# EDGAR Filing Document

**Accession Number:** 0000778365
**File Stem:** 0001410368-26-008063
**Filing Date:** 2026-1
**Character Count:** 122657
**Document Hash:** c7fe73646b2ca9dc66be53711c80d613
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-008063.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001410368-26-008063

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04409
- **FILM NUMBER:** 26569026

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited)

------

Tax-Exempt Mortgage-Backed Securities — 0.4%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Housing — 0.4% | Housing — 0.4% | Housing — 0.4% |
| Raleigh Housing Authority, NC, (Brad Parkside Apartments LLC), Series 2024A, (FNMA), 4.40%, 12/1/43 | $1000 | &nbsp;&nbsp;$988968 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $1,000,000) |  | &nbsp;&nbsp;**$988968** |

---

Tax-Exempt Municipal Obligations — 101.9%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 10.3% | Education — 10.3% | Education — 10.3% |
| East Carolina University, NC, 3.25%, 10/1/37 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$58416 |
| North Carolina Agricultural and Technical State University, 5.00%, 10/1/48 | 3805 | &nbsp;&nbsp;&nbsp;&nbsp; 3994182 |
| North Carolina Capital Facilities Finance Agency, (Duke University): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1219024 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1938921 |
| North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 812660 |
| North Carolina Central University, 3.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 145758 |
| North Carolina State University at Raleigh, 4.00%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 691257 |
| University of North Carolina at Chapel Hill: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272462 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/50<sup>(1)</sup> | 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4279015 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/55<sup>(1)</sup> | 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4514301 |
| University of North Carolina at Charlotte, 5.00%, 10/1/47 | 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 5067360 |
| University of North Carolina at Greensboro, 4.00%, 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 913471 |
| Western Carolina University, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 405655 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp; 975160 |
|  |  | &nbsp;&nbsp;**$25287642** |
| Electric Utilities — 5.5% | Electric Utilities — 5.5% | Electric Utilities — 5.5% |
| Fayetteville, NC, Public Works Commission Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/46 | $2305 | &nbsp;&nbsp;$2233555 |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/47 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1977366 |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1842851 |
| &nbsp;&nbsp;&nbsp;5.00%, 3/1/46 | 2535 | &nbsp;&nbsp;&nbsp;&nbsp; 2681740 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Greenville, NC, (Greenville Utilities Commission): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 8/1/44 | $4600 | &nbsp;&nbsp;$4754129 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142169 |
|  |  | &nbsp;&nbsp;**$13631810** |
| Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% | Escrowed/Prerefunded — 0.4% |
| New Hanover County, NC, (New Hanover Regional Medical Center), Prerefunded to 10/1/27, 5.00%, 10/1/36 | $1000 | &nbsp;&nbsp;$1043552 |
|  |  | &nbsp;&nbsp;**$1043552** |
| General Obligations — 7.9% | General Obligations — 7.9% | General Obligations — 7.9% |
| Asheville, NC, 2.00%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;$137137 |
| Brunswick County, NC, 4.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73177 |
| Burlington, NC, 5.00%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 291242 |
| Charlotte, NC, 5.00%, 7/1/33 | 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2735724 |
| Concord, NC, 4.00%, 9/1/41 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1078399 |
| Huntersville, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 893662 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/42 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1302728 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/43 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1227853 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/44 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1072632 |
| Johnston County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 784790 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/41 | 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1102157 |
| Lee County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 640631 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 416844 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 634775 |
| Puerto Rico: |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061745 |
| &nbsp;&nbsp;&nbsp;5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 826190 |
| Wake County, NC, 5.00%, 4/1/39 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2874582 |
| Wake Forest, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73039 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 327087 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41292 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 965024 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 911314 |
|  |  | &nbsp;&nbsp;**$19472024** |
| Hospital — 13.2% | Hospital — 13.2% | Hospital — 13.2% |
| Charlotte-Mecklenburg Hospital Authority, NC, (Atrium Health), (SPA: JPMorgan Chase Bank, N.A.), 2.85%, 1/15/48<sup>(2)</sup> | $4000 | &nbsp;&nbsp;$4000000 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Hospital (continued) | Hospital (continued) | Hospital (continued) |
| Charlotte-Mecklenburg Hospital Authority, NC, (Carolinas HealthCare System): |  |  |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.85%, 1/15/37<sup>(2)</sup> | $4000 | &nbsp;&nbsp;$4000000 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.85%, 1/15/38<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Nash Health Care Systems, NC, 5.50%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 1044554 |
| North Carolina Medical Care Commission, (Duke University Health System), 5.00%, 6/1/41 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192170 |
| North Carolina Medical Care Commission, (Novant Health Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/49 | 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2411282 |
| &nbsp;&nbsp;&nbsp;(SPA: JPMorgan Chase Bank, N.A.), 2.90%, 11/1/34<sup>(3)</sup> | 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| South Carolina Jobs-Economic Development Authority, (Novant Health Obligated Group), 5.50%, 11/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2699169 |
| University of North Carolina Hospitals at Chapel Hill: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/49 | 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 7615865 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.76%, 2/1/29<sup>(3)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp;(SPA: TD Bank, N.A.), 2.85%, 2/15/31<sup>(2)</sup> | 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
|  |  | &nbsp;&nbsp;**$32513040** |
| Housing — 6.6% | Housing — 6.6% | Housing — 6.6% |
| North Carolina Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;3.95%, 1/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;$602412 |
| &nbsp;&nbsp;&nbsp;(Liq: TD Bank, N.A.), 2.85%, 1/1/50<sup>(2)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 1.25%, 1/1/29 | 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1092610 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.45%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 341543 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 2.80%, 1/1/40 | 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1443717 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 3.85%, 7/1/38 | 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1857526 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.00%, 7/1/39 | 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2245369 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.15%, 7/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008753 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), 4.55%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 580563 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), (SPA: TD Bank, N.A.), 2.85%, 7/1/49<sup>(2)</sup> | 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.35%, 7/1/43 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1998625 |
| &nbsp;&nbsp;&nbsp;Social Bonds, (FHLMC), (FNMA), (GNMA), 4.875%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1043349 |
| Raleigh Housing Authority, NC, (919 At Cross Link), (FNMA), 4.50%, 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 250323 |
| Wilmington Housing Authority, NC, (Brand Avenue Flats LLC), 2.95% to 5/1/28 (Put Date), 5/1/44 | 1775 | &nbsp;&nbsp;&nbsp;&nbsp; 1768869 |
|  |  | &nbsp;&nbsp;**$16293659** |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Industrial Development Revenue — 0.6% | Industrial Development Revenue — 0.6% | Industrial Development Revenue — 0.6% |
| Cumberland County Industrial Facilities and Pollution Control Financing Authority, NC, (AMT), 3.125% to 12/1/26 (Put Date), 12/1/27 | $1500 | &nbsp;&nbsp;$1499928 |
|  |  | &nbsp;&nbsp;**$1499928** |
| Insured - Education — 0.1% | Insured - Education — 0.1% | Insured - Education — 0.1% |
| East Carolina University, NC, (BAM), 4.125%, 10/1/43 | $&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;$147137 |
| University of North Carolina, (AG), 5.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35017 |
|  |  | &nbsp;&nbsp;**$182154** |
| Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% | Insured - Electric Utilities — 0.6% |
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34 | $1335 | &nbsp;&nbsp;$1349517 |
|  |  | &nbsp;&nbsp;**$1349517** |
| Insured - Transportation — 6.0% | Insured - Transportation — 6.0% | Insured - Transportation — 6.0% |
| Greater Asheville Regional Airport Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 7/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$226207 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.00%, 7/1/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063585 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.25%, 7/1/48 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2581860 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 7/1/47 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100627 |
| &nbsp;&nbsp;&nbsp;(AG), (AMT), 5.50%, 7/1/52 | 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1899531 |
| North Carolina Turnpike Authority, (Triangle Expressway System): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 0.00%, 1/1/35 | 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 4738789 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/39 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1217352 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 1/1/58 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030850 |
|  |  | &nbsp;&nbsp;**$14858801** |
| Lease Revenue/Certificates of Participation — 11.7% | Lease Revenue/Certificates of Participation — 11.7% | Lease Revenue/Certificates of Participation — 11.7% |
| Ashe County, NC, 5.00%, 6/1/42 | $&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;$352526 |
| Cabarrus County, NC, 5.00%, 8/1/42 | 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 2397041 |
| Charlotte, NC, Certificates of Participation: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 6/1/36 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1207971 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/37 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1204272 |
| Dare County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 318878 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58598 |
| Henderson County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 572473 |
| &nbsp;&nbsp;&nbsp;4.125%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 189456 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 687652 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 640317 |
| Mooresville, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/43 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 1390265 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Mooresville, NC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/45 | $&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;$721522 |
| North Carolina, 5.00%, 5/1/33 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1396240 |
| Onslow County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 516815 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 784945 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 732055 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 163179 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 346738 |
| Orange County, NC, 5.00%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 863350 |
| Raleigh, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 234918 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 459049 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 748612 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 389237 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 763316 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 672134 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 555240 |
| Sampson County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 915743 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 705328 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 436187 |
| Wake County, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/1/37 | 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1984218 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 939861 |
| Watauga Public Facilities Corp., NC, 5.25%, 6/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106660 |
| Winston-Salem, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43<sup>(1)</sup> | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1104800 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500522 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 293270 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 810935 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282086 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 446538 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 248937 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 541557 |
|  |  | &nbsp;&nbsp;**$28683441** |
| Other Revenue — 0.6% | Other Revenue — 0.6% | Other Revenue — 0.6% |
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue, 5.25% to 8/1/31 (Put Date), 10/1/54 | $1400 | &nbsp;&nbsp;$1526503 |
|  |  | &nbsp;&nbsp;**$1526503** |
| Senior Living/Life Care — 8.0% | Senior Living/Life Care — 8.0% | Senior Living/Life Care — 8.0% |
| North Carolina Medical Care Commission, (Carol Woods), 5.25%, 12/1/50 | $1975 | &nbsp;&nbsp;$2030810 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Senior Living/Life Care (continued) | Senior Living/Life Care (continued) | Senior Living/Life Care (continued) |
| North Carolina Medical Care Commission, (Deerfield Episcopal Retirement Community, Inc.), 5.00%, 11/1/31 | $2000 | &nbsp;&nbsp;$2024047 |
| North Carolina Medical Care Commission, (EveryAge): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 761709 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/44 | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1259942 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/49 | 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1068221 |
| North Carolina Medical Care Commission, (Penick Village): |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 410049 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/1/44 | 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1980749 |
| North Carolina Medical Care Commission, (Pennybyrn at Maryfield): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 597851 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 256395 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/50 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1831449 |
| &nbsp;&nbsp;&nbsp;5.375%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 820572 |
| North Carolina Medical Care Commission, (Plantation Village, Inc.), 4.00%, 1/1/41 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1028579 |
| North Carolina Medical Care Commission, (The Forest at Duke), 4.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 589875 |
| North Carolina Medical Care Commission, (The Pines at Davidson): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 512130 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017075 |
| North Carolina Medical Care Commission, (United Methodist Retirement Homes): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 10/1/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 424138 |
| &nbsp;&nbsp;&nbsp;5.125%, 10/1/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 549105 |
| &nbsp;&nbsp;&nbsp;5.125%, 10/1/54 | 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2494483 |
|  |  | &nbsp;&nbsp;**$19657179** |
| Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% | Special Tax Revenue — 1.8% |
| American Samoa Economic Development Authority: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/34<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;$371736 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/1/38<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204201 |
| Mecklenburg County, NC, Special Obligation, 5.00%, 1/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001648 |
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/58 | 3030 | &nbsp;&nbsp;&nbsp;&nbsp; 2954146 |
|  |  | &nbsp;&nbsp;**$4531731** |
| Student Loan — 1.3% | Student Loan — 1.3% | Student Loan — 1.3% |
| North Carolina Education Assistance Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/43 | $1290 | &nbsp;&nbsp;$1343569 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 6/1/45 | 1765 | &nbsp;&nbsp;&nbsp;&nbsp; 1849375 |
|  |  | &nbsp;&nbsp;**$3192944** |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Transportation — 8.1% | Transportation — 8.1% | Transportation — 8.1% |
| Charlotte, NC, 5.25%, 7/1/55 | $2240 | &nbsp;&nbsp;$2416717 |
| Charlotte, NC, (Charlotte Douglas International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 1054847 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/47 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052488 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009599 |
| North Carolina Department of Transportation, (I-77 HOT Lanes), (AMT), 5.00%, 6/30/54 | 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2534863 |
| North Carolina Turnpike Authority, (Triangle Expressway System), 5.00%, 1/1/40 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2585195 |
| Raleigh-Durham Airport Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;(LOC: TD Bank, N.A.), 2.76%, 5/1/36<sup>(3)</sup> | 2785 | &nbsp;&nbsp;&nbsp;&nbsp; 2785000 |
| &nbsp;&nbsp;&nbsp;(AMT), 5.00%, 5/1/35 | 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2352953 |
|  |  | &nbsp;&nbsp;**$19791662** |
| Water and Sewer — 19.2% | Water and Sewer — 19.2% | Water and Sewer — 19.2% |
| Buncombe County Metropolitan Sewerage District, NC, 5.00%, 7/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;$541039 |
| Cape Fear Public Utility Authority, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2134993 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 440257 |
| &nbsp;&nbsp;&nbsp;5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 735651 |
| Charlotte, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/37 | 6475 | &nbsp;&nbsp;&nbsp;&nbsp; 6597882 |
| &nbsp;&nbsp;&nbsp;4.00%, 7/1/52 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2750728 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 915138 |
| Durham, NC, Water and Sewer Utility System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 8/1/40 | 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1485809 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 810575 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 653545 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/49 | 2905 | &nbsp;&nbsp;&nbsp;&nbsp; 2815861 |
| Fuquay-Varina, NC, Combined Utilities Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/43 | 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3134865 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 381756 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 601693 |
| Greensboro, NC, Combined Enterprise System Revenue, 5.00%, 6/1/49 | 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3996919 |
| Hendersonville, NC, Water and Sewer System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 261969 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56798 |
| High Point, NC, Combined Water and Sewer System Revenue, 4.125%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 263005 |
| Johnston County, NC, Water and Sewer System Revenue, 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 838300 |
| Mebane, NC, Combined Utilities Revenue, 4.00%, 8/1/49 | 2275 | &nbsp;&nbsp;&nbsp;&nbsp; 2201875 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Water and Sewer (continued) | Water and Sewer (continued) | Water and Sewer (continued) |
| Onslow Water and Sewer Authority, NC: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 12/1/49 | $&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;$585423 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1155424 |
| Sanford, NC, Utility Systems Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24800 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/44 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1962362 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 97828 |
| &nbsp;&nbsp;&nbsp;4.125%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 764627 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 563756 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 835784 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 827668 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092279 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203751 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1098596 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109041 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/50 | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1201953 |
| Winston-Salem, NC, Water and Sewer System Revenue, 4.00%, 6/1/37 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5014059 |
|  |  | &nbsp;&nbsp;**$47156009** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $247,378,211) |  | &nbsp;&nbsp;**$250671596** |

---

Taxable Municipal Obligations — 1.2%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Education — 1.0% | Education — 1.0% | Education — 1.0% |
| Duke University, NC, 5.85%, 4/1/37 | $1400 | &nbsp;&nbsp;$1542569 |
| University of North Carolina at Chapel Hill, 3.327%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 929038 |
|  |  | &nbsp;&nbsp;**$2471607** |
| Lease Revenue/Certificates of Participation — 0.2% | Lease Revenue/Certificates of Participation — 0.2% | Lease Revenue/Certificates of Participation — 0.2% |
| Greensboro, NC, (Coliseum Complex), 2.431%, 4/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$440635 |

---

------

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) | Lease Revenue/Certificates of Participation (continued) |
| Wilmington, NC, Limited Obligation Bonds, 2.03%, 6/1/30 | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$184593 |
|  |  | &nbsp;&nbsp;**$625228** |
| Total Taxable Municipal Obligations<br> (identified cost $3,054,998) |  | &nbsp;&nbsp;**$3096835** |
| Total Investments — 103.5%<br> (identified cost $251,433,209) |  | &nbsp;&nbsp;**$254757399** |
| Other Assets, Less Liabilities — (3.5)% |  | &nbsp;&nbsp;**$(8711949)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$246045450** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | When-issued security. |
| <sup>(2)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at November 30, 2025. |
| <sup>(3)</sup> | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at November 30, 2025. |

---

---

| | |
|:---|:---|
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2025, the aggregate value of these securities is $575,937 or 0.2% of the Fund's net assets. |
| The Fund invests primarily in debt securities issued by North Carolina municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2025, 6.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 5.8% of total investments. | The Fund invests primarily in debt securities issued by North Carolina municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At November 30, 2025, 6.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 5.8% of total investments. |

---

---

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

---

The Fund did not have any open derivative instruments at November 30, 2025.

Fair Value Measurements

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

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

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

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

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

------

Eaton Vance<br>

North Carolina Municipal Income Fund

November 30, 2025

Portfolio of Investments (Unaudited) — continued

------

At November 30, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$988968 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$988968 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671596 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3096835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3096835 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$254757399** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$254757399** |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02109

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $261829928.57

**Total Liabilities:** $16154969.79

**Net Assets:** $245674958.78

**Delayed Delivery Securities:** $15284785.05

**Cash Not Reported:** $1004703.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -320.56000000 | **1-Year:** -7655.66000000 | **5-Year:** -31361.97000000 | **10-Year:** -99432.44000000 | **30-Year:** -29343.17000000

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

- **3-Month:** -91.76000000 | **1-Year:** -1280.26000000 | **5-Year:** -3901.88000000 | **10-Year:** -9024.44000000 | **30-Year:** -4900.05000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013136 | 2.86%                | 1.46%                | 0.39%                |
| Class ID C000013138 | 2.85%                | 1.43%                | 0.32%                |
| Class ID C000063950 | 3.00%                | 1.36%                | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $313968.85               | $5754751.41                                |
| Month 2  | $161137.58               | $2647175.51                                |
| Month 3  | $301220.15               | $-25595.30                                 |

**Designated Index Information**

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

- **Index Identifier:** MBINDEX

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Samoa Economic Development Authority                                   | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204200.70    | 0.08%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Samoa Economic Development Authority                                   | AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE                  | CUSIP: 02936TAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371736.16    | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                               | ASHE NC                                                      | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $352525.58    | 0.14%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                            | ASHEVILLE NC                                                 | CUSIP: 044033RJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $137136.53    | 0.06%             | 2033-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC                                                          | BRUNSWICK CNTY NC                                            | CUSIP: 117061XQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73177.12     | 0.03%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buncombe County Metropolitan Sewerage District                                  | BUNCOMBE CNTY NC MET SEWERAGEDIST SWR SYS REVENUE            | CUSIP: 120532JY3<br>LEI: 254900U5AA2F4DQUFZ71 | Long             | DBT              | MUN               | US        |    540000 | PA      | $541038.91    | 0.22%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington NC                                                           | BURLINGTON NC                                                | CUSIP: 121889SX8<br>LEI: 549300TTCJ3UTB6QDT32 | Long             | DBT              | MUN               | US        |    245000 | PA      | $291242.01    | 0.12%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                           | CABARRUS CNTY NC LTD OBLIG                                   | CUSIP: 12677RFG7<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2397041.51   | 0.98%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391EX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2134993.10   | 0.87%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $440256.84    | 0.18%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                              | CAPE FEAR NC PUBLIC UTILITY AUTH WTR & SWR SYS REVENUE       | CUSIP: 139391GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $735651.32    | 0.30%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853MR5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2038-01-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE     | CUSIP: 160853MS3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.63%             | 2037-01-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority/The                                    | CHARLOTTE-MECKLENBURG NC HOSPAUTH HLTH CARE SYS REVENUE      | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.63%             | 2048-01-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | CHARLOTTE NC                                                 | CUSIP: 161035QA1<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2735723.90   | 1.11%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5052488.00   | 2.06%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009598.70   | 0.41%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036VH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1054846.71   | 0.43%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                            | CHARLOTTE NC ARPT REVENUE                                    | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2416716.74   | 0.98%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | CHARLOTTE NC COPS                                            | CUSIP: 1610373L8<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1207970.57   | 0.49%             | 2036-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                            | CHARLOTTE NC COPS                                            | CUSIP: 161037W28<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1204271.54   | 0.49%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045NZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $6597881.90   | 2.69%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045RV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2750728.40   | 1.12%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                               | CHARLOTTE NC WTR & SWR SYS REVENUE                           | CUSIP: 161045TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $915138.30    | 0.37%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Concord NC                                                              | CONCORD NC                                                   | CUSIP: 206435NH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1078399.14   | 0.44%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499928.45   | 0.61%             | 2027-12-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | DARE CNTY NC LIMITED OBLIG                                   | CUSIP: 23720EFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $318877.79    | 0.13%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dare NC                                                               | DARE CNTY NC LIMITED OBLIG                                   | CUSIP: 23720EFQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $58597.57     | 0.02%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke University                                                                 | DUKE UNIV NC                                                 | CUSIP: 264416AN8<br>LEI: FY5ICUIRRDCHN4HHL592 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1542569.14   | 0.63%             | 2037-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1485809.20   | 0.60%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $810574.95    | 0.33%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $653545.31    | 0.27%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                          | DURHAM NC UTILITY SYS REVENUE                                | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2905000 | PA      | $2815860.66   | 1.15%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Carolina University                                                        | EAST CAROLINA NC UNIV                                        | CUSIP: 271371D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $147137.46    | 0.06%             | 2043-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| East Carolina University                                                        | EAST CAROLINA NC UNIV                                        | CUSIP: 271371XP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $58415.99     | 0.02%             | 2037-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2681740.25   | 1.09%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805NN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1842850.65   | 0.75%             | 2049-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805QC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2233554.91   | 0.91%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                         | FAYETTEVILLE NC PUBLIC WKS COMMISSION                        | CUSIP: 312805QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1977366.04   | 0.80%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3134865.04   | 1.28%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $381756.26    | 0.16%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                             | FUQUAY-VARINA NC COMB UTILITIES REVENUE                      | CUSIP: 36106QDH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $601693.01    | 0.24%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $226207.15    | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063584.70   | 0.43%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100627.40   | 0.86%             | 2047-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1899531.45   | 0.77%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                    | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2581859.50   | 1.05%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                     | GREENSBORO NC ENTERPRISE SYS REVENUE                         | CUSIP: 395468PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3996918.75   | 1.63%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC                                                           | GREENSBORO NC LIMITED OBLIG                                  | CUSIP: 395476FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $440635.15    | 0.18%             | 2033-04-01      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | GREENVILLE NC COMB ENTERPRISE SYS REVENUE                    | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4754128.98   | 1.94%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                 | GREENVILLE NC UTILITIES COMMISSION COMB ENTERPRISE SYS REVEN | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $142169.40    | 0.06%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                          | HENDERSON CNTY NC LTD OBLG                                   | CUSIP: 424898GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $687651.97    | 0.28%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                          | HENDERSON CNTY NC LTD OBLG                                   | CUSIP: 424898GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $640316.78    | 0.26%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                          | HENDERSON CNTY NC LTD OBLG                                   | CUSIP: 424898GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $572472.93    | 0.23%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                          | HENDERSON CNTY NC LTD OBLG                                   | CUSIP: 424898GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189456.16    | 0.08%             | 2044-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Hendersonville NC Water & Sewer System Revenue                          | HENDERSONVILLE NC WTR & SWR SYS REVENUE                      | CUSIP: 42538PAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $261968.83    | 0.11%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hendersonville NC Water & Sewer System Revenue                          | HENDERSONVILLE NC WTR & SWR SYS REVENUE                      | CUSIP: 42538PAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56797.89     | 0.02%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                     | HIGH POINT NC COMB ENTERPRISESYS REVENUE                     | CUSIP: 429749JG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $263004.68    | 0.11%             | 2041-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GJ4<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |    865000 | PA      | $893661.86    | 0.36%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GK1<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1302728.32   | 0.53%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GL9<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1227853.14   | 0.50%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Huntersville NC                                                         | HUNTERSVILLE NC                                              | CUSIP: 445798GM7<br>LEI: 54930087GGCJ3BA5DF20 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1072632.10   | 0.44%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | JOHNSTON CNTY NC                                             | CUSIP: 479340YF2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    765000 | PA      | $784790.17    | 0.32%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                           | JOHNSTON CNTY NC                                             | CUSIP: 479340YG0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1102157.40   | 0.45%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                              | JOHNSTON CNTY NC WTR & SWR REVENUE                           | CUSIP: 479357CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $838299.52    | 0.34%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714PY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $640630.56    | 0.26%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $416843.58    | 0.17%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                | LEE CNTY NC                                                  | CUSIP: 523714QD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $634774.78    | 0.26%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                    | MEBANE NC COMB UTILS REVENUE                                 | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2201875.36   | 0.90%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                        | MECKLENBURG CNTY NC SPL OBLG                                 | CUSIP: 58400UAP2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001647.50   | 0.41%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                          | MOORESVILLE NC LTD OBLIG                                     | CUSIP: 616126BX5<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1390265.10   | 0.57%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                          | MOORESVILLE NC LTD OBLIG                                     | CUSIP: 616126BY3<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    670000 | PA      | $721522.26    | 0.29%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nash Health Care Systems                                                        | NASH HLTH CARE SYS NC HLTH CARE FACS REVENUE                 | CUSIP: 631163BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1044553.83   | 0.43%             | 2044-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                        | NEW HANOVER CNTY NC HOSP REVENUE                             | CUSIP: 644804FH4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043551.80   | 0.42%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 657902U91<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4400000.00   | 1.79%             | 2034-11-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                        | NORTH CAROLINA ST AGRIC & TECH UNIV                          | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3994182.32   | 1.63%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE  | CUSIP: 65818PMZ9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    800000 | PA      | $812659.76    | 0.33%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY REVENUE               | CUSIP: 65819GLA4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1938921.02   | 0.79%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                | NORTH CAROLINA ST CAPITAL FACS FIN AGY REVENUE               | CUSIP: 65819GLC0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1219023.96   | 0.50%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                               | NORTH CAROLINA ST CENTRL UNIV                                | CUSIP: 65819PCL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $145758.50    | 0.06%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1060000.00   | 0.43%             | 2049-07-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    575000 | PA      | $580563.36    | 0.24%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207K53<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1092610.28   | 0.44%             | 2029-01-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1043348.44   | 0.42%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207TY1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    605000 | PA      | $602412.35    | 0.25%             | 2041-01-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207VA0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1857526.13   | 0.76%             | 2038-07-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207X26<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1998625.15   | 0.81%             | 2043-07-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 658207YN9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1443717.31   | 0.59%             | 2040-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE             | CUSIP: 65820BAY2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2245368.83   | 0.91%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA HSG FIN AGY HOMEOWNERSHIP REVENUE             | CUSIP: 65820BBC9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.41%             | 2050-01-01      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Department of Transportation                                     | NORTH CAROLINA DEPT TRANSN    PRIVATE ACTIVITY REVENUE       | CUSIP: 65820FAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2534862.69   | 1.03%             | 2054-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YQC3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512130.05    | 0.21%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YQE9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017074.90   | 0.41%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1831448.60   | 0.75%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    645000 | PA      | $589875.40    | 0.24%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSP2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $761709.51    | 0.31%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSR8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1028579.20   | 0.42%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $2494483.00   | 1.02%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1259941.54   | 0.51%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1068221.23   | 0.43%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1980748.62   | 0.81%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YTQ9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    410000 | PA      | $410049.24    | 0.17%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUF1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    565000 | PA      | $597851.08    | 0.24%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUG9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    245000 | PA      | $256394.51    | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    810000 | PA      | $820571.72    | 0.33%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YVA1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2030810.34   | 0.83%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YVD5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    535000 | PA      | $549105.06    | 0.22%             | 2045-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YVE3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    425000 | PA      | $424138.06    | 0.17%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DUW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024046.60   | 0.82%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DWK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2411282.14   | 0.98%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                          | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DZT1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2192170.40   | 0.89%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY                                | CUSIP: 65821FHQ2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    380000 | PA      | $341543.16    | 0.14%             | 2034-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                           | NORTH CAROLINA ST HSG FIN AGY                                | CUSIP: 65821FKX3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008752.60   | 0.41%             | 2040-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | NORTH CAROLINA ST EDU ASSISTANCE AUTH                        | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1343569.44   | 0.55%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                             | NORTH CAROLINA ST EDU ASSISTANCE AUTH                        | CUSIP: 658262HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1849374.59   | 0.75%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                      | NORTH CAROLINA ST UNIV AT RALEIGH                            | CUSIP: 658289T29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $691256.94    | 0.28%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                         | NORTH CAROLINA ST LTD OBLIG                                  | CUSIP: 65829QGH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1396239.84   | 0.57%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RAR0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $4738788.60   | 1.93%             | 2035-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1217351.52   | 0.50%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2585195.50   | 1.05%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                               | NORTH CAROLINA ST TURNPIKE AUTH                              | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030850.20   | 0.42%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Water & Sewer Authority                                                  | ONSLOW NC WTR & SWR AUTH COMB ENTERPRISES SYS REVENUE        | CUSIP: 682852DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1155424.16   | 0.47%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Water & Sewer Authority                                                  | ONSLOW NC WTR & SWR AUTH COMB ENTERPRISES SYS REVENUE        | CUSIP: 682852ER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $585422.50    | 0.24%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                             | ONSLOW CNTY NC LTD OBLIG                                     | CUSIP: 68285TGR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $516814.56    | 0.21%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                             | ONSLOW CNTY NC LTD OBLIG                                     | CUSIP: 68285TGS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $784944.88    | 0.32%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                             | ONSLOW CNTY NC LTD OBLIG                                     | CUSIP: 68285TGT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $732055.00    | 0.30%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                             | ONSLOW CNTY NC LTD OBLIG                                     | CUSIP: 68285TGU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $163179.35    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                             | ONSLOW CNTY NC LTD OBLIG                                     | CUSIP: 68285TGV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $346737.69    | 0.14%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Orange NC                                                             | ORANGE CNTY NC LTD OBLIG                                     | CUSIP: 684566FH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $863350.18    | 0.35%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                          | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1526503.44   | 0.62%             | 2054-10-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061744.50   | 0.43%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $826189.88    | 0.34%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526Q2V3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1349517.19   | 0.55%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2954146.37   | 1.20%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | RALEIGH DURHAM NC ARPT AUTH ARPT REVENUE                     | CUSIP: 751073GK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2785000.00   | 1.13%             | 2036-05-01      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                | RALEIGH DURHAM NC ARPT AUTH ARPT REVENUE                     | CUSIP: 751073MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2352953.68   | 0.96%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                                                      | Housing Authority of the City of Raleigh North Carolina      | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $988967.60    | 0.40%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                       | RALEIGH NC HSG AUTH MF REVENUE                               | CUSIP: 751115BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $250322.99    | 0.10%             | 2043-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120GT7<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    200000 | PA      | $234917.66    | 0.10%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120GU4<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    395000 | PA      | $459048.70    | 0.19%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120GV2<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    650000 | PA      | $748612.15    | 0.30%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120GY6<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    340000 | PA      | $389237.03    | 0.16%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120GZ3<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    675000 | PA      | $763315.99    | 0.31%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120HA7<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    600000 | PA      | $672134.46    | 0.27%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                              | RALEIGH NC LTD OBLIG                                         | CUSIP: 751120HB5<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555240.10    | 0.23%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Sampson NC                                                            | SAMPSON CNTY NC LIMITED OBLIG                                | CUSIP: 79588VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $915743.28    | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sampson NC                                                            | SAMPSON CNTY NC LIMITED OBLIG                                | CUSIP: 79588VCC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $705328.30    | 0.29%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sampson NC                                                            | SAMPSON CNTY NC LIMITED OBLIG                                | CUSIP: 79588VCD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $436186.61    | 0.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $563755.75    | 0.23%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $835784.33    | 0.34%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $827668.43    | 0.34%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092279.50   | 0.44%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1098595.81   | 0.45%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962361.80   | 0.80%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24799.62     | 0.01%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97827.97     | 0.04%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $764627.18    | 0.31%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $203750.51    | 0.08%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109040.80    | 0.04%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                      | SANFORD NC ENTERPRISE SYS REVENUE                            | CUSIP: 800618EH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1201952.86   | 0.49%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2699168.50   | 1.10%             | 2048-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713P22<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    995000 | PA      | $929038.47    | 0.38%             | 2036-12-01      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713W73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272461.93    | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713W81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4279014.80   | 1.74%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC AT CHAPEL HILL  REVENUE            | CUSIP: 914713W99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4514300.70   | 1.84%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA AT CHAPEL HILL NC HOSP REVENUE        | CUSIP: 914714CZ1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   6800000 | PA      | $7615865.36   | 3.10%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte/The                                   | UNIV OF NORTH CAROLINA NC AT CHARLOTTE                       | CUSIP: 914716H73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $5067359.88   | 2.06%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                      | UNIV OF NORTH CAROLINA NC AT GREENSBORO                      | CUSIP: 914719VA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $913470.93    | 0.37%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC HOSP CHAPEL HILL REVENUE           | CUSIP: 91471FAW5<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.77%             | 2031-02-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                     | UNIV OF NORTH CAROLINA NC HOSP CHAPEL HILL REVENUE           | CUSIP: 91471FAZ8<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.51%             | 2029-02-01      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                             | UNIV OF NORTH CAROLINA NC SYS                                | CUSIP: 9147208R1<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35016.77     | 0.01%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | WAKE CNTY NC                                                 | CUSIP: 930864JY0<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2874582.50   | 1.17%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876FK8<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1984217.83   | 0.81%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                               | WAKE CNTY NC LIMITED OBLIG                                   | CUSIP: 930876JK4<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    840000 | PA      | $939861.38    | 0.38%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LD3<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73039.30     | 0.03%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LE1<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    315000 | PA      | $327087.15    | 0.13%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LF8<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41292.23     | 0.02%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LG6<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    945000 | PA      | $965024.36    | 0.39%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Wake Forest NC                                                          | WAKE FOREST NC                                               | CUSIP: 930897LH4<br>LEI: 5493008F7RLN22R46U25 | Long             | DBT              | MUN               | US        |    905000 | PA      | $911313.64    | 0.37%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Watauga Public Facilities Corp                                                  | WATAUGA NC PUBLIC FACS CORP                                  | CUSIP: 94109SBR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106660.10   | 0.45%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | WSTRN CAROLINA NC UNIV                                       | CUSIP: 957897KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $975160.42    | 0.40%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                     | WSTRN CAROLINA NC UNIV                                       | CUSIP: 957897ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $405655.21    | 0.17%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wilmington Housing Authority                                                    | WILMINGTON NC HSG AUTH MF REVENUE                            | CUSIP: 971696AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1768868.44   | 0.72%             | 2044-05-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Wilmington NC                                                           | WILMINGTON NC LTD OBLG REVENUE                               | CUSIP: 971697JP3<br>LEI: 549300Y5IY4G3QB69428 | Long             | DBT              | MUN               | US        |    200000 | PA      | $184592.74    | 0.08%             | 2030-06-01      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680GW3<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    690000 | PA      | $810935.27    | 0.33%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680HF9<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541557.10    | 0.22%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JA8<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $282086.45    | 0.11%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JB6<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    400000 | PA      | $446538.32    | 0.18%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JC4<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    225000 | PA      | $248937.01    | 0.10%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JD2<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1104800.07   | 0.45%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JE0<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500521.55    | 0.20%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                        | WINSTON SALEM NC LTD OBLG                                    | CUSIP: 975680JF7<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    295000 | PA      | $293270.18    | 0.12%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                           | WINSTON-SALEM NC WTR & SWR SYS REVENUE                       | CUSIP: 975700ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5014059.00   | 2.04%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

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

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer