# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011428
**Filing Date:** 2026-5
**Character Count:** 159589
**Document Hash:** be20aaf498c2ae4776f6db364b64d416
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011428.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011428

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 261018844

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

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

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

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

## Series and Classes Contracts Data

### MFS North Carolina Municipal Bond Fund (Series ID: S000002523)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006962 | A            | MSNCX           |
| C000006963 | B            | MBNCX           |
| C000006964 | C            | MCNCX           |
| C000169760 | I            | MNCLX           |
| C000194230 | R6           | MPNCX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS North Carolina Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002523

- **c. LEI of Series:** Y3HMANBD6AL3XSXU2W16

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $559280433.90

**Total Liabilities:** $12694367.93

**Net Assets:** $546586065.97

**Delayed Delivery Securities:** $10814409.00

**Cash Not Reported:** $1.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -837.50357720 | **1-Year:** -15166.17255570 | **5-Year:** -68223.88039590 | **10-Year:** -204996.36921220 | **30-Year:** -86675.98390770

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

- **3-Month:** -268.94007730 | **1-Year:** -3720.48701490 | **5-Year:** -11355.33244320 | **10-Year:** -25011.74344820 | **30-Year:** -12400.47105020

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006962 | 0.65%                | 1.54%                | -2.28%               |
| Class ID C000194230 | 0.75%                | 1.49%                | -2.21%               |
| Class ID C000006963 | 0.49%                | 1.49%                | -2.34%               |
| Class ID C000006964 | 0.49%                | 1.49%                | -2.34%               |
| Class ID C000169760 | 0.75%                | 1.49%                | -2.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1562.64                | $1880912.76                                |
| Month 2  | $-71582.60               | $7142794.12                                |
| Month 3  | $-131101.61              | $-14324147.44                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616129AA0<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100076.86    | 0.02%             | 2040-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039713.80   | 0.37%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    830000 | PA      | $766260.40    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $436500.00    | 0.08%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025B                                                                       | CUSIP: 584002C23<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3939842.40   | 0.72%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2270551.53   | 0.42%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 60                                                          | CUSIP: 65820BEQ5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2274341.80   | 0.42%             | 2057-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556442.75   | 0.28%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120HB5<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    400000 | PA      | $440873.56    | 0.08%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1158064.87   | 0.21%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YNG7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $882248.30    | 0.16%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853UF2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3141048.00   | 0.57%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $8042.57      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4594171.00   | 0.84%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1584000 | PA      | $1316616.36   | 0.24%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542830.25   | 0.28%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2205820.98   | 0.40%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $218243.78    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    685000 | PA      | $640492.88    | 0.12%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2408156.58   | 0.44%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |  15976296 | NS      | $15976295.95  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2026                                                                        | CUSIP: 436084BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3176324.60   | 0.58%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4930000 | PA      | $5030895.41   | 0.92%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBQ4<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483295.70   | 0.27%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REN3<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2408075.78   | 0.44%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    510000 | PA      | $362625.45    | 0.07%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DSN2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499811.00   | 0.46%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4221984.80   | 0.77%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HG7<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2107560.11   | 0.39%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990934.20   | 0.36%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028711.00   | 0.37%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2023A                                         | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2617145.37   | 0.48%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1708005.92   | 0.31%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500634.35   | 0.27%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207X42<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4514798.24   | 0.83%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1686239.41   | 0.31%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFJ1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $802691.93    | 0.15%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1325000 | PA      | $1338128.63   | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65821DZU8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2391152.85   | 0.44%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993343.60    | 0.18%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                                       | University of North Carolina System                                                                       | CUSIP: 91472AAU9<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2566942.77   | 0.47%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3308479.35   | 0.61%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719VB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1762990.78   | 0.32%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     31000 | PA      | $27854.64     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Carolina Beach NC Enterprise System Revenue                                                       | Town of Carolina Beach, Series 2026                                                                       | CUSIP: 143813BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365170.37    | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FP2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1510050.13   | 0.28%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2026 A                                                     | CUSIP: 65820YVN3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2963286.30   | 0.54%             | 2056-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                                     | City of Raleigh, Series 2026                                                                              | CUSIP: 751100PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1261278.29   | 0.23%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z82<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2651007.60   | 0.49%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $961372.54    | 0.18%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    815000 | PA      | $827889.55    | 0.15%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2026 A                                                                        | CUSIP: 424898HM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $266944.76    | 0.05%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060336.20   | 0.38%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                                               | City of High Point, Series 2025                                                                           | CUSIP: 429749JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562491.80   | 0.29%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFH5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1024283.35   | 0.19%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079668.00   | 0.20%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983605.70    | 0.18%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2356111.25   | 0.43%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037193.60   | 0.19%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026490.00   | 0.37%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 D                                             | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522201.25   | 0.46%             | 2048-01-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3545035.81   | 0.65%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1429906.60   | 0.26%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2024F SUB F-1              | CUSIP: 64972JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5120000 | PA      | $4730854.91   | 0.87%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSS6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2430127.50   | 0.44%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1572793.50   | 0.29%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $736772.44    | 0.13%             | 2044-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054076.40   | 0.38%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2352691.50   | 0.43%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GY7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1902836.97   | 0.35%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $49768.51     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1913673.40   | 0.35%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCG2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090663.30   | 0.57%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    105000 | PA      | $104590.08    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 59-A                                                        | CUSIP: 65821FKY1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2969961.30   | 0.54%             | 2045-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FL5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2513422.29   | 0.46%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020A               | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030738.20   | 0.19%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025A                                                 | CUSIP: 914713W99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4824226.71   | 0.88%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2139928.42   | 0.39%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1275978.56   | 0.23%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                                                  | Barbers Hill Independent School District, Series 2024                                                     | CUSIP: 067167D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836135.20   | 0.34%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2479332.00   | 0.45%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GE1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1751903.73   | 0.32%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2025                                                                            | CUSIP: 161045TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231970.00   | 0.41%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YQW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1165587.75   | 0.21%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2026 A                                                                        | CUSIP: 424898HN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $317456.52    | 0.06%             | 2046-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1661597.86   | 0.30%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057511.40   | 0.38%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1581847.23   | 0.29%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007652.00   | 0.18%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DVM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006505.50   | 0.18%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65820YVE3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001198.40   | 0.18%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1944837.70   | 0.36%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSC1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1862952.60   | 0.34%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1267200 | PA      | $1274375.86   | 0.23%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DWM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4386797.50   | 0.80%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRP3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1876094.40   | 0.34%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $683319.42    | 0.13%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $941187.12    | 0.17%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2026                                                                        | CUSIP: 436084BW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067964.40   | 0.38%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1183286.39   | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072E4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2899165.00   | 0.53%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 52-A                                                        | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4904619.49   | 0.90%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65818PLF4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1271344.38   | 0.23%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $345289.39    | 0.06%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YPD2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1848806.00   | 0.34%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2024                                                                              | CUSIP: 800618CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2547982.53   | 0.47%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $888807.92    | 0.16%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                                                     | County of Guilford, Series 2025                                                                           | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3893200.40   | 0.71%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2296226.25   | 0.42%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011063.00   | 0.18%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4913410 | PA      | $4951026.96   | 0.91%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074242.00   | 0.20%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                                     | City of Raleigh, Series 2026                                                                              | CUSIP: 751100PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1987946.98   | 0.36%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                                              | Water and Sewer Authority of Cabarrus County, Series 2024                                                 | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5658088.20   | 1.04%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2024                                                                            | CUSIP: 161045TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5225688.50   | 0.96%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University Foundation LLC                                                             | Winston-Salem State University Foundation LLC                                                             | CUSIP: 975706GT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2505474.88   | 0.46%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024C                                                                       | CUSIP: 36106QDJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1175341.13   | 0.22%             | 2049-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FQ0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1500629.50   | 0.27%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1394087.70   | 0.26%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6095439.00   | 1.12%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 60                                                          | CUSIP: 65820BEN2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3177352.07   | 0.58%             | 2051-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $435702.52    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA                                                                                   | City of Cartersville                                                                                      | CUSIP: 146441CV0<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $1578063.63   | 0.29%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2025A                                                                           | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3142811.70   | 0.57%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120GZ3<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    675000 | PA      | $754964.75    | 0.14%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2607548.25   | 0.48%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987417.60    | 0.18%             | 2044-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076536.60   | 0.20%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853SX6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002685.00   | 0.55%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series B                                                               | CUSIP: 65830RDD8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1904697.90   | 0.35%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Asheville (The)                                                           | University of North Carolina at Asheville (The)                                                           | CUSIP: 914710JE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1431132.89   | 0.26%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2289452.21   | 0.42%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Shelby NC                                                                                         | City of Shelby, Series BDS 2024                                                                           | CUSIP: 821870AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2589816.60   | 0.47%             | 2040-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $613262.81    | 0.11%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Gastonia Housing Authority                                                                                | Gastonia Housing Authority, Series 2026                                                                   | CUSIP: 367322AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004776.00   | 0.92%             | 2044-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                                     | City of Raleigh, Series 2026                                                                              | CUSIP: 751100PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1301341.13   | 0.24%             | 2056-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $395134.13    | 0.07%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Appalachian State University                                                                              | Appalachian State University                                                                              | CUSIP: 037777YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3073702.50   | 0.56%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1218150.15   | 0.22%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024556.50   | 0.19%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC Enterprise Systems Revenue                                                         | County of Brunswick, Series 2023                                                                          | CUSIP: 117068JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2344854.24   | 0.43%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBR2<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $389989.16    | 0.07%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    475000 | PA      | $315281.25    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1286766.03   | 0.24%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1568351.79   | 0.29%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    344225 | PA      | $339149.47    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Strand Water & Sewer Authority                                                                      | Grand Strand Water & Sewer Authority, Series 2026                                                         | CUSIP: 386475JQ1<br>LEI: 549300I6U20IXQRXNX20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041434.20   | 0.19%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $521950.00    | 0.10%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                                              | City of Mebane, Series 2024                                                                               | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2477689.33   | 0.45%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2357643.00   | 0.43%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series A                                                               | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4997525.00   | 0.91%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3757543.51   | 0.69%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $291436.48    | 0.05%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164614.11    | 0.03%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 A                                                     | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032696.40   | 0.37%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series 2025A                                                                                    | CUSIP: 45753CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086015.00   | 0.38%             | 2043-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207Q65<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2275655.47   | 0.42%             | 2052-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4595254.50   | 0.84%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $935105.06    | 0.17%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2061370.00   | 0.38%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                                      | County of Chatham                                                                                         | CUSIP: 16207RDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1761412.10   | 0.32%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1206267.58   | 0.22%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1536062.46   | 0.28%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $524124.06    | 0.10%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $801798.68    | 0.15%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1416072.87   | 0.26%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4606867.41   | 0.84%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207ZW8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1838040.17   | 0.34%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2026A                                                                             | CUSIP: 751120HX7<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    795000 | PA      | $862652.43    | 0.16%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4195376.07   | 0.77%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610373S3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3233122.71   | 0.59%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z33<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2358231.25   | 0.43%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2560160.57   | 0.47%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1959126.00   | 0.36%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1643290.56   | 0.30%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072F1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3568752.42   | 0.65%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBS0<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $228714.17    | 0.04%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    154000 | PA      | $142187.91    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    605000 | PA      | $611942.92    | 0.11%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                                       | Jarrell Independent School District, Series 2023                                                          | CUSIP: 471146XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $2907681.45   | 0.53%             | 2053-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2294810.25   | 0.42%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $174248.19    | 0.03%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069509.00   | 0.38%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    115000 | PA      | $113234.05    | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    255000 | PA      | $271842.90    | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $690991.41    | 0.13%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008768.80   | 0.37%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FH4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554694.20   | 0.28%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                                          | Florida State Board of Governors, Series 2024A                                                            | CUSIP: 34157NAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4594318.14   | 0.84%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1359703.95   | 0.25%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1754103.20   | 0.32%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $613182.88    | 0.11%             | 2045-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    425000 | PA      | $428708.81    | 0.08%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309263.46    | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUN4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $361554.34    | 0.07%             | 2055-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1485282.05   | 0.27%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120HA7<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    720000 | PA      | $800080.27    | 0.15%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGT6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    525000 | PA      | $529944.03    | 0.10%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    430000 | PA      | $351860.57    | 0.06%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                                                   | City of Fayetteville, Series 2023                                                                         | CUSIP: 312805NQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2334183.25   | 0.43%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1095881.97   | 0.20%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $483082.34    | 0.09%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1515000 | PA      | $1164071.31   | 0.21%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3786743.60   | 0.69%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2369661.96   | 0.43%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1258665.84   | 0.23%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REM5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1202185.20   | 0.22%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2706605.50   | 0.50%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Gastonia Housing Authority                                                                                | Gastonia Housing Authority, Series BDS 2024A                                                              | CUSIP: 36732AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3481000 | PA      | $3484445.15   | 0.64%             | 2043-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    310000 | PA      | $286176.56    | 0.05%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $133143.22    | 0.02%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1387906.66   | 0.25%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025 A                                                                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1189044.73   | 0.22%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143274 | PA      | $138334.74    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1255525.94   | 0.23%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    800000 | PA      | $804260.40    | 0.15%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1207879.59   | 0.22%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2620228.78   | 0.48%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTL0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1307815.88   | 0.24%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    718000 | PA      | $251576.65    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Town of Carolina Beach NC Enterprise System Revenue                                                       | Town of Carolina Beach, Series 2026                                                                       | CUSIP: 143813BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319983.75    | 0.06%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Carolina Beach NC Enterprise System Revenue                                                       | Town of Carolina Beach, Series 2026                                                                       | CUSIP: 143813BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $724450.28    | 0.13%             | 2051-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    194798 | PA      | $180269.75    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    635000 | PA      | $625797.58    | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1000615.50   | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $842428.16    | 0.15%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2433267.27   | 0.45%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    555000 | PA      | $503084.58    | 0.09%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                                   | Dallas Fort Worth International Airport, Series 2025 A-1                                                  | CUSIP: 23503CGH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5221279.50   | 0.96%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150418.64    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6329000 | PA      | $6016645.50   | 1.10%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLU0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001105.80   | 0.18%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2026A                                                                             | CUSIP: 751120HZ2<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    675000 | PA      | $719525.57    | 0.13%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Carolina Beach NC Enterprise System Revenue                                                       | Town of Carolina Beach, Series 2026                                                                       | CUSIP: 143813BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317145.15    | 0.06%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission, Series 2025                                                              | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5212533.00   | 0.95%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill                                                               | CUSIP: 91471FBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6512836.20   | 1.19%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076J9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2945874.86   | 0.54%             | 2044-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $700977.65    | 0.13%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $446230.26    | 0.08%             | 2043-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HH5<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $662165.99    | 0.12%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    350000 | PA      | $332999.52    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506850.75   | 0.46%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $735479.59    | 0.13%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616126BK3<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    350000 | PA      | $325158.02    | 0.06%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515953.45    | 0.09%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    792953 | PA      | $272577.55    | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    239000 | PA      | $173450.09    | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1837129.81   | 0.34%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2160543.51   | 0.40%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLT1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006371.30   | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YVA1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042495.00   | 0.37%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2918429.20   | 0.53%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $205914.34    | 0.04%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025A                                                 | CUSIP: 914713W81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5218951.50   | 0.95%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth City State University                                                                           | Elizabeth City State University                                                                           | CUSIP: 286650DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3222841.97   | 0.59%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $170095.63    | 0.03%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1165058.91   | 0.21%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                                     | City of Raleigh, Series 2026                                                                              | CUSIP: 751100PQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2360543.18   | 0.43%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025                                                                        | CUSIP: 58400CCF2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3893440.40   | 0.71%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4308941.00   | 0.79%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2026A                                                                             | CUSIP: 751120HY5<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $806074.50    | 0.15%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 55-A                                                        | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4282162.14   | 0.78%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DUY5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2763666.68   | 0.51%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1361824.24   | 0.25%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303600.69    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $548674.82    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906662.70    | 0.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2649811.50   | 0.48%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366387.07    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2024                                                                           | CUSIP: 479357CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3101432.10   | 0.57%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                            | Minnesota Municipal Gas Agency, Series 2026A                                                              | CUSIP: 60406XAJ0<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |    885000 | PA      | $911841.87    | 0.17%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $300290.62    | 0.05%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    348000 | PA      | $342956.78    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033ST6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507695.40    | 0.09%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1670710.72   | 0.31%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    190000 | PA      | $190984.18    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $940171.67    | 0.17%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    336000 | PA      | $312879.30    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $855535.23    | 0.16%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLE6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4983824.72   | 0.91%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    710000 | PA      | $715496.61    | 0.13%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                                                 | Alameda Corridor Transportation Authority, Series 2022 C                                                  | CUSIP: 010869JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5925000 | PA      | $3367037.08   | 0.62%             | 2052-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $612439.61    | 0.11%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1485000 | PA      | $1442988.46   | 0.26%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    185717 | PA      | $185376.73    | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1234232.54   | 0.23%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65820YVF0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005511.40   | 0.18%             | 2056-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                                           | University of North Carolina at Charlotte (The)                                                           | CUSIP: 914716Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4091035.69   | 0.75%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008374.80   | 0.18%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $170657.21    | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                                 | Raleigh Housing Authority, Series 2024A                                                                   | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4069154.93   | 0.74%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863960.80   | 0.34%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAP5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $760540.96    | 0.14%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2681537.70   | 0.49%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038732.40   | 0.37%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series BDS 2024                                                                                 | CUSIP: 45753EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $3788866.47   | 0.69%             | 2041-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093782.36   | 0.20%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    680587 | PA      | $584058.05    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1130030.96   | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2026 A                                                                        | CUSIP: 424898HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $406976.93    | 0.07%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                                              | County of Union                                                                                           | CUSIP: 906400GD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1951293.50   | 0.36%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    715350 | PA      | $479284.21    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    554850 | PA      | $605764.26    | 0.11%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer