# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037574
**Filing Date:** 2023-2
**Character Count:** 241482
**Document Hash:** c99ee094f7657f39300b1e8e0b826dad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037574.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037574

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662628

**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           |

## Nport-Ex

![](img9757ec931.gif)

### Quarterly Report
December 31, 2022

MFS<sup>®</sup> North Carolina<br> Municipal Bond Fund

![](img40204b6f2.gif)

MNC-Q3

------

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 98.1% | Municipal Bonds – 98.1% | Municipal Bonds – 98.1% |
| Airport Revenue – 6.8% | Airport Revenue – 6.8% | Airport Revenue – 6.8% |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 5%, 7/01/2032 | $1245000 | &nbsp;&nbsp;&nbsp;&nbsp;$1278523 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 5%, 7/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074646 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 4%, 7/01/2052 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699490 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2038 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097383 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2039 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600630 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867003 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2041 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391968 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019684 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026121 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2049 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540597 |
| Greater Asheville Regional Airport Authority Rev., "A", AGM, 5.5%, 7/01/2052 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584650 |
| Raleigh-Durham, NC, Airport Authority Refunding Rev., "A", 5%, 5/01/2034 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233674 |
| Raleigh-Durham, NC, Airport Authority Refunding Rev., "A", 5%, 5/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065208 |
| Raleigh-Durham, NC, Airport Authority Refunding Rev., "A", 5%, 5/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058791 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2036 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073527 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2037 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064850 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046 | 1445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460331 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173901 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197125 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151225 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 |
|  |  | &nbsp;&nbsp;&nbsp;$29899327 |
| General Obligations - General Purpose – 9.5% | General Obligations - General Purpose – 9.5% | General Obligations - General Purpose – 9.5% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$913926 |
| Charlotte, NC, General Obligation Refunding, "A", 4%, 6/01/2033 | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899490 |
| Charlotte, NC, General Obligation, "A", 5%, 6/01/2026 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637772 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2035 | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246542 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | 1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732022 |
| Chicago, IL, General Obligation, "F", 5.5%, 1/01/2042 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672135 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;62012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57474 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129194 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 2269188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269185 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;206837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208396 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;204963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208830 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;201638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206319 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;554850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573697 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;185717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161028 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;344225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289696 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;143274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117208 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;194798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152526 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;680587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510227 |
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513670 |
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2037 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459655 |
| Durham County, NC, General Obligation Refunding, 4%, 6/01/2039 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655617 |
| Forsyth, NC, General Obligation, "A", 5%, 4/01/2033 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892117 |
| Forsyth, NC, General Obligation, "A", 4%, 4/01/2034 | 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5397124 |
| Gaston County, NC, Rev., 5%, 4/01/2033 | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758627 |
| Gaston County, NC, Rev., 5%, 4/01/2035 | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676914 |
| Granville County, NC, 5%, 10/01/2034 | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743870 |
| Granville County, NC, 5%, 10/01/2035 | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756129 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058133 |
| Lee County, NC, Limited Obligation, 3.25%, 5/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939809 |
| Lee County, NC, Limited Obligation, 4%, 5/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507821 |
| Lee County, NC, Limited Obligation, 4%, 5/01/2037 | &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860209 |
| Randolph County, NC, 4%, 10/01/2037 | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052859 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - General Purpose – continued | General Obligations - General Purpose – continued | General Obligations - General Purpose – continued |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | $&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$387031 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363516 |
| State of Illinois, General Obligation, "A", 5%, 3/01/2030 | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665707 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577840 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919127 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566925 |
|  |  | &nbsp;&nbsp;&nbsp;$41738367 |
| General Obligations - Schools – 0.3% | General Obligations - Schools – 0.3% | General Obligations - Schools – 0.3% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047 | $1510000 | &nbsp;&nbsp;&nbsp;&nbsp;$1219395 |
| Healthcare Revenue - Hospitals – 12.1% | Healthcare Revenue - Hospitals – 12.1% | Healthcare Revenue - Hospitals – 12.1% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 | $&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$503975 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), "D", 5%, 1/15/2049 (Put Date 12/01/2031) | 3910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482512 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2036 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210506 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2040 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079990 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219827 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335034 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648949 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027) | 2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665800 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052 | 4685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271712 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 4%, 11/01/2052 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550095 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660547 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 5%, 7/01/2033 | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279968 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683953 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 (Prerefunded 6/01/2025) | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950287 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161022 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529304 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), "A", 5%, 12/01/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071899 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436439 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157131 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035 | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535892 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038 | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068974 |
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672962 |
|  |  | &nbsp;&nbsp;&nbsp;$53176778 |
| Healthcare Revenue - Long Term Care – 7.5% | Healthcare Revenue - Long Term Care – 7.5% | Healthcare Revenue - Long Term Care – 7.5% |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037 | $2750000 | &nbsp;&nbsp;&nbsp;&nbsp;$2856243 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, 3/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834219 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, 3/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540404 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450479 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014222 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804273 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", 5%, 10/01/2050 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890960 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", 4%, 1/01/2052 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320299 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869647 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), "A", 5%, 7/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858796 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), "B", 5%, 4/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703035 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2033 | $&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166948 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2034 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169871 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041 | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699588 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046 | &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575597 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856713 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), "A", 4%, 9/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649823 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), "A", 5%, 1/01/2039 | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080602 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", 5%, 10/01/2050 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339108 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434595 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2049 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807266 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776242 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060124 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), "A", 5%, 9/01/2037 (Prerefunded 9/01/2024) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553842 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 5%, 10/01/2033 (Prerefunded 10/01/2023) | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612905 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 5%, 10/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005681 |
|  |  | &nbsp;&nbsp;&nbsp;$32931482 |
| Human Services – 0.2% | Human Services – 0.2% | Human Services – 0.2% |
| North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), "A", 5%, 10/01/2034 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1016797 |
| Industrial Revenue - Other – 0.2% | Industrial Revenue - Other – 0.2% | Industrial Revenue - Other – 0.2% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 3.625%, 1/01/2035 (n) | $&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$481610 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$815552 |
| Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% |
| Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1042446 |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423138 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025180 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 1690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4361945 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $1325887 | &nbsp;&nbsp;&nbsp;&nbsp;$1280297 |
| Sales & Excise Tax Revenue – 2.8% | Sales & Excise Tax Revenue – 2.8% | Sales & Excise Tax Revenue – 2.8% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36971 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26584 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37425 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305028 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031 | 1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327753 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402465 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96399 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61459 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101038 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96329 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297006 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 3212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916271 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572032 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313492 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7673 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133609 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10261 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140769 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22591 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | 1584000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031852 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881280 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 9954000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452583 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724750 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", 5.625%, 8/01/2024 (a)(d)(n) | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407534 |
|  |  | &nbsp;&nbsp;&nbsp;$12403154 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2056 (n) | $&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$384661 |
| Single Family Housing - State – 4.3% | Single Family Housing - State – 4.3% | Single Family Housing - State – 4.3% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047 | $&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$815077 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 3%, 7/01/2051 | 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416688 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "41", FNMA, 3.55%, 7/01/2044 | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116308 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "43", GNMA, 2.95%, 7/01/2043 | 2755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203839 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "44", 4%, 7/01/2050 | 4065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074224 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "48", 3.75%, 7/01/2052 | 3495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466240 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", 4.875%, 7/01/2042 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222059 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 5%, 7/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052290 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 6%, 7/01/2053 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635918 |
|  |  | &nbsp;&nbsp;&nbsp;$19002643 |
| State & Local Agencies – 14.7% | State & Local Agencies – 14.7% | State & Local Agencies – 14.7% |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2034 | $1700000 | &nbsp;&nbsp;&nbsp;&nbsp;$1766196 |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2035 | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507042 |
| Buncombe County, NC, Limited Obligation, "A", 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137095 |
| Buncombe County, NC, Limited Obligation, "A", 5%, 6/01/2028 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223383 |
| Buncombe County, NC, Limited Obligation, "A", 5%, 6/01/2029 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312519 |
| Buncombe County, NC, Limited Obligation, "A", 5%, 6/01/2030 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288801 |
| Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032231 |
| Charlotte, NC, Convention Facility Projects, COP, "A", 4%, 6/01/2037 | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329517 |
| Charlotte, NC, Convention Facility Projects, COP, "A", 4%, 6/01/2049 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342169 |
| Charlotte, NC, COP, 5%, 12/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107633 |
| Charlotte, NC, COP, 5%, 12/01/2035 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202628 |
| Charlotte, NC, COP, 3%, 6/01/2048 | 4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334247 |
| Charlotte, NC, Cultural Arts Facilities, COP, "B", 4%, 6/01/2039 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235718 |
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, "C", 4%, 6/01/2038 | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484980 |
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, "C", 3%, 6/01/2039 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551860 |
| Charlotte, NC, Refunding COP (Transit Projects Phase II), "B", 5%, 6/01/2026 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319789 |
| Chatham County, NC, Limited Obligation, 4%, 11/01/2037 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761563 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124698 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108152 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48483 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816889 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078065 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035 | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275151 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036 | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403661 |
| Durham County, NC, Limited Obligation, 4%, 4/01/2035 | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306530 |
| Durham County, NC, Limited Obligation, 4%, 4/01/2037 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032207 |
| Johnston County, NC, Finance Corp. Limited Obligation, "A", 5%, 4/01/2033 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627996 |
| Johnston County, NC, Finance Corp. Limited Obligation, "A", 4%, 4/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524334 |
| Johnston County, NC, Finance Corp. Limited Obligation, "A", 4%, 4/01/2036 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816780 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Johnston County, NC, Finance Corp. Limited Obligation, "A", 4%, 4/01/2037 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504004 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054303 |
| Mecklenburg County, NC, School General Obligation, 5%, 9/01/2024 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296932 |
| Mooresville, NC, Limited Obligation, "A", 3%, 10/01/2036 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308437 |
| North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2038 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403396 |
| North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2041 | 1795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986915 |
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2031 | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978547 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., "A", 4%, 1/01/2034 | 2555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653304 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405017 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), "A", AGM, 5%, 6/01/2033 | 2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661231 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2033 | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229534 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086742 |
| State of North Carolina, Limited Obligation, "A", 5%, 5/01/2033 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954176 |
| State of North Carolina, Limited Obligation, "A", 5%, 5/01/2034 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937387 |
| Wake County, NC, Limited Obligation, "A", 4%, 8/01/2037 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034126 |
|  |  | &nbsp;&nbsp;&nbsp;$64594368 |
| Student Loan Revenue – 1.3% | Student Loan Revenue – 1.3% | Student Loan Revenue – 1.3% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | $2305000 | &nbsp;&nbsp;&nbsp;&nbsp;$2270815 |
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., "A", 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586453 |
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., "A", 5%, 6/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076156 |
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., "A", 5%, 6/01/2029 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759820 |
| North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., "A", 3.125%, 6/01/2039 | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5651937 |
| Tax - Other – 0.8% | Tax - Other – 0.8% | Tax - Other – 0.8% |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045 | $3715000 | &nbsp;&nbsp;&nbsp;&nbsp;$3470128 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3720787 |
| Tax Assessment – 0.2% | Tax Assessment – 0.2% | Tax Assessment – 0.2% |
| Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$904113 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | $1735000 | &nbsp;&nbsp;&nbsp;&nbsp;$1533975 |
| Toll Roads – 4.6% | Toll Roads – 4.6% | Toll Roads – 4.6% |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2002898 |
| North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2032 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751816 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061998 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532905 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147175 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098944 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 2/01/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055739 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204186 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039 | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679935 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443036 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355561 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139905 |
|  |  | &nbsp;&nbsp;&nbsp;$20474098 |
| Transportation - Special Tax – 2.2% | Transportation - Special Tax – 2.2% | Transportation - Special Tax – 2.2% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $1278362 | &nbsp;&nbsp;&nbsp;&nbsp;$1261379 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045 | 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200107 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267361 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269622 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Transportation - Special Tax – continued | Transportation - Special Tax – continued | Transportation - Special Tax – continued |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | $&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$264439 |
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 5%, 3/01/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154218 |
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109574 |
| North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2035 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9599043 |
| Universities - Colleges – 17.6% | Universities - Colleges – 17.6% | Universities - Colleges – 17.6% |
| Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044 | $3000000 | &nbsp;&nbsp;&nbsp;&nbsp;$3193141 |
| Appalachian State University, NC, General Rev. (University of North Carolina Board of Governors), 4%, 10/01/2048 | 1415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327776 |
| Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040 | 3155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326554 |
| North Carolina Agricultural & Technical University Rev., "A", 5%, 10/01/2035 | 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207664 |
| North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), "B", 5%, 10/01/2044 | 4955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5246362 |
| North Carolina Capital Facilities Finance Agency Rev. (Duke University), "B", ETM, 5%, 10/01/2055 (Prerefunded 10/01/2025) | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187338 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034 | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370414 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Wake Forest University), 4%, 1/01/2048 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837165 |
| North Carolina Central University Rev., 5%, 4/01/2044 | 3265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363975 |
| North Carolina State University, Raleigh General Refunding Rev., 5%, 10/01/2023 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218439 |
| North Carolina State University, Raleigh General Rev., "A", 5%, 10/01/2029 (Prerefunded 10/01/2023) | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077570 |
| North Carolina State University, Raleigh General Rev., "A", 5%, 10/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568917 |
| North Carolina State University, Raleigh General Rev., "A", 5%, 10/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129369 |
| North Carolina State University, Raleigh General Rev., "A", 5%, 10/01/2035 | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319445 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115094 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140275 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744343 |
| University of North Carolina at Chapel Hill, General Rev., "B", 5%, 12/01/2033 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885362 |
| University of North Carolina at Chapel Hill, General Rev., "B", 5%, 12/01/2034 | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317164 |
| University of North Carolina Board of Governors Rev., 4%, 4/01/2049 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479119 |
| University of North Carolina, Ashville, Rev., 4%, 6/01/2039 | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460554 |
| University of North Carolina, Charlotte, Rev., 5%, 4/01/2043 (Prerefunded 4/01/2024) | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760920 |
| University of North Carolina, Charlotte, Rev., "A", 5%, 10/01/2038 | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200914 |
| University of North Carolina, Charlotte, Rev., "A", 4%, 10/01/2045 | 4415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114663 |
| University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784008 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036628 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026928 |
| University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041238 |
| University of North Carolina, School of Art General Rev., 4%, 2/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947720 |
| University of North Carolina, School of Art General Rev., 4%, 2/01/2045 | 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612538 |
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028 | 3045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188003 |
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508199 |
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404701 |
| University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503163 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196673 |
| Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043 | 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914782 |
| Western Carolina University, NC, General Rev., "B", 5%, 4/01/2032 | 2420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699731 |
| Western Carolina University, NC, General Rev., "B", 5%, 4/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556355 |
| Western Carolina University, NC, General Rev., "B", 5%, 4/01/2034 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444799 |
| Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042 | 2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638150 |
| Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029 | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566092 |
|  |  | &nbsp;&nbsp;&nbsp;$77662245 |
| Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044 | $&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$322798 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316800 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518400 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821250 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127750 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61413 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303987 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140400 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138700 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25550 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427050 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341854 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421287 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49770 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25419 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190800 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223412 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69588 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219750 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5037278 |
| Utilities - Other – 1.3% | Utilities - Other – 1.3% | Utilities - Other – 1.3% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $2580000 | &nbsp;&nbsp;&nbsp;&nbsp;$2689445 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528651 |
| Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2026 | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5550239 |
| Water & Sewer Utility Revenue – 8.9% | Water & Sewer Utility Revenue – 8.9% | Water & Sewer Utility Revenue – 8.9% |
| Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024) | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1288390 |
| Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2033 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024703 |
| Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715972 |
| Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345590 |
| Durham, NC, Utility System Refunding Rev., 5%, 8/01/2033 | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086916 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2034 | 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783947 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137149 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048 | 3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531013 |
| Greensboro, NC, Enterprise System Rev., "A", 4%, 6/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932069 |
| Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2039 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375566 |
| Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289870 |
| Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4.125%, 12/01/2043 | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497207 |
| Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568933 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222840 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386173 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485935 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331040 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983917 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599604 |
| Lincoln County, NC, Enterprise System Rev., 3%, 8/01/2034 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163239 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97533 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117492 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61388 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142850 |
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025 | 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110202 |
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542844 |
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467237 |
| Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675830 |
| Raleigh, NC, Combined Enterprise Systems Rev., "A", 5%, 3/01/2029 (Prerefunded 3/01/2023) | 3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154865 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Union County, NC, Enterprise System Rev., 3%, 6/01/2046 | $2500000 | &nbsp;&nbsp;&nbsp;$1918630 |
| Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725479 |
| Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$39278168 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$432236649** |
| Bonds – 0.3% | Bonds – 0.3% | Bonds – 0.3% |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;786000 | &nbsp;&nbsp;&nbsp;$673369 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1673080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424554 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1097923** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;879323 | &nbsp;&nbsp;&nbsp;$384704 |
| Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 3281355 | &nbsp;&nbsp;&nbsp;$3282339 |
| Other Assets, Less Liabilities – 0.8% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661922 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$440663537** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $3,282,339 and $433,719,276, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $5,556,386, representing 1.3% of net assets.

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

(w) When-issued security.

---

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

---

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

------

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

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

(1) Investment Valuations

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$432621353 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$432621353 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097923 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097923 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;3282339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282339 |
| Total | &nbsp;&nbsp;&nbsp;$3282339 | &nbsp;&nbsp;&nbsp;$433719276 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$437001615 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$41867648 | &nbsp;&nbsp;$147826999 | &nbsp;&nbsp;$186411289 | &nbsp;&nbsp;$(1612) | &nbsp;&nbsp;$593 | &nbsp;&nbsp;$3282339 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$156904 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2022, are as follows:

---

| | |
|:---|:---|
| North Carolina | 80.1% |
| Puerto Rico | 4.7% |
| New York | 2.5% |
| Illinois | 2.0% |
| Virginia | 1.7% |
| Pennsylvania | 1.6% |
| Guam | 1.3% |
| Texas | 1.1% |
| Maryland | 0.9% |
| California | 0.7% |
| New Jersey | 0.7% |
| Tennessee | 0.7% |
| Alabama | 0.6% |
| Michigan | 0.3% |
| New Hampshire | 0.3% |
| South Carolina | 0.3% |
| Wisconsin | 0.3% |
| Connecticut | 0.2% |
| Colorado | 0.1% |
| Indiana | 0.1% |
| Washington DC | 0.1% |

---

The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.

(4) Russia and Ukraine Conflict

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS 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:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $443948769.89

**Total Liabilities:** $3285239.53

**Net Assets:** $440663530.36

**Delayed Delivery Securities:** $1748557.15

**Cash Not Reported:** $27037.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -393.94885600 | **1-Year:** -13708.15862890 | **5-Year:** -76874.80279850 | **10-Year:** -136387.84790830 | **30-Year:** -35424.03830880

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

- **3-Month:** -131.07249260 | **1-Year:** -1825.42269810 | **5-Year:** -6999.06492790 | **10-Year:** -14850.28375340 | **30-Year:** -5093.51821310

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006962 | -1.06%               | 5.55%                | -0.16%               |
| Class ID C000194230 | -1.05%               | 5.58%                | -0.21%               |
| Class ID C000006963 | -1.12%               | 5.40%                | -0.13%               |
| Class ID C000006964 | -1.22%               | 5.50%                | -0.22%               |
| Class ID C000169760 | -1.06%               | 5.57%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-571017.83              | $-5280624.30                               |
| Month 2  | $-2610329.61             | $26178077.61                               |
| Month 3  | $-2130907.71             | $694442.07                                 |

### 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        |   1000000 | PA      | $904113.50    | 0.21%             | 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      | $2078065.40   | 0.47%             | 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      | $699587.74    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3715000 | PA      | $3470127.63   | 0.79%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $69587.50     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $407534.15    | 0.09%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    420000 | PA      | $421287.05    | 0.10%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority                                                       | CUSIP: 658262GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $958693.11    | 0.22%             | 2039-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLD6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553842.05   | 0.35%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    665000 | PA      | $577839.98    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCE7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2098944.09   | 0.48%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036SS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1391967.75   | 0.32%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830WAV0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1986915.30   | 0.45%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    260000 | PA      | $269621.59    | 0.06%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                                   | State of North Carolina                                                                                   | CUSIP: 65829QFD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2937387.25   | 0.67%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Granville NC                                                                                    | County of Granville                                                                                       | CUSIP: 38850PAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $756129.46    | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525HA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $223382.90    | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $25550.00     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1116308.08   | 0.25%             | 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      | $858796.10    | 0.19%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBK4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532904.95    | 0.12%             | 2031-01-01      | 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      | $3210505.80   | 0.73%             | 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      | $7673.07      | 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      | $4699490.00   | 1.07%             | 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      | $1031852.29   | 0.23%             | 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      | $1584650.40   | 0.36%             | 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      | $2060123.78   | 0.47%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Randolph NC                                                                                     | County of Randolph                                                                                        | CUSIP: 752598DU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1052859.45   | 0.24%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $229533.53    | 0.05%             | 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        |   1065000 | PA      | $919127.38    | 0.21%             | 2040-10-01      | Fixed         | 4.00%                 | 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        |   3249272 | NS      | $3250246.69   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    260000 | PA      | $264439.37    | 0.06%             | 2044-06-15      | 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        |   2000000 | PA      | $2052290.40   | 0.47%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719TQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041237.60   | 0.46%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    510000 | PA      | $333941.83    | 0.08%             | 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      | $2529303.75   | 0.57%             | 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        |   1000000 | PA      | $1137148.90   | 0.26%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DSH5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2950287.20   | 0.67%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    720000 | PA      | $518400.00    | 0.12%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036PY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074645.50   | 0.24%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    786000 | PA      | $673368.45    | 0.15%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073527.00   | 0.47%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266705R61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $459654.89    | 0.10%             | 2037-06-01      | Fixed         | 4.00%                 | 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      | $1434595.05   | 0.33%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority                                                                                 | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    420000 | PA      | $423138.03    | 0.10%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                                                     | City of Winston-Salem NC Water & Sewer System Revenue                                                     | CUSIP: 975700NM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $725478.46    | 0.16%             | 2034-06-01      | Fixed         | 4.00%                 | 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      | $1676180.53   | 0.38%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh                                                                | CUSIP: 658289H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129368.80   | 0.26%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     25000 | PA      | $26583.94     | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1325000 | PA      | $1331040.15   | 0.30%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $834219.40    | 0.19%             | 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        |   2825000 | PA      | $2612537.97   | 0.59%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                                   | State of North Carolina                                                                                   | CUSIP: 65829QFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2954175.50   | 0.67%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    201638 | PA      | $206318.58    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | 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      | $3363975.21   | 0.76%             | 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      | $1784008.45   | 0.40%             | 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      | $22591.07     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     85000 | PA      | $61412.50     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                                                      | County of Forsyth                                                                                         | CUSIP: 34664PBT6<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2892116.75   | 0.66%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus                                                                                        | CUSIP: 12677RCT2<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032230.70   | 0.23%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z82<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2551860.00   | 0.58%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     35000 | PA      | $37424.67     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority                                                       | CUSIP: 658262GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $759820.39    | 0.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DWG2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071899.10   | 0.24%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $61458.92     | 0.01%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142850.20    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939808.70    | 0.21%             | 2035-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $913926.11    | 0.21%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    300000 | PA      | $219750.00    | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2269188 | PA      | $2269184.82   | 0.51%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    255000 | PA      | $219827.24    | 0.05%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                                | Delaware Valley Regional Finance Authority                                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $1816889.15   | 0.41%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1233673.89   | 0.28%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058790.90   | 0.24%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                                                | University of North Carolina at Wilmington                                                                | CUSIP: 91472TBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404701.44    | 0.09%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48483.33     | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897LT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2699731.43   | 0.61%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96398.57     | 0.02%             | 2038-01-01      | 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      | $1086742.20   | 0.25%             | 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      | $2064849.60   | 0.47%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z74<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4484980.35   | 1.02%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Oak Island NC Enterprise System Revenue                                                           | Town of Oak Island NC Enterprise System Revenue                                                           | CUSIP: 67140PCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1675830.24   | 0.38%             | 2031-06-01      | Fixed         | 5.00%                 | 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      | $2320298.70   | 0.53%             | 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        |   1655000 | PA      | $1732021.71   | 0.39%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061998.00   | 0.47%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                                            | HTA CL 6 Trust                                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1278362 | PA      | $1261378.96   | 0.29%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017, Sub-series C-1                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    815000 | PA      | $815076.45    | 0.18%             | 2047-11-15      | Fixed         | 4.00%                 | 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      | $2345590.25   | 0.53%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507820.55    | 0.12%             | 2036-05-01      | Fixed         | 4.00%                 | 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      | $1890960.40   | 0.43%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                                           | University of North Carolina at Charlotte (The)                                                           | CUSIP: 914716B20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1760920.33   | 0.40%             | 2043-04-01      | 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      | $3147174.60   | 0.71%             | 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      | $96328.88     | 0.02%             | 2040-07-01      | 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      | $2665800.56   | 0.60%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCW7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3055738.80   | 0.69%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAB6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2653303.88   | 0.60%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    440000 | PA      | $316800.00    | 0.07%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                                                | University of North Carolina at Wilmington                                                                | CUSIP: 91472TBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508198.85    | 0.12%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    879323 | PA      | $384703.97    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $25418.75     | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | 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      | $1080601.66   | 0.25%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2270814.55   | 0.52%             | 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      | $1019683.60   | 0.23%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University                                                                            | Winston-Salem State University                                                                            | CUSIP: 975705AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1566091.79   | 0.36%             | 2029-06-01      | 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      | $1014222.10   | 0.23%             | 2031-10-01      | Fixed         | 5.00%                 | 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      | $1649822.60   | 0.37%             | 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        |   1325887 | PA      | $1280297.20   | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DSK8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3161022.00   | 0.72%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037V78<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107633.10   | 0.25%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65818PNA3<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2837165.40   | 0.64%             | 2048-01-01      | 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: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     11000 | PA      | $10261.01     | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037M94<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319788.50   | 0.30%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh                                                                | CUSIP: 658289D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5077570.50   | 1.15%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1444799.07   | 0.33%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte NC Water & Sewer System Revenue                                                         | CUSIP: 161045QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2024702.93   | 0.46%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $4550095.00   | 1.03%             | 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      | $1807266.00   | 0.41%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC Water & Sewer System Revenue                                                     | City of Winston-Salem NC Water & Sewer System Revenue                                                     | CUSIP: 975700NN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513744.50    | 0.12%             | 2035-06-01      | 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        |   1735000 | PA      | $1533974.75   | 0.35%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                                       | University of North Carolina System                                                                       | CUSIP: 91472AAT2<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947719.80    | 0.22%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355560.66    | 0.08%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1635918.00   | 0.37%             | 2053-07-01      | Fixed         | 6.00%                 | 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      | $1370413.60   | 0.31%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Granville NC                                                                                    | County of Granville                                                                                       | CUSIP: 38850PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $743870.39    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | 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      | $1703035.40   | 0.39%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport                              | San Francisco City & County Airport Comm-San Francisco International Airport                              | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1460331.16   | 0.33%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $124698.01    | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    600000 | PA      | $481609.92    | 0.11%             | 2035-01-01      | Fixed         | 3.62%                 | Yes           |                  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      | $856712.89    | 0.19%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Gaston NC                                                                                       | County of Gaston                                                                                          | CUSIP: 36730WAQ3<br>LEI: 549300RQ7QXM9RXM7Z26 | Long             | DBT              | MUN               | US        |    675000 | PA      | $758627.17    | 0.17%             | 2033-04-01      | Fixed         | 5.00%                 | 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      | $1036627.60   | 0.24%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $28800.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    190000 | PA      | $138700.00    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston                                                                                        | CUSIP: 479354DU3<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524334.40    | 0.12%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAL4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1405017.25   | 0.32%             | 2043-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $49769.60     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1600630.41   | 0.36%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $250659.00    | 0.06%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $101037.92    | 0.02%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill                                                               | CUSIP: 914713R79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $885361.88    | 0.20%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill                                                               | CUSIP: 914713R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1317163.73   | 0.30%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     80000 | PA      | $58600.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | 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      | $2638149.70   | 0.60%             | 2042-10-01      | 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      | $1535891.70   | 0.35%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                                   | State of North Carolina                                                                                   | CUSIP: 658268EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072343.00   | 0.47%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830WAK4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    835000 | PA      | $978546.77    | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830WAS7<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1403395.50   | 0.32%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $2715972.25   | 0.62%             | 2045-08-01      | 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      | $3079990.20   | 0.70%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032207.10   | 0.69%             | 2037-04-01      | Fixed         | 4.00%                 | 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      | $1460553.83   | 0.33%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61388.24     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2755000 | PA      | $2203838.83   | 0.50%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Town of Oak Island NC Enterprise System Revenue                                                           | Town of Oak Island NC Enterprise System Revenue                                                           | CUSIP: 67140PCV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1467237.38   | 0.33%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29300.00     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $387031.01    | 0.09%             | 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      | $3193141.20   | 0.72%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1125000 | PA      | $821250.00    | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority                                                       | CUSIP: 658262GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $586452.96    | 0.13%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln NC Enterprise System Revenue                                                            | County of Lincoln NC Enterprise System Revenue                                                            | CUSIP: 53334CBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $163239.18    | 0.04%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1306530.28   | 0.30%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    344225 | PA      | $289695.87    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173900.56    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610372U9<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1235717.50   | 0.28%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    880000 | PA      | $724749.87    | 0.16%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham                                                                                            | CUSIP: 266818CG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1783947.03   | 0.40%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDD3<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    480000 | PA      | $485935.25    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority                                                       | CUSIP: 658262GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076156.50   | 0.24%             | 2028-06-01      | 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      | $3914782.41   | 0.89%             | 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      | $267360.80    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1766195.62   | 0.40%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham                                                                                            | CUSIP: 266818CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $3086916.26   | 0.70%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207Q65<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3466239.99   | 0.79%             | 2052-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1403661.46   | 0.32%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026121.20   | 0.46%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                                      | County of Chatham                                                                                         | CUSIP: 16207RDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1761562.95   | 0.40%             | 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      | $1219395.06   | 0.28%             | 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      | $1528650.62   | 0.35%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $443035.80    | 0.10%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1054302.64   | 0.24%             | 2047-05-01      | 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        |   5000000 | PA      | $4683953.50   | 1.06%             | 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        |   4065000 | PA      | $4074223.49   | 0.92%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     35000 | PA      | $36970.66     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                                   | State of North Carolina                                                                                   | CUSIP: 658268ET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154218.00   | 0.26%             | 2033-03-01      | 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      | $4531012.48   | 1.03%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321EP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $497206.70    | 0.11%             | 2043-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    380000 | PA      | $386173.06    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610373S3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3334247.24   | 0.76%             | 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      | $2342169.00   | 0.53%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161035HV5<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8637772.00   | 1.96%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002897.80   | 0.45%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DTH4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1450478.70   | 0.33%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                                                | University of North Carolina at Wilmington                                                                | CUSIP: 91472TBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503162.60    | 0.11%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321EM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289869.69    | 0.07%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1867002.80   | 0.42%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97532.91     | 0.02%             | 2032-07-01      | 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: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    154000 | PA      | $133608.89    | 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      | $599604.19    | 0.14%             | 2050-01-01      | 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: N/A                  | Long             | DBT              | MUN               | PR        |    115000 | PA      | $115094.30    | 0.03%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.31    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1436438.67   | 0.33%             | 2043-04-15      | Fixed         | 4.00%                 | 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      | $279968.12    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg                                                                                     | CUSIP: 584002YH6<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296932.25   | 0.29%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    240000 | PA      | $174600.00    | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830WAL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1751816.55   | 0.40%             | 2032-07-01      | Fixed         | 5.00%                 | 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      | $1648948.80   | 0.37%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876DX2<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3034126.20   | 0.69%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Durham County Industrial Facilities & Pollution Control Financing Authority                               | Durham County Industrial Facilities & Pollution Control Financing Authority                               | CUSIP: 266711AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042446.30   | 0.24%             | 2025-02-01      | Fixed         | 5.00%                 | 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      | $1339107.75   | 0.30%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322798.02    | 0.07%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1507042.28   | 0.34%             | 2035-06-01      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    174000 | PA      | $140769.06    | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    204963 | PA      | $208830.08    | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    206837 | PA      | $208396.18    | 0.05%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    430000 | PA      | $384661.14    | 0.09%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of North Carolina                                                                                   | State of North Carolina                                                                                   | CUSIP: 658268EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109574.40   | 0.48%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh                                                                | CUSIP: 658289J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1319444.73   | 0.30%             | 2035-10-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1515000 | PA      | $881280.50    | 0.20%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1097383.17   | 0.25%             | 2038-07-01      | 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      | $2200107.19   | 0.50%             | 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      | $1275150.78   | 0.29%             | 2035-10-01      | Fixed         | 4.00%                 | 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      | $2689445.41   | 0.61%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    585000 | PA      | $427050.00    | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    665000 | PA      | $566925.20    | 0.13%             | 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: N/A                  | Long             | DBT              | MUN               | PR        |    140000 | PA      | $140275.27    | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    415000 | PA      | $303987.50    | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    185000 | PA      | $169871.44    | 0.04%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $402464.59    | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority                                                                        | CUSIP: 139391CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288389.63   | 0.29%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143274 | PA      | $117207.60    | 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        |   2485000 | PA      | $2416688.34   | 0.55%             | 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      | $776242.00    | 0.18%             | 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      | $1139905.36   | 0.26%             | 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      | $2679934.66   | 0.61%             | 2039-01-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   9954000 | PA      | $2452582.98   | 0.56%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DWZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $660546.96    | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    194798 | PA      | $152526.52    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPM8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    340000 | PA      | $341854.22    | 0.08%             | 2029-07-01      | Fixed         | 5.25%                 | 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      | $572032.19    | 0.13%             | 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      | $983917.00    | 0.22%             | 2046-01-01      | Fixed         | 5.00%                 | 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      | $503975.02    | 0.11%             | 2044-04-01      | Fixed         | 4.00%                 | 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      | $157131.15    | 0.04%             | 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        |   3212000 | PA      | $2916271.16   | 0.66%             | 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      | $1016796.80   | 0.23%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1278523.12   | 0.29%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151224.98    | 0.03%             | 2039-12-01      | 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      | $6672962.40   | 1.51%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                                           | University of North Carolina at Charlotte (The)                                                           | CUSIP: 914716P90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1200913.88   | 0.27%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117492.46    | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh                                                                | CUSIP: 658289H89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568917.00    | 0.13%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                                                | North Carolina State University at Raleigh                                                                | CUSIP: 658289F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218439.44   | 0.28%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    350000 | PA      | $305028.57    | 0.07%             | 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      | $2540597.25   | 0.58%             | 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      | $744343.47    | 0.17%             | 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      | $308437.19    | 0.07%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197125.38    | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $556354.85    | 0.13%             | 2033-04-01      | 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        |   1673080 | PA      | $424553.98    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    645000 | PA      | $665707.27    | 0.15%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    239000 | PA      | $129193.98    | 0.03%             | 2033-07-01      | None          | 0.00%                 | 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      | $2335033.58   | 0.53%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $288801.43    | 0.07%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gaston NC                                                                                       | County of Gaston                                                                                          | CUSIP: 36730WAS9<br>LEI: 549300RQ7QXM9RXM7Z26 | Long             | DBT              | MUN               | US        |    610000 | PA      | $676913.71    | 0.15%             | 2035-04-01      | Fixed         | 5.00%                 | 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      | $1005681.50   | 0.23%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    305000 | PA      | $223412.50    | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSH0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    180000 | PA      | $166947.55    | 0.04%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3058132.80   | 0.69%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Oak Island NC Enterprise System Revenue                                                           | Town of Oak Island NC Enterprise System Revenue                                                           | CUSIP: 67140PDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542843.85    | 0.12%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266705R53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513669.80    | 0.12%             | 2036-06-01      | Fixed         | 4.00%                 | 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      | $3326554.39   | 0.75%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    220000 | PA      | $222839.89    | 0.05%             | 2036-07-01      | 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      | $196672.61    | 0.04%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108151.60    | 0.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston                                                                                        | CUSIP: 479354DT6<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    550000 | PA      | $627996.11    | 0.14%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Appalachian State University                                                                              | Appalachian State University                                                                              | CUSIP: 037777ZY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1327776.00   | 0.30%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1204186.39   | 0.27%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137095.15    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | 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      | $4479119.00   | 1.02%             | 2049-04-01      | Fixed         | 4.00%                 | 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      | $2856243.23   | 0.65%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $312518.47    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $375566.20    | 0.09%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $568933.05    | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston                                                                                        | CUSIP: 479354DW9<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    800000 | PA      | $816779.60    | 0.19%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266705R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $655616.78    | 0.15%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    175000 | PA      | $127750.00    | 0.03%             | 2042-07-01      | 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      | $869647.20    | 0.20%             | 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        |   4685000 | PA      | $4271711.79   | 0.97%             | 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      | $363516.06    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston                                                                                        | CUSIP: 479354DX7<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504004.10    | 0.11%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    195000 | PA      | $140400.00    | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    665000 | PA      | $672135.12    | 0.15%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Forsyth NC                                                                                      | County of Forsyth                                                                                         | CUSIP: 34664PBU3<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5397123.96   | 1.22%             | 2034-04-01      | 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: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    348000 | PA      | $313491.66    | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1295000 | PA      | $1327752.75   | 0.30%             | 2031-11-15      | 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      | $194999.68    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    265000 | PA      | $190800.00    | 0.04%             | 2018-07-01      | 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      | $1068973.94   | 0.24%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037V86<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2202627.80   | 0.50%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                    | State Public School Building Authority                                                                    | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2661230.85   | 0.60%             | 2033-06-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    336000 | PA      | $297006.26    | 0.07%             | 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      | $860209.52    | 0.20%             | 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      | $5246362.42   | 1.19%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University                                                  | CUSIP: 658187GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3207663.50   | 0.73%             | 2035-10-01      | 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        |   1290000 | PA      | $1332143.40   | 0.30%             | 2026-09-01      | Fixed         | 5.25%                 | 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      | $575597.45    | 0.13%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    185717 | PA      | $161027.73    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DVP3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    800000 | PA      | $804273.36    | 0.18%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1222059.12   | 0.28%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GKX5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1187338.21   | 0.27%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YKB1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1612904.75   | 0.37%             | 2033-10-01      | Fixed         | 5.00%                 | 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      | $4114662.56   | 0.93%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Y59<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1329517.33   | 0.30%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Wilmington                                                                | University of North Carolina at Wilmington                                                                | CUSIP: 91472TAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3188002.64   | 0.72%             | 2028-06-01      | Fixed         | 5.00%                 | 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      | $1026927.60   | 0.23%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro NC Combined Water & Sewer System Revenue                                               | CUSIP: 395468KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1932068.80   | 0.44%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1540403.60   | 0.35%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065208.20   | 0.24%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853VD6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4482511.58   | 1.02%             | 2049-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161035LK4<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1899490.03   | 0.43%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    680587 | PA      | $510227.02    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC Combined Enterprise System Revenue                                                     | City of Raleigh NC Combined Enterprise System Revenue                                                     | CUSIP: 751100JN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3154865.24   | 0.72%             | 2029-03-01      | Fixed         | 5.00%                 | 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      | $1025180.07   | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Town of Oak Island NC Enterprise System Revenue                                                           | Town of Oak Island NC Enterprise System Revenue                                                           | CUSIP: 67140PCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2110201.52   | 0.48%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     62012 | PA      | $57474.08     | 0.01%             | 2024-07-01      | None          | 0.00%                 | 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      | $1918630.25   | 0.44%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    235000 | PA      | $246541.58    | 0.06%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    554850 | PA      | $573697.26    | 0.13%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer