# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205201
**Filing Date:** 2025-8
**Character Count:** 276147
**Document Hash:** 9b0efa7c27d20166fe900c2ddc34f5b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205201.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251255744

**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 California Municipal Bond Fund (Series ID: S000002530)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006978 | A            | MCFTX           |
| C000006979 | B            | MBCAX           |
| C000006980 | C            | MCCAX           |
| C000169767 | I            | MCAVX           |
| C000194244 | R6           | MPOAX           |

## Nport-Ex

MCA-Q1

![](imgb46392971.gif)

**Quarterly Report**

June 30, 2025

MFS<sup>®</sup> California <br>Municipal Bond Fund

![](img758c2bd82.gif)

------

**Portfolio of Investments**

6/30/25 (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 – 99.5%  | Municipal Bonds – 99.5%  | Municipal Bonds – 99.5%  |
| Airport Revenue – 11.3% | Airport Revenue – 11.3% | Airport Revenue – 11.3% |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", 5.25%, 7/01/2049  | $2725000 | &nbsp;&nbsp;&nbsp; $2770532 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", 5.25%, 7/01/2054  | 3250000 | &nbsp;&nbsp;&nbsp; 3292055 |
| Burbank, Glendale & Pasadena, CA, Airport Authority Rev., "B", AGM, 4.375%, 7/01/2049  | 3000000 | &nbsp;&nbsp;&nbsp; 2717443 |
| California Municipal Finance Authority Rev. (LINXS APM Project), "A", 5%, 12/31/2047  | 2190000 | &nbsp;&nbsp;&nbsp; 2095811 |
| Fresno, CA, Airport Revenue, "A", BAM, 4.25%, 7/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 914100 |
| Fresno, CA, Airport Revenue, "A", BAM, 5%, 7/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 984275 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1008367 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5.25%, 6/01/2047  | 1500000 | &nbsp;&nbsp;&nbsp; 1514612 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2042  | 2000000 | &nbsp;&nbsp;&nbsp; 2058914 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 4.125%, 5/15/2043  | 500000 | &nbsp;&nbsp;&nbsp; 464087 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2048  | 4115000 | &nbsp;&nbsp;&nbsp; 4201363 |
| Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), "A", 5.25%, 5/15/2050  | 4000000 | &nbsp;&nbsp;&nbsp; 4104640 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "H", 4%, 5/15/2047  | 3000000 | &nbsp;&nbsp;&nbsp; 2654563 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 4%, 5/15/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 4366090 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "C", 5%, 5/15/2038  | 1935000 | &nbsp;&nbsp;&nbsp; 1950475 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "D", 5%, 5/15/2037  | 1305000 | &nbsp;&nbsp;&nbsp; 1336210 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "D", 5%, 5/15/2038  | 1305000 | &nbsp;&nbsp;&nbsp; 1327992 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 2840000 | &nbsp;&nbsp;&nbsp; 2841717 |
| Sacramento County, CA, Airport System Rev., 5.25%, 7/01/2054  | 3500000 | &nbsp;&nbsp;&nbsp; 3637571 |
| Sacramento County, CA, Airport System Rev., "B", 5%, 7/01/2038  | 2000000 | &nbsp;&nbsp;&nbsp; 2020704 |
| Sacramento County, CA, Airport System Rev., "C", 5%, 7/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 1007256 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2047  | 665000 | &nbsp;&nbsp;&nbsp; 652782 |
| San Diego County, CA, Regional Senior Airport Authority Rev., "A", 5.25%, 7/01/2050 (w) | 5000000 | &nbsp;&nbsp;&nbsp; 5108375 |
| San Francisco, CA, City & County Airports Commission Refunding Rev., "C", 5.75%, 5/01/2048  | 5000000 | &nbsp;&nbsp;&nbsp; 5258659 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2044  | 2605000 | &nbsp;&nbsp;&nbsp; 2597610 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5.25%, 5/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1009284 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 4%, 5/01/2052  | 2500000 | &nbsp;&nbsp;&nbsp; 2061057 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5.5%, 5/01/2055 (u) | 4000000 | &nbsp;&nbsp;&nbsp; 4150372 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046  | 4000000 | &nbsp;&nbsp;&nbsp; 3951497 |
| San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev., 5.25%, 5/01/2044  | 4000000 | &nbsp;&nbsp;&nbsp; 4095412 |
| San Jose, CA, Airport Rev., "A", 5%, 3/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 1963419 |
|  |  | &nbsp;&nbsp;&nbsp; $78117244 |
| General Obligations - General Purpose – 2.4% | General Obligations - General Purpose – 2.4% | General Obligations - General Purpose – 2.4% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $1080000 | &nbsp;&nbsp;&nbsp; $988862 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 238428 | &nbsp;&nbsp;&nbsp; 251496 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 497583 | &nbsp;&nbsp;&nbsp; 536705 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 219601 | &nbsp;&nbsp;&nbsp; 214249 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 383721 | &nbsp;&nbsp;&nbsp; 369463 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 169415 | &nbsp;&nbsp;&nbsp; 161411 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 230339 | &nbsp;&nbsp;&nbsp; 204697 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 765550 | &nbsp;&nbsp;&nbsp; 654098 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 282606 | &nbsp;&nbsp;&nbsp; 195374 |
| Oakland, CA, General Obligation, "D", 5.5%, 7/15/2053  | 5000000 | &nbsp;&nbsp;&nbsp; 5293882 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 (Prerefunded 3/01/2030)  | 45000 | &nbsp;&nbsp;&nbsp; 47539 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036  | 2155000 | &nbsp;&nbsp;&nbsp; 2165171 |
| State of California, Various Purpose General Obligation, 5.25%, 10/01/2050  | 3000000 | &nbsp;&nbsp;&nbsp; 3151912 |
| State of California, Various Purpose General Obligation, 5.5%, 8/01/2054  | 1500000 | &nbsp;&nbsp;&nbsp; 1610868 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 440000 | &nbsp;&nbsp;&nbsp; 460890 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 410000 | &nbsp;&nbsp;&nbsp; 425586 |
|  |  | &nbsp;&nbsp;&nbsp; $16732203 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| General Obligations - Schools – 13.7% | General Obligations - Schools – 13.7% | General Obligations - Schools – 13.7% |
| Alameda, CA, Unified School District Rev. (Election of 2022), "B", 4%, 8/01/2052  | $2000000 | &nbsp;&nbsp;&nbsp; $1760399 |
| Alvord, CA, Unified School District (Election of 2007), General Obligation, "A", BAM, 4%, 8/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 888807 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2041 <br>| 1795000 | &nbsp;&nbsp;&nbsp; 850309 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2045 <br>| 1710000 | &nbsp;&nbsp;&nbsp; 641390 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2046 <br>| 1700000 | &nbsp;&nbsp;&nbsp; 600826 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2047 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 334046 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2048 <br>| 2900000 | &nbsp;&nbsp;&nbsp; 921790 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 8/01/2049 <br>| 3500000 | &nbsp;&nbsp;&nbsp; 1058616 |
| Antelope Valley, CA, Community College District (Election of 2016), General Obligation, Capital Appreciation, "D", <br> 0%, 2/01/2050 <br>| 3475000 | &nbsp;&nbsp;&nbsp; 1025282 |
| Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2042 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 1021407 |
| Antelope Valley, CA, Community College District, General Obligation, Refunding Rev., 5%, 8/01/2044 (w) | 1675000 | &nbsp;&nbsp;&nbsp; 1695514 |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029  | 4335000 | &nbsp;&nbsp;&nbsp; 3842641 |
| Conejo Valley, CA, Unified School District (Election of 2014), General Obligation, Capital Appreciation, "E", 0%, 8/01/2037  | 4240000 | &nbsp;&nbsp;&nbsp; 2582335 |
| Fresno, CA, Clovis Unified School District (Election of 2020), General Obligation, "C", 4%, 8/01/2048  | 5000000 | &nbsp;&nbsp;&nbsp; 4569461 |
| Garden Grove, CA, Unified School District (Election of 2016), General Obligation, BAM, 4%, 8/01/2046  | 3000000 | &nbsp;&nbsp;&nbsp; 2764318 |
| Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031  | 2120000 | &nbsp;&nbsp;&nbsp; 1733327 |
| Imperial County, CA, Community College District Rev., Capital Appreciation, "C", BAM, 0%, 8/01/2034  | 500000 | &nbsp;&nbsp;&nbsp; 348782 |
| Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033  | 1260000 | &nbsp;&nbsp;&nbsp; 904229 |
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% <br> to 8/01/2045 <br>| 1590000 | &nbsp;&nbsp;&nbsp; 1279583 |
| Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), "A", 4%, 8/01/2049  | 875000 | &nbsp;&nbsp;&nbsp; 789766 |
| Los Angeles County, CA, Unified School District General Obligation, "QRR", 5.25%, 7/01/2049  | 4000000 | &nbsp;&nbsp;&nbsp; 4212454 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2047 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 351762 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2048 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 667332 |
| Los Angeles, CA, El Monte Union High School District (Election of 2008), General Obligation, Capital Appreciation, "F", <br> 0%, 6/01/2049 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 475979 |
| Los Angeles, CA, Paramount Unified School District, General Obligation, "C", BAM, 3%, 8/01/2045  | 1750000 | &nbsp;&nbsp;&nbsp; 1330678 |
| Marin County, CA, San Rafael City Elementary School District Rev., "B", 4%, 8/01/2047  | 2595000 | &nbsp;&nbsp;&nbsp; 2376825 |
| Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, "B", AGM, 0%, 8/01/2032  | 1570000 | &nbsp;&nbsp;&nbsp; 1239396 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2046  | 170000 | &nbsp;&nbsp;&nbsp; 125554 |
| Modesto, CA, Elementary School District, General Obligation, "B", 3%, 8/01/2050  | 105000 | &nbsp;&nbsp;&nbsp; 74488 |
| Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, "A", AGM, 0%, 8/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 379157 |
| Moreland, CA, School District (Election of 2002), Capital Appreciation, "B", FGIC, 0%, 8/01/2028  | 1440000 | &nbsp;&nbsp;&nbsp; 1307376 |
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, "A", 0% to <br> 8/01/2028, 6.25% to 8/01/2043 <br>| 5000000 | &nbsp;&nbsp;&nbsp; 4807515 |
| Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, "A", 0%, 8/01/2029  | 3385000 | &nbsp;&nbsp;&nbsp; 2994510 |
| Oakland, CA, Unified School District Rev., "A", AGM, 5.25%, 8/01/2048  | 7000000 | &nbsp;&nbsp;&nbsp; 7344366 |
| Pomona, CA, Unified School District, General Obligation, "F", BAM, 3%, 8/01/2048  | 90000 | &nbsp;&nbsp;&nbsp; 65547 |
| Riverside County, CA, Palm Springs Unified School District (Election of 2016), General Obligation, "B", 4%, 8/01/2049  | 3000000 | &nbsp;&nbsp;&nbsp; 2686118 |
| San Diego, CA, La Mesa-Spring Valley School District, General Obligation, "B", 4%, 8/01/2051  | 2000000 | &nbsp;&nbsp;&nbsp; 1768510 |
| San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, "B", AGM, 4%, 8/01/2045  | 1850000 | &nbsp;&nbsp;&nbsp; 1736824 |
| San Diego, CA, Unified School District (Election of 2012), General Obligation, "I", BAM, 4%, 7/01/2047  | 2145000 | &nbsp;&nbsp;&nbsp; 1949180 |
| San Francisco, CA, City & County Community College District (Election of 2020), General Obligation, "B", BAM, <br> 5.25%, 6/15/2049 <br>| 5000000 | &nbsp;&nbsp;&nbsp; 5241438 |
| San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, "D", 4%, 8/01/2049  | 2235000 | &nbsp;&nbsp;&nbsp; 1997381 |
| Santa Clara County, CA, Mountain View Whisman School District (Election of 2020), General Obligation, "B", <br> 4.25%, 9/01/2045 <br>| 5750000 | &nbsp;&nbsp;&nbsp; 5546634 |
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 937081 |
| Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044  | 1250000 | &nbsp;&nbsp;&nbsp; 1163693 |
| South Monterey County, CA, Joint Union High School District (Election of 2018), "A-1", AGM, 4%, 8/01/2049  | 2480000 | &nbsp;&nbsp;&nbsp; 2222360 |
| Stanislaus County, CA, CERES Unified School District (Election of 2024), General Obligation, "A", BAM, 5%, 8/01/2050  | 4000000 | &nbsp;&nbsp;&nbsp; 4166585 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046  | $2775000 | &nbsp;&nbsp;&nbsp; $899666 |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047  | 3035000 | &nbsp;&nbsp;&nbsp; 926216 |
| Sweetwater, CA, Union High School District, "C", 4%, 8/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 1883344 |
| West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, "A-1", AGM, 3%, 8/01/2046  | 3365000 | &nbsp;&nbsp;&nbsp; 2580262 |
| Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043  | 1250000 | &nbsp;&nbsp;&nbsp; 972769 |
|  |  | &nbsp;&nbsp;&nbsp; $94043828 |
| Healthcare Revenue - Hospitals – 10.6% | Healthcare Revenue - Hospitals – 10.6% | Healthcare Revenue - Hospitals – 10.6% |
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), "A", 5%, 8/15/2051  | $5000000 | &nbsp;&nbsp;&nbsp; $5089343 |
| California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), "A", 5%, 8/15/2042  | 2550000 | &nbsp;&nbsp;&nbsp; 2490878 |
| California Health Facilities Financing Authority Rev. (Commonspirit Health), "A", 5%, 12/01/2054  | 5655000 | &nbsp;&nbsp;&nbsp; 5658958 |
| California Health Facilities Financing Authority Rev. (El Camino Health), "A", 5.25%, 2/01/2048  | 2500000 | &nbsp;&nbsp;&nbsp; 2620501 |
| California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1021251 |
| California Health Facilities Financing Authority Rev. (Stanford Health Care), "A", 5.25%, 8/15/2054  | 2500000 | &nbsp;&nbsp;&nbsp; 2613884 |
| California Infrastructure & Economic Development Bank Rev. (Adventist Health Energy Projects), "A", 5.25%, 7/01/2049  | 1500000 | &nbsp;&nbsp;&nbsp; 1502164 |
| California Infrastructure & Economic Development Bank Rev. (Adventist Health Energy Projects), "A", 5.25%, 7/01/2054  | 1500000 | &nbsp;&nbsp;&nbsp; 1484032 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2036 (n) | 175000 | &nbsp;&nbsp;&nbsp; 178256 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2046 (n) | 750000 | &nbsp;&nbsp;&nbsp; 713538 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2036  | 1275000 | &nbsp;&nbsp;&nbsp; 1280817 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2037  | 850000 | &nbsp;&nbsp;&nbsp; 852092 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2042  | 425000 | &nbsp;&nbsp;&nbsp; 422415 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2042  | 2000000 | &nbsp;&nbsp;&nbsp; 1980644 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 971328 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "B", 4%, 7/01/2047  | 1685000 | &nbsp;&nbsp;&nbsp; 1413906 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028  | 205000 | &nbsp;&nbsp;&nbsp; 205095 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029  | 165000 | &nbsp;&nbsp;&nbsp; 165071 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030  | 85000 | &nbsp;&nbsp;&nbsp; 85033 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044  | 415000 | &nbsp;&nbsp;&nbsp; 372531 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2047  | 1500000 | &nbsp;&nbsp;&nbsp; 1379594 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2052  | 4000000 | &nbsp;&nbsp;&nbsp; 4068110 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047  | 2545000 | &nbsp;&nbsp;&nbsp; 2404089 |
| California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), "A", 4%, 7/15/2051  | 2000000 | &nbsp;&nbsp;&nbsp; 1774876 |
| California Statewide Communities Development Authority Rev. (Emanate Health), "A", 4%, 4/01/2040  | 650000 | &nbsp;&nbsp;&nbsp; 620631 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057  | 5000000 | &nbsp;&nbsp;&nbsp; 5064398 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1000466 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5.25%, 12/01/2054  | 3500000 | &nbsp;&nbsp;&nbsp; 3580874 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2057  | 2000000 | &nbsp;&nbsp;&nbsp; 1999812 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", <br> 5%, 12/01/2041 (n)<br>| 1405000 | &nbsp;&nbsp;&nbsp; 1361585 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", <br> 5%, 12/01/2046 (n)<br>| 200000 | &nbsp;&nbsp;&nbsp; 188821 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", <br> 5.5%, 12/01/2054 <br>| 1650000 | &nbsp;&nbsp;&nbsp; 1621010 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", <br> 5.25%, 12/01/2056 (n)<br>| 1955000 | &nbsp;&nbsp;&nbsp; 1872779 |
| California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046  | 1925000 | &nbsp;&nbsp;&nbsp; 1895602 |
| California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), <br> 5%, 1/01/2038 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1535418 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029)  | 5000 | &nbsp;&nbsp;&nbsp; 5363 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 65000 | &nbsp;&nbsp;&nbsp; 63542 |
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 1967955 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025  | 290000 | &nbsp;&nbsp;&nbsp; 290000 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026  | 300000 | &nbsp;&nbsp;&nbsp; 301609 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028  | 665000 | &nbsp;&nbsp;&nbsp; 697187 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029  | 635000 | &nbsp;&nbsp;&nbsp; 673822 |
| University of California Regents, Medical Center Pooled Rev., "P", 4%, 5/15/2053  | 5000000 | &nbsp;&nbsp;&nbsp; 4302086 |
| Upland, CA, San Antonio Regional Hospital, COP, 4%, 1/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 880846 |
| Upland, CA, San Antonio Regional Hospital, COP, 5%, 1/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 994693 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2031  | 325000 | &nbsp;&nbsp;&nbsp; 346484 |

---

------

*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 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2042  | $1000000 | &nbsp;&nbsp;&nbsp; $967123 |
|  |  | &nbsp;&nbsp;&nbsp; $72980512 |
| Healthcare Revenue - Long Term Care – 2.7% | Healthcare Revenue - Long Term Care – 2.7% | Healthcare Revenue - Long Term Care – 2.7% |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "A", 3.85%, 11/15/2027  | $1800000 | &nbsp;&nbsp;&nbsp; $1803638 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5%, 11/15/2043  | 750000 | &nbsp;&nbsp;&nbsp; 737952 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 997848 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2053  | 1250000 | &nbsp;&nbsp;&nbsp; 1229883 |
| California Health Facilities Financing Authority Rev. (Episcopal Communities & Services), "B", 5.25%, 11/15/2058  | 2000000 | &nbsp;&nbsp;&nbsp; 1949301 |
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), <br> 5%, 7/01/2039 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000676 |
| California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), "A", 5%, 4/01/2049  | 1300000 | &nbsp;&nbsp;&nbsp; 1265451 |
| California Municipal Finance Authority Rev. (PRS-California Obligated Group Projects), "A", 5%, 4/01/2054  | 1540000 | &nbsp;&nbsp;&nbsp; 1473600 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2036 (n) | 775000 | &nbsp;&nbsp;&nbsp; 747550 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2046 (n) | 1250000 | &nbsp;&nbsp;&nbsp; 1102904 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 458002 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 5%, 4/01/2047  | 1835000 | &nbsp;&nbsp;&nbsp; 1754736 |
| California Statewide Communities Development Authority, Insured Refunding Rev. (Moldaw Residences), 5%, 11/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 2077682 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", <br> 4%, 7/01/2038 <br>| 435000 | &nbsp;&nbsp;&nbsp; 435165 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", <br> 4%, 7/01/2039 <br>| 430000 | &nbsp;&nbsp;&nbsp; 424208 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", <br> 4%, 7/01/2040 <br>| 435000 | &nbsp;&nbsp;&nbsp; 427867 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", <br> 4%, 7/01/2043 <br>| 980000 | &nbsp;&nbsp;&nbsp; 920700 |
|  |  | &nbsp;&nbsp;&nbsp; $18807163 |
| Human Services – 0.4% | Human Services – 0.4% | Human Services – 0.4% |
| California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), "A", 5%, 11/01/2049  | $750000 | &nbsp;&nbsp;&nbsp; $751192 |
| California Public Finance Authority Rev. (Hazelden Betty Ford Foundation Project), "A", 5%, 11/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 1982178 |
|  |  | &nbsp;&nbsp;&nbsp; $2733370 |
| Industrial Revenue - Environmental Services – 2.8% | Industrial Revenue - Environmental Services – 2.8% | Industrial Revenue - Environmental Services – 2.8% |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.75%, 7/01/2041 (Put <br> Date 10/01/2025) <br>| $3000000 | &nbsp;&nbsp;&nbsp; $2998844 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", 3.875%, 3/01/2054 (Put <br> Date 3/01/2034) <br>| 4000000 | &nbsp;&nbsp;&nbsp; 3810946 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", <br> 4.125%, 10/01/2041 (Put Date 10/01/2025) <br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000277 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", <br> 2.4%, 10/01/2044 (Put Date 10/01/2029) <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2833242 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", <br> 4.1%, 12/01/2044 (Put Date 12/01/2025) <br>| 3000000 | &nbsp;&nbsp;&nbsp; 3000214 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "B", <br> 3.85%, 11/01/2041 (Put Date 6/01/2026) <br>| 3600000 | &nbsp;&nbsp;&nbsp; 3604847 |
|  |  | &nbsp;&nbsp;&nbsp; $19248370 |
| Local Authorities – 0.4% | Local Authorities – 0.4% | Local Authorities – 0.4% |
| Los Angeles, CA, Department of Water & Power System Rev., "A", BAM, 5%, 7/01/2053  | $1000000 | &nbsp;&nbsp;&nbsp; $1012361 |
| Los Angeles, CA, Department of Water & Power System Rev., "A", BAM, 5%, 7/01/2055  | 2000000 | &nbsp;&nbsp;&nbsp; 2021079 |
|  |  | &nbsp;&nbsp;&nbsp; $3033440 |
| Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% |
| Pasadena, CA, Public Financing Authority Lease Refunding Rev. (Rose Bowl Renovation Project), Capital Appreciation, <br> 0%, 6/01/2048 <br>| $1125000 | &nbsp;&nbsp;&nbsp; $358153 |
| San Francisco, CA, City & County Airports Commission, International Airport Special Facilities Lease Rev. (SFO Fuel Co. LLC), <br> 5%, 1/01/2040 <br>| 1510000 | &nbsp;&nbsp;&nbsp; 1524094 |
| San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 12/01/2053  | 5000000 | &nbsp;&nbsp;&nbsp; 5228208 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Miscellaneous Revenue - Other – continued | Miscellaneous Revenue - Other – continued | Miscellaneous Revenue - Other – continued |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | $205000 | &nbsp;&nbsp;&nbsp; $206689 |
|  |  | &nbsp;&nbsp;&nbsp; $7317144 |
| Multi-Family Housing Revenue – 15.0% | Multi-Family Housing Revenue – 15.0% | Multi-Family Housing Revenue – 15.0% |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-1", 4%, 2/01/2056 (n) | $2200000 | &nbsp;&nbsp;&nbsp; $1772047 |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-2", 4%, 2/01/2043 (n) | 2600000 | &nbsp;&nbsp;&nbsp; 2291314 |
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), "A-1", 3%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp;&nbsp; 1940753 |
| California Housing Finance Agency Municipal Certificates, "A", 4.375%, 9/20/2036  | 1963716 | &nbsp;&nbsp;&nbsp; 1962314 |
| California Housing Finance Agency, Affordable Housing Rev., "A-1", 4.125%, 8/01/2038  | 800000 | &nbsp;&nbsp;&nbsp; 785600 |
| California Housing Finance Agency, Limited Obligation Multi-Family Housing Rev. (Wakeland Riverwalk), "R", <br> 4.95%, 8/01/2044 (w)<br>| 1800000 | &nbsp;&nbsp;&nbsp; 1800885 |
| California Housing Finance Agency, Multi-Family Housing (Bayview Apartments), "W", FNMA, 4%, 10/01/2039  | 3550000 | &nbsp;&nbsp;&nbsp; 3454258 |
| California Housing Finance Agency, Multi-Family Housing (LaSalle Apartments), "V", FNMA, 4.1%, 9/01/2040  | 5000000 | &nbsp;&nbsp;&nbsp; 4853376 |
| California Housing Finance Agency, Multi-Family Housing (Sisal Apartments), "DD", FNMA, 3.7%, 11/01/2037  | 5000000 | &nbsp;&nbsp;&nbsp; 4873221 |
| California Housing Finance Agency, Multi-Family Housing (All Hallows Apartments), "U", FNMA, 4.1%, 9/01/2040  | 5000000 | &nbsp;&nbsp;&nbsp; 4853376 |
| California Housing Finance Agency, Multi-Family Housing Rev. (Ocean View Garden Apartments), "J", FNMA, <br> 4.33%, 2/01/2042 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2912200 |
| California Housing Finance Agency, Multi-Family Housing Rev. (Playa Del Alameda Apartments), "Q", FNMA, <br> 4.25%, 8/01/2041 <br>| 990000 | &nbsp;&nbsp;&nbsp; 968938 |
| California Housing Finance Agency, Multi-Family Housing Rev. (Shoreview Apartments), "T", FHLMC, 4.1%, 7/01/2040  | 5000000 | &nbsp;&nbsp;&nbsp; 4851791 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), "A", 4%, 11/01/2036 (n) | 4000000 | &nbsp;&nbsp;&nbsp; 3680238 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Gibson Drive Apartments Project), "A", 4.45%, 12/01/2042  | 4000000 | &nbsp;&nbsp;&nbsp; 3924376 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Whitmer Manor Community Partners LP), "A", FNMA, <br> 4.875%, 11/01/2043 <br>| 3100000 | &nbsp;&nbsp;&nbsp; 3160723 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), "A", 4.48%, 6/01/2044  | 5000000 | &nbsp;&nbsp;&nbsp; 4853482 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (Wildomar Family Housing), "A", 5.28%, 9/01/2046  | 3300000 | &nbsp;&nbsp;&nbsp; 3417476 |
| California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), "A-2", 4%, 8/01/2047 (n) | 2500000 | &nbsp;&nbsp;&nbsp; 2186297 |
| California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), "A-1", 3.25%, 2/01/2057 (n) | 2000000 | &nbsp;&nbsp;&nbsp; 1379234 |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp;&nbsp; 2471850 |
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), "B", 4%, 3/01/2057 (n) | 2000000 | &nbsp;&nbsp;&nbsp; 1418300 |
| California Statewide Communities Development Authority, Multi-Family Housing Rev. (Vintage at Folsom), "E-1", FNMA, <br> 4%, 10/01/2042 <br>| 3650000 | &nbsp;&nbsp;&nbsp; 3297592 |
| Carlsbad, CA, Multi-Family Housing Rev. (Mariposa Apartments), "A", 4.6%, 2/01/2036  | 1640000 | &nbsp;&nbsp;&nbsp; 1646201 |
| Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 <br> Apartments), 3.375%, 1/01/2046 (Put Date 7/01/2026) <br>| 3600000 | &nbsp;&nbsp;&nbsp; 3592862 |
| Los Angeles, CA, Multi-Family Housing Authority Refunding Rev., "A", 3.75%, 4/01/2034  | 5250000 | &nbsp;&nbsp;&nbsp; 5189084 |
| Los Angeles, CA, Multi-Family Housing Authority Rev. (Clarendon Apartments), "A", 4.5%, 12/01/2059  | 8750000 | &nbsp;&nbsp;&nbsp; 7802446 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1307451 | &nbsp;&nbsp;&nbsp; 1266034 |
| National Finance Authority, NH, Municipal Certificates, "A-CA", 3.925%, 7/20/2039  | 4978198 | &nbsp;&nbsp;&nbsp; 4619266 |
| National Finance Authority, NH, Municipal Certificates, "B-CA", 3.925%, 7/20/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 1740558 |
| North Carolina Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 2972340 | &nbsp;&nbsp;&nbsp; 3028330 |
| Sacramento County, CA, Multi-Family Housing Authority (Albert Einstein Residence Center), "A", 4.125%, 4/01/2040  | 2480000 | &nbsp;&nbsp;&nbsp; 2328072 |
| San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), 4.6%, 2/01/2036  | 228000 | &nbsp;&nbsp;&nbsp; 212304 |
| San Diego, CA, Multi-Family Housing Authority Rev. (Rancho Del Norta Apartments), "C", 4.6%, 2/01/2036  | 1735000 | &nbsp;&nbsp;&nbsp; 1613903 |
| San Francisco, CA, City & County Multi-Family Housing Rev. (Sunnydale Hope SF Block 9), "B-1", FNMA, 5%, 2/01/2046  | 1245000 | &nbsp;&nbsp;&nbsp; 1244277 |
| Virginia Housing Development Authority, Rental Housing, "F", 5.15%, 11/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 2003306 |
|  |  | &nbsp;&nbsp;&nbsp; $103396284 |
| Parking – 0.2% | Parking – 0.2% | Parking – 0.2% |
| Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047  | $1625000 | &nbsp;&nbsp;&nbsp; $1501694 |
| Port Revenue – 0.4% | Port Revenue – 0.4% | Port Revenue – 0.4% |
| Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, "C", AGM, 0%, 10/01/2053  | $12000000 | &nbsp;&nbsp;&nbsp; $2856230 |
| Sales & Excise Tax Revenue – 2.0% | Sales & Excise Tax Revenue – 2.0% | Sales & Excise Tax Revenue – 2.0% |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | $390000 | &nbsp;&nbsp;&nbsp; $345219 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 9000 | &nbsp;&nbsp;&nbsp; 7818 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 114000 | &nbsp;&nbsp;&nbsp; 109270 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 382000 | &nbsp;&nbsp;&nbsp; 351198 |

---

------

*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-1", 5%, 7/01/2058  | $5346000 | &nbsp;&nbsp;&nbsp; $5025926 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 944000 | &nbsp;&nbsp;&nbsp; 885778 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 385000 | &nbsp;&nbsp;&nbsp; 361255 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 2826000 | &nbsp;&nbsp;&nbsp; 2575253 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 31000 | &nbsp;&nbsp;&nbsp; 26456 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1566000 | &nbsp;&nbsp;&nbsp; 1221814 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1524000 | &nbsp;&nbsp;&nbsp; 1083277 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 960000 | &nbsp;&nbsp;&nbsp; 928800 |
| 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>| 555000 | &nbsp;&nbsp;&nbsp; 536962 |
|  |  | &nbsp;&nbsp;&nbsp; $13459026 |
| Secondary Schools – 4.9% | Secondary Schools – 4.9% | Secondary Schools – 4.9% |
| California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2054  | $700000 | &nbsp;&nbsp;&nbsp; $642200 |
| California Enterprise Development Authority, Charter School Rev. (Rocklin Academy Project), 5%, 6/01/2064  | 1350000 | &nbsp;&nbsp;&nbsp; 1206559 |
| California Enterprise Development Authority, Lease Rev. (Riverside County - Mead Valley Wellness Village Project), "A", <br> 5.5%, 11/01/2059 <br>| 3375000 | &nbsp;&nbsp;&nbsp; 3645670 |
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026)  | 1000000 | &nbsp;&nbsp;&nbsp; 978655 |
| California Infrastructure & Economic Development Bank Rev. (Social Bonds), "B", 5%, 11/01/2059  | 1000000 | &nbsp;&nbsp;&nbsp; 966490 |
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), <br> "B", 4%, 11/01/2050 <br>| 500000 | &nbsp;&nbsp;&nbsp; 413464 |
| California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), <br> "B", 4.125%, 11/01/2052 <br>| 3075000 | &nbsp;&nbsp;&nbsp; 2566544 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), "A", <br> 5%, 7/01/2038 (n)<br>| 970000 | &nbsp;&nbsp;&nbsp; 937289 |
| California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), "A", 5%, 6/01/2046  | 750000 | &nbsp;&nbsp;&nbsp; 722224 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.5%, 5/01/2044  | 350000 | &nbsp;&nbsp;&nbsp; 347930 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.75%, 5/01/2054  | 435000 | &nbsp;&nbsp;&nbsp; 431310 |
| California Municipal Finance Authority, School Facility Rev. (St. Mary's School - Aliso Viejo), "A", 5.875%, 5/01/2059  | 390000 | &nbsp;&nbsp;&nbsp; 390373 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded <br> 8/01/2025) (n)<br>| 50000 | &nbsp;&nbsp;&nbsp; 50067 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450000 | &nbsp;&nbsp;&nbsp; 431115 |
| California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), "A", <br> 5%, 7/01/2045 <br>| 1700000 | &nbsp;&nbsp;&nbsp; 1635268 |
| California School Finance Authority, Charter School Refunding Rev. (Magnolia Public Schools-Obligated Group), "A", <br> 5%, 7/01/2055 <br>| 1845000 | &nbsp;&nbsp;&nbsp; 1735923 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), <br> 5.25%, 8/01/2038 <br>| 500000 | &nbsp;&nbsp;&nbsp; 503785 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), <br> 5.5%, 8/01/2043 <br>| 550000 | &nbsp;&nbsp;&nbsp; 551466 |
| California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), <br> 5.5%, 8/01/2047 <br>| 525000 | &nbsp;&nbsp;&nbsp; 519056 |
| California School Finance Authority, Charter School Rev. (Alliance for College-Ready Public Schools Projects), 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 988019 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 940000 | &nbsp;&nbsp;&nbsp; 913998 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415000 | &nbsp;&nbsp;&nbsp; 385116 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2040 (n) | 525000 | &nbsp;&nbsp;&nbsp; 521264 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2050 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 927021 |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (z) | 1000000 | &nbsp;&nbsp;&nbsp; 600000 |
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), "A", <br> 5%, 7/01/2040 (n)<br>| 1125000 | &nbsp;&nbsp;&nbsp; 1093208 |
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), "A", <br> 5%, 7/01/2058 (n)<br>| 625000 | &nbsp;&nbsp;&nbsp; 561947 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", <br> 5%, 6/01/2030 (n)<br>| 700000 | &nbsp;&nbsp;&nbsp; 710659 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", <br> 5%, 6/01/2050 (n)<br>| 2120000 | &nbsp;&nbsp;&nbsp; 1964415 |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", <br> 5%, 7/01/2030 (n)<br>| 1245000 | &nbsp;&nbsp;&nbsp; 1246280 |
| California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), "A", 5%, 7/01/2054  | 525000 | &nbsp;&nbsp;&nbsp; 514048 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Secondary Schools – continued | Secondary Schools – continued | Secondary Schools – continued |
| California School Finance Authority, School Facility Rev. (Granada Hills Charter Obligated Group), "A", 5%, 7/01/2064  | $1000000 | &nbsp;&nbsp;&nbsp; $953891 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2038 (n) | 870000 | &nbsp;&nbsp;&nbsp; 877730 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2048 (n) | 870000 | &nbsp;&nbsp;&nbsp; 834964 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2037 (n) | 505000 | &nbsp;&nbsp;&nbsp; 509328 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2047 (n) | 745000 | &nbsp;&nbsp;&nbsp; 712406 |
| California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), "A", 5%, 7/01/2049 (n) | 1050000 | &nbsp;&nbsp;&nbsp; 1001063 |
|  |  | &nbsp;&nbsp;&nbsp; $33990745 |
| Single Family Housing - State – 0.9% | Single Family Housing - State – 0.9% | Single Family Housing - State – 0.9% |
| California Department of Veterans Affairs, Home Purchase Rev., "A", 5.5%, 12/01/2052  | $805000 | &nbsp;&nbsp;&nbsp; $850028 |
| California Department of Veterans Affairs, Home Purchase Rev., "A", 4.3%, 12/01/2054  | 6000000 | &nbsp;&nbsp;&nbsp; 5483903 |
|  |  | &nbsp;&nbsp;&nbsp; $6333931 |
| State & Local Agencies – 3.8% | State & Local Agencies – 3.8% | State & Local Agencies – 3.8% |
| Garden Grove, CA, Public Financing Authority Rev., "A", BAM, 4%, 4/01/2054  | $4000000 | &nbsp;&nbsp;&nbsp; $3506723 |
| Indio, CA, Public Financing Authority Lease Rev., "A", BAM, 5.25%, 11/01/2047  | 3735000 | &nbsp;&nbsp;&nbsp; 3941401 |
| Los Angeles County, CA, Public Works Financing Authority Rev., "H", 5.5%, 12/01/2053  | 2000000 | &nbsp;&nbsp;&nbsp; 2136831 |
| North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047  | 4425000 | &nbsp;&nbsp;&nbsp; 4744808 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2038  | 500000 | &nbsp;&nbsp;&nbsp; 535850 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2039  | 700000 | &nbsp;&nbsp;&nbsp; 745233 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2040  | 900000 | &nbsp;&nbsp;&nbsp; 952958 |
| Ontario, CA, Public Financing Authority Lease Rev., "A", 4.5%, 11/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 949181 |
| San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.375%, 10/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 1946864 |
| San Bernadino, CA, Unified School District Certificates of Participation, AGM, 4.5%, 10/01/2045  | 2000000 | &nbsp;&nbsp;&nbsp; 1960332 |
| Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), "A", 3%, 5/01/2039  | 5270000 | &nbsp;&nbsp;&nbsp; 4520284 |
|  |  | &nbsp;&nbsp;&nbsp; $25940465 |
| Tax - Other – 1.5% | Tax - Other – 1.5% | Tax - Other – 1.5% |
| California Municipal Finance Authority, Special Tax Rev., "B", 5.5%, 9/01/2043  | $625000 | &nbsp;&nbsp;&nbsp; $642632 |
| California Municipal Finance Authority, Special Tax Rev., "B", 5.75%, 9/01/2053  | 1850000 | &nbsp;&nbsp;&nbsp; 1908467 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 340000 | &nbsp;&nbsp;&nbsp; 334707 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 735000 | &nbsp;&nbsp;&nbsp; 760116 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035  | 2195000 | &nbsp;&nbsp;&nbsp; 2254621 |
| Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028)  | 515000 | &nbsp;&nbsp;&nbsp; 515159 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 170000 | &nbsp;&nbsp;&nbsp; 171201 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 500000 | &nbsp;&nbsp;&nbsp; 492381 |
| Irvine, CA, Financial Authority, Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058  | 4000000 | &nbsp;&nbsp;&nbsp; 3489827 |
|  |  | &nbsp;&nbsp;&nbsp; $10569111 |
| Tax Assessment – 4.3% | Tax Assessment – 4.3% | Tax Assessment – 4.3% |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "A", 5%, 9/02/2048  | $940000 | &nbsp;&nbsp;&nbsp; $937041 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 5%, 9/02/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1013284 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 4%, 9/02/2050  | 505000 | &nbsp;&nbsp;&nbsp; 406922 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 4%, 9/02/2040  | 1975000 | &nbsp;&nbsp;&nbsp; 1818733 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2044  | 500000 | &nbsp;&nbsp;&nbsp; 496232 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2049  | 500000 | &nbsp;&nbsp;&nbsp; 489297 |
| Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1013638 |
| Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035  | 920000 | &nbsp;&nbsp;&nbsp; 923073 |
| Mountain House, CA, Special Tax Community Facilities District No. 2024-1 (Public Facilities and Services), 5%, 9/01/2055  | 2000000 | &nbsp;&nbsp;&nbsp; 1912454 |
| Newport Beach, CA, Limited Obligation Improvement Bonds, "A", 4.125%, 9/02/2038  | 570000 | &nbsp;&nbsp;&nbsp; 555271 |
| Newport Beach, CA, Limited Obligation Improvement Bonds, "A", 5%, 9/02/2043  | 645000 | &nbsp;&nbsp;&nbsp; 654348 |
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, <br> 5%, 8/01/2028 <br>| 650000 | &nbsp;&nbsp;&nbsp; 652095 |
| Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033  | 1000000 | &nbsp;&nbsp;&nbsp; 1014990 |
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, <br> "A-1", AGM, 4.25%, 9/01/2047 <br>| 5000000 | &nbsp;&nbsp;&nbsp; 4687722 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 968052 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047  | 2550000 | &nbsp;&nbsp;&nbsp; 2477882 |
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., "B", AGM, 5%, 10/01/2030  | 890000 | &nbsp;&nbsp;&nbsp; 891898 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Tax Assessment – continued | Tax Assessment – continued | Tax Assessment – continued |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", <br> 4%, 9/01/2026 (n)<br>| $70000 | &nbsp;&nbsp;&nbsp; $70278 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", <br> 4%, 9/01/2051 (n)<br>| 1600000 | &nbsp;&nbsp;&nbsp; 1282325 |
| San Francisco, CA, City & County Redevelopment Successor Agency (Mission Bay South Redevelopment Project), "A", <br> 5%, 8/01/2043 <br>| 750000 | &nbsp;&nbsp;&nbsp; 749985 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission <br> Bay South Public Improvements), AGM, 5.25%, 8/01/2041 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1612952 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission <br> Bay South Public Improvements), AGM, 5.25%, 8/01/2042 <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1333638 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Community Facilities District No. 6 Special Tax (Mission <br> Bay South Public Improvements), AGM, 5.25%, 8/01/2043 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1054523 |
| San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, "A", AGM, <br> 4%, 10/01/2048 <br>| 835000 | &nbsp;&nbsp;&nbsp; 772933 |
| San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, "A", AGM, <br> 4.125%, 10/01/2053 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 908660 |
| Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), "B", 5%, 10/01/2034  | 300000 | &nbsp;&nbsp;&nbsp; 307971 |
| Transbay Joint Powers Authority, CA, Tax Allocation (Green Bonds), "B", 5%, 10/01/2038  | 275000 | &nbsp;&nbsp;&nbsp; 276401 |
|  |  | &nbsp;&nbsp;&nbsp; $29282598 |
| Tobacco – 1.7% | Tobacco – 1.7% | Tobacco – 1.7% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | $855000 | &nbsp;&nbsp;&nbsp; $728910 |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, <br> "B-2", 0%, 6/01/2055 <br>| 4750000 | &nbsp;&nbsp;&nbsp; 926168 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 4%, 6/01/2049  | 3515000 | &nbsp;&nbsp;&nbsp; 2979330 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 5%, 6/01/2049  | 135000 | &nbsp;&nbsp;&nbsp; 130766 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), "B-1", 5%, 6/01/2049  | 215000 | &nbsp;&nbsp;&nbsp; 210729 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, <br> "B-2", 0%, 6/01/2055 <br>| 10000000 | &nbsp;&nbsp;&nbsp; 1972667 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 5%, 6/01/2051  | 4000000 | &nbsp;&nbsp;&nbsp; 3937006 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 1075000 | &nbsp;&nbsp;&nbsp; 978184 |
|  |  | &nbsp;&nbsp;&nbsp; $11863760 |
| Toll Roads – 0.1% | Toll Roads – 0.1% | Toll Roads – 0.1% |
| Bay Area, CA, Toll Authority Bridge Rev., "F-1", 5%, 4/01/2053  | $500000 | &nbsp;&nbsp;&nbsp; $516881 |
| Universities - Colleges – 3.7% | Universities - Colleges – 3.7% | Universities - Colleges – 3.7% |
| California Educational Facilities Authority Rev. (Art Center College of Design), "A", 5%, 12/01/2036  | $2060000 | &nbsp;&nbsp;&nbsp; $2101049 |
| California Educational Facilities Authority Rev. (Chapman University), "B", 4%, 4/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 900391 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2036  | 425000 | &nbsp;&nbsp;&nbsp; 430425 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2037  | 1265000 | &nbsp;&nbsp;&nbsp; 1278927 |
| California Educational Facilities Authority Rev. (Saint Mary's College), "A", 5.5%, 10/01/2053  | 1250000 | &nbsp;&nbsp;&nbsp; 1224824 |
| California Educational Facilities Authority Rev. (Santa Clara University), "A", 5%, 4/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 525188 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1004428 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1003473 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2038  | 500000 | &nbsp;&nbsp;&nbsp; 501224 |
| California Educational Facilities Authority Rev. (University of San Francisco), "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1022107 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.125%, 11/01/2040  | 1350000 | &nbsp;&nbsp;&nbsp; 1352964 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.375%, 11/01/2045  | 775000 | &nbsp;&nbsp;&nbsp; 772606 |
| California Municipal Finance Authority Refunding Rev. (California Baptist University), "A", 5.625%, 11/01/2054  | 500000 | &nbsp;&nbsp;&nbsp; 497030 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033  | 625000 | &nbsp;&nbsp;&nbsp; 639841 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035  | 1195000 | &nbsp;&nbsp;&nbsp; 1218115 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 1008697 |
| California Municipal Finance Authority Rev. (Emerson College), "B", 5%, 1/01/2042  | 4310000 | &nbsp;&nbsp;&nbsp; 4310459 |
| California Municipal Finance Authority Rev. (University of La Verne), "A", 5%, 6/01/2043  | 1500000 | &nbsp;&nbsp;&nbsp; 1489028 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039  | 500000 | &nbsp;&nbsp;&nbsp; 416075 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048  | 2500000 | &nbsp;&nbsp;&nbsp; 1876942 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 375000 | &nbsp;&nbsp;&nbsp; 382429 |
| California State University Systemwide Rev., "A", 3%, 11/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1386627 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), "E", <br> 3%, 8/01/2051 <br>| $200000 | &nbsp;&nbsp;&nbsp; $145435 |
|  |  | &nbsp;&nbsp;&nbsp; $25488284 |
| Universities - Dormitories – 2.0% | Universities - Dormitories – 2.0% | Universities - Dormitories – 2.0% |
| California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC <br> Project), "A", 5%, 1/15/2039 <br>| $650000 | &nbsp;&nbsp;&nbsp; $674465 |
| California Enterprise Development Authority, Student Housing Refunding Rev. (Provident Group - Pomona Properties LLC <br> Project), "A", 5%, 1/15/2045 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1000747 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College <br> Project), "A", 5%, 8/01/2055 <br>| 825000 | &nbsp;&nbsp;&nbsp; 823611 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College <br> Project), "A", 5%, 8/01/2057 <br>| 450000 | &nbsp;&nbsp;&nbsp; 442170 |
| California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), "A", 5%, 6/01/2035  | 225000 | &nbsp;&nbsp;&nbsp; 225123 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), <br> 5%, 5/15/2037 <br>| 2605000 | &nbsp;&nbsp;&nbsp; 2655839 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", <br> 5%, 6/01/2034 (n)<br>| 375000 | &nbsp;&nbsp;&nbsp; 381784 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", <br> 5%, 6/01/2039 (n)<br>| 475000 | &nbsp;&nbsp;&nbsp; 468520 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", <br> 5%, 6/01/2051 (n)<br>| 1440000 | &nbsp;&nbsp;&nbsp; 1310009 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts <br> Project), 5.25%, 7/01/2039 (n)<br>| 1740000 | &nbsp;&nbsp;&nbsp; 1740119 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2045 (n) | 3000000 | &nbsp;&nbsp;&nbsp; 2730930 |
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, <br> "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n)<br>| 3250000 | &nbsp;&nbsp;&nbsp; 1425896 |
|  |  | &nbsp;&nbsp;&nbsp; $13879213 |
| Utilities - Cogeneration – 0.4% | Utilities - Cogeneration – 0.4% | Utilities - Cogeneration – 0.4% |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority <br> Desalination Project Pipeline), 5%, 7/01/2039 (n)<br>| $1000000 | &nbsp;&nbsp;&nbsp; $1009894 |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority <br> Desalination Project Pipeline), 5%, 11/21/2045 (n)<br>| 1610000 | &nbsp;&nbsp;&nbsp; 1594963 |
|  |  | &nbsp;&nbsp;&nbsp; $2604857 |
| Utilities - Investor Owned – 0.4% | Utilities - Investor Owned – 0.4% | Utilities - Investor Owned – 0.4% |
| California Statewide Communities Development Authority, Pollution Control Rev. (Southern California Edison Co.), "D", <br> 4.5%, 11/01/2033 <br>| $2500000 | &nbsp;&nbsp;&nbsp; $2556015 |
| Utilities - Municipal Owned – 1.2% | Utilities - Municipal Owned – 1.2% | Utilities - Municipal Owned – 1.2% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $475000 | &nbsp;&nbsp;&nbsp; $259469 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 765000 | &nbsp;&nbsp;&nbsp; 417881 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 600000 | &nbsp;&nbsp;&nbsp; 327750 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 455000 | &nbsp;&nbsp;&nbsp; 248544 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | 235000 | &nbsp;&nbsp;&nbsp; 128369 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 60000 | &nbsp;&nbsp;&nbsp; 32775 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 620000 | &nbsp;&nbsp;&nbsp; 338675 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 55000 | &nbsp;&nbsp;&nbsp; 54051 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 325000 | &nbsp;&nbsp;&nbsp; 177531 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 75000 | &nbsp;&nbsp;&nbsp; 40969 |
| San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, "A", 5%, 11/01/2053  | 3500000 | &nbsp;&nbsp;&nbsp; 3545600 |
| Truckee Donner Public Utility District, CA, Electric System Rev., "A", 5%, 11/15/2037  | 1250000 | &nbsp;&nbsp;&nbsp; 1314990 |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2035  | 725000 | &nbsp;&nbsp;&nbsp; 796291 |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2036  | 590000 | &nbsp;&nbsp;&nbsp; 642562 |
|  |  | &nbsp;&nbsp;&nbsp; $8325457 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Utilities - Other – 8.1% | Utilities - Other – 8.1% | Utilities - Other – 8.1% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $1195000 | &nbsp;&nbsp;&nbsp; $1186205 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 2735000 | &nbsp;&nbsp;&nbsp; 2876162 |
| California Community Choice Financing Authority Clean Energy Project Rev. (Green Bonds), "B", 5%, 3/01/2056 (Put Date <br> 11/01/2035) <br>| 3000000 | &nbsp;&nbsp;&nbsp; 3185370 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "A-1", 5%, 12/01/2053 (Put Date <br> 8/01/2029) <br>| 5000000 | &nbsp;&nbsp;&nbsp; 5222554 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 5000000 | &nbsp;&nbsp;&nbsp; 5239608 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, 8/01/2055 (Put Date <br> 10/01/2032) <br>| 9000000 | &nbsp;&nbsp;&nbsp; 9485608 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, 2/01/2055 (Put Date <br> 9/01/2032) <br>| 4000000 | &nbsp;&nbsp;&nbsp; 4254538 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "E", 5%, 2/01/2055 (Put Date <br> 9/01/2032) <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2113211 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5.5%, 10/01/2054 (Put Date <br> 11/01/2030) <br>| 2980000 | &nbsp;&nbsp;&nbsp; 3195138 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, 1/01/2056 (Put Date <br> 8/01/2033) <br>| 5000000 | &nbsp;&nbsp;&nbsp; 5360055 |
| California M-S-R Energy Authority, Gas Rev., "A", 7%, 11/01/2034  | 1750000 | &nbsp;&nbsp;&nbsp; 2087777 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035)  | 3000000 | &nbsp;&nbsp;&nbsp; 3197681 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1900000 | &nbsp;&nbsp;&nbsp; 2039798 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 2540000 | &nbsp;&nbsp;&nbsp; 2664281 |
| Southern California Public Power Authority (Natural Gas Project No. 1), "A", 5%, 11/01/2033  | 1655000 | &nbsp;&nbsp;&nbsp; 1749351 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1520000 | &nbsp;&nbsp;&nbsp; 1595336 |
|  |  | &nbsp;&nbsp;&nbsp; $55452673 |
| Water & Sewer Utility Revenue – 3.5% | Water & Sewer Utility Revenue – 3.5% | Water & Sewer Utility Revenue – 3.5% |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.625%, 9/01/2047  | $1000000 | &nbsp;&nbsp;&nbsp; $1004438 |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.75%, 9/01/2052  | 1100000 | &nbsp;&nbsp;&nbsp; 1084405 |
| East Bay, CA, Municipal Utility District Wastewater System Rev., "A", 5%, 6/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1046844 |
| East Bay, CA, Municipal Utility District Wastewater System Rev., "A", 5%, 6/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1040514 |
| East Bay, CA, Municipal Utility District Water System Refunding Rev., "A", 5%, 6/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2081028 |
| El Dorado, CA, Irrigation District Rev. (Certificates of Participation), "A", 4%, 3/01/2050  | 3500000 | &nbsp;&nbsp;&nbsp; 3076267 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 720000 | &nbsp;&nbsp;&nbsp; 711244 |
| North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), "A", AGM, 5.25%, 5/01/2050  | 2005000 | &nbsp;&nbsp;&nbsp; 2051305 |
| North Kern, CA, Cawelo Financing Authority Water Rev. (Cawelo Water District Project), "A", AGM, 5.25%, 5/01/2054  | 1350000 | &nbsp;&nbsp;&nbsp; 1376182 |
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048  | 3500000 | &nbsp;&nbsp;&nbsp; 3299480 |
| Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053  | 1500000 | &nbsp;&nbsp;&nbsp; 1372523 |
| Santa Barbara County, CA, Solid Waste System Rev., COP, "B", 5%, 12/01/2036  | 2000000 | &nbsp;&nbsp;&nbsp; 2051952 |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | 1560000 | &nbsp;&nbsp;&nbsp; 1575684 |
| Truckee Donner Public Utility District, CA, Water System Rev., "A", 5%, 11/15/2042  | 2070000 | &nbsp;&nbsp;&nbsp; 2186941 |
|  |  | &nbsp;&nbsp;&nbsp; $23958807 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$684989305** |
| 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)  | $1044360 | &nbsp;&nbsp;&nbsp; $348921 |
| 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  | $908524 | &nbsp;&nbsp;&nbsp; $558742 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 1.1%  | Mutual Funds (h) – 1.1%  | Mutual Funds (h) – 1.1%  |
| Money Market Funds – 1.1% | Money Market Funds – 1.1% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 7381734 | &nbsp;&nbsp;&nbsp; $7382472 |
| Other Assets, Less Liabilities – (0.8)% |  | &nbsp;&nbsp;&nbsp; (5193167)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$688086273** |

---

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

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

&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 $7,382,472 and $685,896,968, 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 $50,812,737, representing 7.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

&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;(z) Restricted securities are not registered under the Securities Act of 1933 and are
 subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities
 are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult.
 The fund holds the following restricted securities:

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

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Cost** | **Value** |
| California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 | 4/22/2016 | $1002660 | $600000 |
| % of Net assets |  |  | 0.1% |

---

&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 |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

6/30/25 (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 June 30, 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; $685548047 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $685548047 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 348921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 348921 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 7382472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7382472 |
| Total | &nbsp;&nbsp;&nbsp; $7382472 | &nbsp;&nbsp;&nbsp; $685896968 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $693279440 |

---

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. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 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; $11245030 | &nbsp;&nbsp; $42785045 | &nbsp;&nbsp; $46646850 | &nbsp;&nbsp; $(1096)<br>| &nbsp;&nbsp; $343 | &nbsp;&nbsp; $7382472<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; $125285 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows:

---

| | |
|:---|:---|
| California  | 92.7% |
| Puerto Rico  | 2.5% |
| Alabama | 1.0% |
| Illinois | 0.8% |
| New York | 0.4% |
| North Carolina | 0.4% |
| Maine | 0.4% |
| Virginia | 0.4% |
| Guam | 0.3% |
| South Carolina  | 0.3% |
| Texas | 0.3% |
| New Hampshire | 0.2% |
| Ohio | 0.2% |
| Tennessee | 0.2% |
| Wisconsin | 0.2% |
| Pennsylvania (o) | 0.0% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 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 California Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002530

- **c. LEI of Series:** HJJE4BDRSB2UZB44II16

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $700291793.62

**Total Liabilities:** $11998546.91

**Net Assets:** $688293246.71

**Delayed Delivery Securities:** $9686588.50

**Cash Not Reported:** $22892.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -946.93689870 | **1-Year:** -19174.76372750 | **5-Year:** -93391.20455240 | **10-Year:** -261321.72827850 | **30-Year:** -112921.38653740

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

- **3-Month:** -131.89672710 | **1-Year:** -3332.51020220 | **5-Year:** -14927.64042630 | **10-Year:** -35944.30500440 | **30-Year:** -22930.38705010

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006980 | -0.88%               | -0.88%               | 0.41%                |
| Class ID C000006979 | -0.87%               | -1.05%               | 0.61%                |
| Class ID C000194244 | -0.71%               | -0.93%               | 0.54%                |
| Class ID C000169767 | -0.83%               | -0.94%               | 0.65%                |
| Class ID C000006978 | -0.81%               | -0.99%               | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-127764.37              | $-7414688.01                               |
| Month 2  | $-270959.73              | $-8276909.63                               |
| Month 3  | $-78092.75               | $2214902.98                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                             | California Community Housing Agency                                                           | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1772046.76   | 0.26%             | 2056-02-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2024A                                     | CUSIP: 13069BBB1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    650000 | PA      | $674464.83    | 0.10%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                   | East Bay Municipal Utility District Wastewater System, Series 2024A                           | CUSIP: 271012HF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046844.10   | 0.15%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moreland School District                                                        | Moreland School District                                                                      | CUSIP: 616794KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1307375.57   | 0.19%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                                      | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    555000 | PA      | $536962.50    | 0.08%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CMFA Special Finance Agency XII                                                 | CMFA Special Finance Agency XII                                                               | CUSIP: 12574XAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1379234.00   | 0.20%             | 2057-02-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                              | CUSIP: 13033L6V4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000675.80   | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048T2T9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1489027.80   | 0.22%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445F53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2654563.50   | 0.39%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports, Series 2023 A                                     | CUSIP: 544445Y78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4115000 | PA      | $4201362.74   | 0.61%             | 2048-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency                                                             | CUSIP: 13033DAL9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1963717 | PA      | $1962314.49   | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                                             | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $492380.85    | 0.07%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garvey School District                                                          | Garvey School District                                                                        | CUSIP: 366658NP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $1733327.05   | 0.25%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179PG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2101049.00   | 0.31%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                              | Norman Y Mineta San Jose International Airport SJC                                            | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1963418.60   | 0.29%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | State of California                                                                           | CUSIP: 13063EKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47539.40     | 0.01%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $600825.56    | 0.09%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Paramount Unified School District                                               | Paramount Unified School District                                                             | CUSIP: 699211PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1330678.30   | 0.19%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                        | Washington Township Health Care District                                                      | CUSIP: 940204ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967123.20    | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13081CAC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1740119.54   | 0.25%             | 2039-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                                   | CUSIP: 13069BAR7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    450000 | PA      | $442169.55    | 0.06%             | 2057-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District/Alameda County                                  | Oakland Unified School District, Series 2023A                                                 | CUSIP: 672325R58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7344365.70   | 1.07%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | State of California                                                                           | CUSIP: 13063D4G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151911.90   | 0.46%             | 2050-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $7818.35      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority, Series 2024                           | CUSIP: 13080SX33<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077682.00   | 0.30%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1950474.58   | 0.28%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2024                                      | CUSIP: 13069ABA5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1206558.72   | 0.18%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1566000 | PA      | $1221813.87   | 0.18%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Maria Bonita School District                                              | Santa Maria Bonita School District                                                            | CUSIP: 802250CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1163692.75   | 0.17%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048VUY2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178255.79    | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City & County of San Francisco CA                                               | City & County of San Francisco, Series 2025B-1                                                | CUSIP: 79765PEF6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1244276.53   | 0.18%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 130483ES5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3680237.60   | 0.53%             | 2036-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency, Series 2023                | CUSIP: 79772ADP9<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054523.20   | 0.15%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TSE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503784.95    | 0.07%             | 2038-08-01      | Fixed         | 5.25%                 | 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        |   7347450 | NS      | $7348184.58   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| El Monte Union High School District                                             | El Monte Union High School District, Series F                                                 | CUSIP: 283353WF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $667332.20    | 0.10%             | 2048-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                               | CUSIP: 89356CBK1<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307970.88    | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024A                                | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1803637.62   | 0.26%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority, Series 2025                                              | CUSIP: 13056HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751191.83    | 0.11%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YQG3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496232.15    | 0.07%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Power Revenue           | San Francisco City & County Public Utilities Commission Power, Series 2023 A                  | CUSIP: 79771KEC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3545600.45   | 0.52%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series LTD OBLIG BDS 2024 W                                | CUSIP: 130331AM3<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3454257.92   | 0.50%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048VCD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2095811.39   | 0.30%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mendocino-Lake Community College District                                       | Mendocino-Lake Community College District                                                     | CUSIP: 58661PBT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1239395.84   | 0.18%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    765000 | PA      | $417881.25    | 0.06%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Ysidro School District                                                      | San Ysidro School District                                                                    | CUSIP: 799561PJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1736824.03   | 0.25%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue           | Regents of the University of California Medical Center Pooled                                 | CUSIP: 913366KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4302086.00   | 0.63%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $921790.52    | 0.13%             | 2048-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                                            | CUSIP: 68304RDE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535850.00    | 0.08%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13051BAC0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    435000 | PA      | $431309.94    | 0.06%             | 2054-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                             | Napa Valley Unified School District                                                           | CUSIP: 6303614D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $2994510.12   | 0.44%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SUY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    430000 | PA      | $424207.81    | 0.06%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alvord Unified School District                                                  | Alvord Unified School District                                                                | CUSIP: 022555XY7<br>LEI: 549300Q9J0UCO75DL276 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888806.80    | 0.13%             | 2048-08-01      | Fixed         | 4.00%                 | 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        |   1900000 | PA      | $2039798.39   | 0.30%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2024 V                                              | CUSIP: 13034DAR5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4853375.50   | 0.71%             | 2040-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SVA9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    980000 | PA      | $920700.10    | 0.13%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Mesa-Spring Valley School District                                           | La Mesa-Spring Valley School District, Series 2023 B                                          | CUSIP: 503678SF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1768510.00   | 0.26%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                               | CUSIP: 13016NHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $210729.20    | 0.03%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    970000 | PA      | $937289.56    | 0.14%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2023 F                                | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $3195138.42   | 0.46%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YNX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    940000 | PA      | $937041.26    | 0.14%             | 2048-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2020B                                          | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3604846.68   | 0.52%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Cambria Community Services District Wastewater Revenue                          | Cambria Community Services District Wastewater                                                | CUSIP: 13201RAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1084405.08   | 0.16%             | 2052-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 130591BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $1964414.90   | 0.29%             | 2050-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                                        | CUSIP: 82650PDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301608.99    | 0.04%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $641389.71    | 0.09%             | 2045-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    238428 | PA      | $251495.90    | 0.04%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency, Series 2023                | CUSIP: 79772ADM6<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612951.80   | 0.23%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TS38<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    425000 | PA      | $422414.77    | 0.06%             | 2042-02-01      | 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      | $26455.51     | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                                      | CUSIP: 76827QJC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2477881.92   | 0.36%             | 2047-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                     | San Diego County Regional Airport Authority                                                   | CUSIP: 79739GGP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $652782.15    | 0.09%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                                   | CUSIP: 13069BAQ9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    825000 | PA      | $823610.78    | 0.12%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee-Donner Public Utility District Electric System Revenue                  | Truckee-Donner Public Utility District Electric System                                        | CUSIP: 89781AAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1314990.13   | 0.19%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024 B                               | CUSIP: 13032UL30<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949301.00   | 0.28%             | 2058-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Carlsbad CA                                                             | City of Carlsbad, Series 2003 A                                                               | CUSIP: 142585BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1646200.68   | 0.24%             | 2036-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series M TEBS 2023 A                                  | CUSIP: 130489AA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3417476.37   | 0.50%             | 2046-09-01      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency                             | CUSIP: 79770GAW6<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749984.63    | 0.11%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024A                                | CUSIP: 13032US82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5655000 | PA      | $5658958.50   | 0.82%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conejo Valley Unified School District                                           | Conejo Valley Unified School District, Series E                                               | CUSIP: 206849HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4240000 | PA      | $2582334.69   | 0.38%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                  | Tender Option Bond Trust Receipts                                                             | CUSIP: 88035MBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150372.00   | 0.31%             | 2055-05-01      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $385115.81    | 0.06%             | 2045-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mountain View-Whisman School District                                           | Mountain View-Whisman School District                                                         | CUSIP: 62451FME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5546634.00   | 0.81%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                               | CUSIP: 89356CBM7<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    275000 | PA      | $276401.10    | 0.04%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024 B                               | CUSIP: 13032UK80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    750000 | PA      | $737951.55    | 0.11%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                        | Village of Bridgeview                                                                         | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $988862.47    | 0.14%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports, Series 2025A                                      | CUSIP: 5444453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4104639.60   | 0.60%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $834963.80    | 0.12%             | 2048-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TKB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $521263.89    | 0.08%             | 2040-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Unified School District                                             | Los Angeles Unified School District, Series 2024 QRR                                          | CUSIP: 544647JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4212453.60   | 0.61%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Newport Beach CA                                                        | City of Newport Beach, Series 2023 A                                                          | CUSIP: 651784UT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $555271.03    | 0.08%             | 2038-09-02      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13051BAD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390373.35    | 0.06%             | 2059-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Newport Beach CA                                                        | City of Newport Beach, Series 2023 A                                                          | CUSIP: 651784UU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $654347.92    | 0.10%             | 2043-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                      | Southern California Public Power Authority                                                    | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1749351.55   | 0.25%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                              | CUSIP: 13032UMG0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021250.60   | 0.15%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048T4N0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980643.80   | 0.29%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TVD2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85033.07     | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority, Series 2024 E-1                       | CUSIP: 13079PZR7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3297592.14   | 0.48%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2024 D                                | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4254537.60   | 0.62%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048RAG2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2833241.70   | 0.41%             | 2044-10-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Ceres Unified School District                                                   | Ceres Unified School District                                                                 | CUSIP: 156753PW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $899665.55    | 0.13%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clovis Unified School District                                                  | Clovis Unified School District, Series C                                                      | CUSIP: 189342T32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4569461.00   | 0.66%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | Los Angeles Department of Water & Power, Series 2025 A                                        | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021078.40   | 0.29%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2024 H                                | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5360055.00   | 0.78%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                 | Central Valley Energy Authority, Series 2025                                                  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3197681.10   | 0.46%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank, Series 2024A                           | CUSIP: 13034A5K2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502163.60   | 0.22%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YQH1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489296.80    | 0.07%             | 2049-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Community College District                                             | Imperial Community College District                                                           | CUSIP: 452641JD6<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |    500000 | PA      | $348782.30    | 0.05%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series LTD OBLIG BDS 2024 Q                                | CUSIP: 130331AE1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    990000 | PA      | $968938.15    | 0.14%             | 2041-08-01      | Fixed         | 4.25%                 | 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        |     55000 | PA      | $54050.78     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $334046.20    | 0.05%             | 2047-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1327991.62   | 0.19%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                     | San Diego County Regional Airport Authority, Series 2025 B                                    | CUSIP: 79739GTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5108375.00   | 0.74%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                              | CUSIP: 13032UNE4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2490878.00   | 0.36%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2025A                                          | CUSIP: 13048V3F3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    775000 | PA      | $772606.26    | 0.11%             | 2045-11-01      | Fixed         | 5.38%                 | 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        |    114000 | PA      | $109270.06    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445Y60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464087.50    | 0.07%             | 2043-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cambria Community Services District Wastewater Revenue                          | Cambria Community Services District Wastewater                                                | CUSIP: 13201RAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004437.70   | 0.15%             | 2047-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series LTD OBLIG 2024 J                                    | CUSIP: 130331AF8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2912200.20   | 0.42%             | 2042-02-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048VUZ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $713537.93    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                         | Bay Area Toll Authority, Series 2025F-1                                                       | CUSIP: 072024G30<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516880.75    | 0.08%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                                         | CUSIP: 13035ABR9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $413463.85    | 0.06%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    475000 | PA      | $259468.75    | 0.04%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501223.80    | 0.07%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                              | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5089343.00   | 0.74%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Maria Bonita School District                                              | Santa Maria Bonita School District                                                            | CUSIP: 802250CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937081.30    | 0.14%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3810946.00   | 0.55%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                   | Doylestown Hospital Authority, Series 2019A                                                   | CUSIP: 261333HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $63542.56     | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                    | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                     | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2254620.37   | 0.33%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                                           | CUSIP: 13057EAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2404088.69   | 0.35%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $877730.30    | 0.13%             | 2038-08-01      | Fixed         | 5.00%                 | 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        |   1307451 | PA      | $1266034.43   | 0.18%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179RG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022107.30   | 0.15%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445Y52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058914.20   | 0.30%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TX32<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008697.10   | 0.15%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 130483GQ7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3924376.40   | 0.57%             | 2042-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                       | Hastings Campus Housing Finance Authority                                                     | CUSIP: 418338AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2730930.30   | 0.40%             | 2045-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority, Series 2025A                                             | CUSIP: 13058TVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1735923.42   | 0.25%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ceres Unified School District                                                   | Ceres Unified School District, Series 2025A                                                   | CUSIP: 156753RM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4166584.80   | 0.61%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $509327.65    | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $850309.45    | 0.12%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13049YAJ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225122.72    | 0.03%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority, Series 2024A                          | CUSIP: 13080ST79<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3580874.50   | 0.52%             | 2054-12-01      | Fixed         | 5.25%                 | 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        |   1075000 | PA      | $978183.35    | 0.14%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | State of California                                                                           | CUSIP: 13063ECU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610868.00   | 0.23%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080STN4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999812.00   | 0.29%             | 2057-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445GV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1336209.73   | 0.19%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ceres Unified School District                                                   | Ceres Unified School District                                                                 | CUSIP: 156753PX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $926216.14    | 0.13%             | 2047-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                         | Indio Finance Authority                                                                       | CUSIP: 45571LDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3735000 | PA      | $3941401.33   | 0.57%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Garden Grove Public Financing Authority                                         | Garden Grove Public Financing Authority, Series 2024A                                         | CUSIP: 36527RBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3506723.20   | 0.51%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2024C                                 | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9485607.60   | 1.38%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                               | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $130766.22    | 0.02%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport                  | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3951496.80   | 0.57%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048T6J7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4310458.58   | 0.63%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024 B                               | CUSIP: 13032UK98<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997847.90    | 0.14%             | 2048-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority, Series 2006D                          | CUSIP: 13078HBA9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556015.25   | 0.37%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000277.20   | 0.44%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                     | San Bernardino City Unified School District                                                   | CUSIP: 796714EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1960332.20   | 0.28%             | 2045-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank, Series 2024A                           | CUSIP: 13034A5L0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484031.60   | 0.22%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                    | Mount San Antonio Community College District                                                  | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4807515.50   | 0.70%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority, Series 2025                                              | CUSIP: 13056HAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1982178.60   | 0.29%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2025A                                          | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382428.98    | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                  | County of Sacramento CA Airport System Revenue                                                | CUSIP: 786107RX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020704.00   | 0.29%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $519056.48    | 0.08%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego Housing Authority, Inc.                                               | San Diego Housing Authority, Inc., Series 2003C                                               | CUSIP: 79728FLJ8<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1613902.73   | 0.23%             | 2036-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| San Rafael City Elementary School District                                      | San Rafael City Elementary School District                                                    | CUSIP: 799306PH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2376824.86   | 0.35%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SSE5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1754736.18   | 0.25%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $32775.00     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oakland CA                                                              | City of Oakland, Series 2023 D                                                                | CUSIP: 672240YN2<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5293881.50   | 0.77%             | 2053-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                      | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2770532.57   | 0.40%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                       | Alameda Corridor Transportation Authority, Series C                                           | CUSIP: 010869MM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $2856230.40   | 0.41%             | 2053-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Barbara CA                                                      | County of Santa Barbara                                                                       | CUSIP: 80136PCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051952.00   | 0.30%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2023 A-1                                            | CUSIP: 13032WBA1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    800000 | PA      | $785600.16    | 0.11%             | 2038-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency                                                     | CMFA Special Finance Agency                                                                   | CUSIP: 12574WAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2471850.00   | 0.36%             | 2056-08-01      | Fixed         | 4.00%                 | Yes           |                  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        |   2972340 | PA      | $3028329.80   | 0.44%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                                           | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $747550.12    | 0.11%             | 2036-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lake Elsinore Public Financing Authority                                        | Lake Elsinore Public Financing Authority                                                      | CUSIP: 509632NA9<br>LEI: 549300C5MCDOVNPOX172 | Long             | DBT              | MUN               | US        |    920000 | PA      | $923072.80    | 0.13%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048T5H2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1413906.58   | 0.21%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3475000 | PA      | $1025281.72   | 0.15%             | 2050-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                               | City of Dallas, Series 2023                                                                   | CUSIP: 235380AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $515159.34    | 0.07%             | 2053-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TJM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $561947.19    | 0.08%             | 2058-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                       | Golden State Tobacco Securitization Corp.                                                     | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3937006.00   | 0.57%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TVL4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165070.59    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 130493CL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4068110.00   | 0.59%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program           | Department of Veterans Affairs Veteran's Farm & Home Purchase Program, Series 2024 A          | CUSIP: 130658TY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5483903.40   | 0.80%             | 2054-12-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                             | California Community Housing Agency                                                           | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1940753.40   | 0.28%             | 2056-08-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SPM0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1895602.36   | 0.28%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucia Mar Unified School District                                               | Lucia Mar Unified School District                                                             | CUSIP: 54947THN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1997381.28   | 0.29%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program           | Department of Veterans Affairs Veteran's Farm & Home Purchase Program                         | CUSIP: 130658ST5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $850027.59    | 0.12%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                        | Washington Township Health Care District                                                      | CUSIP: 940204GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $346483.83    | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004428.20   | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                          | Virginia Housing Development Authority, Series 2023 F                                         | CUSIP: 92812WMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003305.80   | 0.29%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                        | New Hampshire Business Finance Authority                                                      | CUSIP: 63607WBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4978198 | PA      | $4619265.77   | 0.67%             | 2039-07-20      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority, Series 2025A                                     | CUSIP: 130179WE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525188.00    | 0.08%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Area Flood Control Agy Levee Construction & Maintenance Assmnt Dist | San Joaquin Area Flood Control Agy Levee Construction & Maintenance Assmnt Dist, Series 2023A | CUSIP: 79806NAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908659.70    | 0.13%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority, Series 2024A                                             | CUSIP: 13059TJS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953890.70    | 0.14%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Springs Unified School District                                            | Palm Springs Unified School District, Series B                                                | CUSIP: 6966676Z2<br>LEI: 549300VO66CCEHGE5291 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2686118.40   | 0.39%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $430425.30    | 0.06%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                   | Los Angeles Housing Authority, Series 2024A                                                   | CUSIP: 544562DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $7802445.88   | 1.13%             | 2059-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                      | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2717442.60   | 0.39%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California State University                                                     | California State University                                                                   | CUSIP: 13077DRU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1386627.40   | 0.20%             | 2052-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| El Monte Union High School District                                             | El Monte Union High School District, Series F                                                 | CUSIP: 283353WG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $475978.65    | 0.07%             | 2049-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2024E                                 | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113211.40   | 0.31%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Water Management Agency                                           | Pajaro Valley Water Management Agency                                                         | CUSIP: 69580AAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1372523.40   | 0.20%             | 2053-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                       | Hastings Campus Housing Finance Authority                                                     | CUSIP: 418338AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $1425895.58   | 0.21%             | 2061-07-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority, Series 2024A                                             | CUSIP: 13059TJR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $514047.92    | 0.07%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pomona Unified School District                                                  | Pomona Unified School District                                                                | CUSIP: 732098RB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $65546.99     | 0.01%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TVG5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    415000 | PA      | $372530.81    | 0.05%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                  | Palomar Health                                                                                | CUSIP: 697528AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967954.60   | 0.29%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                                         | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978654.70    | 0.14%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2025A                                          | CUSIP: 13048V3E6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1352964.20   | 0.20%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                        | New Hampshire Business Finance Authority                                                      | CUSIP: 63607WBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1740558.20   | 0.25%             | 2040-07-20      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois                                                                             | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    440000 | PA      | $460889.70    | 0.07%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| El Monte Union High School District                                             | El Monte Union High School District, Series F                                                 | CUSIP: 283353WE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $351761.80    | 0.05%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YRL1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1818732.67   | 0.26%             | 2040-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Modesto Elementary School District                                              | Modesto Elementary School District                                                            | CUSIP: 607735CY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $125554.28    | 0.02%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    600000 | PA      | $327750.00    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SMJ0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1361584.80   | 0.20%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13048V2U1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1473600.44   | 0.21%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                                            | CUSIP: 68304RDF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $745232.74    | 0.11%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| College of the Sequoias Tulare Area Improvement District No. 3                  | College of the Sequoias Tulare Area Improvement District No. 3                                | CUSIP: 19428UFY8<br>LEI: 549300RQ29ZSYQO3DD55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $145434.92    | 0.02%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mountain House Community Facilities District                                    | Mountain House Community Facilities District, Series 2025                                     | CUSIP: 62412KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1912454.20   | 0.28%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    383721 | PA      | $369463.00    | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                    | Mount San Antonio Community College District                                                  | CUSIP: 623040KE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $789766.25    | 0.11%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                                      | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    960000 | PA      | $928800.00    | 0.13%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048T4P5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971328.20    | 0.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                         | Los Angeles Department of Water & Power, Series 2025 A                                        | CUSIP: 544532PV0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012361.30   | 0.15%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13049AAG8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $722224.58    | 0.10%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                    | City of Long Beach                                                                            | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514612.25   | 0.22%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                               | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $2979329.47   | 0.43%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2024                                      | CUSIP: 13069AAZ1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    700000 | PA      | $642200.09    | 0.09%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis Joint Unified School District                                             | Davis Joint Unified School District                                                           | CUSIP: 238848EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $972768.88    | 0.14%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                                        | CUSIP: 82650PDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290000.00    | 0.04%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                       | New York Transportation Development Corp., Series 2024                                        | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2841717.35   | 0.41%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Moorpark Unified School District                                                | Moorpark Unified School District                                                              | CUSIP: 616259FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $379156.85    | 0.06%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2024 T                                              | CUSIP: 13034DAM6<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4851791.00   | 0.70%             | 2040-07-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1246280.11   | 0.18%             | 2030-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SWN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    475000 | PA      | $468520.00    | 0.07%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank, Series 2024 B                          | CUSIP: 13035ADX4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966489.80    | 0.14%             | 2059-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13081KAU4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535417.70   | 0.22%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                          | Santa Clara County Financing Authority                                                        | CUSIP: 801577QU4<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   5270000 | PA      | $4520283.48   | 0.66%             | 2039-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Development Authority                                        | Los Angeles County Development Authority                                                      | CUSIP: 54467WAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3592861.92   | 0.52%             | 2046-01-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TP49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1379594.40   | 0.20%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SYW8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $620631.12    | 0.09%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                  | Tennergy Corp.                                                                                | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1595335.61   | 0.23%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                  | Buckeye Tobacco Settlement Financing Authority                                                | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $728910.24    | 0.11%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee-Donner Public Utility District Water System Revenue                     | Truckee-Donner Public Utility District Water System                                           | CUSIP: 897819AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2186940.72   | 0.32%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SWP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1310009.47   | 0.19%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport                  | CUSIP: 79766DNS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1524093.59   | 0.22%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YRH0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    505000 | PA      | $406921.58    | 0.06%             | 2050-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Kern/Cawelo Financing Authority                                           | North Kern, Series 2025 A                                                                     | CUSIP: 660313DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2051305.07   | 0.30%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Monterey County Joint Union High School District                          | South Monterey County Joint Union High School District                                        | CUSIP: 83887TBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2222359.74   | 0.32%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                                      | CUSIP: 76827QJB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968052.50    | 0.14%             | 2042-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                                         | CUSIP: 13035ADB2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2566543.83   | 0.37%             | 2052-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Fresno CA Airport Revenue                                               | City of Fresno                                                                                | CUSIP: 358100FS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984275.00    | 0.14%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1278926.89   | 0.19%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority                                               | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5222554.50   | 0.76%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2998844.40   | 0.44%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SUZ5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $427866.70    | 0.06%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                | CMFA Special Finance Agency VIII                                                              | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2186296.75   | 0.32%             | 2047-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency, Series 2023                | CUSIP: 79772ADN4<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333638.00   | 0.19%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2024 B                               | CUSIP: 13032UL22<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1229882.50   | 0.18%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Irvine Facilities Financing Authority                                           | Irvine Facilities Financing Authority                                                         | CUSIP: 46360WAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3489827.20   | 0.51%             | 2058-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2826000 | PA      | $2575253.26   | 0.37%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13078YPX7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013284.50   | 0.15%             | 2044-09-02      | 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        |    720000 | PA      | $711244.08    | 0.10%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                                | CUSIP: 79771HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70277.56     | 0.01%             | 2026-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2022 A   | CUSIP: 79766DUG2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2061057.00   | 0.30%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series 2026                                       | CUSIP: 03667PLN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021407.30   | 0.15%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                             | Los Angeles County Public Works Financing Authority, Series 2024 H                            | CUSIP: 54473EYP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136831.40   | 0.31%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2023B                                          | CUSIP: 13051AGA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    625000 | PA      | $642632.25    | 0.09%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Sands Unified School District                                            | Sierra Sands Unified School District                                                          | CUSIP: 826482CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $904229.17    | 0.13%             | 2033-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003472.80   | 0.15%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A   | CUSIP: 79766DWW5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4095411.60   | 0.60%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2024 U                                              | CUSIP: 13034DAP9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4853375.50   | 0.71%             | 2040-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| City of Upland CA                                                               | City of Upland                                                                                | CUSIP: 915346GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994692.70    | 0.14%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     75000 | PA      | $40968.75     | 0.01%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TW82<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1218114.89   | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series BDS 2024 A                                     | CUSIP: 130489AC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4853482.50   | 0.71%             | 2044-06-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                                        | CUSIP: 82650PDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $697187.33    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $913998.28    | 0.13%             | 2040-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                  | County of Sacramento CA Airport System Revenue                                                | CUSIP: 786107RY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007255.80   | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TEW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $712406.32    | 0.10%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13051BAB2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $347929.86    | 0.05%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                                   | CUSIP: 130179KL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900390.80    | 0.13%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TKC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927021.00    | 0.13%             | 2050-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048VJF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1876942.25   | 0.27%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Unified School District                                            | Garden Grove Unified School District                                                          | CUSIP: 3652984E5<br>LEI: 5493003B67I0BLYG4P22 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2764318.20   | 0.40%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Huntington Beach Community Facilities District                                  | Huntington Beach Community Facilities District                                                | CUSIP: 446188DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013638.40   | 0.15%             | 2031-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority, Series 2024                                              | CUSIP: 13058TUE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988019.50    | 0.14%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600000.00    | 0.09%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2025A                                          | CUSIP: 130483HW3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3160722.80   | 0.46%             | 2043-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080STL8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000465.60   | 0.15%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                     | San Bernardino City Unified School District                                                   | CUSIP: 796714EY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1946864.40   | 0.28%             | 2043-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551465.70    | 0.08%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority, Series 2025A                                             | CUSIP: 13058TVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1635268.42   | 0.24%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | State of California                                                                           | CUSIP: 13063EKM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2165170.95   | 0.31%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | Black Belt Energy Gas District                                                                | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1186204.92   | 0.17%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1524000 | PA      | $1083277.18   | 0.16%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SUX0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $435165.30    | 0.06%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                               | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $926168.30    | 0.13%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | Black Belt Energy Gas District                                                                | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2876161.56   | 0.42%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    620000 | PA      | $338675.00    | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority, Series 2025A                                              | CUSIP: 68304REK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949180.50    | 0.14%             | 2055-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    455000 | PA      | $248543.75    | 0.04%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alameda Unified School District-Alameda County                                  | Alameda Unified School District-Alameda County, Series B                                      | CUSIP: 010824NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1760399.00   | 0.26%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                   | Texas Water Development Board, Series 2023 A                                                  | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1575684.40   | 0.23%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                                      | CUSIP: 76827QGQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4687722.00   | 0.68%             | 2047-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    169415 | PA      | $161410.63    | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024 A   | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009283.70   | 0.15%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                   | Los Angeles Housing Authority, Series 2024A                                                   | CUSIP: 544562CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5189083.73   | 0.75%             | 2034-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    230339 | PA      | $204697.36    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Luis Obispo Public Financing Authority                                      | San Luis Obispo Public Financing Authority, Series 2023                                       | CUSIP: 798641CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5228207.50   | 0.76%             | 2053-12-01      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    944000 | PA      | $885777.76    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District CA                                            | San Diego Unified School District                                                             | CUSIP: 797356FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $1949180.16   | 0.28%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                  | County of Sacramento, Series 2024                                                             | CUSIP: 786107VC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3637570.65   | 0.53%             | 2054-07-01      | Fixed         | 5.25%                 | 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        |   2540000 | PA      | $2664280.93   | 0.39%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2025 R                                              | CUSIP: 13034DAX2<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800885.24   | 0.26%             | 2044-08-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| San Joaquin Area Flood Control Agy Levee Construction & Maintenance Assmnt Dist | San Joaquin Area Flood Control Agy Levee Construction & Maintenance Assmnt Dist, Series 2023A | CUSIP: 79806NAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $772933.45    | 0.11%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5346000 | PA      | $5025925.89   | 0.73%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Kern/Cawelo Financing Authority                                           | North Kern, Series 2025 A                                                                     | CUSIP: 660313DW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1376181.63   | 0.20%             | 2054-05-01      | Fixed         | 5.25%                 | 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        |    735000 | PA      | $760115.98    | 0.11%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2025 A                               | CUSIP: 13032U3Y2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613884.00   | 0.38%             | 2054-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TJK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1093207.61   | 0.16%             | 2040-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                                             | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    170000 | PA      | $171201.37    | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                                             | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    390000 | PA      | $345218.56    | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Tahoe Unified School District                                              | Lake Tahoe Unified School District                                                            | CUSIP: 511012LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1279583.03   | 0.19%             | 2045-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1621009.67   | 0.24%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                   | East Bay Municipal Utility District Wastewater System, Series 2024A                           | CUSIP: 271012HG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040514.20   | 0.15%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fresno CA Airport Revenue                                               | City of Fresno                                                                                | CUSIP: 358100FQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914100.00    | 0.13%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                | California Pollution Control Financing Authority                                              | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1594963.24   | 0.23%             | 2045-11-21      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                                           | CUSIP: 13057EFP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1774875.80   | 0.26%             | 2051-07-15      | Fixed         | 4.00%                 | 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        |   1663870 | PA      | $555898.96    | 0.08%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Beverly Hills Unified School District CA                                        | Beverly Hills Unified School District                                                         | CUSIP: 088023HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $3842640.67   | 0.56%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                                           | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1102904.38   | 0.16%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport                  | CUSIP: 79766DMA4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2597609.88   | 0.38%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    282606 | PA      | $195374.12    | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                         | City of Victorville                                                                           | CUSIP: 92642CAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $642562.39    | 0.09%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TW66<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    625000 | PA      | $639841.19    | 0.09%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                | California Pollution Control Financing Authority                                              | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009893.50   | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco Community College District                                        | San Francisco Community College District, Series B                                            | CUSIP: 797683KJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241438.00   | 0.76%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                      | CUSIP: 120827EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3292055.33   | 0.48%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                               | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $1972667.00   | 0.29%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    325000 | PA      | $177531.25    | 0.03%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                                            | CUSIP: 68304RDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $952958.43    | 0.14%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SM84<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5064398.00   | 0.74%             | 2057-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sweetwater Union High School District                                           | Sweetwater Union High School District                                                         | CUSIP: 870462TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1883343.80   | 0.27%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TR70<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1280816.68   | 0.19%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                             | California Community Housing Agency                                                           | CUSIP: 13013FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2291314.22   | 0.33%             | 2043-02-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2024A                                     | CUSIP: 13069BBC9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000746.80   | 0.15%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                                    | CUSIP: 544445WS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4366090.50   | 0.63%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2023B                                          | CUSIP: 13051AGB8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1908466.48   | 0.28%             | 2053-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Water Management Agency                                           | Pajaro Valley Water Management Agency                                                         | CUSIP: 69580AAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3299480.10   | 0.48%             | 2048-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Pittsburg Successor Agency Redevelopment Agency                                 | Pittsburg Successor Agency Redevelopment Agency                                               | CUSIP: 86459LAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $652094.69    | 0.09%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Irrigation District                                                   | El Dorado Irrigation District                                                                 | CUSIP: 283059GL1<br>LEI: 54930090GZM9I8KVSN04 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3076266.55   | 0.45%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                    | City of Long Beach                                                                            | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008367.00   | 0.15%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Series 2024 ISSUE DD                                       | CUSIP: 13034DAT1<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4873221.50   | 0.71%             | 2037-11-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Modesto Elementary School District                                              | Modesto Elementary School District                                                            | CUSIP: 607735CZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $74487.68     | 0.01%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50066.92     | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pasadena Public Financing Authority                                             | Pasadena Public Financing Authority, Series 2024                                              | CUSIP: 702274DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $358153.43    | 0.05%             | 2048-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority, Series 2025B                                 | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185370.00   | 0.46%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series D                                          | CUSIP: 03667PKV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1058615.95   | 0.15%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                    | Chicago Board of Education Dedicated Capital Improvement Tax                                  | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $334707.02    | 0.05%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1872779.54   | 0.27%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Sacramento CA                                                         | County of Sacramento, Series BDS 2024 A                                                       | CUSIP: 78611AAA2<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2328072.22   | 0.34%             | 2040-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| West Contra Costa Unified School District                                       | West Contra Costa Unified School District                                                     | CUSIP: 9523476K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $2580262.48   | 0.37%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                 | Riverside County Redevelopment Successor Agency                                               | CUSIP: 76913ADJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $891897.75    | 0.13%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                          | M-S-R Energy Authority                                                                        | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2087776.95   | 0.30%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority, Series 2025 A                               | CUSIP: 13032U3C0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2620501.50   | 0.38%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Rancho Cucamonga CA Community Facilities District                       | City of Rancho Cucamonga CA Community Facilities District                                     | CUSIP: 752117PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014990.40   | 0.15%             | 2033-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TR88<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    850000 | PA      | $852092.36    | 0.12%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $188820.96    | 0.03%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                                        | CUSIP: 82650PDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $673822.25    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois                                                                             | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    410000 | PA      | $425585.66    | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Upland CA                                                               | City of Upland                                                                                | CUSIP: 915346GA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880845.60    | 0.13%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                             | Stockton Public Financing Authority                                                           | CUSIP: 86139TAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1501693.70   | 0.22%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                                          | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    235000 | PA      | $128368.75    | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority, Series 2024A                                     | CUSIP: 13067VBT0<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3645669.60   | 0.53%             | 2059-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2025A                                          | CUSIP: 13048V3G1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497029.90    | 0.07%             | 2054-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048TVK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    205000 | PA      | $205095.12    | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Housing Authority, Inc.                                               | San Diego Housing Authority, Inc., Series 2005                                                | CUSIP: 79728FLK5<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |    228000 | PA      | $212303.82    | 0.03%             | 2036-02-01      | Fixed         | 4.60%                 | 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        |    385000 | PA      | $361254.70    | 0.05%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                              | Matching Fund Special Purpose Securitization Corp.                                            | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    205000 | PA      | $206689.06    | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                           | CSCDA Community Improvement Authority                                                         | CUSIP: 126292BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1418300.20   | 0.21%             | 2057-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                        | East Bay Municipal Utility District Water System, Series 2024 A                               | CUSIP: 271014Q70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081028.40   | 0.30%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                               | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    382000 | PA      | $351198.27    | 0.05%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 130591BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $710658.69    | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SC44<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $458002.45    | 0.07%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    219601 | PA      | $214249.08    | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2024A                                          | CUSIP: 13048V2T4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1265451.33   | 0.18%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $431114.58    | 0.06%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                                           | CUSIP: 13059TFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1001063.28   | 0.15%             | 2049-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000214.20   | 0.44%             | 2044-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                   | Doylestown Hospital Authority, Series 2019A                                                   | CUSIP: 261333HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5362.87      | 0.00%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                                        | CUSIP: 13080SWM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $381784.24    | 0.06%             | 2034-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $416074.65    | 0.06%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority, Series 2023 A                                    | CUSIP: 130179VJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1224823.63   | 0.18%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2023 C   | CUSIP: 79766DVY2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5258659.50   | 0.76%             | 2048-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority                                               | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239608.00   | 0.76%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                                        | CUSIP: 13049YBF7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2655838.92   | 0.39%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                                | CUSIP: 79771HAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1282324.64   | 0.19%             | 2051-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    765550 | PA      | $654097.94    | 0.10%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                      | Antelope Valley Community College District, Series 2026                                       | CUSIP: 03667PLQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1695513.89   | 0.25%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lake Tahoe Public Financing Authority                                     | North Lake Tahoe Public Financing Authority                                                   | CUSIP: 66038WBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4744807.58   | 0.69%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    908524 | PA      | $558742.52    | 0.08%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                         | City of Victorville                                                                           | CUSIP: 92642CAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $796291.21    | 0.12%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                                   | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    497583 | PA      | $536705.46    | 0.08%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer