 |
|  |  | &nbsp;&nbsp;**$5168263** |
| Transportation — 8.6% | Transportation — 8.6% | Transportation — 8.6% |
| Charlotte, NC, (Charlotte Douglas International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;$1017295 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006009 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993997 |
| North Carolina: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/1/40 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1474106 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/31 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2204929 |
| North Carolina Department of Transportation, (I-77 HOT Lanes), (AMT), 5.00%, 6/30/54 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2443595 |
| North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 1/1/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2543616 |
| Raleigh-Durham Airport Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 1.93%, 5/1/36<sup>(2)</sup> | 1885 | &nbsp;&nbsp;&nbsp;&nbsp; 1885000 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/35 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2281648 |
|  |  | &nbsp;&nbsp;**$19850195** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer — 22.1% | Water and Sewer — 22.1% | Water and Sewer — 22.1% |
| Buncombe County Metropolitan Sewerage District, NC, 5.00%, 7/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;$540715 |
| Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2202876 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 425118 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 1006435 |
| Charlotte, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6497666 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/52 | 4480 | &nbsp;&nbsp;&nbsp;&nbsp; 4060457 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1143480 |
| Durham, NC, Water and Sewer Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/1/40 | 2395 | &nbsp;&nbsp;&nbsp;&nbsp; 1997039 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1047487 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 622896 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/49 | 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3079006 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | 3285 | &nbsp;&nbsp;&nbsp;&nbsp; 3134935 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 556095 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1355746 |
| Gastonia, NC, Combined Utilities System Revenue, 4.00%, 5/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 402392 |
| Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/49 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4166100 |
| Johnston County, NC, Water and Sewer System Revenue, 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 1022930 |
| Mebane, NC, Combined Utilities Revenue, 4.00%, 8/1/49 | 2275 | &nbsp;&nbsp;&nbsp;&nbsp; 1993994 |
| Onslow Water and Sewer Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 612948 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1135257 |
| Sanford, NC, Utility Systems Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 275431 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846640 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 309312 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 209422 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/1/50 | 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1137933 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 542093 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 807015 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 800851 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 619325 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060004 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243801 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1070374 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Winston-Salem, NC, Water and Sewer System Revenue, 4.00%, 6/1/37 | $5000 | &nbsp;&nbsp;$4994896 |
|  |  | &nbsp;&nbsp;**$50920669** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $224,029,998) |  | &nbsp;&nbsp;**$219308882** |

---

Taxable Municipal Obligations — 1.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.0% | Education — 1.0% | Education — 1.0% |
| Duke University, NC, 5.85%, 4/1/37 | $1400 | &nbsp;&nbsp;$1492099 |
| University of North Carolina at Chapel Hill, 3.327%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 882901 |
|  |  | &nbsp;&nbsp;**$2375000** |
| Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% | Lease Revenue/Certificates of Participation — 0.3% |
| Greensboro, NC, (Coliseum Complex), 2.431%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$420304 |
| Wilmington, NC, Limited Obligation Bonds, 2.03%, 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 178146 |
|  |  | &nbsp;&nbsp;**$598450** |
| Total Taxable Municipal Obligations<br> (identified cost $3,056,949) |  | &nbsp;&nbsp;**$2973450** |
| Total Investments — 97.0%<br> (identified cost $228,086,947) |  | &nbsp;&nbsp;**$223237427** |
| Other Assets, Less Liabilities — 3.0% |  | &nbsp;&nbsp;**$6844455** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$230081882** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at May 31, 2025. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at May 31, 2025. |

---

---

| | |
|:---|:---|
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2025, the aggregate value of these securities is $195,945 or 0.1% of the Fund's net assets. |
| <sup>(4)</sup> | When-issued security. |
| The Fund invests primarily in debt securities issued by North Carolina municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At May 31, 2025, 8.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 4.4% of total investments. | The Fund invests primarily in debt securities issued by North Carolina municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At May 31, 2025, 8.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 4.4% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| Liq | – Liquidity Provider |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SPA | – Standby Bond Purchase Agreement |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

May 31, 2025

Portfolio of Investments (Unaudited) — continued

------

The Fund did not have any open derivative instruments at May 31, 2025.

Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At May 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$955095 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$955095 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219308882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219308882 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973450 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$223237427** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$223237427** |

---

For information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Eaton Vance Municipals Trust

- **b. Investment Company Act file number:** 811-04409

- **c. CIK number of Registrant:** 0000778365

- **d. LEI of Registrant:** 549300URENTSNA53MO13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Post Office Square

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

  - **Telephone number:** 617-482-8260

**Item A.2. Information about the Series.**

- **a. Name of Series:** Eaton Vance North Carolina Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000004850

- **c. LEI of Series:** 549300TRNSPMC6ISX220

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $234998252.16

**Total Liabilities:** $4569131.35

**Net Assets:** $230429120.81

**Delayed Delivery Securities:** $3713707.00

**Cash Not Reported:** $3528859.47

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -339.78000000 | **1-Year:** -7126.92000000 | **5-Year:** -29282.57000000 | **10-Year:** -97821.65000000 | **30-Year:** -31912.73000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -19.88000000 | **1-Year:** -620.63000000 | **5-Year:** -1950.89000000 | **10-Year:** -3253.42000000 | **30-Year:** -1512.56000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013138 | -2.00%               | -0.57%               | -0.47%               |
| Class ID C000013136 | -1.87%               | -0.57%               | -0.46%               |
| Class ID C000063950 | -1.84%               | -0.43%               | -0.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-57777.44               | $-4851018.85                               |
| Month 2  | $-90786.28               | $-1480950.18                               |
| Month 3  | $-238611.64              | $-1538931.25                               |

**Designated Index Information**

- **Index Name:** BB Barclays Municipal Bd

- **Index Identifier:** MBINDEX

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Duke University                                                                 | DUKE UNIV NC                                                 | CUSIP: 264416AN8<br>LEI: FY5ICUIRRDCHN4HHL592 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1492098.72   | 0.65%             | 2037-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526Q2V3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1298334.09   | 0.56%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425118.40    | 0.18%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTQ9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    410000 | PA      | $408437.53    | 0.18%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LD3<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    255000 | PA      | $252027.26    | 0.11%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6497666.50   | 2.82%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Carolina University                                                        | EAST CAROLINA NC UNIV                                        | CUSIP: 271371E51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400480.55   | 0.61%             | 2047-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LH4<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    905000 | PA      | $868256.91    | 0.38%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1137933.44   | 0.49%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | RALEIGH DURHAM NC ARPT AUTH ARPT REVENUE                     | CUSIP: 751073MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2333503.13   | 1.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC HOSP CHAPEL HILL REVENUE           | CUSIP: 91471FAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.69%             | 2031-02-15      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | GREENVILLE NC COMB ENTERPRISE SYS REVENUE                    | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4653043.52   | 2.02%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | JOHNSTON CNTY NC                                             | CUSIP: 479340YF2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1275010.62   | 0.55%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 657902U91<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.08%             | 2034-11-01      | Floating      | 1.77%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1143480.47   | 0.50%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805NN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2004647.07   | 0.87%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Onslow Water & Sewer Authority                                                  | ONSLOW NC WTR & SWR AUTH COMB ENTERPRISES SYS REVENUE        | CUSIP: 682852ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $612948.00    | 0.27%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391EX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2202875.90   | 0.96%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5006009.00   | 2.17%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | WAKE CNTY NC                                                 | CUSIP: 930864JY0<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2751416.25   | 1.19%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC                                                           | GREENSBORO NC LIMITED OBLIG                                  | CUSIP: 395476FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420303.90    | 0.18%             | 2033-04-01      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1355746.46   | 0.59%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207YN9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1313992.91   | 0.57%             | 2040-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | RALEIGH DURHAM NC ARPT AUTH ARPT REVENUE                     | CUSIP: 751073GK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1885000.00   | 0.82%             | 2036-05-01      | Floating      | 1.93%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC                                                          | BRUNSWICK CNTY NC                                            | CUSIP: 117061XQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $853640.12    | 0.37%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993997.00    | 0.43%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RAR0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $4434467.70   | 1.92%             | 2035-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $278374.73    | 0.12%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060003.80   | 0.46%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3079005.96   | 1.34%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | GREENVILLE NC UTILITIES COMMISSION COMB ENTERPRISE SYS REVEN | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $381662.47    | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte/The                                   | UNIV OF NORTH CAROLINA NC AT CHARLOTTE                       | CUSIP: 914716H73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8079780.80   | 3.51%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2543615.75   | 1.10%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2846853.47   | 1.24%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 1.04%             | 2049-07-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800850.75    | 0.35%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $802978.13    | 0.35%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DWK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2299781.74   | 1.00%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051579.90   | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $622896.03    | 0.27%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                              | JOHNSTON CNTY NC WTR & SWR REVENUE                           | CUSIP: 479357CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1022930.32   | 0.44%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000328.50   | 0.43%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Onslow Water & Sewer Authority                                                  | ONSLOW NC WTR & SWR AUTH COMB ENTERPRISES SYS REVENUE        | CUSIP: 682852DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135257.09   | 0.49%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1070373.83   | 0.46%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1028838.68   | 0.45%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1047486.55   | 0.45%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036VH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1017295.09   | 0.44%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $309312.20    | 0.13%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                                                      | Housing Authority of the City of Raleigh North Carolina      | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $955094.80    | 0.41%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | NORTH CAROLINA ST EDU ASSISTANCE AUTH                        | CUSIP: 658262HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006961.20   | 0.87%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DUW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023940.20   | 0.88%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | NORTH CAROLINA ST EDU ASSISTANCE AUTH                        | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1429932.76   | 0.62%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pender NC                                                             | PENDER CNTY NC LTD OBLIG                                     | CUSIP: 706716EQ6<br>LEI: 549300TW9ZHCIKDLQB34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923694.80    | 0.40%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gastonia NC Combined Utilities System Revenue                           | GASTONIA NC COMB UTILITIES SYS REVENUE                       | CUSIP: 367319FS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $402392.09    | 0.17%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846640.00   | 0.80%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSPAUTH HLTH CARE SYS REVENUE      | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.30%             | 2048-01-15      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YQC3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510316.50    | 0.22%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1219955.18   | 0.53%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1002278.83   | 0.43%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | NORTH CAROLINA ST EDU ASSISTANCE AUTH                        | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1731368.91   | 0.75%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | CHARLOTTE NC COPS                                            | CUSIP: 1610373L8<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1335511.30   | 0.58%             | 2036-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YQE9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010910.10   | 0.44%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                   | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195945.46    | 0.09%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2708203.31   | 1.18%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                    | MEBANE NC COMB UTILS REVENUE                                 | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $1993994.28   | 0.87%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST                                            | CUSIP: 6582564M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2647785.00   | 1.15%             | 2032-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207X26<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1948169.32   | 0.85%             | 2043-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | WSTRN CAROLINA NC UNIV                                       | CUSIP: 957897ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $374645.37    | 0.16%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pender NC                                                             | PENDER CNTY NC                                               | CUSIP: 706711KK3<br>LEI: 549300TW9ZHCIKDLQB34 | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2393313.41   | 1.04%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSP2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $812906.60    | 0.35%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Carolina University                                                        | EAST CAROLINA NC UNIV                                        | CUSIP: 271371E69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1479839.61   | 0.64%             | 2048-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST GRANT ANTICIPATION REVENUE                 | CUSIP: 658268FC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2204929.40   | 0.96%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $948554.20    | 0.41%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                             | UNIV OF NORTH CAROLINA NC SYS                                | CUSIP: 9147208R1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35007.73     | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buncombe County Metropolitan Sewerage District                                  | BUNCOMBE CNTY NC MET SEWERAGEDIST SWR SYS REVENUE            | CUSIP: 120532JY3<br>LEI: 254900U5AA2F4DQUFZ71 | Long             | DBT              | MUN               | US        |    540000 | PA      | $540714.85    | 0.23%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC                                                           | GREENSBORO NC                                                | CUSIP: 3954608P6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $384109.00    | 0.17%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $3134935.29   | 1.36%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $209422.45    | 0.09%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | JOHNSTON CNTY NC                                             | CUSIP: 479340YG0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1434449.15   | 0.62%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $556094.62    | 0.24%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Watauga Public Facilities Corp                                                  | WATAUGA NC PUBLIC FACS CORP                                  | CUSIP: 94109SBR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077141.20   | 0.47%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1213556.88   | 0.53%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                           | GUILFORD CNTY NC                                             | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |    965000 | PA      | $918693.99    | 0.40%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GJ4<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1180419.40   | 0.51%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LF8<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    795000 | PA      | $772571.38    | 0.34%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LG6<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $982645.66    | 0.43%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055484.40   | 0.89%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE  | CUSIP: 65818PMZ9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    800000 | PA      | $808350.72    | 0.35%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Concord NC                                                              | CONCORD NC                                                   | CUSIP: 206435NH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1506271.25   | 0.65%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    880000 | PA      | $761596.00    | 0.33%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY REVENUE               | CUSIP: 65819GLC0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1947282.99   | 0.85%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                        | MECKLENBURG CNTY NC SPL OBLG                                 | CUSIP: 58400UAP2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001529.20   | 0.43%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048255.20   | 0.45%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST LTD OBLIG                                  | CUSIP: 65829QFZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1474105.80   | 0.64%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE             | CUSIP: 65820BAY2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2365430.75   | 1.03%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $807014.78    | 0.35%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.78%             | 2038-01-15      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $243800.87    | 0.11%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2395000 | PA      | $1997038.66   | 0.87%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2599621.25   | 1.13%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853TL1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000871.00   | 0.87%             | 2048-01-15      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714QD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1136566.80   | 0.49%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                        | MECKLENBURG CNTY NC                                          | CUSIP: 584002C31<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1104493.07   | 0.48%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LE1<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    715000 | PA      | $700859.45    | 0.30%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1006434.66   | 0.44%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE             | CUSIP: 65820BBC9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.43%             | 2050-01-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207VA0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1723935.75   | 0.75%             | 2038-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY REVENUE               | CUSIP: 65819GLA4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1987294.57   | 0.86%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1771407.00   | 0.77%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $619324.58    | 0.27%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    870000 | PA      | $854287.10    | 0.37%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $275430.91    | 0.12%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GL9<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1390676.88   | 0.60%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                      | UNIV OF NORTH CAROLINA NC AT GREENSBORO                      | CUSIP: 914719VA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $901289.43    | 0.39%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | CHARLOTTE NC COPS                                            | CUSIP: 161037W28<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1167005.42   | 0.51%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Carolina University                                                        | EAST CAROLINA NC UNIV                                        | CUSIP: 271371D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1202716.71   | 0.52%             | 2043-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                          | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1474546.78   | 0.64%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Wilmington NC                                                           | WILMINGTON NC LTD OBLG REVENUE                               | CUSIP: 971697JP3<br>LEI: 549300Y5IY4G3QB69428 | Long             | DBT              | MUN               | US        |    200000 | PA      | $178146.74    | 0.08%             | 2030-06-01      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                               | ASHE NC                                                      | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $343253.69    | 0.15%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714PY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1030132.95   | 0.45%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1337834.93   | 0.58%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539175.50   | 1.10%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876FK8<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1895465.28   | 0.82%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207TY1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    605000 | PA      | $543454.86    | 0.24%             | 2041-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | NEW HANOVER CNTY NC HOSP REVENUE                             | CUSIP: 644804FH4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046812.00   | 0.45%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2575699.25   | 1.12%             | 2047-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1007826.05   | 0.44%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                       | RALEIGH NC HSG AUTH MF REVENUE                               | CUSIP: 751115BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $532104.32    | 0.23%             | 2043-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | GREENSBORO NC ENTERPRISE SYS REVENUE                         | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4166100.00   | 1.81%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GK1<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1372378.88   | 0.60%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GM7<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1194435.88   | 0.52%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA AT CHAPEL HILL NC HOSP REVENUE        | CUSIP: 914714CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6800000 | PA      | $7184027.28   | 3.12%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542092.90    | 0.24%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                           | WINSTON-SALEM NC WTR & SWR SYS REVENUE                       | CUSIP: 975700ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4994895.50   | 2.17%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207K53<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1093539.00   | 0.47%             | 2029-01-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045RV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4480000 | PA      | $4060456.96   | 1.76%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | WSTRN CAROLINA NC UNIV                                       | CUSIP: 957897KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027806.60   | 0.45%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Department of Transportation                                     | NORTH CAROLINA DEPT TRANSN    PRIVATE ACTIVITY REVENUE       | CUSIP: 65820FAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2443595.39   | 1.06%             | 2054-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2423183.34   | 1.05%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                        | NORTH CAROLINA ST AGRIC & TECH UNIV                          | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2859260.60   | 1.24%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                      | NORTH CAROLINA ST UNIV AT RALEIGH                            | CUSIP: 658289T29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1091818.56   | 0.47%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713P22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $882901.01    | 0.38%             | 2036-12-01      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

**Name of Applicant:** Eaton Vance Municipals Trust

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer