# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-004584
**Filing Date:** 2026-2
**Character Count:** 207098
**Document Hash:** 7c0f9c1c2764528ee41aa4810900bc70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004584.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004584

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 26679545

**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

MNC-Q3

![](img346a12421.gif)

**Quarterly Report**

December 31, 2025

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

![](img9e9e41be2.gif)

------

**Portfolio of Investments**

12/31/25 (unaudited)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 96.7%  | Municipal Bonds – 96.7%  | Municipal Bonds – 96.7%  |
| Airport Revenue – 7.4% | Airport Revenue – 7.4% | Airport Revenue – 7.4% |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 4%, 7/01/2052  | $5000000 | &nbsp;&nbsp;&nbsp; $4698539 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1004347 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2041  | 2155000 | &nbsp;&nbsp;&nbsp; 2294408 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1008873 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 2300000 | &nbsp;&nbsp;&nbsp; 2426200 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2525989 |
| Charlotte, NC, Airport Rev., "A", 5.25%, 7/01/2055  | 3000000 | &nbsp;&nbsp;&nbsp; 3213708 |
| Dallas Fort Worth, TX, International Airport, Joint Refunding & Improvement Rev., "A-1", 5.25%, 11/01/2046  | 5000000 | &nbsp;&nbsp;&nbsp; 5247705 |
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053  | 6000000 | &nbsp;&nbsp;&nbsp; 6123938 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.5%, 7/01/2052  | 1500000 | &nbsp;&nbsp;&nbsp; 1557414 |
| Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1026847 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 2580000 | &nbsp;&nbsp;&nbsp; 2590737 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 1275000 | &nbsp;&nbsp;&nbsp; 1275873 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2036  | 2000000 | &nbsp;&nbsp;&nbsp; 2036224 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2037  | 2000000 | &nbsp;&nbsp;&nbsp; 2033174 |
|  |  | &nbsp;&nbsp;&nbsp; $39063976 |
| General Obligations - General Purpose – 4.1% | General Obligations - General Purpose – 4.1% | General Obligations - General Purpose – 4.1% |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2039  | $295000 | &nbsp;&nbsp;&nbsp; $306140 |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2041  | 500000 | &nbsp;&nbsp;&nbsp; 512441 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 1030000 | &nbsp;&nbsp;&nbsp; 963384 |
| Cartersville, GA, General Obligation, 2%, 10/01/2040  | 2190000 | &nbsp;&nbsp;&nbsp; 1630272 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 1655000 | &nbsp;&nbsp;&nbsp; 1715838 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 554850 | &nbsp;&nbsp;&nbsp; 609561 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 185717 | &nbsp;&nbsp;&nbsp; 185662 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 344225 | &nbsp;&nbsp;&nbsp; 338265 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 143274 | &nbsp;&nbsp;&nbsp; 138889 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 194798 | &nbsp;&nbsp;&nbsp; 180109 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 680587 | &nbsp;&nbsp;&nbsp; 593778 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 239000 | &nbsp;&nbsp;&nbsp; 172951 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051  | 4000000 | &nbsp;&nbsp;&nbsp; 3035911 |
| Lee County, NC, Limited Obligation, 4%, 5/01/2037  | 855000 | &nbsp;&nbsp;&nbsp; 861672 |
| Mecklenburg County, NC, General Obligation School, 4%, 2/01/2044  | 4000000 | &nbsp;&nbsp;&nbsp; 3980497 |
| Mecklenburg County, NC, Limited Obligation, 4%, 2/01/2045  | 4000000 | &nbsp;&nbsp;&nbsp; 3928963 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 375000 | &nbsp;&nbsp;&nbsp; 401260 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 350000 | &nbsp;&nbsp;&nbsp; 369238 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 685000 | &nbsp;&nbsp;&nbsp; 661076 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 310000 | &nbsp;&nbsp;&nbsp; 296269 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 460000 | &nbsp;&nbsp;&nbsp; 445034 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 185000 | &nbsp;&nbsp;&nbsp; 176961 |
|  |  | &nbsp;&nbsp;&nbsp; $21504171 |
| General Obligations - Schools – 1.9% | General Obligations - Schools – 1.9% | General Obligations - Schools – 1.9% |
| Chambers County, TX, Barbers Hill Independent School District, Unlimited Tax School Building, Texas PSF, 4.25%, 2/15/2054  | $2000000 | &nbsp;&nbsp;&nbsp; $1939393 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 1510000 | &nbsp;&nbsp;&nbsp; 1175755 |
| Guilford County, NC, General Obligation School, 4%, 3/01/2045  | 4000000 | &nbsp;&nbsp;&nbsp; 3970561 |
| Williamson County, TX, Jarrell Independent School District, Unlimited Tax School Building, Texas PSF, 4.25%, 2/15/2053  | 3140000 | &nbsp;&nbsp;&nbsp; 3018532 |
|  |  | &nbsp;&nbsp;&nbsp; $10104241 |
| Healthcare Revenue - Hospitals – 7.9% | Healthcare Revenue - Hospitals – 7.9% | Healthcare Revenue - Hospitals – 7.9% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $555000 | &nbsp;&nbsp;&nbsp; $513489 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), "D", 3.625%, 1/15/2048 (Put Date <br> 6/15/2027) <br>| 2500000 | &nbsp;&nbsp;&nbsp; 2523619 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2036  | 3000000 | &nbsp;&nbsp;&nbsp; 3170587 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2040  | $3000000 | &nbsp;&nbsp;&nbsp; $3002838 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 2480000 | &nbsp;&nbsp;&nbsp; 2248781 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)  | 1500000 | &nbsp;&nbsp;&nbsp; 1563229 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)  | 2425000 | &nbsp;&nbsp;&nbsp; 2527219 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 3000000 | &nbsp;&nbsp;&nbsp; 2749930 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), "A", 5%, 6/01/2042  | 2250000 | &nbsp;&nbsp;&nbsp; 2433950 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 4%, 11/01/2052  | 5000000 | &nbsp;&nbsp;&nbsp; 4436343 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 5%, 7/01/2033  | 255000 | &nbsp;&nbsp;&nbsp; 275368 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 4935000 | &nbsp;&nbsp;&nbsp; 4625184 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045  | 2500000 | &nbsp;&nbsp;&nbsp; 2500937 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027  | 150000 | &nbsp;&nbsp;&nbsp; 150582 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035  | 1515000 | &nbsp;&nbsp;&nbsp; 1436225 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038  | 1065000 | &nbsp;&nbsp;&nbsp; 970833 |
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046  | 6500000 | &nbsp;&nbsp;&nbsp; 6522245 |
|  |  | &nbsp;&nbsp;&nbsp; $41651359 |
| Healthcare Revenue - Long Term Care – 9.1% | Healthcare Revenue - Long Term Care – 9.1% | Healthcare Revenue - Long Term Care – 9.1% |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement <br> Community), 5%, 11/01/2037 <br>| $2750000 | &nbsp;&nbsp;&nbsp; $2775780 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2036 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 998061 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2042 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1846962 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), <br> 5%, 10/01/2031 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1011110 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), <br> "A", 5%, 10/01/2050 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1956220 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrne), <br> 5.375%, 10/01/2045 <br>| 815000 | &nbsp;&nbsp;&nbsp; 824807 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrne), <br> 5.625%, 10/01/2055 <br>| 360000 | &nbsp;&nbsp;&nbsp; 362774 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", <br> 4%, 1/01/2052 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2446709 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 834011 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), "A", 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 817409 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carol Woods Project), 5.25%, 12/01/2050  | 2000000 | &nbsp;&nbsp;&nbsp; 2049068 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), "B", <br> 5%, 4/01/2047 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1839814 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Deerfield Episcopal Retirement <br> Community Project), 5.25%, 11/01/2056 (w)<br>| 3000000 | &nbsp;&nbsp;&nbsp; 3022266 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2044  | 1790000 | &nbsp;&nbsp;&nbsp; 1820488 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2049  | 1100000 | &nbsp;&nbsp;&nbsp; 1102552 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2054  | 1340000 | &nbsp;&nbsp;&nbsp; 1330982 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041  | 830000 | &nbsp;&nbsp;&nbsp; 772306 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046  | 715000 | &nbsp;&nbsp;&nbsp; 609053 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051  | 1100000 | &nbsp;&nbsp;&nbsp; 897899 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), "A", 4%, 9/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 1877840 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), "A", 5%, 1/01/2039  | 1225000 | &nbsp;&nbsp;&nbsp; 1181199 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", <br> 5.5%, 9/01/2044 <br>| 1380000 | &nbsp;&nbsp;&nbsp; 1414580 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", <br> 5.5%, 9/01/2054 <br>| 1665000 | &nbsp;&nbsp;&nbsp; 1649635 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", <br> 5%, 10/01/2050 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1365531 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037  | 1500000 | &nbsp;&nbsp;&nbsp; 1500194 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 1883674 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031  | 800000 | &nbsp;&nbsp;&nbsp; 804339 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037  | 2200000 | &nbsp;&nbsp;&nbsp; 2202502 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **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. (Twin Lakes Community), "A", <br> 5.25%, 1/01/2055 <br>| $2000000 | &nbsp;&nbsp;&nbsp; $2000351 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), 5%, 10/01/2050 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 991759 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), 5.125%, 10/01/2056 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 996444 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), "A", 5.125%, 10/01/2054 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1996842 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), <br> "A", 5%, 10/01/2035 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1009564 |
|  |  | &nbsp;&nbsp;&nbsp; $48192725 |
| Human Services – 0.2% | Human Services – 0.2% | Human Services – 0.2% |
| North Carolina Capital Facilities Finance Agency, Refunding Rev. (Arc of North Carolina Projects), "A", 5%, 10/01/2034  | $1000000 | &nbsp;&nbsp;&nbsp; $1004808 |
| Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), <br> 4.25%, 7/01/2041 (Put Date 7/01/2027) <br>| $835000 | &nbsp;&nbsp;&nbsp; $844149 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| $510000 | &nbsp;&nbsp;&nbsp; $376657 |
| Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% |
| Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility Refunding Rev. <br> (International Paper Co. Project), "A", 4.2%, 5/01/2034 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1038312 |
| Miscellaneous Revenue - Other – 1.4% | Miscellaneous Revenue - Other – 1.4% | Miscellaneous Revenue - Other – 1.4% |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2041  | $1000000 | &nbsp;&nbsp;&nbsp; $1093488 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1083444 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2043  | 875000 | &nbsp;&nbsp;&nbsp; 939499 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1130000 | &nbsp;&nbsp;&nbsp; 1128197 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 1690000 | &nbsp;&nbsp;&nbsp; 1666812 |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 (w) | 1485000 | &nbsp;&nbsp;&nbsp; 1459212 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 190000 | &nbsp;&nbsp;&nbsp; 191694 |
|  |  | &nbsp;&nbsp;&nbsp; $7562346 |
| Multi-Family Housing Revenue – 4.4% | Multi-Family Housing Revenue – 4.4% | Multi-Family Housing Revenue – 4.4% |
| Gastonia, NC, Housing Authority Multi-Family Tax Exempt Mortgage, (Stonecroft Village), "A", FNMA, 4.55%, 7/01/2043  | $3481000 | &nbsp;&nbsp;&nbsp; $3515921 |
| Inlivian, NC, Multi-Family Tax-Exempt (Poplar Grove Apartments), 4.45%, 6/01/2041  | 3950000 | &nbsp;&nbsp;&nbsp; 4034633 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1272064 | &nbsp;&nbsp;&nbsp; 1294950 |
| North Carolina, Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 4926623 | &nbsp;&nbsp;&nbsp; 5108201 |
| North Carolina, Inlivian Multi-Family Housing Rev. (The Barton South), "A", FNMA, 5.05%, 2/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 2132815 |
| Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), "B", <br> 5%, 3/01/2027 (Put Date 3/01/2026) <br>| 240000 | &nbsp;&nbsp;&nbsp; 240701 |
| Raleigh, NC, Housing Authority Multi-Family Rev. (Parkside Apartments), "A", FNMA, 4.4%, 12/01/2043  | 4125000 | &nbsp;&nbsp;&nbsp; 4090586 |
| Shelby, NC, Multi-Family, Taxable (Laurel Hill Apartments), FNMA, 4.25%, 8/01/2040  | 2625000 | &nbsp;&nbsp;&nbsp; 2665163 |
|  |  | &nbsp;&nbsp;&nbsp; $23082970 |
| Port Revenue – 0.6% | Port Revenue – 0.6% | Port Revenue – 0.6% |
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2052  | $5925000 | &nbsp;&nbsp;&nbsp; $3357087 |
| Sales & Excise Tax Revenue – 2.2% | Sales & Excise Tax Revenue – 2.2% | Sales & Excise Tax Revenue – 2.2% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $350000 | &nbsp;&nbsp;&nbsp; $337456 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 9000 | &nbsp;&nbsp;&nbsp; 8152 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 105000 | &nbsp;&nbsp;&nbsp; 105039 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 336000 | &nbsp;&nbsp;&nbsp; 316702 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 6329000 | &nbsp;&nbsp;&nbsp; 6093278 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **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., "A-2", 4.329%, 7/01/2040  | $635000 | &nbsp;&nbsp;&nbsp; $621273 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 348000 | &nbsp;&nbsp;&nbsp; 340477 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 154000 | &nbsp;&nbsp;&nbsp; 143779 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 31000 | &nbsp;&nbsp;&nbsp; 27534 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1584000 | &nbsp;&nbsp;&nbsp; 1301365 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1515000 | &nbsp;&nbsp;&nbsp; 1147222 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 718000 | &nbsp;&nbsp;&nbsp; 239826 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 715000 | &nbsp;&nbsp;&nbsp; 572000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 485000 | &nbsp;&nbsp;&nbsp; 436500 |
|  |  | &nbsp;&nbsp;&nbsp; $11690603 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), "A", 5%, 6/01/2056 (n) | $430000 | &nbsp;&nbsp;&nbsp; $371294 |
| Single Family Housing - State – 9.5% | Single Family Housing - State – 9.5% | Single Family Housing - State – 9.5% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $170000 | &nbsp;&nbsp;&nbsp; $170399 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 3%, 7/01/2051  | 1270000 | &nbsp;&nbsp;&nbsp; 1254883 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "41", FNMA, 3.55%, 7/01/2044  | 1285000 | &nbsp;&nbsp;&nbsp; 1170357 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "43", GNMA, 2.95%, 7/01/2043  | 2740000 | &nbsp;&nbsp;&nbsp; 2224196 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "44", 4%, 7/01/2050  | 1825000 | &nbsp;&nbsp;&nbsp; 1835118 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "48", 3.75%, 7/01/2052  | 2265000 | &nbsp;&nbsp;&nbsp; 2274963 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", 4.875%, 7/01/2042  | 1190000 | &nbsp;&nbsp;&nbsp; 1244938 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 5%, 7/01/2047  | 4930000 | &nbsp;&nbsp;&nbsp; 5065310 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 6%, 7/01/2053  | 1115000 | &nbsp;&nbsp;&nbsp; 1179901 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "50", GNMA, 5.5%, 1/01/2054  | 4225000 | &nbsp;&nbsp;&nbsp; 4504167 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 4.5%, 1/01/2048  | 2990000 | &nbsp;&nbsp;&nbsp; 2915517 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 5.75%, 1/01/2054  | 3355000 | &nbsp;&nbsp;&nbsp; 3570028 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "52-A", GNMA, 6.25%, 1/01/2055  | 4545000 | &nbsp;&nbsp;&nbsp; 4902273 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 4.55%, 7/01/2044  | 2000000 | &nbsp;&nbsp;&nbsp; 2017021 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 6.25%, 1/01/2055  | 1930000 | &nbsp;&nbsp;&nbsp; 2148246 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "55-A", GNMA, 6.25%, 7/01/2055  | 3920000 | &nbsp;&nbsp;&nbsp; 4302142 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 4.375%, 7/01/2044  | 2965000 | &nbsp;&nbsp;&nbsp; 2993006 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 6.25%, 1/01/2055  | 3280000 | &nbsp;&nbsp;&nbsp; 3547655 |
| North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, (1998 Trust Agreement), "59-A", GNMA, <br> 4.55%, 7/01/2045 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2991807 |
|  |  | &nbsp;&nbsp;&nbsp; $50311927 |
| State & Local Agencies – 9.7% | State & Local Agencies – 9.7% | State & Local Agencies – 9.7% |
| Ashe County, NC, Limited Obligation, 5%, 6/01/2042  | $450000 | &nbsp;&nbsp;&nbsp; $487210 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2043  | 450000 | &nbsp;&nbsp;&nbsp; 447761 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2044  | 350000 | &nbsp;&nbsp;&nbsp; 346822 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 1520000 | &nbsp;&nbsp;&nbsp; 1369706 |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2035  | 1465000 | &nbsp;&nbsp;&nbsp; 1497106 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 1115000 | &nbsp;&nbsp;&nbsp; 1206450 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 950000 | &nbsp;&nbsp;&nbsp; 1027917 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 2250000 | &nbsp;&nbsp;&nbsp; 2410629 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 803543 |
| Charlotte, NC, Convention Facility Projects, Certificates of Participation, "A", 4%, 6/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2391598 |
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, Certificates of Participation, "C", 3%, 6/01/2039  | 3000000 | &nbsp;&nbsp;&nbsp; 2797569 |
| Charlotte, NC, Refunding Certificates of Participation (Transit Projects), "A", 3%, 6/01/2048  | 4425000 | &nbsp;&nbsp;&nbsp; 3322331 |
| Chatham County, NC, Limited Obligation, 4%, 11/01/2037  | 1750000 | &nbsp;&nbsp;&nbsp; 1776866 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034  | 2000000 | &nbsp;&nbsp;&nbsp; 2056649 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035  | 1240000 | &nbsp;&nbsp;&nbsp; 1269610 |
| Durham County, NC, Limited Obligation, 4%, 4/01/2035  | 1270000 | &nbsp;&nbsp;&nbsp; 1296437 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2042  | 2400000 | &nbsp;&nbsp;&nbsp; 2496638 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 2062283 |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2043  | 1315000 | &nbsp;&nbsp;&nbsp; 1423040 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2044  | $750000 | &nbsp;&nbsp;&nbsp; $804327 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 991661 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2045  | 625000 | &nbsp;&nbsp;&nbsp; 615808 |
| Henderson County, NC, Limited Obligation, 4%, 10/01/2043  | 700000 | &nbsp;&nbsp;&nbsp; 695108 |
| Henderson County, NC, Limited Obligation, 4.125%, 10/01/2044  | 745000 | &nbsp;&nbsp;&nbsp; 740050 |
| Henderson County, NC, Limited Obligation, 4.125%, 10/01/2045  | 625000 | &nbsp;&nbsp;&nbsp; 615970 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2043  | 1500000 | &nbsp;&nbsp;&nbsp; 1494884 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2044  | 400000 | &nbsp;&nbsp;&nbsp; 398028 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2045  | 235000 | &nbsp;&nbsp;&nbsp; 230491 |
| Johnston County, NC, Limited Obligation Finance Corp., 5%, 4/01/2042  | 1385000 | &nbsp;&nbsp;&nbsp; 1521182 |
| Johnston County, NC, Limited Obligation Finance Corp., 5%, 4/01/2043  | 1385000 | &nbsp;&nbsp;&nbsp; 1505920 |
| Mooresville, NC, Limited Obligation, "A", 3%, 10/01/2036  | 350000 | &nbsp;&nbsp;&nbsp; 337579 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 250000 | &nbsp;&nbsp;&nbsp; 297814 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046  | 2035000 | &nbsp;&nbsp;&nbsp; 789683 |
| Raleigh, NC, Limited Obligation, 5.25%, 10/01/2042  | 675000 | &nbsp;&nbsp;&nbsp; 761566 |
| Raleigh, NC, Limited Obligation, 5.25%, 10/01/2043  | 720000 | &nbsp;&nbsp;&nbsp; 804510 |
| Raleigh, NC, Limited Obligation, 5.25%, 10/01/2044  | 400000 | &nbsp;&nbsp;&nbsp; 442797 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2033  | 210000 | &nbsp;&nbsp;&nbsp; 220876 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1049940 |
| Wake County, NC, Limited Obligation, "A", 5%, 4/01/2041  | 1625000 | &nbsp;&nbsp;&nbsp; 1770630 |
| Wake County, NC, Limited Obligation, "B", 5%, 4/01/2041  | 1765000 | &nbsp;&nbsp;&nbsp; 1923176 |
| Winston-Salem, NC, Limited Obligation, "A", 4.5%, 6/01/2044  | 2040000 | &nbsp;&nbsp;&nbsp; 2113966 |
| Winston-Salem, NC, Limited Obligation, "A", 4.5%, 6/01/2045  | 650000 | &nbsp;&nbsp;&nbsp; 664362 |
|  |  | &nbsp;&nbsp;&nbsp; $51280493 |
| Student Loan Revenue – 1.5% | Student Loan Revenue – 1.5% | Student Loan Revenue – 1.5% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $1605000 | &nbsp;&nbsp;&nbsp; $1596925 |
| North Carolina Education Assistance Authority, Student Loan Rev., "A", 5%, 6/01/2043  | 2570000 | &nbsp;&nbsp;&nbsp; 2677028 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2032 <br>| 1590000 | &nbsp;&nbsp;&nbsp; 1691778 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2035 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2123374 |
|  |  | &nbsp;&nbsp;&nbsp; $8089105 |
| Tax - Other – 1.5% | Tax - Other – 1.5% | Tax - Other – 1.5% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $1920000 | &nbsp;&nbsp;&nbsp; $1963773 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 300000 | &nbsp;&nbsp;&nbsp; 300146 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 670000 | &nbsp;&nbsp;&nbsp; 703148 |
| New York, NY, City Transitional Finance Authority Rev., "F-1", 4.25%, 2/01/2054  | 5120000 | &nbsp;&nbsp;&nbsp; 4855859 |
|  |  | &nbsp;&nbsp;&nbsp; $7822926 |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $200000 | &nbsp;&nbsp;&nbsp; $200158 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $1455000 | &nbsp;&nbsp;&nbsp; $1256200 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 650000 | &nbsp;&nbsp;&nbsp; 526151 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 1030000 | &nbsp;&nbsp;&nbsp; 941370 |
|  |  | &nbsp;&nbsp;&nbsp; $2723721 |
| Toll Roads – 4.0% | Toll Roads – 4.0% | Toll Roads – 4.0% |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047  | $2000000 | &nbsp;&nbsp;&nbsp; $2003462 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 2062851 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038  | 3000000 | &nbsp;&nbsp;&nbsp; 3124923 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032  | 1150000 | &nbsp;&nbsp;&nbsp; 1172518 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039  | 2600000 | &nbsp;&nbsp;&nbsp; 2634931 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., "A", AGM, 5%, 1/01/2058  | 5000000 | &nbsp;&nbsp;&nbsp; 5106307 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, <br> 0%, 1/01/2052 <br>| 7000000 | &nbsp;&nbsp;&nbsp; 1978221 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Toll Roads – continued | Toll Roads – continued | Toll Roads – continued |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $1505000 | &nbsp;&nbsp;&nbsp; $1238500 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 2020000 | &nbsp;&nbsp;&nbsp; 2079946 |
|  |  | &nbsp;&nbsp;&nbsp; $21401659 |
| Transportation - Special Tax – 0.4% | Transportation - Special Tax – 0.4% | Transportation - Special Tax – 0.4% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | $2605000 | &nbsp;&nbsp;&nbsp; $2365547 |
| Universities - Colleges – 10.2% | Universities - Colleges – 10.2% | Universities - Colleges – 10.2% |
| Appalachian, NC, State University Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044  | $3000000 | &nbsp;&nbsp;&nbsp; $3079695 |
| Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040  | 3155000 | &nbsp;&nbsp;&nbsp; 3255836 |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 2083049 |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 2069409 |
| North Carolina Capital Facilities Finance Agency, Refunding Rev. (Duke University), "B", 5%, 10/01/2044  | 4955000 | &nbsp;&nbsp;&nbsp; 4997180 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034  | 1370000 | &nbsp;&nbsp;&nbsp; 1289063 |
| North Carolina Central University Rev., 5%, 4/01/2044  | 3265000 | &nbsp;&nbsp;&nbsp; 3318454 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 115000 | &nbsp;&nbsp;&nbsp; 113729 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 5%, 10/01/2042 <br>| 140000 | &nbsp;&nbsp;&nbsp; 133258 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 735000 | &nbsp;&nbsp;&nbsp; 735825 |
| University of North Carolina at Chapel Hill, General Rev., "A", 5%, 12/01/2050  | 5000000 | &nbsp;&nbsp;&nbsp; 5310903 |
| University of North Carolina at Chapel Hill, General Rev., "A", 5%, 12/01/2055  | 4665000 | &nbsp;&nbsp;&nbsp; 4919669 |
| University of North Carolina Board of Governors Rev., 4%, 4/01/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 4452217 |
| University of North Carolina, Asheville, Rev., 4%, 6/01/2039  | 1450000 | &nbsp;&nbsp;&nbsp; 1459972 |
| University of North Carolina, Charlotte, Rev., "A", 4%, 10/01/2045  | 4415000 | &nbsp;&nbsp;&nbsp; 4210431 |
| University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036  | 1750000 | &nbsp;&nbsp;&nbsp; 1773723 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1017465 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1014760 |
| University of North Carolina, School of Art General Rev., 4%, 2/01/2045  | 2765000 | &nbsp;&nbsp;&nbsp; 2652140 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 195000 | &nbsp;&nbsp;&nbsp; 170138 |
| Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043  | 3700000 | &nbsp;&nbsp;&nbsp; 3755210 |
| Winston-Salem, NC, State University General Rev., AGM, 5%, 10/01/2042  | 2470000 | &nbsp;&nbsp;&nbsp; 2517365 |
|  |  | &nbsp;&nbsp;&nbsp; $54329491 |
| Universities - Dormitories – 0.9% | Universities - Dormitories – 0.9% | Universities - Dormitories – 0.9% |
| Florida State Board of Governors, University Athletics Association Rev., "A", 4.25%, 10/01/2048  | $4920000 | &nbsp;&nbsp;&nbsp; $4720983 |
| Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044  | $300000 | &nbsp;&nbsp;&nbsp; $309521 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 720000 | &nbsp;&nbsp;&nbsp; 480600 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 475000 | &nbsp;&nbsp;&nbsp; 317062 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 585000 | &nbsp;&nbsp;&nbsp; 390487 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 525000 | &nbsp;&nbsp;&nbsp; 529799 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 425000 | &nbsp;&nbsp;&nbsp; 429743 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 50000 | &nbsp;&nbsp;&nbsp; 50706 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 305000 | &nbsp;&nbsp;&nbsp; 203588 |
|  |  | &nbsp;&nbsp;&nbsp; $2711506 |
| Utilities - Other – 2.4% | Utilities - Other – 2.4% | Utilities - Other – 2.4% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $1090000 | &nbsp;&nbsp;&nbsp; $1115477 |
| 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; 2723972 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 2535000 | &nbsp;&nbsp;&nbsp; 2693542 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1600000 | &nbsp;&nbsp;&nbsp; 1729684 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 2320000 | &nbsp;&nbsp;&nbsp; 2444534 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1445000 | &nbsp;&nbsp;&nbsp; 1549936 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 710000 | &nbsp;&nbsp;&nbsp; 717224 |
|  |  | &nbsp;&nbsp;&nbsp; $12974369 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Water & Sewer Utility Revenue – 15.8% | Water & Sewer Utility Revenue – 15.8% | Water & Sewer Utility Revenue – 15.8% |
| Brunswick, NC, Enterprise Systems Rev., 4.5%, 2/01/2049  | $2400000 | &nbsp;&nbsp;&nbsp; $2409559 |
| Cabarrus County, NC, Water & Sewer Authority, Enterprise Systems Rev., 4%, 6/01/2049  | 6000000 | &nbsp;&nbsp;&nbsp; 5733002 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2048  | 1600000 | &nbsp;&nbsp;&nbsp; 1688354 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2049  | 1685000 | &nbsp;&nbsp;&nbsp; 1769474 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1571468 |
| Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 2270173 |
| Charlotte, NC, Water & Sewer System Rev., 5%, 7/01/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 5307129 |
| Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045  | 2500000 | &nbsp;&nbsp;&nbsp; 2617778 |
| Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047  | 2500000 | &nbsp;&nbsp;&nbsp; 2391148 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2391153 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2053  | 2500000 | &nbsp;&nbsp;&nbsp; 2357031 |
| Fayetteville, NC, Public Works Commission Rev., 4%, 3/01/2051  | 2500000 | &nbsp;&nbsp;&nbsp; 2386555 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1084229 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2043  | 1465000 | &nbsp;&nbsp;&nbsp; 1574132 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2044  | 650000 | &nbsp;&nbsp;&nbsp; 693278 |
| Fuquay-Varina, NC, Combined Utilities Rev., "C", 4.125%, 6/01/2049  | 1250000 | &nbsp;&nbsp;&nbsp; 1211898 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047  | 4000000 | &nbsp;&nbsp;&nbsp; 4258426 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048  | 3990000 | &nbsp;&nbsp;&nbsp; 4241706 |
| Greenville, NC, Greenville Utilities Commission, Combined Enterprise System Rev., 5%, 9/01/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 5259835 |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 12/01/2046  | 525000 | &nbsp;&nbsp;&nbsp; 549886 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 1325000 | &nbsp;&nbsp;&nbsp; 1343837 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 1000465 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 605000 | &nbsp;&nbsp;&nbsp; 608545 |
| High Point, NC, Combined Enterprise System Rev., 5%, 11/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1572002 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2387564 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2053  | 2500000 | &nbsp;&nbsp;&nbsp; 2356852 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048  | 4000000 | &nbsp;&nbsp;&nbsp; 3845636 |
| Johnston County, NC, Water & Sewer System Rev., 5%, 4/01/2049  | 3000000 | &nbsp;&nbsp;&nbsp; 3136840 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053  | 5000000 | &nbsp;&nbsp;&nbsp; 4715750 |
| Mebane, NC, Combined Utilities Rev., 4%, 8/01/2049  | 2675000 | &nbsp;&nbsp;&nbsp; 2555475 |
| Sanford, NC, Enterprise Systems Rev., 4%, 6/01/2049  | 2750000 | &nbsp;&nbsp;&nbsp; 2627626 |
| Sanford, NC, Enterprise Systems Rev., "A", 4.125%, 6/01/2050  | 1275000 | &nbsp;&nbsp;&nbsp; 1229228 |
| Sanford, NC, Enterprise Systems Rev., "B", 5%, 6/01/2041  | 150000 | &nbsp;&nbsp;&nbsp; 166739 |
| Sanford, NC, Enterprise Systems Rev., "B", 5%, 6/01/2042  | 160000 | &nbsp;&nbsp;&nbsp; 175867 |
| Sanford, NC, Enterprise Systems Rev., "B", 5%, 6/01/2043  | 190000 | &nbsp;&nbsp;&nbsp; 206717 |
| Sanford, NC, Enterprise Systems Rev., "B", 5%, 6/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 525842 |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | 1360000 | &nbsp;&nbsp;&nbsp; 1405135 |
| Union County, NC, Enterprise System Rev., 3%, 6/01/2046  | 2500000 | &nbsp;&nbsp;&nbsp; 1952714 |
|  |  | &nbsp;&nbsp;&nbsp; $83579048 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$512355631** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $934428 | &nbsp;&nbsp;&nbsp; $321256 |
| 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  | $715349 | &nbsp;&nbsp;&nbsp; $457824 |
| Mutual Funds (h) – 2.4%  | Mutual Funds (h) – 2.4%  | Mutual Funds (h) – 2.4%  |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v)  | 12958407 | &nbsp;&nbsp;&nbsp; $12960999 |
| Other Assets, Less Liabilities – 0.7% |  | &nbsp;&nbsp;&nbsp; 3539762 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$529635472** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

------

*Portfolio of Investments (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $12,960,999 and $513,134,711, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $3,576,200, representing 0.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |

---

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

------

**Supplemental Information**

12/31/25 (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. 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. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. 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, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $512813455 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $512813455 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 321256 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 321256 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 12960999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12960999 |
| Total | &nbsp;&nbsp;&nbsp; $12960999 | &nbsp;&nbsp;&nbsp; $513134711 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $526095710 |

---

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

------

*Supplemental Information (unaudited) – continued*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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. The following were affiliated issuers for the period ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $8317182 | &nbsp;&nbsp; $107851525 | &nbsp;&nbsp; $103211911 | &nbsp;&nbsp; $2764 | &nbsp;&nbsp; $1439 | &nbsp;&nbsp; $12960999<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $475061 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| North Carolina  | 78.6% |
| Puerto Rico | 3.1% |
| Texas | 3.0% |
| New York | 2.9% |
| Illinois | 1.6% |
| California | 1.3% |
| Alabama | 1.2% |
| Florida | 1.2% |
| Virginia | 0.7% |
| Guam | 0.6% |
| Maryland | 0.6% |
| Wisconsin  | 0.6% |
| New Jersey | 0.4% |
| Tennessee | 0.4% |
| Georgia | 0.3% |
| New Hampshire | 0.3% |
| Ohio  | 0.3% |
| South Carolina | 0.3% |
| U.S. Virgin Islands | 0.3% |
| Washington DC | 0.1% |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $535814633.31

**Total Liabilities:** $6179165.73

**Net Assets:** $529635467.58

**Delayed Delivery Securities:** $4451860.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -642.31839230 | **1-Year:** -14852.71088770 | **5-Year:** -66053.30428120 | **10-Year:** -196312.28568360 | **30-Year:** -83114.48975470

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

- **3-Month:** -194.29698990 | **1-Year:** -3767.37363610 | **5-Year:** -11166.96249060 | **10-Year:** -26076.65789620 | **30-Year:** -13243.14760900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006962 | 1.51%                | 0.27%                | 0.00%                |
| Class ID C000006963 | 1.36%                | 0.21%                | 0.03%                |
| Class ID C000006964 | 1.35%                | 0.21%                | 0.03%                |
| Class ID C000169760 | 1.55%                | 0.29%                | -0.03%               |
| Class ID C000194230 | 1.56%                | 0.30%                | -0.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-453069.09              | $6643663.35                                |
| Month 2  | $5799.07                 | $-7213.85                                  |
| Month 3  | $-119387.98              | $-1123545.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alameda Corridor Transportation Authority                                                                 | Alameda Corridor Transportation Authority, Series 2022 C                                                  | CUSIP: 010869JU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5925000 | PA      | $3357087.23   | 0.63%             | 2052-10-01      | Variable      | 0.00%                 | 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      | $513488.66    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Appalachian State University                                                                              | Appalachian State University                                                                              | CUSIP: 037777YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079694.70   | 0.58%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $487209.69    | 0.09%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $447760.85    | 0.08%             | 2043-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $346821.76    | 0.07%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $306139.38    | 0.06%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033ST6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512441.25    | 0.10%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                                                  | Barbers Hill Independent School District, Series 2024                                                     | CUSIP: 067167D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939392.80   | 0.37%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1115476.79   | 0.21%             | 2052-12-01      | Variable      | 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      | $2723972.26   | 0.51%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $963384.24    | 0.18%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1369706.35   | 0.26%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC Enterprise Systems Revenue                                                         | County of Brunswick, Series 2023                                                                          | CUSIP: 117068JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2409559.20   | 0.45%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1256200.00   | 0.24%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $526150.89    | 0.10%             | 2055-06-01      | 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      | $1497106.21   | 0.28%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REM5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1206450.29   | 0.23%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REN3<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2410628.85   | 0.46%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFH5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1027917.29   | 0.19%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFJ1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $803542.95    | 0.15%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                                              | Water and Sewer Authority of Cabarrus County, Series 2024                                                 | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5733001.80   | 1.08%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2693542.20   | 0.51%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1688354.08   | 0.32%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1769473.60   | 0.33%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571467.95   | 0.30%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA                                                                                   | City of Cartersville                                                                                      | CUSIP: 146441CV0<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $1630272.14   | 0.31%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $445033.85    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $176961.25    | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | 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      | $3002838.30   | 0.57%             | 2040-01-15      | 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      | $3170587.20   | 0.60%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 D                                             | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523619.25   | 0.48%             | 2048-01-15      | Variable      | 3.62%                 | 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      | $1008873.10   | 0.19%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004346.90   | 0.19%             | 2037-07-01      | 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      | $2525989.00   | 0.48%             | 2049-07-01      | Fixed         | 5.00%                 | 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      | $4698538.50   | 0.89%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2294407.60   | 0.43%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2426199.85   | 0.46%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2025A                                                                           | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3213708.30   | 0.61%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610373S3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3322330.71   | 0.63%             | 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      | $2391598.25   | 0.45%             | 2049-06-01      | 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      | $2797569.00   | 0.53%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2024                                                                            | CUSIP: 161045TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5307129.00   | 1.00%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2025                                                                            | CUSIP: 161045TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2270173.00   | 0.43%             | 2040-07-01      | 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      | $1776865.65   | 0.34%             | 2037-11-01      | 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      | $1715837.97   | 0.32%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1175754.71   | 0.22%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1963772.93   | 0.37%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300146.19    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $703148.05    | 0.13%             | 2048-04-01      | Fixed         | 5.75%                 | 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      | $2617778.25   | 0.49%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2391148.25   | 0.45%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020A               | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038311.90   | 0.20%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170399.01    | 0.03%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                                   | Dallas Fort Worth International Airport, Series 2025 A-1                                                  | CUSIP: 23503CGH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5247705.50   | 0.99%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    430000 | PA      | $371294.21    | 0.07%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093487.80   | 0.21%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083444.30   | 0.20%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $939499.05    | 0.18%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1423039.48   | 0.27%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804326.70    | 0.15%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056648.80   | 0.39%             | 2034-10-01      | 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      | $1269609.96   | 0.24%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1296436.83   | 0.24%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2496638.16   | 0.47%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062283.00   | 0.39%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2391153.25   | 0.45%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2357031.00   | 0.45%             | 2053-08-01      | 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      | $3255836.32   | 0.61%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                                                   | City of Fayetteville, Series 2023                                                                         | CUSIP: 312805NQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2386554.50   | 0.45%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                                          | Florida State Board of Governors, Series 2024A                                                            | CUSIP: 34157NAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4720983.05   | 0.89%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084228.90   | 0.20%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1574132.25   | 0.30%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $693278.37    | 0.13%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024C                                                                       | CUSIP: 36106QDJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1211898.00   | 0.23%             | 2049-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Gastonia Housing Authority                                                                                | Gastonia Housing Authority, Series BDS 2024A                                                              | CUSIP: 36732AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3481000 | PA      | $3515920.70   | 0.66%             | 2043-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $941370.15    | 0.18%             | 2050-06-01      | Fixed         | 3.85%                 | 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      | $1557414.00   | 0.29%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026847.00   | 0.19%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6123938.40   | 1.16%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4258426.40   | 0.80%             | 2047-06-01      | Fixed         | 5.25%                 | 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      | $4241705.56   | 0.80%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309521.43    | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $549886.26    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission, Series 2025                                                              | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5259835.50   | 0.99%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1000465.10   | 0.19%             | 2046-01-01      | 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      | $1343837.39   | 0.25%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $608544.70    | 0.11%             | 2050-01-01      | 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      | $337455.51    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                                                     | County of Guilford, Series 2025                                                                           | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3970561.20   | 0.75%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991661.20    | 0.19%             | 2044-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $615808.19    | 0.12%             | 2045-04-01      | Fixed         | 4.25%                 | 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      | $2248780.67   | 0.42%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $695107.91    | 0.13%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $740049.77    | 0.14%             | 2044-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $615970.44    | 0.12%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                                               | City of High Point, Series 2025                                                                           | CUSIP: 429749JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1572002.25   | 0.30%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2387564.00   | 0.45%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2356851.50   | 0.44%             | 2053-11-01      | 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      | $3035911.20   | 0.57%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $401260.05    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369238.10    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    685000 | PA      | $661076.24    | 0.12%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    310000 | PA      | $296269.36    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series 2025A                                                                                    | CUSIP: 45753CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132815.40   | 0.40%             | 2043-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series BDS 2024                                                                                 | CUSIP: 45753EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4034633.49   | 0.76%             | 2041-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBQ4<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494884.25   | 0.28%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBR2<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $398028.32    | 0.08%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBS0<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $230491.08    | 0.04%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                                       | Jarrell Independent School District, Series 2023                                                          | CUSIP: 471146XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3018532.55   | 0.57%             | 2053-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FP2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1521181.65   | 0.29%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FQ0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1505920.47   | 0.28%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3845636.40   | 0.73%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4715749.50   | 0.89%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2024                                                                           | CUSIP: 479357CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3136840.20   | 0.59%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $861671.74    | 0.16%             | 2037-05-01      | 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        |  12915332 | NS      | $12917915.18  | 2.44%             |  |  |  | No            |                  1 | 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      | $191693.57    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                                              | City of Mebane, Series 2024                                                                               | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2555475.12   | 0.48%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025B                                                                       | CUSIP: 584002C23<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3980496.40   | 0.75%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025                                                                        | CUSIP: 58400CCF2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3928962.40   | 0.74%             | 2045-02-01      | 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      | $2365546.58   | 0.45%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616126BK3<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    350000 | PA      | $337578.57    | 0.06%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616129AA0<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200157.82    | 0.04%             | 2040-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1272064 | PA      | $1294949.86   | 0.24%             | 2036-09-20      | Fixed         | 4.38%                 | 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      | $1563228.60   | 0.30%             | 2036-10-01      | Fixed         | 5.00%                 | 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      | $2527219.57   | 0.48%             | 2047-10-01      | 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        |   1605000 | PA      | $1596924.76   | 0.30%             | 2041-12-01      | Fixed         | 4.00%                 | 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      | $297814.45    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | 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      | $1128197.54   | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority Future Tax Secured, Series FISCAL 2024F SUB F-1              | CUSIP: 64972JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5120000 | PA      | $4855858.69   | 0.92%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2749930.20   | 0.52%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1275873.38   | 0.24%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2590736.93   | 0.49%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083048.60   | 0.39%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069409.20   | 0.39%             | 2052-10-01      | Fixed         | 5.00%                 | 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      | $1289063.41   | 0.24%             | 2034-06-01      | 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      | $4997179.93   | 0.94%             | 2044-10-01      | 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      | $1004808.00   | 0.19%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3318453.60   | 0.63%             | 2044-04-01      | 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      | $4452217.50   | 0.84%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072E4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2915517.01   | 0.55%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072F1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3570027.65   | 0.67%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 52-A                                                        | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4545000 | PA      | $4902272.91   | 0.93%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076J9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2993005.91   | 0.57%             | 2044-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3547654.89   | 0.67%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017020.60   | 0.38%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2148245.75   | 0.41%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1254883.57   | 0.24%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207Q65<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2274963.51   | 0.43%             | 2052-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1244937.66   | 0.24%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4930000 | PA      | $5065309.77   | 0.96%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1179901.14   | 0.22%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207X42<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4504167.30   | 0.85%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1170357.57   | 0.22%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2224195.82   | 0.42%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207ZW8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1835118.17   | 0.35%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 55-A                                                        | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3920000 | PA      | $4302141.59   | 0.81%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500193.95   | 0.28%             | 2037-10-01      | Fixed         | 5.25%                 | 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      | $834011.20    | 0.16%             | 2045-07-01      | 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      | $1009564.00   | 0.19%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $804339.20    | 0.15%             | 2031-10-01      | Fixed         | 5.00%                 | 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      | $2202502.06   | 0.42%             | 2037-10-01      | Fixed         | 5.00%                 | 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      | $817409.50    | 0.15%             | 2047-07-01      | 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      | $1839813.60   | 0.35%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YQW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1181199.27   | 0.22%             | 2039-01-01      | Fixed         | 5.00%                 | 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      | $1883674.00   | 0.36%             | 2049-07-01      | 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      | $1365531.00   | 0.26%             | 2050-10-01      | 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      | $1877840.20   | 0.35%             | 2040-09-01      | 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      | $772306.29    | 0.15%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $609052.87    | 0.11%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $897898.87    | 0.17%             | 2051-09-01      | Fixed         | 4.00%                 | 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      | $2446708.80   | 0.46%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996842.00   | 0.38%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1820488.00   | 0.34%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102552.55   | 0.21%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTL0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1330982.07   | 0.25%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1414580.18   | 0.27%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1649635.05   | 0.31%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 A                                                     | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000350.80   | 0.38%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    815000 | PA      | $824806.57    | 0.16%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUN4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $362773.98    | 0.07%             | 2055-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YVA1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049067.80   | 0.39%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65820YVE3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991759.10    | 0.19%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65820YVF0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996444.20    | 0.19%             | 2056-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2026 A                                                     | CUSIP: 65820YVN3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3022266.30   | 0.57%             | 2056-11-01      | Fixed         | 5.25%                 | No            |                  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      | $2500937.00   | 0.47%             | 2045-06-01      | Fixed         | 5.00%                 | 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      | $2775779.60   | 0.52%             | 2037-11-01      | 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      | $1011109.60   | 0.19%             | 2031-10-01      | 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      | $4436343.50   | 0.84%             | 2052-11-01      | 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      | $275367.62    | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4625184.15   | 0.87%             | 2049-07-01      | 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      | $1956220.20   | 0.37%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998060.70    | 0.19%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846961.60   | 0.35%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65821DZU8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2433949.88   | 0.46%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 59-A                                                        | CUSIP: 65821FKY1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2991807.00   | 0.56%             | 2045-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4926623 | PA      | $5108200.63   | 0.96%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2023A                                         | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2677028.16   | 0.51%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1691777.65   | 0.32%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123374.40   | 0.40%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1172517.58   | 0.22%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2634931.52   | 0.50%             | 2039-01-01      | 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      | $3124923.00   | 0.59%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062851.20   | 0.39%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series A                                                               | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5106307.00   | 0.96%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series B                                                               | CUSIP: 65830RDD8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1978221.00   | 0.37%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003462.00   | 0.38%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAP5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $789683.17    | 0.15%             | 2046-01-01      | None          | 0.00%                 | 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      | $150581.78    | 0.03%             | 2027-10-01      | 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      | $1436225.30   | 0.27%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $970832.81    | 0.18%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1729684.16   | 0.33%             | 2054-02-01      | Variable      | 5.25%                 | 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      | $1666811.85   | 0.31%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $844149.35    | 0.16%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    510000 | PA      | $376656.52    | 0.07%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $572000.00    | 0.11%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $436500.00    | 0.08%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2079946.13   | 0.39%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    554850 | PA      | $609560.93    | 0.12%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    185717 | PA      | $185661.84    | 0.04%             | 2033-07-01      | 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      | $338265.19    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143274 | PA      | $138889.33    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    194798 | PA      | $180109.22    | 0.03%             | 2041-07-01      | 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      | $593777.72    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    239000 | PA      | $172951.01    | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    715350 | PA      | $457823.72    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    585000 | PA      | $390487.50    | 0.07%             | 2037-07-01      | 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      | $203587.50    | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    720000 | PA      | $480600.00    | 0.09%             | 2022-07-01      | 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        |    475000 | PA      | $317062.50    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGT6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    525000 | PA      | $529799.18    | 0.10%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    425000 | PA      | $429742.66    | 0.08%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $50705.73     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    115000 | PA      | $113728.55    | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $133258.22    | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Housing Finance Authority                                                                     | Puerto Rico Housing Finance Authority                                                                     | CUSIP: 74528CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    240000 | PA      | $240701.14    | 0.05%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    105000 | PA      | $105038.96    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | 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      | $316701.37    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6329000 | PA      | $6093277.66   | 1.15%             | 2058-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     31000 | PA      | $27534.07     | 0.01%             | 2029-07-01      | None          | 0.00%                 | 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      | $1301364.82   | 0.25%             | 2031-07-01      | None          | 0.00%                 | 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      | $1147221.93   | 0.22%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    718000 | PA      | $239826.29    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    635000 | PA      | $621273.21    | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $340477.28    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $8152.19      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | 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      | $143779.37    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036224.00   | 0.38%             | 2036-05-01      | 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      | $2033173.60   | 0.38%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                                 | Raleigh Housing Authority, Series 2024A                                                                   | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4090585.54   | 0.77%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120GZ3<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    675000 | PA      | $761566.32    | 0.14%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120HA7<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    720000 | PA      | $804509.86    | 0.15%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                                                        | City of Raleigh, Series 2025                                                                              | CUSIP: 751120HB5<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |    400000 | PA      | $442796.72    | 0.08%             | 2044-10-01      | Fixed         | 5.25%                 | 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      | $735825.26    | 0.14%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2024                                                                              | CUSIP: 800618CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2627625.83   | 0.50%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025 A                                                                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1229227.63   | 0.23%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $166738.62    | 0.03%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $175866.72    | 0.03%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $206716.66    | 0.04%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025B                                                                             | CUSIP: 800618EH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525842.00    | 0.10%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $220876.43    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049939.90   | 0.20%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shelby NC                                                                                         | City of Shelby, Series BDS 2024                                                                           | CUSIP: 821870AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2665163.29   | 0.50%             | 2040-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2444534.12   | 0.46%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1549935.76   | 0.29%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    710000 | PA      | $717223.40    | 0.14%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1405134.86   | 0.27%             | 2058-10-15      | 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        |    934428 | PA      | $321256.27    | 0.06%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  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      | $1952714.25   | 0.37%             | 2046-06-01      | Fixed         | 3.00%                 | 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      | $1459972.23   | 0.28%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025A                                                 | CUSIP: 914713W81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5310903.50   | 1.00%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill, Series 2025A                                                 | CUSIP: 914713W99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4919668.88   | 0.93%             | 2055-12-01      | 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      | $4210430.53   | 0.79%             | 2045-10-01      | Fixed         | 4.00%                 | 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      | $1773722.83   | 0.33%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017464.50   | 0.19%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014760.00   | 0.19%             | 2035-04-01      | Fixed         | 4.00%                 | 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      | $6522244.95   | 1.23%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                                       | University of North Carolina System                                                                       | CUSIP: 91472AAU9<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2652140.44   | 0.50%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1485000 | PA      | $1459211.79   | 0.28%             | 2055-12-01      | Fixed         | 6.00%                 | 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      | $170137.73    | 0.03%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  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      | $1238499.57   | 0.23%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GE1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1770629.58   | 0.33%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GY7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1923176.12   | 0.36%             | 2041-04-01      | 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      | $3755210.29   | 0.71%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HG7<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2113966.12   | 0.40%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HH5<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $664361.62    | 0.13%             | 2045-06-01      | Fixed         | 4.50%                 | 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      | $2517365.21   | 0.48%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer