# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205192
**Filing Date:** 2025-8
**Character Count:** 194833
**Document Hash:** cb391e38088b7cefe19e5535efe6c72c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205192.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205192

**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:** 251255735

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

MNC-Q1

![](img99f0307a1.gif)

**Quarterly Report**

June 30, 2025

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

![](img566155872.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 – 96.3%  | Municipal Bonds – 96.3%  | Municipal Bonds – 96.3%  |
| Airport Revenue – 6.8% | Airport Revenue – 6.8% | Airport Revenue – 6.8% |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "A", 4%, 7/01/2052  | $5000000 | &nbsp;&nbsp;&nbsp; $4437297 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 4%, 7/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 979738 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2041  | 2155000 | &nbsp;&nbsp;&nbsp; 2185766 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1000086 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2042  | 2300000 | &nbsp;&nbsp;&nbsp; 2315765 |
| Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), "B", 5%, 7/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2473466 |
| Charlotte, NC, Airport Rev., "A", 5.25%, 7/01/2055  | 3000000 | &nbsp;&nbsp;&nbsp; 3132846 |
| Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053  | 4000000 | &nbsp;&nbsp;&nbsp; 4037400 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.5%, 7/01/2052  | 1500000 | &nbsp;&nbsp;&nbsp; 1540854 |
| Greater Asheville, NC, Regional Airport Authority, System Rev., AGM, 5.25%, 7/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1014066 |
| New York Transportation Development Corp., Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 1275000 | &nbsp;&nbsp;&nbsp; 1276305 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 2580000 | &nbsp;&nbsp;&nbsp; 2532387 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2036  | 2000000 | &nbsp;&nbsp;&nbsp; 2021775 |
| Raleigh-Durham, NC, Airport Authority Rev., "A", 5%, 5/01/2037  | 2000000 | &nbsp;&nbsp;&nbsp; 2017420 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044  | 175000 | &nbsp;&nbsp;&nbsp; 175267 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 150000 | &nbsp;&nbsp;&nbsp; 150004 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 240000 | &nbsp;&nbsp;&nbsp; 238430 |
|  |  | &nbsp;&nbsp;&nbsp; $31528872 |
| General Obligations - General Purpose – 4.4% | General Obligations - General Purpose – 4.4% | General Obligations - General Purpose – 4.4% |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2039  | $295000 | &nbsp;&nbsp;&nbsp; $293516 |
| Asheville, NC, General Obligation Refunding, 4%, 6/01/2041  | 500000 | &nbsp;&nbsp;&nbsp; 487775 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 1030000 | &nbsp;&nbsp;&nbsp; 943082 |
| Cartersville, GA, General Obligation, 2%, 10/01/2040  | 2190000 | &nbsp;&nbsp;&nbsp; 1511449 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 1655000 | &nbsp;&nbsp;&nbsp; 1696060 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 201638 | &nbsp;&nbsp;&nbsp; 212689 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 554850 | &nbsp;&nbsp;&nbsp; 598475 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 185717 | &nbsp;&nbsp;&nbsp; 181191 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 344225 | &nbsp;&nbsp;&nbsp; 331435 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 143274 | &nbsp;&nbsp;&nbsp; 136505 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 194798 | &nbsp;&nbsp;&nbsp; 173113 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 680587 | &nbsp;&nbsp;&nbsp; 581504 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 239000 | &nbsp;&nbsp;&nbsp; 165228 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051  | 4000000 | &nbsp;&nbsp;&nbsp; 2795540 |
| Lee County, NC, Limited Obligation, 4%, 5/01/2037  | 855000 | &nbsp;&nbsp;&nbsp; 843362 |
| Mecklenburg County, NC, General Obligation School, 4%, 2/01/2044  | 4000000 | &nbsp;&nbsp;&nbsp; 3816847 |
| Mecklenburg County, NC, Limited Obligation, 4%, 2/01/2045  | 4000000 | &nbsp;&nbsp;&nbsp; 3696942 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 375000 | &nbsp;&nbsp;&nbsp; 392804 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 350000 | &nbsp;&nbsp;&nbsp; 363305 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 685000 | &nbsp;&nbsp;&nbsp; 616775 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 310000 | &nbsp;&nbsp;&nbsp; 274628 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 460000 | &nbsp;&nbsp;&nbsp; 407312 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 185000 | &nbsp;&nbsp;&nbsp; 161370 |
|  |  | &nbsp;&nbsp;&nbsp; $20680907 |
| General Obligations - Schools – 1.1% | General Obligations - Schools – 1.1% | General Obligations - Schools – 1.1% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $1510000 | &nbsp;&nbsp;&nbsp; $1192358 |
| Guilford County, NC, General Obligation School, 4%, 3/01/2045  | 4000000 | &nbsp;&nbsp;&nbsp; 3780396 |
|  |  | &nbsp;&nbsp;&nbsp; $4972754 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – 9.1% | Healthcare Revenue - Hospitals – 9.1% | Healthcare Revenue - Hospitals – 9.1% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $555000 | &nbsp;&nbsp;&nbsp; $485610 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), "D", 3.625%, 1/15/2048 (Put Date <br> 6/15/2027) <br>| 2500000 | &nbsp;&nbsp;&nbsp; 2518750 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2036  | 3000000 | &nbsp;&nbsp;&nbsp; 3140602 |
| Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), "A", 5%, 1/15/2040  | 3000000 | &nbsp;&nbsp;&nbsp; 3008958 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 2480000 | &nbsp;&nbsp;&nbsp; 2136213 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027)  | 1500000 | &nbsp;&nbsp;&nbsp; 1575563 |
| New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027)  | 2425000 | &nbsp;&nbsp;&nbsp; 2547160 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 4685000 | &nbsp;&nbsp;&nbsp; 4104396 |
| North Carolina Medical Care Commission, Health Care Facilities rev. (Duke University Health System), "A", 5%, 6/01/2042  | 2250000 | &nbsp;&nbsp;&nbsp; 2349659 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 4%, 11/01/2052  | 5000000 | &nbsp;&nbsp;&nbsp; 4164930 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 5%, 7/01/2033  | 255000 | &nbsp;&nbsp;&nbsp; 271742 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 4935000 | &nbsp;&nbsp;&nbsp; 4471367 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045  | 2500000 | &nbsp;&nbsp;&nbsp; 2482918 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027  | 150000 | &nbsp;&nbsp;&nbsp; 150376 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035  | 1515000 | &nbsp;&nbsp;&nbsp; 1368104 |
| Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038  | 1065000 | &nbsp;&nbsp;&nbsp; 911035 |
| University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046  | 6500000 | &nbsp;&nbsp;&nbsp; 6503140 |
|  |  | &nbsp;&nbsp;&nbsp; $42190523 |
| Healthcare Revenue - Long Term Care – 8.5% | Healthcare Revenue - Long Term Care – 8.5% | Healthcare Revenue - Long Term Care – 8.5% |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement <br> Community), 5%, 11/01/2037 <br>| $2750000 | &nbsp;&nbsp;&nbsp; $2761045 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2036 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 951029 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", <br> 4%, 3/01/2042 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1744837 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035  | 1500000 | &nbsp;&nbsp;&nbsp; 1462423 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), <br> 5%, 10/01/2031 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1011000 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), <br> "A", 5%, 10/01/2050 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1905342 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), "A", <br> 4%, 1/01/2052 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2269286 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 685328 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), "A", 5%, 7/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 667765 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), "B", <br> 5%, 4/01/2047 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1790857 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2044  | 1260000 | &nbsp;&nbsp;&nbsp; 1222589 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2049  | 1100000 | &nbsp;&nbsp;&nbsp; 1034522 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Everyage), "B", 5%, 9/01/2054  | 1340000 | &nbsp;&nbsp;&nbsp; 1232535 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041  | 830000 | &nbsp;&nbsp;&nbsp; 720464 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046  | 715000 | &nbsp;&nbsp;&nbsp; 575294 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051  | 1100000 | &nbsp;&nbsp;&nbsp; 843808 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), "A", 4%, 9/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 1722441 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), "A", 5%, 1/01/2039  | 1225000 | &nbsp;&nbsp;&nbsp; 1130618 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", <br> 5.5%, 9/01/2044 <br>| 1380000 | &nbsp;&nbsp;&nbsp; 1380189 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), "A", <br> 5.5%, 9/01/2054 <br>| 1665000 | &nbsp;&nbsp;&nbsp; 1597666 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), "A", <br> 5%, 10/01/2050 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1330355 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037  | 1500000 | &nbsp;&nbsp;&nbsp; 1457124 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), "A", 5%, 7/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 1822711 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031  | 800000 | &nbsp;&nbsp;&nbsp; 808643 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037  | 2200000 | &nbsp;&nbsp;&nbsp; 2203155 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Twin Lakes Community), "A", <br> 5.25%, 1/01/2055 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1946837 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes <br> Project), "A", 5.125%, 10/01/2054 <br>| $2000000 | &nbsp;&nbsp;&nbsp; $1954186 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", <br> 5%, 10/01/2035 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1010562 |
|  |  | &nbsp;&nbsp;&nbsp; $39242611 |
| Human Services – 0.2% | Human Services – 0.2% | Human Services – 0.2% |
| North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), "A", 5%, 10/01/2034  | $1000000 | &nbsp;&nbsp;&nbsp; $1000064 |
| Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), <br> 4.25%, 7/01/2041 (Put Date 7/01/2027) <br>| $835000 | &nbsp;&nbsp;&nbsp; $843058 |
| Industrial Revenue - Other – 1.4% | Industrial Revenue - Other – 1.4% | Industrial Revenue - Other – 1.4% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project Aero), <br> 3.75%, 12/01/2027 (Put Date 11/01/2025) <br>| $6000000 | &nbsp;&nbsp;&nbsp; $6002317 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| 510000 | &nbsp;&nbsp;&nbsp; 372092 |
|  |  | &nbsp;&nbsp;&nbsp; $6374409 |
| Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% | Industrial Revenue - Paper – 0.2% |
| Columbus County, NC, Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility Refunding Rev. <br> (International Paper Co. Project), "A", 4.2%, 5/01/2034 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1008014 |
| Miscellaneous Revenue - Other – 1.3% | Miscellaneous Revenue - Other – 1.3% | Miscellaneous Revenue - Other – 1.3% |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2041  | $1000000 | &nbsp;&nbsp;&nbsp; $1059445 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1051006 |
| Durham County, NC, Limited Obligation, "A", 5%, 6/01/2043  | 875000 | &nbsp;&nbsp;&nbsp; 914910 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1130000 | &nbsp;&nbsp;&nbsp; 1104274 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 1690000 | &nbsp;&nbsp;&nbsp; 1647443 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 190000 | &nbsp;&nbsp;&nbsp; 191565 |
|  |  | &nbsp;&nbsp;&nbsp; $5968643 |
| Multi-Family Housing Revenue – 4.8% | Multi-Family Housing Revenue – 4.8% | Multi-Family Housing Revenue – 4.8% |
| Gastonia, NC, Housing Authority Multi-Family Tax Exempt Mortgage, (Stonecroft Village), "A", FNMA, 4.55%, 7/01/2043  | $3481000 | &nbsp;&nbsp;&nbsp; $3384745 |
| Inlivian, NC, Multi-Family Tax-Exempt (Poplar Grove Apartments), 4.45%, 6/01/2041  | 3965000 | &nbsp;&nbsp;&nbsp; 3894235 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 1281573 | &nbsp;&nbsp;&nbsp; 1240977 |
| North Carolina Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 4953900 | &nbsp;&nbsp;&nbsp; 5047216 |
| North Carolina, Inlivian Multi-Family Housing Rev. (The Barton South), "A", FNMA, 5.05%, 2/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 2023652 |
| Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), "B", <br> 5%, 3/01/2027 (Put Date 3/01/2026) <br>| 240000 | &nbsp;&nbsp;&nbsp; 242550 |
| Raleigh, NC, Housing Authority Multi-Family Rev. (Parkside Apartments), "A", FNMA, 4.4%, 12/01/2043  | 4125000 | &nbsp;&nbsp;&nbsp; 3943857 |
| Shelby, NC, Multi-Family, Taxable (Laurel Hill Apartments), FNMA, 4.25%, 8/01/2040  | 2635000 | &nbsp;&nbsp;&nbsp; 2495488 |
|  |  | &nbsp;&nbsp;&nbsp; $22272720 |
| Sales & Excise Tax Revenue – 2.8% | Sales & Excise Tax Revenue – 2.8% | Sales & Excise Tax Revenue – 2.8% |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | $350000 | &nbsp;&nbsp;&nbsp; $309812 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031  | 1295000 | &nbsp;&nbsp;&nbsp; 1297702 |
| 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  | 105000 | &nbsp;&nbsp;&nbsp; 100643 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 336000 | &nbsp;&nbsp;&nbsp; 308907 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 6329000 | &nbsp;&nbsp;&nbsp; 5950072 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 635000 | &nbsp;&nbsp;&nbsp; 595836 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 348000 | &nbsp;&nbsp;&nbsp; 326537 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 154000 | &nbsp;&nbsp;&nbsp; 140336 |
| 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  | 1584000 | &nbsp;&nbsp;&nbsp; 1235858 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1515000 | &nbsp;&nbsp;&nbsp; 1076880 |

---

------

*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., Capital Appreciation, "A-1", 0%, 7/01/2046  | $718000 | &nbsp;&nbsp;&nbsp; $227353 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 880000 | &nbsp;&nbsp;&nbsp; 851400 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 485000 | &nbsp;&nbsp;&nbsp; 469237 |
|  |  | &nbsp;&nbsp;&nbsp; $12924847 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), "A", 5%, 6/01/2056 (n) | $430000 | &nbsp;&nbsp;&nbsp; $369825 |
| Single Family Housing - State – 10.2% | Single Family Housing - State – 10.2% | Single Family Housing - State – 10.2% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $270000 | &nbsp;&nbsp;&nbsp; $270349 |
| North Carolina Housing Finance Agency, Home Ownership Refunding Rev., "45", GNMA, 3%, 7/01/2051  | 1460000 | &nbsp;&nbsp;&nbsp; 1440647 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "41", FNMA, 3.55%, 7/01/2044  | 1285000 | &nbsp;&nbsp;&nbsp; 1074115 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "43", GNMA, 2.95%, 7/01/2043  | 2740000 | &nbsp;&nbsp;&nbsp; 1999222 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "44", 4%, 7/01/2050  | 2165000 | &nbsp;&nbsp;&nbsp; 2176172 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "48", 3.75%, 7/01/2052  | 2545000 | &nbsp;&nbsp;&nbsp; 2549086 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", 4.875%, 7/01/2042  | 1190000 | &nbsp;&nbsp;&nbsp; 1204131 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 5%, 7/01/2047  | 4965000 | &nbsp;&nbsp;&nbsp; 4797846 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "49", GNMA, 6%, 7/01/2053  | 1235000 | &nbsp;&nbsp;&nbsp; 1311031 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "50", GNMA, 5.5%, 1/01/2054  | 4515000 | &nbsp;&nbsp;&nbsp; 4813295 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 4.5%, 1/01/2048  | 2990000 | &nbsp;&nbsp;&nbsp; 2837049 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "51", 5.75%, 1/01/2054  | 3615000 | &nbsp;&nbsp;&nbsp; 3843617 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "52-A", GNMA, 6.25%, 1/01/2055  | 3800000 | &nbsp;&nbsp;&nbsp; 4108207 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 4.55%, 7/01/2044  | 2000000 | &nbsp;&nbsp;&nbsp; 1932493 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "54-A", 6.25%, 1/01/2055  | 1980000 | &nbsp;&nbsp;&nbsp; 2192660 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "55-A", GNMA, 6.25%, 7/01/2055  | 3990000 | &nbsp;&nbsp;&nbsp; 4373897 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 4.375%, 7/01/2044  | 2965000 | &nbsp;&nbsp;&nbsp; 2847199 |
| North Carolina Housing Finance Agency, Home Ownership Rev., "53-A", GNMA, 6.25%, 1/01/2055  | 3415000 | &nbsp;&nbsp;&nbsp; 3702576 |
|  |  | &nbsp;&nbsp;&nbsp; $47473592 |
| State & Local Agencies – 9.5% | State & Local Agencies – 9.5% | State & Local Agencies – 9.5% |
| Ashe County, NC, Limited Obligation, 5%, 6/01/2042  | $450000 | &nbsp;&nbsp;&nbsp; $475657 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2043  | 450000 | &nbsp;&nbsp;&nbsp; 425974 |
| Ashe County, NC, Limited Obligation, 4.125%, 6/01/2044  | 350000 | &nbsp;&nbsp;&nbsp; 327752 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 1520000 | &nbsp;&nbsp;&nbsp; 1300923 |
| Buncombe County, NC, Limited Obligation, 4%, 6/01/2035  | 1465000 | &nbsp;&nbsp;&nbsp; 1474386 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 1115000 | &nbsp;&nbsp;&nbsp; 1172863 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2043  | 950000 | &nbsp;&nbsp;&nbsp; 999301 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 2250000 | &nbsp;&nbsp;&nbsp; 2354927 |
| Cabarrus County, NC, Limited Obligation, 5%, 8/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 784976 |
| Charlotte, NC, Convention Facility Projects, COP, "A", 4%, 6/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2241536 |
| Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, "C", 3%, 6/01/2039  | 3000000 | &nbsp;&nbsp;&nbsp; 2558115 |
| Charlotte, NC, Refunding COP (Transit Projects), "A", 3%, 6/01/2048  | 4425000 | &nbsp;&nbsp;&nbsp; 3182269 |
| Chatham County, NC, Limited Obligation, 4%, 11/01/2037  | 1750000 | &nbsp;&nbsp;&nbsp; 1747265 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034  | 2000000 | &nbsp;&nbsp;&nbsp; 2018760 |
| Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035  | 1240000 | &nbsp;&nbsp;&nbsp; 1247178 |
| Durham County, NC, Limited Obligation, 4%, 4/01/2035  | 1270000 | &nbsp;&nbsp;&nbsp; 1278378 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2042  | 2400000 | &nbsp;&nbsp;&nbsp; 2395732 |
| Durham County, NC, Limited Obligation, 4.5%, 10/01/2043  | 2000000 | &nbsp;&nbsp;&nbsp; 1986777 |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2043  | 1315000 | &nbsp;&nbsp;&nbsp; 1381219 |
| Durham County, NC, Limited Obligation Capital Financing Corp., "A", 5%, 6/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 783886 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 947502 |
| Harnett County, NC, Limited Obligation, 4.25%, 4/01/2045  | 625000 | &nbsp;&nbsp;&nbsp; 589691 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2043  | 1500000 | &nbsp;&nbsp;&nbsp; 1406589 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2044  | 400000 | &nbsp;&nbsp;&nbsp; 373293 |
| Iredell County, NC, Limited Obligation, 4%, 4/01/2045  | 235000 | &nbsp;&nbsp;&nbsp; 217096 |
| Johnston County, NC, Limited Obligation Finance Corp. , 5%, 4/01/2042  | 1385000 | &nbsp;&nbsp;&nbsp; 1479164 |
| Johnston County, NC, Limited Obligation Finance Corp. , 5%, 4/01/2043  | 1385000 | &nbsp;&nbsp;&nbsp; 1472444 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Mooresville, NC, Limited Obligation, "A", 3%, 10/01/2036  | $350000 | &nbsp;&nbsp;&nbsp; $317366 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 250000 | &nbsp;&nbsp;&nbsp; 292627 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043  | 3500000 | &nbsp;&nbsp;&nbsp; 1456979 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046  | 2035000 | &nbsp;&nbsp;&nbsp; 703149 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2033  | 210000 | &nbsp;&nbsp;&nbsp; 219748 |
| Scotland County, NC, Limited Obligation, 5%, 12/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1042858 |
| Wake County, NC, Limited Obligation, "A", 5%, 4/01/2041  | 1625000 | &nbsp;&nbsp;&nbsp; 1720927 |
| Wake County, NC, Limited Obligation, "B", 5%, 4/01/2041  | 1765000 | &nbsp;&nbsp;&nbsp; 1869192 |
|  |  | &nbsp;&nbsp;&nbsp; $44246499 |
| Student Loan Revenue – 1.8% | Student Loan Revenue – 1.8% | Student Loan Revenue – 1.8% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $1805000 | &nbsp;&nbsp;&nbsp; $1779944 |
| North Carolina Education Assistance Authority, Student Loan Rev., "A", 5%, 6/01/2043  | 2830000 | &nbsp;&nbsp;&nbsp; 2874126 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2032 <br>| 1590000 | &nbsp;&nbsp;&nbsp; 1661651 |
| North Carolina State Education Assistance Authority, Student Loan Refunding Rev. (A Political Subdivision of the State of North <br> Carolina), "A", 5%, 6/01/2035 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2051439 |
|  |  | &nbsp;&nbsp;&nbsp; $8367160 |
| Tax - Other – 0.6% | Tax - Other – 0.6% | Tax - Other – 0.6% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $300000 | &nbsp;&nbsp;&nbsp; $295329 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 670000 | &nbsp;&nbsp;&nbsp; 692895 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035  | 1920000 | &nbsp;&nbsp;&nbsp; 1972151 |
|  |  | &nbsp;&nbsp;&nbsp; $2960375 |
| Tax Assessment – 0.1% | Tax Assessment – 0.1% | Tax Assessment – 0.1% |
| Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $300000 | &nbsp;&nbsp;&nbsp; $293880 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048  | $1455000 | &nbsp;&nbsp;&nbsp; $1205522 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | 650000 | &nbsp;&nbsp;&nbsp; 554142 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 1045000 | &nbsp;&nbsp;&nbsp; 950885 |
|  |  | &nbsp;&nbsp;&nbsp; $2710549 |
| Toll Roads – 4.1% | Toll Roads – 4.1% | Toll Roads – 4.1% |
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., "A", 5%, 7/01/2047  | $2000000 | &nbsp;&nbsp;&nbsp; $1974291 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 2036871 |
| North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038  | 3000000 | &nbsp;&nbsp;&nbsp; 3101756 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032  | 1150000 | &nbsp;&nbsp;&nbsp; 1175833 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039  | 2600000 | &nbsp;&nbsp;&nbsp; 2630570 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., "A", AGM, 5%, 1/01/2058  | 5000000 | &nbsp;&nbsp;&nbsp; 5006650 |
| North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., Capital Appreciation, "B", AGM, <br> 0%, 1/01/2052 <br>| 7000000 | &nbsp;&nbsp;&nbsp; 1780443 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 1505000 | &nbsp;&nbsp;&nbsp; 1158230 |
|  |  | &nbsp;&nbsp;&nbsp; $18864644 |
| Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | $2605000 | &nbsp;&nbsp;&nbsp; $2240499 |
| Universities - Colleges – 10.2% | Universities - Colleges – 10.2% | Universities - Colleges – 10.2% |
| Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044  | $3000000 | &nbsp;&nbsp;&nbsp; $3039149 |
| Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040  | 3155000 | &nbsp;&nbsp;&nbsp; 3196461 |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 2039540 |
| North Carolina Agricultural & Technical State University General Rev., 5%, 10/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 2027285 |
| North Carolina Agricultural & Technical State University General Rev., "A", 5%, 10/01/2035  | 3075000 | &nbsp;&nbsp;&nbsp; 3086873 |
| North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), "B", 5%, 10/01/2044  | 4955000 | &nbsp;&nbsp;&nbsp; 4992604 |
| North Carolina Capital Facilities Finance Agency Rev. (Duke University), "B", ETM, 5%, 10/01/2055 (Prerefunded 10/01/2025)  | 1120000 | &nbsp;&nbsp;&nbsp; 1125920 |
| North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034  | 1370000 | &nbsp;&nbsp;&nbsp; 1244774 |
| North Carolina Central University Rev., 5%, 4/01/2044  | 3265000 | &nbsp;&nbsp;&nbsp; 3209977 |

---

------

*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 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 4.375%, 10/01/2031 <br>| $115000 | &nbsp;&nbsp;&nbsp; $110885 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 5%, 10/01/2042 <br>| 140000 | &nbsp;&nbsp;&nbsp; 125418 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 735000 | &nbsp;&nbsp;&nbsp; 736473 |
| University of North Carolina Board of Governors Rev., 4%, 4/01/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 4264676 |
| University of North Carolina, Asheville, Rev., 4%, 6/01/2039  | 1450000 | &nbsp;&nbsp;&nbsp; 1369942 |
| University of North Carolina, Charlotte, Rev., "A", 4%, 10/01/2045  | 4415000 | &nbsp;&nbsp;&nbsp; 4049406 |
| University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036  | 1750000 | &nbsp;&nbsp;&nbsp; 1753283 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1007501 |
| University of North Carolina, Greensboro, Rev., 4%, 4/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1003221 |
| University of North Carolina, School of Art General Rev., 4%, 2/01/2045  | 2765000 | &nbsp;&nbsp;&nbsp; 2455086 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 195000 | &nbsp;&nbsp;&nbsp; 173066 |
| Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043  | 3700000 | &nbsp;&nbsp;&nbsp; 3731467 |
| Winston-Salem, NC, State University General Rev., AGM, 5%, 10/01/2042  | 2470000 | &nbsp;&nbsp;&nbsp; 2495721 |
|  |  | &nbsp;&nbsp;&nbsp; $47238728 |
| Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% | Utilities - Municipal Owned – 0.5% |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044  | $300000 | &nbsp;&nbsp;&nbsp; $303498 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 720000 | &nbsp;&nbsp;&nbsp; 393300 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 475000 | &nbsp;&nbsp;&nbsp; 259469 |
| 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) | 585000 | &nbsp;&nbsp;&nbsp; 319556 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029  | 525000 | &nbsp;&nbsp;&nbsp; 526602 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 425000 | &nbsp;&nbsp;&nbsp; 424949 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 50000 | &nbsp;&nbsp;&nbsp; 49137 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 305000 | &nbsp;&nbsp;&nbsp; 166606 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 120000 | &nbsp;&nbsp;&nbsp; 65550 |
|  |  | &nbsp;&nbsp;&nbsp; $2541442 |
| Utilities - Other – 2.9% | Utilities - Other – 2.9% | Utilities - Other – 2.9% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $1090000 | &nbsp;&nbsp;&nbsp; $1081978 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 2580000 | &nbsp;&nbsp;&nbsp; 2713162 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 2535000 | &nbsp;&nbsp;&nbsp; 2656481 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1600000 | &nbsp;&nbsp;&nbsp; 1717725 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 2320000 | &nbsp;&nbsp;&nbsp; 2433516 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1445000 | &nbsp;&nbsp;&nbsp; 1516618 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 1290000 | &nbsp;&nbsp;&nbsp; 1309682 |
|  |  | &nbsp;&nbsp;&nbsp; $13429162 |
| Water & Sewer Utility Revenue – 14.4% | Water & Sewer Utility Revenue – 14.4% | Water & Sewer Utility Revenue – 14.4% |
| Brunswick, NC, Enterprise Systems Rev., 4.5%, 2/01/2049  | $2400000 | &nbsp;&nbsp;&nbsp; $2319641 |
| Cabarrus County, NC, Water and Sewer Authority, Enterprise Systems Rev., 4%, 6/01/2049  | 4000000 | &nbsp;&nbsp;&nbsp; 3580645 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2048  | 1600000 | &nbsp;&nbsp;&nbsp; 1658219 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2049  | 1685000 | &nbsp;&nbsp;&nbsp; 1744595 |
| Cape Fear, NC, Utility Authority, Water & Sewer System Refunding Rev., 5%, 4/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1551302 |
| Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045  | 2500000 | &nbsp;&nbsp;&nbsp; 2588596 |
| Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047  | 2500000 | &nbsp;&nbsp;&nbsp; 2229297 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2280851 |
| Durham, NC, Utility System Refunding Rev., 4%, 8/01/2053  | 2500000 | &nbsp;&nbsp;&nbsp; 2233537 |
| Fayetteville, NC, Public Works Commission Rev., 4%, 3/01/2051  | 2500000 | &nbsp;&nbsp;&nbsp; 2210500 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1056719 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2043  | 1465000 | &nbsp;&nbsp;&nbsp; 1539600 |
| Fuquay-Varina, NC, Combined Utilities Rev., "A", 5%, 2/01/2044  | 650000 | &nbsp;&nbsp;&nbsp; 679834 |
| Fuquay-Varina, NC, Combined Utilities Rev., "C", 4.125%, 6/01/2049  | 1250000 | &nbsp;&nbsp;&nbsp; 1136171 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1044756 |
| Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048  | 3990000 | &nbsp;&nbsp;&nbsp; 4162835 |
| Greenville, NC, Greenville Utilities Commission, Combined Enterprise System Rev., 5%, 9/01/2049  | 5000000 | &nbsp;&nbsp;&nbsp; 5170501 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 12/01/2046  | $525000 | &nbsp;&nbsp;&nbsp; $541592 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 1325000 | &nbsp;&nbsp;&nbsp; 1329345 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 991627 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 605000 | &nbsp;&nbsp;&nbsp; 597643 |
| High Point, NC, Combined Enterprise System Rev., 5%, 11/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1538503 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2049  | 2500000 | &nbsp;&nbsp;&nbsp; 2235402 |
| Holly Springs, NC, Enterprise System Rev., 4%, 11/01/2053  | 2500000 | &nbsp;&nbsp;&nbsp; 2186212 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048  | 4000000 | &nbsp;&nbsp;&nbsp; 3609392 |
| Johnston County, NC, Water & Sewer System Rev., 5%, 4/01/2049  | 3000000 | &nbsp;&nbsp;&nbsp; 3079773 |
| Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053  | 5000000 | &nbsp;&nbsp;&nbsp; 4385525 |
| Mebane, NC, Combined Utilities Rev., 4%, 8/01/2049  | 2675000 | &nbsp;&nbsp;&nbsp; 2348055 |
| Sanford, NC, Enterprise Systems Rev., 4%, 6/01/2049  | 2750000 | &nbsp;&nbsp;&nbsp; 2415127 |
| Sanford, NC, Enterprise Systems Rev., "A", 4.125%, 6/01/2050  | 1275000 | &nbsp;&nbsp;&nbsp; 1135068 |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | 1360000 | &nbsp;&nbsp;&nbsp; 1373674 |
| Union County, NC, Enterprise System Rev., 3%, 6/01/2046  | 2500000 | &nbsp;&nbsp;&nbsp; 1842368 |
|  |  | &nbsp;&nbsp;&nbsp; $66796905 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$446540682** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $934428 | &nbsp;&nbsp;&nbsp; $312192 |
| 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  | $768338 | &nbsp;&nbsp;&nbsp; $472528 |
| Mutual Funds (h) – 1.8%  | Mutual Funds (h) – 1.8%  | Mutual Funds (h) – 1.8%  |
| Money Market Funds – 1.8% | Money Market Funds – 1.8% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 8555266 | &nbsp;&nbsp;&nbsp; $8556121 |
| Other Assets, Less Liabilities – 1.7% |  | &nbsp;&nbsp;&nbsp; 7837775 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$463719298** |

---

&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 $8,556,121 and $447,325,402, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $3,945,966, representing 0.9% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government 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; $447013210 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $447013210 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 312192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 312192 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 8556121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8556121 |
| Total | &nbsp;&nbsp;&nbsp; $8556121 | &nbsp;&nbsp;&nbsp; $447325402 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $455881523 |

---

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; $8317182 | &nbsp;&nbsp; $31778480 | &nbsp;&nbsp; $31539456 | &nbsp;&nbsp; $(666)<br>| &nbsp;&nbsp; $581 | &nbsp;&nbsp; $8556121<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; $120280 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

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

---

| | |
|:---|:---|
| North Carolina  | 80.3% |
| Puerto Rico  | 3.4% |
| New York  | 2.4% |
| Illinois  | 1.8% |
| Alabama  | 1.4% |
| Texas  | 1.1% |
| Guam  | 1.0% |
| California  | 0.8% |
| Virginia | 0.8% |
| Maryland | 0.6% |
| Pennsylvania | 0.6% |
| Tennessee | 0.6% |
| New Jersey  | 0.4% |
| Ohio  | 0.4% |
| South Carolina  | 0.4% |
| Florida | 0.3% |
| Georgia | 0.3% |
| New Hampshire | 0.3% |
| Wisconsin | 0.3% |
| Connecticut | 0.1% |
| Michigan  | 0.1% |
| Washington DC | 0.1% |
| 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 North Carolina Municipal Bond Fund

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

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

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

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

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

**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:** $465441003.20

**Total Liabilities:** $1536519.50

**Net Assets:** $463904483.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -779.77654530 | **1-Year:** -14299.86145390 | **5-Year:** -59610.25067090 | **10-Year:** -176268.59423350 | **30-Year:** -73575.27671200

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

- **3-Month:** -148.64181580 | **1-Year:** -2551.44412680 | **5-Year:** -7157.83045270 | **10-Year:** -12762.87682430 | **30-Year:** -5302.31082570

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006962 | -0.86%               | -0.67%               | 0.56%                |
| Class ID C000194230 | -0.72%               | -0.72%               | 0.53%                |
| Class ID C000006963 | -0.82%               | -0.83%               | 0.51%                |
| Class ID C000006964 | -0.82%               | -0.83%               | 0.50%                |
| Class ID C000169760 | -0.72%               | -0.72%               | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1240.91                | $-4735198.75                               |
| Month 2  | $-161728.04              | $-4368821.08                               |
| Month 3  | $-176163.14              | $1533031.45                                |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616129AA0<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    300000 | PA      | $293880.18    | 0.06%             | 2040-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018760.20   | 0.44%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    830000 | PA      | $720463.66    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $469237.50    | 0.10%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025B                                                                       | CUSIP: 584002C23<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3816846.80   | 0.82%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2185766.29   | 0.47%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551302.25   | 0.33%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1074114.67   | 0.23%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YNG7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $667764.80    | 0.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853UF2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140602.50   | 0.68%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $7818.35      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4437297.50   | 0.96%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1584000 | PA      | $1235857.71   | 0.27%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540854.15   | 0.33%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2203154.58   | 0.47%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $219748.39    | 0.05%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    685000 | PA      | $616775.03    | 0.13%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2315764.89   | 0.50%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   8514818 | NS      | $8515669.65   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $4797845.83   | 1.03%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBQ4<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1406589.15   | 0.30%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REN3<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2354926.95   | 0.51%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    510000 | PA      | $372092.43    | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DSN2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2482918.00   | 0.54%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044755.60   | 0.23%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    720000 | PA      | $393300.00    | 0.08%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1932492.60   | 0.42%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021774.60   | 0.44%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2023A                                         | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2874126.21   | 0.62%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1717724.96   | 0.37%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457123.85   | 0.31%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207X42<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4515000 | PA      | $4813294.76   | 1.04%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1647443.10   | 0.36%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFJ1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $784975.65    | 0.17%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1325000 | PA      | $1329345.34   | 0.29%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65821DZU8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2349659.25   | 0.51%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951029.40    | 0.21%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                                       | University of North Carolina System                                                                       | CUSIP: 91472AAU9<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2455085.53   | 0.53%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    201638 | PA      | $212689.50    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3209977.24   | 0.69%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719VB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753283.35   | 0.38%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     31000 | PA      | $26455.51     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FP2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1479164.35   | 0.32%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z82<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2558114.70   | 0.55%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $943081.80    | 0.20%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039539.60   | 0.44%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority                           | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024              | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6002316.60   | 1.29%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                                               | City of High Point, Series 2025                                                                           | CUSIP: 429749JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538503.20   | 0.33%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFH5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $999300.82    | 0.22%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059444.70   | 0.23%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979738.20    | 0.21%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2235402.00   | 0.48%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042858.60   | 0.22%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017419.60   | 0.43%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 D                                             | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2518750.25   | 0.54%             | 2048-01-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3702575.78   | 0.80%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1380189.34   | 0.30%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSS6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2269286.10   | 0.49%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1696060.22   | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036870.40   | 0.44%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270349.14    | 0.06%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2229296.75   | 0.48%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GY7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1869192.01   | 0.40%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $49137.08     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1905341.60   | 0.41%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCG2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3101756.10   | 0.67%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    105000 | PA      | $100643.48    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FL5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2547160.10   | 0.55%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020A               | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008014.20   | 0.22%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2192659.92   | 0.47%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1276304.84   | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2395732.08   | 0.52%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GE1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1720927.49   | 0.37%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YQW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1130618.16   | 0.24%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1661650.65   | 0.36%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986777.20   | 0.43%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1779943.53   | 0.38%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000086.10   | 0.22%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DVM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011000.20   | 0.22%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1972150.85   | 0.43%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSC1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1722441.40   | 0.37%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1281573 | PA      | $1240976.65   | 0.27%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DWM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4164930.00   | 0.90%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRP3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1822710.40   | 0.39%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $950885.21    | 0.20%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1311030.68   | 0.28%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072E4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2837049.24   | 0.61%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 52-A                                                        | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4108206.98   | 0.89%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65818PLF4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1244773.51   | 0.27%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $327751.69    | 0.07%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YPD2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1790857.40   | 0.39%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2024                                                                              | CUSIP: 800618CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2415127.28   | 0.52%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $843807.91    | 0.18%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                                                     | County of Guilford, Series 2025                                                                           | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3780395.60   | 0.81%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2233537.00   | 0.48%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007501.50   | 0.22%             | 2034-04-01      | Fixed         | 4.00%                 | 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     | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAL4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1456979.30   | 0.31%             | 2043-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4953900 | PA      | $5047216.33   | 1.09%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051006.10   | 0.23%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                                              | Water and Sewer Authority of Cabarrus County, Series 2024                                                 | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3580645.20   | 0.77%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University Foundation LLC                                                             | Winston-Salem State University Foundation LLC                                                             | CUSIP: 975706GT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2495720.60   | 0.54%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024C                                                                       | CUSIP: 36106QDJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1136171.50   | 0.24%             | 2049-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FQ0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1472444.05   | 0.32%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1368104.09   | 0.29%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4037399.60   | 0.87%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $407312.38    | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA                                                                                   | City of Cartersville                                                                                      | CUSIP: 146441CV0<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $1511449.09   | 0.33%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2025A                                                                           | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3132846.00   | 0.68%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2588596.00   | 0.56%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947501.90    | 0.20%             | 2044-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056718.70   | 0.23%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853SX6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008958.00   | 0.65%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series B                                                               | CUSIP: 65830RDD8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1780443.00   | 0.38%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Asheville (The)                                                           | University of North Carolina at Asheville (The)                                                           | CUSIP: 914710JE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1369942.46   | 0.30%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $1999222.09   | 0.43%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Shelby NC                                                                                         | City of Shelby, Series BDS 2024                                                                           | CUSIP: 821870AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2495487.82   | 0.54%             | 2040-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $392803.73    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Appalachian State University                                                                              | Appalachian State University                                                                              | CUSIP: 037777YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3039149.10   | 0.66%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1205521.48   | 0.26%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014065.60   | 0.22%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC Enterprise Systems Revenue                                                         | County of Brunswick, Series 2023                                                                          | CUSIP: 117068JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2319640.56   | 0.50%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBR2<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $373292.96    | 0.08%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    475000 | PA      | $259468.75    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1278377.68   | 0.28%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1539599.70   | 0.33%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    344225 | PA      | $331434.56    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175266.93    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    880000 | PA      | $851400.00    | 0.18%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                                              | City of Mebane, Series 2024                                                                               | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2348055.35   | 0.51%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2280850.75   | 0.49%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series A                                                               | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5006650.00   | 1.08%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3731466.65   | 0.80%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $292627.30    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 A                                                     | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1946837.00   | 0.42%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series 2025A                                                                                    | CUSIP: 45753CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023652.40   | 0.44%             | 2043-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207Q65<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2549086.25   | 0.55%             | 2052-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4385525.50   | 0.95%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $914910.15    | 0.20%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                                      | County of Chatham                                                                                         | CUSIP: 16207RDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1747264.75   | 0.38%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1192358.06   | 0.26%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1516618.39   | 0.33%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $554142.29    | 0.12%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783885.90    | 0.17%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1381218.80   | 0.30%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4471366.62   | 0.96%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207ZW8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2176171.83   | 0.47%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4162834.83   | 0.90%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610373S3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3182268.84   | 0.69%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z33<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2241536.00   | 0.48%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2532386.87   | 0.55%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974291.20   | 0.43%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DTH4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462422.45   | 0.32%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1597666.40   | 0.34%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072F1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3843617.30   | 0.83%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBS0<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $217095.77    | 0.05%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    154000 | PA      | $140335.81    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    605000 | PA      | $597642.60    | 0.13%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2186211.75   | 0.47%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051439.40   | 0.44%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    115000 | PA      | $110884.76    | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $238430.52    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    255000 | PA      | $271741.64    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $679833.90    | 0.15%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1954186.00   | 0.42%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    120000 | PA      | $65550.00     | 0.01%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FH4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575562.95   | 0.34%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1330355.25   | 0.29%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1744594.57   | 0.38%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $589690.75    | 0.13%             | 2045-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    425000 | PA      | $424949.34    | 0.09%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303497.67    | 0.07%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1474385.82   | 0.32%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGT6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    525000 | PA      | $526601.83    | 0.11%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    430000 | PA      | $369824.94    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                                                   | City of Fayetteville, Series 2023                                                                         | CUSIP: 312805NQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2210499.75   | 0.48%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1081977.71   | 0.23%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $475657.16    | 0.10%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1515000 | PA      | $1076879.88   | 0.23%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3609392.40   | 0.78%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2240498.50   | 0.48%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1247178.24   | 0.27%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REM5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1172863.59   | 0.25%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2713161.54   | 0.58%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Gastonia Housing Authority                                                                                | Gastonia Housing Authority, Series BDS 2024A                                                              | CUSIP: 36732AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3481000 | PA      | $3384745.13   | 0.73%             | 2043-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    585000 | PA      | $319556.25    | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    310000 | PA      | $274628.10    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $125418.05    | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1373673.58   | 0.30%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025 A                                                                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1135067.73   | 0.24%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Housing Finance Authority                                                                     | Puerto Rico Housing Finance Authority                                                                     | CUSIP: 74528CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    240000 | PA      | $242549.50    | 0.05%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143274 | PA      | $136504.72    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1440647.41   | 0.31%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    800000 | PA      | $808643.04    | 0.17%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1158230.24   | 0.25%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2630570.28   | 0.57%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTL0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1232534.81   | 0.27%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    718000 | PA      | $227353.05    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    194798 | PA      | $173112.83    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    635000 | PA      | $595835.68    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $991627.40    | 0.21%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $843057.58    | 0.18%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2433516.44   | 0.52%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    555000 | PA      | $485609.96    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150375.63    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6329000 | PA      | $5950072.01   | 1.28%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLU0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000064.30   | 0.22%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission, Series 2025                                                              | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5170501.00   | 1.11%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150004.34    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill                                                               | CUSIP: 91471FBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6503140.15   | 1.40%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076J9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2847199.07   | 0.61%             | 2044-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $692894.84    | 0.15%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $425973.65    | 0.09%             | 2043-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    350000 | PA      | $309811.53    | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2473465.75   | 0.53%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $736473.09    | 0.16%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616126BK3<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    350000 | PA      | $317365.62    | 0.07%             | 2036-10-01      | Fixed         | 3.00%                 | 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        |   1488726 | PA      | $497383.28    | 0.11%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    239000 | PA      | $165227.97    | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1222588.71   | 0.26%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2136212.98   | 0.46%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLT1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010561.80   | 0.22%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    305000 | PA      | $166606.25    | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2795540.40   | 0.60%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth City State University                                                                           | Elizabeth City State University                                                                           | CUSIP: 286650DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3196461.12   | 0.69%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $173066.13    | 0.04%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1175832.68   | 0.25%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025                                                                        | CUSIP: 58400CCF2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3696941.60   | 0.80%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4264676.50   | 0.92%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 55-A                                                        | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4373897.45   | 0.94%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DUY5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2761045.38   | 0.60%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1300922.86   | 0.28%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295329.72    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $541592.47    | 0.12%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $685327.90    | 0.15%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4104395.91   | 0.88%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $363304.83    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2024                                                                           | CUSIP: 479357CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079773.00   | 0.66%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $293515.77    | 0.06%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    348000 | PA      | $326536.72    | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1295000 | PA      | $1297702.41   | 0.28%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033ST6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487774.70    | 0.11%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1658218.72   | 0.36%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    190000 | PA      | $191565.47    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $911035.29    | 0.20%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    336000 | PA      | $308907.38    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $843362.51    | 0.18%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLE6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4992604.49   | 1.08%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University                                                  | CUSIP: 658187GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3086872.58   | 0.67%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1309681.53   | 0.28%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $575294.01    | 0.12%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    185717 | PA      | $181190.87    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1204131.37   | 0.26%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GKX5<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1125919.54   | 0.24%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                                           | University of North Carolina at Charlotte (The)                                                           | CUSIP: 914716Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4049406.21   | 0.87%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003221.50   | 0.22%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $161369.89    | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                                 | Raleigh Housing Authority, Series 2024A                                                                   | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4125000 | PA      | $3943856.81   | 0.85%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1744837.20   | 0.38%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAP5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $703148.67    | 0.15%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2656481.26   | 0.57%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027284.80   | 0.44%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series BDS 2024                                                                                 | CUSIP: 45753EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $3894235.46   | 0.84%             | 2041-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1034522.17   | 0.22%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    680587 | PA      | $581504.22    | 0.13%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1104273.63   | 0.24%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                                              | County of Union                                                                                           | CUSIP: 906400GD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1842368.25   | 0.40%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    768338 | PA      | $472528.13    | 0.10%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    554850 | PA      | $598475.08    | 0.13%             | 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