# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037569
**Filing Date:** 2023-2
**Character Count:** 300415
**Document Hash:** 2aebc5b942bbfb0c2f26bba51446a1f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037569.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037569

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662622

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE MUNICIPAL BOND TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890410

## Series and Classes Contracts Data

### MFS Municipal Intermediate Fund (Series ID: S000071695)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227169 | Class C      | MIUCX           |
| C000227170 | Class A      | MIUAX           |
| C000227171 | Class I      | MIUIX           |
| C000227172 | Class R6     | MIURX           |

## Nport-Ex

![](img4676b6af1.gif)

### Quarterly Report
December 31, 2022

MFS<sup>®</sup> Municipal<br> Intermediate Fund

![](img9781f7f92.gif)

MIU-Q3

------

### Portfolio of Investments
12/31/22 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - 94.8% | Municipal Bonds - 94.8% | Municipal Bonds - 94.8% |
| Alabama - 2.3% | Alabama - 2.3% | Alabama - 2.3% |
| Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), "F", HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357980 |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), "A", 4%, 12/01/2051 (Put Date 12/01/2031) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723370 |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 3), "A-1", 5.5%, 1/01/2053 (Put Date 12/01/2029) | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227599 |
| Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 4), "B-1", 5%, 5/01/2053 (Put Date 8/01/2028) | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492725 |
| Birmingham-Jefferson, AL, Civic Center Authority, "B", 5%, 7/01/2043 | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515029 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5.5%, 11/01/2053 (Put Date 12/01/2028) | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362032 |
| Black Belt Energy Gas District, AL, Gas Supply Rev., "D-1", 4%, 7/01/2052 (Put Date 6/01/2027) | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2991536 |
| Alaska - 0.5% | Alaska - 0.5% | Alaska - 0.5% |
| Alaska Housing Finance Corp., General Mortgage Rev. II, "C", 5.75%, 12/01/2052 | $&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$388750 |
| Alaska Municipal Bond Bank, General Obligation, Refunding, Series "1", 5%, 12/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$606760 |
| Arizona - 2.8% | Arizona - 2.8% | Arizona - 2.8% |
| Arizona Board of Regents, Arizona State University System Rev., "B", 5%, 7/01/2026 | $&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$291092 |
| Arizona Board of Regents, Arizona State University System Rev., "B", 5%, 7/01/2027 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313194 |
| Arizona Industrial Development Authority Education Rev. (Greathearts Arizona Projects), "A", 5%, 7/01/2026 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131141 |
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2042 (Put Date 9/01/2027) | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787821 |
| Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521787 |
| Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 2.125%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131 |
| Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), "B", 0.875%, 6/01/2043 (Put Date 10/01/2026) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13302 |
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.1%, 12/01/2035 (Put Date 2/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000062 |
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), "B-3", 5.125%, 11/15/2029 (n) | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244354 |
| Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), "A", 4%, 12/01/2026 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3541847 |
| Arkansas - 0.3% | Arkansas - 0.3% | Arkansas - 0.3% |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2027 | $&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123737 |
| Cabot, AR, Sales & Use Tax Refunding and Improvements, "B", 5%, 12/01/2025 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159515 |
| Cabot, AR, Sales & Use Tax Refunding and Improvements, "B", 5%, 12/01/2026 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$434870 |
| California - 4.3% | California - 4.3% | California - 4.3% |
| California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500790 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112853 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.125%, 10/01/2041 (Put Date 10/01/2025) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49863 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2032 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126834 |
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), "B-3", 2.125%, 11/15/2027 (n) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18516 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2032 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523193 |
| California Statewide Communities Development Authority Rev. (Adventist Health System West), "A", 4.125%, 3/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91287 |
| California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93254 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2044 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130046 |
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A CHF Irvine LLC), 5%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82976 |
| Indio, CA, Public Financing Authority Lease Rev., "A", BAM, 5%, 11/01/2028 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303328 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "F", 5%, 5/15/2033 | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619764 |
| Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), "A", 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125624 |
| University of California Regents, Medical Center Pooled Rev., "P", 5%, 5/15/2035 | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720058 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| California - continued | California - continued | California - continued |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2033 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1091381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5589767 |
| Colorado - 2.5% | Colorado - 2.5% | Colorado - 2.5% |
| Adams, Morgan, & Weld Counties, CO, Groundwater Management Subdistrict of the Central Water Conservancy District, BAM, 5%, 12/01/2028 | $&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$224200 |
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119925 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A", 5.25%, 11/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071160 |
| Colorado Health Facilities Authority Rev. (Intermountain Healthcare, Inc.), "C", 5%, 5/15/2062 (Put Date 8/15/2028) | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702407 |
| Colorado Mountain College, COP, 5%, 12/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218010 |
| Denver, CO, City & County Airport Systems Rev., "A", 5%, 11/15/2031 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3157956 |
| Connecticut - 1.4% | Connecticut - 1.4% | Connecticut - 1.4% |
| Connecticut Higher Education Supplemental Loan Authority, "B", 5%, 11/15/2024 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$257184 |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "E-1", GNMA, 5.5%, 11/15/2052 | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652316 |
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1783808 |
| District of Columbia - 0.6% | District of Columbia - 0.6% | District of Columbia - 0.6% |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2049 (n) | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227830 |
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93179 |
| District of Columbia, Housing Finance Agency, Multi-Family Development Program, "B-2", 0.5%, 3/01/2027 (Put Date 10/01/2024) | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243529 |
| Metropolitan Washington, D.C., Airport Authority System Rev., "A", 5%, 10/01/2027 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$830655 |
| Florida - 2.7% | Florida - 2.7% | Florida - 2.7% |
| Florida Atlantic University Finance Corp., Capital Improvement Rev. (Student Housing Project), "B", 5%, 7/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83695 |
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2028 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461551 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., "A", 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547793 |
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), "A", 5%, 11/01/2033 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369972 |
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288695 |
| Pasco County, FL, School Board Refunding, Certificate of Participation, "A", 5%, 8/01/2026 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160813 |
| Pasco County, FL, School Board Refunding, Certificate of Participation, "A", 5%, 8/01/2027 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163605 |
| Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82688 |
| Pompano Beach, FL, Rev. (John Knox Village Project), "A", 4%, 9/01/2036 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472411 |
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2026 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181757 |
| Volusia County, FL, School Board Master Lease Program, "A", 5%, 8/01/2030 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229443 |
| Wildwood, FL, Utility Dependent District Utility Rev. (South Sumter Utility Project), BAM, 5%, 10/01/2028 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3485535 |
| Georgia - 2.8% | Georgia - 2.8% | Georgia - 2.8% |
| Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80323 |
| Carroll County, GA, Water Authority, Water & Sewerage Refunding and Improvement Rev., "A", 4%, 7/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210415 |
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2025 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230809 |
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2026 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181454 |
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2027 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130313 |
| Cobb County, GA, Development Authority Lease Rev. (KSU University II Real Estate Foundation LLC Project), 4%, 7/15/2028 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157557 |
| Columbus, GA, Medical Center Hospital Authority Rev. Anticipation Certificates (Piedmont Healthcare, Inc. Project), "B", 5%, 7/01/2054 (Put Date 7/01/2029) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090833 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "B", 5%, 12/01/2052 (Put Date 6/01/2029) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516173 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University), "B", 4%, 9/01/2039 | &nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3583032 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Guam - 1.4% | Guam - 1.4% | Guam - 1.4% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2028 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104934 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26145 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276829 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2035 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107239 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61112 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175178 |
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), "A", 2.699%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22584 |
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), "A", 3.489%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45252 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65839 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111787 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136669 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381732 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1826420 |
| Idaho - 0.0% | Idaho - 0.0% | Idaho - 0.0% |
| Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project), "A", 0.7%, 7/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57869 |
| Illinois - 6.3% | Illinois - 6.3% | Illinois - 6.3% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217390 |
| Chicago, IL, Board of Education, "A", NPFG, 5.5%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72248 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", 5%, 12/01/2030 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512382 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190159 |
| Chicago, IL, General Obligation (Neighborhood Alive 21 Program), "B", 5.5%, 1/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45668 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2025 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147788 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41082 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46568 |
| Chicago, IL, General Obligation, "A", 5.25%, 1/01/2038 (w) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034444 |
| Chicago, IL, General Obligation, Refunding, "A", 5.625%, 1/01/2031 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104663 |
| Chicago, IL, Midway Airport Rev., "A", 5%, 1/01/2026 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140314 |
| Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | &nbsp;&nbsp;&nbsp;132750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133767 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2033 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435087 |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "C", 5%, 1/01/2034 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216697 |
| Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2026 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209733 |
| East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232756 |
| Franklin Park, IL, General Obligation Refunding Debt Certificates, "A", BAM, 4%, 10/01/2026 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312121 |
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032 | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672137 |
| Illinois Finance Authority Rev. (OSF Healthcare System), "A", 4.125%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70041 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "A", 5.625%, 5/15/2030 | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871699 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "B-2", 5.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60151 |
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), "B-3", 4.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120304 |
| Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), "B", 3.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78060 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 2.25%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207 |
| Illinois Finance Authority, Health Facilities Rev. (Unitypoint Health), "D", 5%, 2/15/2025 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103536 |
| Illinois Highway Authority, Toll Rev., "A", 5%, 1/01/2040 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112674 |
| Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503348 |
| Illinois Regional Transportation Authority, General Obligation Refunding Rev., "A", NPFG, 6%, 7/01/2029 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170961 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113 |
| Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., "A", 5%, 4/01/2032 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216859 |
| State of Illinois, "A", 5%, 10/01/2028 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103367 |
| State of Illinois, General Obligation, 5%, 2/01/2029 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168836 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154812 |
| State of Illinois, General Obligation Refunding, AGM, 4%, 2/01/2031 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100596 |
| State of Illinois, General Obligation, "A", 5%, 3/01/2030 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123853 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Illinois - continued | Illinois - continued | Illinois - continued |
| State of Illinois, General Obligation, "A", 5%, 3/01/2031 | $&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$180432 |
| State of Illinois, Sales Tax Rev., "A", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8086709 |
| Indiana - 3.6% | Indiana - 3.6% | Indiana - 3.6% |
| Ball St. University, IN, Board of Trustees, Student Fee Bonds, "T", 5%, 7/01/2027 | $&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217487 |
| Beech Grove, IN, Central Schools Building Corp., "A", 3%, 7/15/2026 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99988 |
| Beech Grove, IN, Central Schools Building Corp., "B", 2%, 7/15/2025 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96455 |
| Indiana Development Finance Authority Solid Water Disposal Rev. (Waste Management, Inc. Project), 4%, 10/01/2031 (Put Date 10/02/2023) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500943 |
| Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), "B", 2.45%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27263 |
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208608 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "B", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549610 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "B", 5%, 7/01/2030 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314605 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "C-1", GNMA, 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245036 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "C-1", GNMA, 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109716 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "C-1", GNMA, 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242496 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "C-1", GNMA, 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243456 |
| Indiana Housing & Community Development Authority, Single Family Mortgage Rev., "C-1", GNMA, 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250582 |
| Indiana Secondary Market for Education Loans, Inc., Tax Exempt Student Loan Program Rev., "1A", 5%, 6/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068135 |
| Lawrence County, IN, Mitchell High School Building Corp., 3%, 1/15/2026 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200457 |
| Terre Haute, IN, Sanitary District Refunding Rev., BAM, 3%, 7/01/2023 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124981 |
| Terre Haute, IN, Sanitary District Refunding Rev., BAM, 4%, 7/01/2027 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4604651 |
| Iowa - 0.1% | Iowa - 0.1% | Iowa - 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9315 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101803 |
| Kansas - 1.3% | Kansas - 1.3% | Kansas - 1.3% |
| Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), "B", 5%, 11/15/2054 (Put Date 11/15/2028) | $&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$574265 |
| Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, "B", 5%, 11/15/2054 (Prerefunded 11/15/2028) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77930 |
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), "A", 4%, 6/01/2025 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120302 |
| Sedgwick County, KS, Unified School District No. 268, General Obligation Refunding, "B", 3%, 9/01/2028 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148840 |
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), "A", 5.75%, 12/01/2033 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1668291 |
| Kentucky - 0.7% | Kentucky - 0.7% | Kentucky - 0.7% |
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), "B", 3.7%, 1/01/2032 (n) | $&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99890 |
| Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, "A-1", 5%, 6/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534804 |
| Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350 |
| Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2028 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$867111 |
| Louisiana - 1.1% | Louisiana - 1.1% | Louisiana - 1.1% |
| Jefferson Parish, LA, Consolidated Sewerage District 1 Rev., BAM, 4%, 2/01/2033 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1056345 |
| Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206454 |
| Louisiana Stadium & Exposition District Rev., 4%, 7/03/2023 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1362922 |
| Maryland - 1.5% | Maryland - 1.5% | Maryland - 1.5% |
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), "A", 4%, 7/01/2038 | $&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$446966 |
| Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), "B", 1.47%, 3/01/2023 | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521761 |
| Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), "B", 1.78%, 3/01/2024 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526006 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 (Prerefunded 5/01/2028) | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150913 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Maryland - continued | Maryland - continued | Maryland - continued |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$260966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1906612 |
| Massachusetts - 1.6% | Massachusetts - 1.6% | Massachusetts - 1.6% |
| Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97424 |
| Massachusetts Development Finance Agency Rev. (South Shore Hospital), "I", 4%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86229 |
| Massachusetts Development Finance Agency Rev. (Williams College), "N", 0.45%, 7/01/2041 (Put Date 7/01/2025) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41391 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, "B", 3.625%, 7/01/2038 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288485 |
| Massachusetts Housing Finance Agency, "D-3", FHA, 3.35%, 6/01/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996782 |
| Massachusetts Housing Finance Agency, Single Family Housing Rev., "225", 5.5%, 12/01/2052 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2047098 |
| Michigan - 1.7% | Michigan - 1.7% | Michigan - 1.7% |
| Lake Superior State University Board of Trustees Rev., AGM, 4%, 11/15/2028 | $&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$207884 |
| Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), "B", 5%, 11/15/2044 (Put Date 11/16/2026) | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345190 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35758 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20463 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45916 |
| Michigan Housing Development Authority, Rental Housing Rev., "A", 0.55%, 4/01/2025 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103390 |
| Michigan Housing Development Authority, Single Family Mortgage Rev., "D", 5.5%, 6/01/2053 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400286 |
| Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2149247 |
| Minnesota - 0.5% | Minnesota - 0.5% | Minnesota - 0.5% |
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 3%, 7/01/2026 | $&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118306 |
| Minnesota Higher Educational Facilities Authority Rev. (St. John's University), 4%, 10/01/2029 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156554 |
| Minnesota Housing Finance Agency, Rental Housing, "C", GNMA, 3.8%, 2/01/2025 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145886 |
| Minnesota Housing Finance Agency, Residential Housing, "D", 3%, 1/01/2052 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$643750 |
| Mississippi - 0.1% | Mississippi - 0.1% | Mississippi - 0.1% |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66574 |
| Mississippi Home Corp., Single Family Mortgage Rev., "B", GNMA, 3%, 6/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153814 |
| Missouri - 0.9% | Missouri - 0.9% | Missouri - 0.9% |
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154351 |
| Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029 | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692875 |
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117972 |
| St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), "A", 4%, 4/01/2028 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1172613 |
| Nevada - 0.5% | Nevada - 0.5% | Nevada - 0.5% |
| Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., "A", 5%, 7/01/2026 | $&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$478729 |
| Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$622187 |
| New Hampshire - 0.3% | New Hampshire - 0.3% | New Hampshire - 0.3% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;278607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$269027 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5%, 4/01/2027 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$379176 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| New Jersey - 3.5% | New Jersey - 3.5% | New Jersey - 3.5% |
| Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85027 |
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2027 | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219571 |
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2028 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288764 |
| Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2029 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264315 |
| New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), "PP", 4%, 6/15/2030 (Prerefunded 6/15/2024) | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117009 |
| New Jersey Economic Development Authority Rev. (Portal North Bridge Project), "A", 5%, 11/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092573 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), "LLL", 5%, 6/15/2039 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228141 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591102 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211263 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67405 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71195 |
| Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59021 |
| Perth Amboy, NJ, General Improvement Refunding, "A", BAM, 3%, 3/15/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200816 |
| South Jersey, NJ, Transportation Authority System Rev., "A", BAM, 5%, 11/01/2036 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436488 |
| South Jersey, NJ, Transportation Authority System Rev., "A", BAM, 5%, 11/01/2037 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396716 |
| State of New Jersey, General Obligation, 4%, 6/01/2036 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4476459 |
| New Mexico - 0.6% | New Mexico - 0.6% | New Mexico - 0.6% |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Tax Exempt, "E", GNMA, 6.25%, 9/01/2053 | $&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$623430 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, "D", GNMA, 5.25%, 3/01/2053 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$745001 |
| New York - 7.0% | New York - 7.0% | New York - 7.0% |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2032 | $&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$316710 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036 (w) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786590 |
| Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), "B", 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351916 |
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, "A", 5%, 12/01/2027 | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723918 |
| Long Beach, NY, General Obligation, "B", BAM, 5.25%, 7/15/2032 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221741 |
| Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), "C-1", 4%, 11/15/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460023 |
| New York Mortgage Agency Rev., "243", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312133 |
| New York State Housing Finance Agency Affordable Rev., "A-2", 2.5%, 11/01/2060 (Put Date 5/01/2027) | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906328 |
| New York State Housing Finance Agency, Affordable Housing Rev., "G-2", HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169939 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240583 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), "A", 5%, 12/01/2032 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285627 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2030 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798358 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), "F-2-A", 3.4%, 11/01/2062 (Put Date 12/22/2026) | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559668 |
| Oyster Bay, NY, Public Improvement Rev., AGM, 5%, 8/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559017 |
| Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, "A-1", 1.015%, 6/01/2024 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475858 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "D-1", 5%, 11/15/2028 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844879 |
| Troy, NY, Capital Resource Corp. Refunding Rev. (Rensselaer Polytechnic Institute Project), 5%, 9/01/2027 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133820 |
| Yonkers, NY, General Obligation, "C", AGM, 5%, 3/15/2030 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9001597 |
| North Carolina - 1.2% | North Carolina - 1.2% | North Carolina - 1.2% |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 1.9%, 7/01/2032 | $&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$625368 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "48", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820508 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 5%, 3/01/2028 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1569693 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| North Dakota - 1.1% | North Dakota - 1.1% | North Dakota - 1.1% |
| Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$795463 |
| Horace, ND, Temporary Refunding Improvement, "B", 4%, 1/01/2025 | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1382607 |
| Ohio - 3.2% | Ohio - 3.2% | Ohio - 3.2% |
| Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Rev. (Children's Hospital Medical Center of Akron), "A", 5%, 11/15/2025 | $&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475152 |
| Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "B-2", 5%, 10/01/2051 (Put Date 6/04/2030) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551163 |
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353253 |
| Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205700 |
| Cuyahoga Falls, OH, School District Improvement Rev., BAM, 4%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79577 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "A", 4.25%, 11/01/2039 (Put Date 6/01/2027) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144599 |
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), "B", 4%, 9/01/2030 (Put Date 6/01/2027) | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169324 |
| Ohio Air Quality Development Authority Rev. (Dayton Power And Light Co. Project), "A", 4.25%, 11/01/2040 (Put Date 6/01/2027) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498616 |
| Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633376 |
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), "C", FNMA, 5.75%, 3/01/2054 | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663802 |
| Triway, OH, Local School District Board of Education, BAM, 4%, 12/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209050 |
| Warrensville Heights, OH, City School District, BAM, 4%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4065198 |
| Oklahoma - 0.7% | Oklahoma - 0.7% | Oklahoma - 0.7% |
| Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320074 |
| Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$890113 |
| Oregon - 1.6% | Oregon - 1.6% | Oregon - 1.6% |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "B-1", 1.2%, 6/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4250 |
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "B-2", 0.95%, 6/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727 |
| Oregon Facilities Authority Rev. (Legacy Health Project), "B", 5%, 6/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111160 |
| Oregon Health & Sciences University Rev., "B", 3.375%, 7/01/2039 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102217 |
| Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, "T-2", 3%, 2/01/2026 (Put Date 2/01/2025) | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122027 |
| Port of Portland, OR, International Airport Rev., 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547938 |
| Port of Portland, OR, International Airport Rev., "B", 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2008562 |
| Pennsylvania - 5.4% | Pennsylvania - 5.4% | Pennsylvania - 5.4% |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10367 |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56489 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394178 |
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), "A", 4.75%, 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79059 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625293 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7253 |
| East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140762 |
| Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031 | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482208 |
| Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491146 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126366 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066141 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153925 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Pennsylvania - continued | Pennsylvania - continued | Pennsylvania - continued |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85621 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.45%, 4/01/2034 (Put Date 1/17/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999969 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "B-2", 2.35%, 4/01/2049 (Put Date 1/17/2023) | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149914 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211658 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "135A", 3%, 10/01/2051 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302791 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "135B", 5%, 10/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212445 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), "A", AGM, 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699493 |
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), "A", 5%, 6/15/2032 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96565 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79571 |
| Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6967731 |
| Puerto Rico - 2.2% | Puerto Rico - 2.2% | Puerto Rico - 2.2% |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11976 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;49801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26920 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;21501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21501 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;43099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43424 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;42709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43515 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;292016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298794 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42196 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;38698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33553 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;34785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29275 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;29854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24423 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31783 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;42214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31647 |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34610 |
| Puerto Rico Aqueduct and Sewer Authority Rev., "A", 5%, 7/01/2025 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500113 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118800 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189800 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65925 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51275 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36375 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21101 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17679 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148901 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68464 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Puerto Rico - continued | Puerto Rico - continued | Puerto Rico - continued |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | $&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33836 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33170 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388899 |
| University of Puerto Rico Rev., "P", NPFG, 5%, 6/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2794711 |
| Rhode Island - 1.3% | Rhode Island - 1.3% | Rhode Island - 1.3% |
| Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev. (Providence College), "B", 5%, 11/01/2027 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272512 |
| Rhode Island Housing and Mortgage Finance Corp., "76-A", 5%, 10/01/2029 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613398 |
| Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, "78-A", 5.5%, 10/01/2052 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1688032 |
| South Carolina - 0.8% | South Carolina - 0.8% | South Carolina - 0.8% |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$319012 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal Home at Still Hopes), "A", 5%, 4/01/2038 | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244146 |
| South Carolina Ports Authority Rev., 5%, 7/01/2025 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140655 |
| University of South Carolina, Special Higher Education Rev. (Moore School of Business Project), "A", 5%, 5/01/2033 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1005254 |
| South Dakota - 0.0% | South Dakota - 0.0% | South Dakota - 0.0% |
| South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61493 |
| Tennessee - 10.1% | Tennessee - 10.1% | Tennessee - 10.1% |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), "A", 5%, 10/01/2044 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$926512 |
| Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499961 |
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377898 |
| Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10249 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770494 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024839 |
| Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70407 |
| Memphis, TN, General Improvement, "B", 5%, 4/01/2034 | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051812 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), "A", 4.75%, 7/01/2027 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248156 |
| Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), "A", 5.5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73202 |
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), "A", 5%, 10/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958629 |
| Metropolitan Nashville Airport Authority Rev., Airport Improvement, "B", 5.25%, 7/01/2033 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278551 |
| Metropolitan Nashville, TN, Airport Authority Improvement Rev., "B", 5%, 7/01/2035 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125233 |
| Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366123 |
| Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503142 |
| Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Methodist Healthcare), "A", 5%, 5/01/2035 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583668 |
| Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520453 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724654 |
| Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2023 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110633 |
| Tennessee Energy Acquisition Corp., Gas Rev., "C", 5%, 2/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81930 |
| Tennessee Housing Development Agency, Residential Finance Program Rev., "4", 4%, 7/01/2043 | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623742 |
|  |  | &nbsp;&nbsp;&nbsp;$12930288 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Texas - 7.1% | Texas - 7.1% | Texas - 7.1% |
| Arlington, TX, Higher Education Finance Corp. Rev. (Uplift Education), "A", 4%, 12/01/2026 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103576 |
| Austin, TX, Airport System Rev., 5%, 11/15/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094124 |
| Brazoria County, TX, Municipal Utility District No. 28, AGM, 3%, 9/01/2026 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287479 |
| Brownsville, TX, 5%, 2/15/2030 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225794 |
| Central Texas Regional Mobility Authority Subordinate Lien Rev., "D", 5%, 1/01/2024 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 |
| Central Texas Regional Mobility Authority Subordinate Lien Rev., "D", 5%, 1/01/2025 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103499 |
| Central Texas Regional Mobility Authority Subordinate Lien Rev., "D", 5%, 1/01/2026 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157687 |
| Clear Brook City, TX, Municipal Utility District, AGM, 4%, 2/01/2027 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257965 |
| Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4%, 9/01/2028 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129759 |
| Dallas and Fort Worth, TX, International Airport Rev., "A", 5.25%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86002 |
| Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144325 |
| Dowdell, TX, Public Utility District, "A", BAM, 2%, 9/01/2026 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189005 |
| Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2028 | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281593 |
| El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100832 |
| Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2030 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263700 |
| Fort Bend County, TX, Municipal Utility District No. 23, BAM, 3%, 9/01/2026 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200795 |
| Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73715 |
| Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199731 |
| Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62437 |
| Houston, TX, Independent School District, "A-2", Texas PSF, 3.5%, 6/01/2039 (Put Date 6/01/2025) | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395598 |
| Lewisville, TX, General Obligation, 5%, 2/15/2030 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971334 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461766 |
| McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453720 |
| North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580773 |
| Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), "B", 4.1%, 1/01/2028 (n) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162648 |
| Port Houston, TX, First Lien Rev., 4%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989690 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), "A", 5%, 7/01/2053 (Put Date 7/01/2032) | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115493 |
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), "F", 5%, 11/15/2052 (Put Date 11/15/2030) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277208 |
| Temple, TX, Reinvestment Zone 1 Rev., "A", BAM, 5%, 8/01/2028 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165014 |
| Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), "A", 4%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77479 |
| Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), "A", BAM, 5%, 5/01/2026 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129986 |
| Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027) | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9181965 |
| U.S. Virgin Islands - 0.1% | U.S. Virgin Islands - 0.1% | U.S. Virgin Islands - 0.1% |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25524 |
| Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140626 |
| Utah - 0.8% | Utah - 0.8% | Utah - 0.8% |
| Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$198134 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "I", 2.5%, 8/21/2051 | &nbsp;&nbsp;&nbsp;&nbsp;14879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13994 |
| Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, "I", GNMA, 5%, 9/21/2052 | &nbsp;&nbsp;&nbsp;747418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747095 |
| Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1079047 |
| Vermont - 0.8% | Vermont - 0.8% | Vermont - 0.8% |
| Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, "A", 5%, 6/15/2032 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1058922 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds - continued | Municipal Bonds - continued | Municipal Bonds - continued |
| Virginia - 1.0% | Virginia - 1.0% | Virginia - 1.0% |
| Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;$94993 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187112 |
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1278549 |
| Washington - 1.4% | Washington - 1.4% | Washington - 1.4% |
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;$200605 |
| Port Tacoma, WA, Refunding Rev., "A", 5%, 12/01/2028 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136350 |
| Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189437 |
| Seattle, WA, Port Intermediate Lien Rev., "B", 5%, 8/01/2029 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541543 |
| Washington Economic Development Finance Authority, Environmental Facilities Refunding Rev. (Mura Cascade ELP LLC Project), 3.9%, 12/01/2042 (Put Date 12/08/2023) (n) | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1747209 |
| West Virginia - 0.4% | West Virginia - 0.4% | West Virginia - 0.4% |
| Parkersburg, WV, Waterworks & Sewerage System Refunding Rev., "A", BAM, 3%, 8/01/2025 | $&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;$199848 |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), "A", 3%, 6/01/2037 (Put Date 6/18/2027) | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$512909 |
| Wisconsin - 2.7% | Wisconsin - 2.7% | Wisconsin - 2.7% |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2024 | $&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;$203299 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2027 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281397 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2028 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187199 |
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), "B", 4%, 9/15/2029 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294386 |
| Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), "A", 5%, 12/01/2037 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214001 |
| Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367087 |
| Wisconsin Health & Educational Facilities Authority Rev. (Saint John's Communities, Inc. Project), 4%, 9/15/2027 (Prerefunded 9/15/2023) | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150996 |
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519368 |
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), "B-2", 2.25%, 6/01/2027 (n) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26782 |
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), "C", 2.75%, 6/01/2026 (n) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23850 |
| Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), "B", 1.143%, 2/01/2024 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118421 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86476 |
| Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), "A-1", 5.25%, 7/01/2037 | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737195 |
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, 10/01/2030 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3466276 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$121708281** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Consumer Services – 0.2% | Consumer Services – 0.2% |  |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;$127649 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;393666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99895 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$227544** |
| Contingent Value Instruments - 0.1% | Contingent Value Instruments - 0.1% | Contingent Value Instruments - 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |  |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;183229 | &nbsp;&nbsp;&nbsp;$80163 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Investment Companies (h) - 5.1% | Investment Companies (h) - 5.1% | Investment Companies (h) - 5.1% |
| Money Market Funds – 5.1% | Money Market Funds – 5.1% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 6516369 | &nbsp;&nbsp;&nbsp;$6518323 |
| Other Assets, Less Liabilities - (0.2)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198128) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$128336183** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of
the fund's investments in affiliated issuers and in unaffiliated issuers were $6,518,323 and $122,015,988, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to
qualified institutional buyers. At period end, the aggregate value of these securities was $4,659,471, representing 3.6% of net assets.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period
end.

(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHA | Federal Housing Administration |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |

---

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

### Supplemental Information
12/31/22 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$121788444 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$121788444 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227544 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227544 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;6518323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518323 |
| Total | &nbsp;&nbsp;&nbsp;$6518323 | &nbsp;&nbsp;&nbsp;$122015988 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$128534311 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$4342611 | &nbsp;&nbsp;$71234615 | &nbsp;&nbsp;$69060167 | &nbsp;&nbsp;$(567) | &nbsp;&nbsp;$1831 | &nbsp;&nbsp;$6518323 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$69529 | &nbsp;&nbsp;$— |

---

(3) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS Municipal Series Trust

- **b. Investment Company Act file number:** 811-04096

- **c. CIK number of Registrant:** 0000751656

- **d. LEI of Registrant:** 5493001Q9KE7H84Z5340

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

  - **Street Address 1:** 111 Huntington Avenue

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Municipal Intermediate Fund

- **b. EDGAR series identifier (if any):** S000071695

- **c. LEI of Series:** 549300PSMWF1MUF80F76

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $130616437.63

**Total Liabilities:** $2279419.64

**Net Assets:** $128337017.99

**Delayed Delivery Securities:** $1846222.50

**Cash Not Reported:** $26458.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -176.79192620 | **1-Year:** -4961.46224520 | **5-Year:** -23159.24592160 | **10-Year:** -29558.56927280 | **30-Year:** -3210.59842380

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

- **3-Month:** -17.91207210 | **1-Year:** -792.70968980 | **5-Year:** -3318.06778380 | **10-Year:** -2357.59334200 | **30-Year:** -393.39180870

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227171 | -0.69%               | 3.90%                | 0.19%                |
| Class ID C000227170 | -0.60%               | 3.88%                | 0.17%                |
| Class ID C000227172 | -0.58%               | 3.90%                | 0.19%                |
| Class ID C000227169 | -0.78%               | 3.82%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-236054.31              | $-648611.54                                |
| Month 2  | $-89269.37               | $3944885.88                                |
| Month 3  | $-19572.29               | $-142767.92                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| St Louis Land Clearance for Redevelopment Authority                                       | St Louis Land Clearance for Redevelopment Authority                                       | CUSIP: 791652JB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207415.24    | 0.16%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority                                                 | CUSIP: 64577XDU7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092573.20   | 0.85%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TUR0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    225000 | PA      | $250581.80    | 0.20%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                      | Chicago Midway International Airport                                                      | CUSIP: 167562QD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $140314.03    | 0.11%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency                                                     | CUSIP: 658207C52<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    780000 | PA      | $625367.50    | 0.49%             | 2032-07-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 70868YAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066141.40   | 0.83%             | 2033-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                                   | Westmoreland County Industrial Development Authority                                      | CUSIP: 961008RR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488140.95    | 0.38%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Temple TX                                                                         | City of Temple                                                                            | CUSIP: 880157BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165013.49    | 0.13%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                            | CUSIP: 592190QN5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1278551.37   | 1.00%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                | CUSIP: 167505YL4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    225000 | PA      | $190158.84    | 0.15%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                                   | Maricopa County Pollution Control Corp.                                                   | CUSIP: 566854EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $13301.66     | 0.01%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                         | City of Horace                                                                            | CUSIP: 440365HA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $587143.87    | 0.46%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    175000 | PA      | $175177.78    | 0.14%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FSD8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    855000 | PA      | $871698.83    | 0.68%             | 2030-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67405.40     | 0.05%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                      | CUSIP: 1675932A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216697.22    | 0.17%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                  | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786589.73    | 0.61%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terre Haute Sanitary District                                                             | Terre Haute Sanitary District                                                             | CUSIP: 881100DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124981.13    | 0.10%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                                | Suffolk Tobacco Asset Securitization Corp.                                                | CUSIP: 864809CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475857.90    | 0.37%             | 2024-06-01      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                    | CUSIP: 13078RGW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82975.84     | 0.06%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FRQ0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    655000 | PA      | $672136.50    | 0.52%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational & Housing Facilities Board                               | CUSIP: 821697S75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1583668.50   | 1.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                               | Birmingham-Jefferson Civic Center Authority                                               | CUSIP: 091156NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $515028.54    | 0.40%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency                                                       | CUSIP: 70879QLX9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    310000 | PA      | $302791.26    | 0.24%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Horizon Regional Municipal Utility District                                               | Horizon Regional Municipal Utility District                                               | CUSIP: 44044TLK6<br>LEI: 5493003MTD7X9G4KHS74 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199731.18    | 0.16%             | 2025-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing & Finance Association                                                       | CUSIP: 45129XBD9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     60000 | PA      | $57869.25     | 0.05%             | 2024-07-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                                  | Chicago Transit Authority Capital Grant Receipts Revenue                                  | CUSIP: 167723HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209733.28    | 0.16%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 23                                        | Fort Bend County Municipal Utility District No. 23                                        | CUSIP: 34679RPG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200794.88    | 0.16%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $852.56       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                                  | Hospital Facilities Authority of Multnomah County Oregon                                  | CUSIP: 62551PDC8<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4250.33      | 0.00%             | 2028-06-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                        | Greater Orlando Aviation Authority                                                        | CUSIP: 392275AX1<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547792.65    | 0.43%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    597000 | PA      | $388898.87    | 0.30%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TXH9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    285000 | PA      | $314605.40    | 0.25%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of East Moline IL                                                                    | City of East Moline                                                                       | CUSIP: 273695WS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232756.43    | 0.18%             | 2025-01-15      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                 | CUSIP: 45470EAF2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208608.28    | 0.16%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                  | MFS Institutional Money Market Portfolio, Class A                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   6493283 | NS      | $6495230.86   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                     | CUSIP: 452252KS7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112673.92    | 0.09%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71195.22     | 0.06%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority                                                       | CUSIP: 13057GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18516.21     | 0.01%             | 2027-11-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74442PTU9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23850.48     | 0.02%             | 2026-06-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore                                                                         | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $446966.06    | 0.35%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                   | CUSIP: 49952MEG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770494.05    | 0.60%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                                       | Houston Independent School District                                                       | CUSIP: 442403PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395598.44    | 0.31%             | 2039-06-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Village of Franklin Park IL                                                               | Village of Franklin Park                                                                  | CUSIP: 354496LH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312120.87    | 0.24%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                  | CUSIP: 57584YN47<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     45000 | PA      | $41391.28     | 0.03%             | 2041-07-01      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The)                              | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    245000 | PA      | $244353.89    | 0.19%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                    | CUSIP: 13049YFD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126833.96    | 0.10%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority                                                  | CUSIP: 04052BMY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131141.00    | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency                                                          | CUSIP: 60416TWZ7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145886.05    | 0.11%             | 2025-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| East Bethlehem Township Municipal Authority                                               | East Bethlehem Township Municipal Authority                                               | CUSIP: 271080AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $140761.73    | 0.11%             | 2024-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                     | CUSIP: 647201TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121570.39    | 0.09%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    165000 | PA      | $118800.00    | 0.09%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                                 | Pasco County School Board                                                                 | CUSIP: 702528ME7<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163604.58    | 0.13%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp.                                                                  | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316710.06    | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                   | New York City Housing Development Corp.                                                   | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    560000 | PA      | $559667.81    | 0.44%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    149000 | PA      | $127648.73    | 0.10%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211263.02    | 0.16%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                 | CUSIP: 45506EBY8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     30000 | PA      | $27263.57     | 0.02%             | 2025-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson                                                                         | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    105000 | PA      | $99890.08     | 0.08%             | 2032-01-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $168836.32    | 0.13%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                | Maryland Stadium Authority                                                                | CUSIP: 574296DP1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    135000 | PA      | $150912.68    | 0.12%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                    | CUSIP: 13048VJJ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500790.15    | 0.39%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                             | Massachusetts Educational Financing Authority                                             | CUSIP: 57563RTD1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    315000 | PA      | $288484.56    | 0.22%             | 2038-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                            | South Carolina Ports Authority                                                            | CUSIP: 837123GW2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140654.88    | 0.11%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority                                                 | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521787.10    | 0.41%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                                 | Chandler Industrial Development Authority                                                 | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $787821.51    | 0.61%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                    | County of Clark Department of Aviation                                                    | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    455000 | PA      | $478729.57    | 0.37%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll County Water Authority                                                            | Carroll County Water Authority                                                            | CUSIP: 14478EFQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210414.78    | 0.16%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JCB7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    195000 | PA      | $187198.95    | 0.15%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Economic Development Finance Authority                                         | Washington Economic Development Finance Authority                                         | CUSIP: 93975YAN1<br>LEI: 549300TQ7IXFA28IYO51 | Long             | DBT              | MUN               | US        |    680000 | PA      | $679274.51    | 0.53%             | 2042-12-01      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                                     | Town of Oyster Bay                                                                        | CUSIP: 692160UF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559017.15    | 0.44%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46567.62     | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5316.79      | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    380000 | PA      | $381732.27    | 0.30%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rogers County Educational Facilities Authority                                            | Rogers County Educational Facilities Authority                                            | CUSIP: 77514RBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570038.75    | 0.44%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74442CDV3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    125000 | PA      | $118420.61    | 0.09%             | 2024-02-01      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| City of Lewisville TX                                                                     | City of Lewisville                                                                        | CUSIP: 528815MG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $971334.44    | 0.76%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp.                                              | Kentucky Higher Education Student Loan Corp.                                              | CUSIP: 49130NFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534803.45    | 0.42%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                                      | Alaska Municipal Bond Bank Authority                                                      | CUSIP: 01179RH71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218009.92    | 0.17%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                             | CUSIP: 69651ABT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $369972.37    | 0.29%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    292016 | PA      | $298794.51    | 0.23%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority                                                     | CUSIP: 26444VAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $118306.71    | 0.09%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                | Development Authority of Cobb County (The)                                                | CUSIP: 19078VDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230809.41    | 0.18%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9315.32      | 0.01%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      7000 | PA      | $5101.21      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149914.13    | 0.12%             | 2049-04-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14450.00     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74444UAT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    670000 | PA      | $737194.77    | 0.57%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority                                                 | CUSIP: 155498MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101999.53    | 0.08%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                | CUSIP: 167501WF8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72248.13     | 0.06%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                                   | Indio Finance Authority                                                                   | CUSIP: 45571LDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $303327.56    | 0.24%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5346.38      | 0.00%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                    | CUSIP: 13080SJN5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $91287.05     | 0.07%             | 2034-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45916.14     | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                           | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $8376.02      | 0.01%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                    | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130046.22    | 0.10%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                        | Matching Fund Special Purpose Securitization Corp.                                        | CUSIP: 57665NAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     25000 | PA      | $25524.25     | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moorestown Township School District                                                       | Moorestown Township School District                                                       | CUSIP: 616021NX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $219570.54    | 0.17%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                  | Village of Bridgeview                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $217390.19    | 0.17%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                      | CUSIP: 57587GSH9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536786.45    | 0.42%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43950.00     | 0.03%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                                  | Arizona Board of Regents                                                                  | CUSIP: 040664FX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $313194.11    | 0.24%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FSS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60150.70     | 0.05%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     21501 | PA      | $21500.97     | 0.02%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    795000 | PA      | $625293.02    | 0.49%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| City of Jackson TN                                                                        | City of Jackson                                                                           | CUSIP: 46874TGH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10248.82     | 0.01%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue                     | Regents of the University of California Medical Center Pooled                             | CUSIP: 913366KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $720058.37    | 0.56%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority                                           | CUSIP: 165588DP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $79059.07     | 0.06%             | 2037-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                      | Tennessee Housing Development Agency                                                      | CUSIP: 880461XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $623741.57    | 0.49%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority                                                 | CUSIP: 155498MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157687.26    | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City & County of Denver                                                                   | CUSIP: 249182QG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $822254.33    | 0.64%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TUN9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109715.83    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                        | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81930.33     | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp. Virgin Islands                                         | Tobacco Settlement Financing Corp. Virgin Islands                                         | CUSIP: 88880RAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    115000 | PA      | $115101.33    | 0.09%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                                   | Louisiana Stadium & Exposition District                                                   | CUSIP: 546410CF6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100122.81    | 0.08%             | 2023-07-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District                                        | CUSIP: 009730QC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $475151.94    | 0.37%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                     | CUSIP: 64987JYU9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    170000 | PA      | $169938.66    | 0.13%             | 2062-05-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180432.16    | 0.14%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Parkersburg WV Combined Waterworks & Sewerage System Revenue                      | City of Parkersburg WV Combined Waterworks & Sewerage System Revenue                      | CUSIP: 701352DW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199847.60    | 0.16%             | 2025-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Moorestown Township School District                                                       | Moorestown Township School District                                                       | CUSIP: 616021NY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $288763.92    | 0.23%             | 2028-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                            | HTA CL 6 Trust                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35076 | PA      | $34610.02     | 0.03%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                         | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    215000 | PA      | $227599.09    | 0.18%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                                        | City of Memphis                                                                           | CUSIP: 586145D84<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1051811.54   | 0.82%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Falls City School District                                                       | Cuyahoga Falls City School District                                                       | CUSIP: 232309JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79577.10     | 0.06%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                   | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70407.22     | 0.05%             | 2027-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                     | CUSIP: 59261AQH3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460022.75    | 0.36%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                                 | Pasco County School Board                                                                 | CUSIP: 702528MD9<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160812.84    | 0.13%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                                         | Antonio B Won Pat International Airport Authority                                         | CUSIP: 40064RED7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     25000 | PA      | $22584.31     | 0.02%             | 2026-10-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                         | Alabama Housing Finance Authority                                                         | CUSIP: 01030PGX8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    355000 | PA      | $357980.01    | 0.28%             | 2025-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Hospital Facilities Authority of Multnomah County Oregon                                  | Hospital Facilities Authority of Multnomah County Oregon                                  | CUSIP: 62551PDD6<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |     10000 | PA      | $8726.50      | 0.01%             | 2027-06-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                                   | Cuyahoga Metropolitan Housing Authority                                                   | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205700.06    | 0.16%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486UP2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45668.13     | 0.04%             | 2037-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                                    | City of Grand Forks                                                                       | CUSIP: 38546WDL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $795463.44    | 0.62%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                               | CUSIP: 92810RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996443.70    | 0.78%             | 2052-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     23000 | PA      | $21100.61     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                                  | Chester County Health and Education Facilities Authority                                  | CUSIP: 165579HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $394177.60    | 0.31%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $72000.00     | 0.06%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                              | CUSIP: 594654SG1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    375000 | PA      | $400285.65    | 0.31%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204ECN6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103536.19    | 0.08%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                  | CUSIP: 57584XNM9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $86228.97     | 0.07%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    183229 | PA      | $80162.62     | 0.06%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                             | Doylestown Hospital Authority                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $7252.74      | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                          | Vermont Student Assistance Corp.                                                          | CUSIP: 92428CMV3<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058922.30   | 0.83%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada Housing Division                                                                   | Nevada Housing Division                                                                   | CUSIP: 641272HM4<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    140000 | PA      | $143457.76    | 0.11%             | 2025-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Everett Housing Authority/WA                                                              | Everett Housing Authority                                                                 | CUSIP: 30002GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $200604.89    | 0.16%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority, Series WW                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $723370.05    | 0.56%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| St Johns County Industrial Development Authority                                          | St Johns County Industrial Development Authority                                          | CUSIP: 79041LAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $181757.19    | 0.14%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JGK3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214001.24    | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                  | New Jersey Higher Education Student Assistance Authority                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    600000 | PA      | $591101.40    | 0.46%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74442PTT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     30000 | PA      | $26782.34     | 0.02%             | 2027-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority                                       | Puerto Rico Commonwealth Aqueduct & Sewer Authority                                       | CUSIP: 745160TZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    500000 | PA      | $500113.30    | 0.39%             | 2025-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois Sales Tax                                                               | CUSIP: 452227JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129856.26    | 0.10%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                      | Chicago O'Hare International Airport                                                      | CUSIP: 167593Z96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435087.04    | 0.34%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                        | CUSIP: 58611YAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $73202.26     | 0.06%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    278607 | PA      | $269027.65    | 0.21%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      2000 | PA      | $1865.64      | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp.                                | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $277208.43    | 0.22%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development                                         | CUSIP: 71781XCD3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79570.49     | 0.06%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin                                                                            | CUSIP: 052398HJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094124.40   | 0.85%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warrensville Heights City School District                                                 | Warrensville Heights City School District                                                 | CUSIP: 93613PBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81586.38     | 0.06%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                  | New Hampshire Business Finance Authority                                                  | CUSIP: 644684EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $110148.74    | 0.09%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                     | South Jersey Transportation Authority                                                     | CUSIP: 838536MG2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    410000 | PA      | $436488.13    | 0.34%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp.                                                              | CUSIP: 01170RNT5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    360000 | PA      | $388750.10    | 0.30%             | 2052-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Oregon Housing & Community Services Department                                   | State of Oregon Housing & Community Services Department                                   | CUSIP: 68608ENB4<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    125000 | PA      | $122027.31    | 0.10%             | 2026-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority                                                 | CUSIP: 155498MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103499.03    | 0.08%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    100000 | PA      | $104933.54    | 0.08%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                       | Pennsylvania Housing Finance Agency                                                       | CUSIP: 70879QMK6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212444.56    | 0.17%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                    | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49862.87     | 0.04%             | 2041-10-01      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                          | Minnesota Housing Finance Agency                                                          | CUSIP: 60416TFM5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    230000 | PA      | $223003.75    | 0.17%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Tacoma WA                                                                         | Port of Tacoma                                                                            | CUSIP: 735439QE4<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136349.74    | 0.11%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dowdell Public Utility District/TX                                                        | Dowdell Public Utility District                                                           | CUSIP: 260655RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $189005.42    | 0.15%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                            | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    750000 | PA      | $746953.80    | 0.58%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Kentucky State University                                                                 | Kentucky State University                                                                 | CUSIP: 491588AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10350.31     | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp.                                                         | CUSIP: 34061WBF0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $461550.40    | 0.36%             | 2028-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JBX0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    205000 | PA      | $203299.12    | 0.16%             | 2024-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712DK54<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150996.11    | 0.12%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                                    | Lancaster County Hospital Authority/PA                                                    | CUSIP: 514045N58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126365.54    | 0.10%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7200.00      | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle                                                                           | CUSIP: 735389U30<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541542.60    | 0.42%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                                  | Arizona Board of Regents                                                                  | CUSIP: 040664FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $291091.73    | 0.23%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                    | Illinois Housing Development Authority                                                    | CUSIP: 45203LDP5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503347.45    | 0.39%             | 2025-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Regional Hospital Authority                                                        | Norman Regional Hospital Authority                                                        | CUSIP: 656178DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $320073.79    | 0.25%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational & Housing Facility Board                                   | CUSIP: 49952MCY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024838.70   | 0.80%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9953.92      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Development Finance Authority                                                     | Indiana Development Finance Authority                                                     | CUSIP: 454906AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500943.05    | 0.39%             | 2031-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mapleton City UT                                                                  | City of Mapleton City                                                                     | CUSIP: 565433AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198134.40    | 0.15%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                 | Private Colleges & Universities Authority                                                 | CUSIP: 74265LT81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $985154.74    | 0.77%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Mountain College                                                                 | Colorado Mountain College                                                                 | CUSIP: 19652WAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218009.92    | 0.17%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlantic City NJ                                                                  | City of Atlantic                                                                          | CUSIP: 048339TU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85026.70     | 0.07%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mitchell High School Building Corp.                                                       | Mitchell High School Building Corp.                                                       | CUSIP: 60660PBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200457.18    | 0.16%             | 2026-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                         | Port of Beaumont Industrial Development Authority                                         | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $162647.66    | 0.13%             | 2028-01-01      | Fixed         | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Triway Local School District                                                              | Triway Local School District                                                              | CUSIP: 896863AG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209050.44    | 0.16%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                            | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48113.30     | 0.04%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                    | CUSIP: 677525WS2<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498616.40    | 0.39%             | 2040-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                               | District of Columbia Housing Finance Agency                                               | CUSIP: 254768WH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $243529.16    | 0.19%             | 2027-03-01      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland                                                                          | CUSIP: 735240P31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $112242.69    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 70869PJW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153925.19    | 0.12%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                           | Pennsylvania Higher Education Assistance Agency                                           | CUSIP: 70878CAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211658.20    | 0.16%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority, Series WW                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10987.50     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Beech Grove Central School Building Corp.                                                 | Beech Grove Central School Building Corp.                                                 | CUSIP: 076692DU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96455.23     | 0.08%             | 2025-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Transportation Authority                                                     | South Jersey Transportation Authority                                                     | CUSIP: 838536MH0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    375000 | PA      | $396715.69    | 0.31%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                         | Regional Transportation Authority                                                         | CUSIP: 759911XV7<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    150000 | PA      | $170961.20    | 0.13%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 268 Cheney                                    | Sedgwick County Unified School District No. 268 Cheney                                    | CUSIP: 815904DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148840.07    | 0.12%             | 2028-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority                                                      | CUSIP: 48542AFG1<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     70000 | PA      | $77930.16     | 0.06%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TUM1<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    225000 | PA      | $245035.67    | 0.19%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp.                                | CUSIP: 87638THC0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    105000 | PA      | $115492.67    | 0.09%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                                      | Massachusetts Housing Finance Agency                                                      | CUSIP: 57587GUQ6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996781.80    | 0.78%             | 2027-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                             | Allentown Neighborhood Improvement Zone Development Authority                             | CUSIP: 018444BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10367.15     | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cabot AR Sales & Use Tax Revenue                                                  | City of Cabot                                                                             | CUSIP: 127028EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $151617.96    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                      | CUSIP: 19648FSP0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    125000 | PA      | $119924.79    | 0.09%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                         | Iowa Student Loan Liquidity Corp.                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $92487.62     | 0.07%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans, Inc.                                        | Indiana Secondary Market for Education Loans, Inc.                                        | CUSIP: 45505NAH7<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068135.00   | 0.83%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                                        | City of Yonkers                                                                           | CUSIP: 986082P82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $854489.10    | 0.67%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                | Development Authority of Cobb County (The)                                                | CUSIP: 19078VDF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181454.18    | 0.14%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                                        | Missouri Development Finance Board                                                        | CUSIP: 60636SHL1<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154351.13    | 0.12%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | CUSIP: 592041WA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958629.10    | 0.75%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                               | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633375.90    | 0.49%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashville Metropolitan Development & Housing Agency                                       | Nashville Metropolitan Development & Housing Agency                                       | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503141.65    | 0.39%             | 2036-06-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20462.75     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority                                                 | CUSIP: 64577B7P3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    220000 | PA      | $228141.34    | 0.18%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beech Grove Central School Building Corp.                                                 | Beech Grove Central School Building Corp.                                                 | CUSIP: 076692CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99988.26     | 0.08%             | 2026-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                            | CUSIP: 8827568B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77478.84     | 0.06%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7325.00      | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154812.41    | 0.12%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kentucky State University                                                                 | Kentucky State University                                                                 | CUSIP: 491588AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $222066.92    | 0.17%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports                                                | CUSIP: 544445NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $619763.58    | 0.48%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TUP4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    220000 | PA      | $242495.59    | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    260000 | PA      | $189800.00    | 0.15%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sacramento CA Transient Occupancy Tax Revenue                                     | City of Sacramento                                                                        | CUSIP: 786073AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $125623.50    | 0.10%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority                                             | CUSIP: 08451PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $56489.40     | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486F79<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41082.33     | 0.03%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                            | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    315000 | PA      | $312800.99    | 0.24%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     34785 | PA      | $29274.66     | 0.02%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $86475.84     | 0.07%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TXG1<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549609.85    | 0.43%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    345000 | PA      | $362031.68    | 0.28%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority                                             | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $288694.77    | 0.22%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                      | CUSIP: 40065FDD3<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    135000 | PA      | $136669.29    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX                                                                    | City of Brownsville                                                                       | CUSIP: 116405WS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $225794.34    | 0.18%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission                                                    | CUSIP: 65821DYA3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $123817.19    | 0.10%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                             | Rhode Island Housing & Mortgage Finance Corp.                                             | CUSIP: 76221RU35<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    550000 | PA      | $613398.61    | 0.48%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                            | CUSIP: 592195AX9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    380000 | PA      | $366122.63    | 0.29%             | 2026-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                                                 | University of Puerto Rico                                                                 | CUSIP: 914811PX6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14958.32     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                | Development Authority of Cobb County (The)                                                | CUSIP: 19078VDH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $157556.61    | 0.12%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                | Chicago Board of Education                                                                | CUSIP: 167505WP7<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512382.15    | 0.40%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational & Housing Facility Board                                   | CUSIP: 162410DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499961.45    | 0.39%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                                   | Cuyahoga Metropolitan Housing Authority                                                   | CUSIP: 23239TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353252.62    | 0.28%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge & Tunnel Authority                                                      | CUSIP: 89602HDW4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    750000 | PA      | $844878.68    | 0.66%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486ZV4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104662.91    | 0.08%             | 2031-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Great Pond Improvement District                                                           | Great Pond Improvement District                                                           | CUSIP: 39119YAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $874307.61    | 0.68%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                            | Tennergy Corp.                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $724654.44    | 0.56%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                         | State of New York Mortgage Agency                                                         | CUSIP: 64988YPS0<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    295000 | PA      | $312133.36    | 0.24%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                | Maryland Stadium Authority                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260966.00    | 0.20%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FNC5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     90000 | PA      | $78059.61     | 0.06%             | 2027-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Brazoria County Municipal Utility District No. 28                                         | Brazoria County Municipal Utility District No. 28                                         | CUSIP: 10606PJE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $287478.56    | 0.22%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5281.52      | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                      | CUSIP: 19648FWM2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071159.70   | 0.83%             | 2037-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                      | CUSIP: 40065FDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    110000 | PA      | $111786.94    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                | CUSIP: 59447T4A8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    325000 | PA      | $345189.78    | 0.27%             | 2044-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp.                                                                        | CUSIP: 91743PDT9<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |     14879 | PA      | $13993.74     | 0.01%             | 2051-08-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                                          | Port Authority of Houston of Harris County Texas                                          | CUSIP: 734262FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989690.00    | 0.77%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                           | CUSIP: 45469NEA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $491145.71    | 0.38%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Eagle Pass TX                                                                     | City of Eagle Pass                                                                        | CUSIP: 269731LH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $281592.75    | 0.22%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                                        | Utah Housing Corp.                                                                        | CUSIP: 91743PEH4<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    747418 | PA      | $747095.22    | 0.58%             | 2052-09-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30799.87     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999969.10    | 0.78%             | 2034-04-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development                                         | CUSIP: 71780CBN9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96565.07     | 0.08%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     39000 | PA      | $33836.02     | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                            | County of Allen                                                                           | CUSIP: 01757LHA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551162.75    | 0.43%             | 2051-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                                 | Glendale Industrial Development Authority                                                 | CUSIP: 378286KU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4131.02      | 0.00%             | 2033-07-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Hotel Occupancy Tax & Special Revenue                                  | City of Houston                                                                           | CUSIP: 44237NLK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62436.68     | 0.05%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational & Housing Facilities Board                               | CUSIP: 82169JAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $520452.85    | 0.41%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Jackson TN                                                                        | City of Jackson                                                                           | CUSIP: 46874THA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $377897.55    | 0.29%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                | CUSIP: 917466DB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    125000 | PA      | $119823.84    | 0.09%             | 2025-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority                                                     | CUSIP: 546399LA2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206454.06    | 0.16%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                                 | Seattle Housing Authority                                                                 | CUSIP: 812636MQ8<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |    185000 | PA      | $189437.37    | 0.15%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority                                               | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187112.02    | 0.15%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health & Educational Facilities Authority of the State of Missouri                        | CUSIP: 60637AKT8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    655000 | PA      | $692874.52    | 0.54%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                  | CUSIP: 041806MH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103576.45    | 0.08%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority                                     | CUSIP: 70869PLQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85621.39     | 0.07%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                            | Texas Public Finance Authority                                                            | CUSIP: 88277PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129985.64    | 0.10%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36375.00     | 0.03%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                           | Minnesota Higher Education Facilities Authority                                           | CUSIP: 60416JED8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156553.79    | 0.12%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                              | West Virginia Economic Development Authority                                              | CUSIP: 95648VBK4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    330000 | PA      | $313061.50    | 0.24%             | 2037-06-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ball State University                                                                     | Ball State University                                                                     | CUSIP: 058508LH3<br>LEI: 549300PJHK1SF4O5E481 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217486.66    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    105000 | PA      | $107238.72    | 0.08%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                     | Connecticut Housing Finance Authority                                                     | CUSIP: 20775HXT5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    610000 | PA      | $652316.07    | 0.51%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wildwood Utility Dependent District                                                       | Wildwood Utility Dependent District                                                       | CUSIP: 968214AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $443111.88    | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                     | North Carolina Housing Finance Agency                                                     | CUSIP: 658207N92<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    750000 | PA      | $820507.73    | 0.64%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                                    | Town of Chestertown                                                                       | CUSIP: 166630AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $526006.31    | 0.41%             | 2024-03-01      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority                                    | CUSIP: 13080SGT5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93254.37     | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     41000 | PA      | $33169.72     | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                                 | Newark Board of Education                                                                 | CUSIP: 650370DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     54000 | PA      | $59021.23     | 0.05%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority                                                    | CUSIP: 130493CH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112853.50   | 0.87%             | 2034-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42709 | PA      | $43514.80     | 0.03%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JEB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $367087.12    | 0.29%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45203H5E8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70041.38     | 0.05%             | 2037-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     43099 | PA      | $43423.89     | 0.03%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation Revenue                               | CUSIP: 592647JW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266117.10    | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Parish Consolidated Sewerage District No. 1                                     | Jefferson Parish Consolidated Sewerage District No. 1                                     | CUSIP: 474481AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056345.30   | 0.82%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority                                                      | CUSIP: 92774NAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $94993.64     | 0.07%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227829.70    | 0.18%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FKF1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4206.87      | 0.00%             | 2033-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Terre Haute Sanitary District                                                             | Terre Haute Sanitary District                                                             | CUSIP: 881100DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104833.19    | 0.08%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                   | Dutchess County Local Development Corp.                                                   | CUSIP: 267045LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $351915.96    | 0.27%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    130000 | PA      | $94900.00     | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                    | Arkansas Development Finance Authority                                                    | CUSIP: 04108VBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123737.43    | 0.10%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Moorestown Township School District                                                       | Moorestown Township School District                                                       | CUSIP: 616021NZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264315.20    | 0.21%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 4521522L4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103367.26    | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plaza at Noah's Ark Community Improvement District                                        | Plaza at Noah's Ark Community Improvement District                                        | CUSIP: 72813LAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $117971.95    | 0.09%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     90000 | PA      | $65925.00     | 0.05%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                        | Orangeburg County Facilities Corp.                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $319012.02    | 0.25%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp.                                                        | CUSIP: 880443BQ8<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110632.51    | 0.09%             | 2023-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                    | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    145000 | PA      | $144598.76    | 0.11%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                              | University of South Carolina                                                              | CUSIP: 913367GD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $301441.63    | 0.23%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     29854 | PA      | $24422.55     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp.                                                 | CUSIP: 31200CCT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83695.10     | 0.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519367.60    | 0.40%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority                                                         | CUSIP: 68608JZD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111160.20   | 0.87%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland                                                                          | CUSIP: 7352402E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547937.70    | 0.43%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                                        | Memphis-Shelby County Industrial Development Board                                        | CUSIP: 58611YAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $248156.46    | 0.19%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                             | Rhode Island Housing & Mortgage Finance Corp.                                             | CUSIP: 76221R4E0<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    750000 | PA      | $802121.78    | 0.63%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486F46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147787.78    | 0.12%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                   | Dallas Fort Worth International Airport                                                   | CUSIP: 235036W22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86001.95     | 0.07%             | 2030-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40591 | PA      | $31782.69     | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167570TT7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    132750 | PA      | $133766.63    | 0.10%             | 2025-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                                      | Kansas Development Finance Authority                                                      | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    530000 | PA      | $574264.59    | 0.45%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                                    | Tempe Industrial Development Authority                                                    | CUSIP: 87972MBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $234963.21    | 0.18%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc.                                                             | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516173.10    | 0.40%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $295175.10    | 0.23%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency                                                  | CUSIP: 57584YM30<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97424.43     | 0.08%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                                     | City of Long Beach                                                                        | CUSIP: 542519EL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221741.52    | 0.17%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                     | New Mexico Mortgage Finance Authority                                                     | CUSIP: 647201VB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $623430.19    | 0.49%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                      | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    635000 | PA      | $702407.22    | 0.55%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    164000 | PA      | $148900.52    | 0.12%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority                                                 | CUSIP: 6459186F5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117008.42    | 0.09%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                            | CUSIP: 592190MQ2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125232.57   | 0.88%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan                                                                         | CUSIP: 563017DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $120302.35    | 0.09%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                                           | Indiana County Industrial Development Authority                                           | CUSIP: 45469NDZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $482207.70    | 0.38%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35758.58     | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                               | Volusia County School Board                                                               | CUSIP: 92884EJX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $229443.28    | 0.18%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $61112.32     | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Superior State University                                                            | Lake Superior State University                                                            | CUSIP: 511002FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207884.48    | 0.16%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority                                                       | CUSIP: 13058TPT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523193.40    | 0.41%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $26145.31     | 0.02%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority                                                                  | CUSIP: 74444VBL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $255818.79    | 0.20%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harlandale Independent School District                                                    | Harlandale Independent School District                                                    | CUSIP: 412707KD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $73715.41     | 0.06%             | 2040-08-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                                     | New York State Housing Finance Agency                                                     | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    950000 | PA      | $906328.60    | 0.71%             | 2060-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                     | Toll Road Investors Partnership II LP                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393666 | PA      | $99895.05     | 0.08%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123852.52    | 0.10%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     49801 | PA      | $26920.46     | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                         | CUSIP: 452152H46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100595.83    | 0.08%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District                                         | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    480000 | PA      | $492725.47    | 0.38%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                     | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82688.29     | 0.06%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Medical Center Hospital Authority                                                | Columbus Medical Center Hospital Authority                                                | CUSIP: 199124BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090832.80   | 0.85%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                              | Southern Illinois University                                                              | CUSIP: 8431464X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216858.50    | 0.17%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cabot AR Sales & Use Tax Revenue                                                  | City of Cabot                                                                             | CUSIP: 127028EA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159514.61    | 0.12%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bleckley County & Dodge County Joint Development Authority                                | Bleckley County & Dodge County Joint Development Authority                                | CUSIP: 093488AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80322.85     | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas Housing Finance Corp.                                                      | City of Dallas Housing Finance Corp.                                                      | CUSIP: 235298BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $144325.32    | 0.11%             | 2044-02-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $51275.00     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                          | CUSIP: 929845VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453719.65    | 0.35%             | 2036-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66573.92     | 0.05%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp. (The)                                                        | Genesee County Funding Corp. (The)                                                        | CUSIP: 371669AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $723918.28    | 0.56%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                                        | Rhode Island Health and Educational Building Corp.                                        | CUSIP: 762197F48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272511.68    | 0.21%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                        | City of Chicago                                                                           | CUSIP: 167486P45<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034444.20   | 0.81%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                      | North Texas Municipal Water District                                                      | CUSIP: 66283AHJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $580772.95    | 0.45%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                      | Guam Government Waterworks Authority                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     65000 | PA      | $65839.06     | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ground Water Management Subdistrict of Central Colorado Water Conservancy Dist            | Ground Water Management Subdistrict of Central Colorado Water Conservancy Dist            | CUSIP: 399430BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224200.08    | 0.17%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority                                         | Antonio B Won Pat International Airport Authority                                         | CUSIP: 40064REJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     55000 | PA      | $45251.50     | 0.04%             | 2031-10-01      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach                                                                     | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $472411.28    | 0.37%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp.                                                               | Troy Capital Resource Corp.                                                               | CUSIP: 897579CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133819.69    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waco Independent School District                                                          | Waco Independent School District                                                          | CUSIP: 929845VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461765.55    | 0.36%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                | Development Authority of Cobb County (The)                                                | CUSIP: 19078VDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130313.59    | 0.10%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of the City of Phoenix (The)                             | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000062.00   | 0.78%             | 2035-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                              | Michigan State Housing Development Authority                                              | CUSIP: 59465PAD0<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    110000 | PA      | $103390.22    | 0.08%             | 2025-04-01      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $28800.00     | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County Hospital District                                                          | El Paso County Hospital District                                                          | CUSIP: 283590FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100832.26    | 0.08%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                                    | Mississippi Home Corp.                                                                    | CUSIP: 60535QYQ7<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |     90000 | PA      | $87240.09     | 0.07%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority                                                    | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    170000 | PA      | $169324.01    | 0.13%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Magnolia Pointe Municipal Utility District No. 1                                          | Magnolia Pointe Municipal Utility District No. 1                                          | CUSIP: 559675CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129758.99    | 0.10%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund                                                                   | CUSIP: 594698QR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959559.60    | 0.75%             | 2035-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                      | CUSIP: 25483WAK8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93179.38     | 0.07%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Housing Finance Corp.                                                       | Travis County Housing Finance Corp.                                                       | CUSIP: 89438UBM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337238.30    | 0.26%             | 2045-06-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority                                        | CUSIP: 83704CAX6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    280000 | PA      | $244145.78    | 0.19%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     76000 | PA      | $68463.70     | 0.05%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                         | Territory of Guam                                                                         | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    270000 | PA      | $276828.76    | 0.22%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                      | Puerto Rico Electric Power Authority                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $46800.00     | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JCA9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    290000 | PA      | $281397.41    | 0.22%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                 | CUSIP: 650116FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $798357.75    | 0.62%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                    | State Public School Building Authority                                                    | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    665000 | PA      | $699493.48    | 0.55%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                               | Ohio Housing Finance Agency                                                               | CUSIP: 67756Q2H9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    615000 | PA      | $663801.97    | 0.52%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     20000 | PA      | $17678.94     | 0.01%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Perth Amboy NJ                                                                    | City of Perth Amboy                                                                       | CUSIP: 715382R74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200815.70    | 0.16%             | 2027-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey                                                                       | CUSIP: 646039WZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $147053.37    | 0.11%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health & Educational Facilities Authority                                       | CUSIP: 97712JCC5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    310000 | PA      | $294385.70    | 0.23%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     38698 | PA      | $33553.48     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                              | Connecticut State Higher Education Supplement Loan Authority                              | CUSIP: 207743WB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257184.50    | 0.20%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health & Science University                                                        | Oregon Health & Science University                                                        | CUSIP: 685869EV7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |    115000 | PA      | $102216.69    | 0.08%             | 2039-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority                                                                | CUSIP: 45204FST3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120303.89    | 0.09%             | 2027-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Clear Brook City Municipal Utility District                                               | Clear Brook City Municipal Utility District                                               | CUSIP: 18450CVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257964.48    | 0.20%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42214 | PA      | $31647.27     | 0.02%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing & Community Development Authority                                         | CUSIP: 45505TUQ2<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    220000 | PA      | $243455.70    | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                                    | Town of Chestertown                                                                       | CUSIP: 166630AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $521761.01    | 0.41%             | 2023-03-01      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Chattanooga-Hamilton County Hospital Authority                                            | Chattanooga-Hamilton County Hospital Authority                                            | CUSIP: 162362HY6<br>LEI: 549300BFNMBLLM3M6C70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926511.90    | 0.72%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                                   | City of Victorville                                                                       | CUSIP: 92642CAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091380.60   | 0.85%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Educational Enhancement Funding Corp.                                                     | Educational Enhancement Funding Corp.                                                     | CUSIP: 83754LAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $61493.36     | 0.05%             | 2024-06-01      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp.                                                 | CUSIP: 650116DM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $285626.76    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     12922 | PA      | $11976.39     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                               | Commonwealth of Puerto Rico                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40810 | PA      | $42196.24     | 0.03%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Elgin TX                                                                          | City of Elgin                                                                             | CUSIP: 286525TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263700.38    | 0.21%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** MFS Municipal Series Trust

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer