# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037568
**Filing Date:** 2023-2
**Character Count:** 183390
**Document Hash:** 23e198f516e7506a876fb67339f93370
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037568.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037568

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662620

**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 Georgia Municipal Bond Fund (Series ID: S000002532)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006983 | A            | MMGAX           |
| C000006984 | B            | MBGAX           |
| C000169768 | I            | MGATX           |
| C000194246 | R6           | MPGOX           |

## Nport-Ex

![](img314848b61.gif)

### Quarterly Report
December 31, 2022

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

![](img4747ec562.gif)

MGA-Q3

------

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 97.6% | Municipal Bonds – 97.6% | Municipal Bonds – 97.6% |
| Airport Revenue – 6.6% | Airport Revenue – 6.6% | Airport Revenue – 6.6% |
| Atlanta, GA, Airport General Refunding Rev., "B", 5%, 1/01/2033 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1018046 |
| Atlanta, GA, Airport General Refunding Rev., "C", 4%, 7/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950115 |
| Atlanta, GA, Airport General Refunding Rev., "E", 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280894 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018594 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022937 |
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., "D", 4%, 7/01/2038 | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494060 |
| Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., "D", 4%, 7/01/2039 | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499020 |
| Massachusetts Port Authority Rev., "E", 5%, 7/01/2051 | &nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957906 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046 | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267812 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29811 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35381 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25204 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6639780 |
| General Obligations - General Purpose – 6.3% | General Obligations - General Purpose – 6.3% | General Obligations - General Purpose – 6.3% |
| Atlanta, GA, Public Improvement Rev., 4.875%, 12/01/2026 (Prerefunded 12/01/2024) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1038716 |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195207 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62947 |
| Chicago, IL, General Obligation, "F", 5.5%, 1/01/2042 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166770 |
| Clarke County GA, Classic Center Authority Rev. (Classic Center Arena Project), 4%, 5/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903326 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14325 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;59571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32202 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | &nbsp;&nbsp;&nbsp;557719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557718 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;51554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51943 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;51087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52051 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51425 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;150816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155939 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;46290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40136 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71592 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29214 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;48553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;171495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128568 |
| Peach County, GA, Transportation Sales Tax General Obligation, 5%, 6/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008270 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185775 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134684 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211442 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132140 |
| Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, "A", 5%, 10/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6367919 |
| General Obligations - Schools – 9.0% | General Obligations - Schools – 9.0% | General Obligations - Schools – 9.0% |
| Ben Hill County, GA, School District Rev., 4%, 4/01/2037 | $&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$755268 |
| Bryan County, GA, School District General Obligation, 4%, 8/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518349 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298792 |
| Clarke County, GA, General Obligation, 5%, 9/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060848 |
| Clarke County, GA, General Obligation, 5%, 9/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550916 |
| Dalton, GA, General Obligation, 5%, 2/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543195 |
| Evans County, GA, School District, 4%, 6/01/2035 | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679397 |
| Gwinnett County, GA, School District, 5%, 2/01/2039 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643096 |
| Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048641 |
| Houston County, GA, School District General Obligation, Sales Tax, 5%, 9/01/2023 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267480 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048 | &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9085104 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – 13.1% | Healthcare Revenue - Hospitals – 13.1% | Healthcare Revenue - Hospitals – 13.1% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 | $&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$190693 |
| Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538193 |
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), "B", 4%, 4/01/2041 | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454209 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20968 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238329 |
| Doylestown, PA, Hospital Rev., "A", 5%, 7/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12361 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487832 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886259 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048943 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), "A", 5%, 4/01/2042 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760210 |
| Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), "A", 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524650 |
| Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500433 |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510820 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2029 | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722683 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019259 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607297 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "S", 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448961 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633691 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716645 |
| Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004262 |
| Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), "A", 4%, 7/01/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936375 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518209 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494894 |
|  |  | &nbsp;&nbsp;&nbsp;$13323590 |
| Healthcare Revenue - Long Term Care – 1.0% | Healthcare Revenue - Long Term Care – 1.0% | Healthcare Revenue - Long Term Care – 1.0% |
| Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), "A, 5%, 7/01/2036 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486608 |
| Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$988843 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | $&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85122 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$135634 |
| Miscellaneous Revenue - Other – 5.1% | Miscellaneous Revenue - Other – 5.1% | Miscellaneous Revenue - Other – 5.1% |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., "A", 4%, 1/01/2054 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$961215 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794993 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543323 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522418 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2044 | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693750 |
| Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013724 |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75560 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46184 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254027 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5215295 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;328030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$316751 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Port Revenue – 2.7% | Port Revenue – 2.7% | Port Revenue – 2.7% |
| Georgia Ports Authority Rev., 4%, 7/01/2047 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$944102 |
| Georgia Ports Authority Rev., 4%, 7/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927379 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2738717 |
| Sales & Excise Tax Revenue – 5.5% | Sales & Excise Tax Revenue – 5.5% | Sales & Excise Tax Revenue – 5.5% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, "B-1", AGM, 0%, 6/15/2044 | $1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$423336 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10563 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78436 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), "A", 5%, 7/01/2044 (Prerefunded 7/01/2025) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056883 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), "C", 4%, 7/01/2036 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759991 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., "E-1", 3%, 7/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833454 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22018 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72484 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | &nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676408 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141432 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74770 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32968 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28316 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212363 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183818 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 2899000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714289 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5544621 |
| Secondary Schools – 0.2% | Secondary Schools – 0.2% | Secondary Schools – 0.2% |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2049 (n) | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$227830 |
| Single Family Housing - State – 2.9% | Single Family Housing - State – 2.9% | Single Family Housing - State – 2.9% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047 | $&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$210020 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.85%, 12/01/2041 | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401893 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.6%, 12/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858207 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.5%, 6/01/2045 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114266 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4%, 12/01/2048 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2979633 |
| State & Local Agencies – 1.1% | State & Local Agencies – 1.1% | State & Local Agencies – 1.1% |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | $&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$361804 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208773 |
| Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1088937 |
| Student Loan Revenue – 0.7% | Student Loan Revenue – 0.7% | Student Loan Revenue – 0.7% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9315 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104551 |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53244 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$743434 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax - Other – 2.4% | Tax - Other – 2.4% | Tax - Other – 2.4% |
| Atlanta & Fulton County, GA, Recreation Authority Park Improvement, "A", 5%, 12/01/2032 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$521200 |
| Atlanta, GA, Development Authority Rev. (New Downtown Atlanta Stadium Project), "A-1", 5%, 7/01/2033 | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769244 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66386 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35649 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100102 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045 | &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868699 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2443463 |
| Tax Assessment – 0.5% | Tax Assessment – 0.5% | Tax Assessment – 0.5% |
| Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026) | $&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$437046 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9667 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$455736 |
| Tobacco – 0.7% | Tobacco – 0.7% | Tobacco – 0.7% |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055 | $&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$355880 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$718376 |
| Toll Roads – 0.4% | Toll Roads – 0.4% | Toll Roads – 0.4% |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81478 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60953 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$426461 |
| Transportation - Special Tax – 0.7% | Transportation - Special Tax – 0.7% | Transportation - Special Tax – 0.7% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $&nbsp;&nbsp;&nbsp;257231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$253814 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68960 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36529 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61128 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126758 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72590 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$685889 |
| Universities - Colleges – 19.3% | Universities - Colleges – 19.3% | Universities - Colleges – 19.3% |
| Albany-Dougherty County, GA, Inner City Authority Refunding Rev. (USG Real Estate Foundation X LLC Project), 4%, 6/01/2034 | $1430000 | &nbsp;&nbsp;&nbsp;&nbsp;$1458372 |
| Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), "A", 3.5%, 6/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490625 |
| Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637321 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550860 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923126 |
| Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866424 |
| Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218898 |
| Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850192 |
| Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing, LLC Project), 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804957 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754857 |
| Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539336 |
| Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054803 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328762 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078857 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467179 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1070138 |
| Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522193 |
| Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740583 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University), "B", 4%, 9/01/2040 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496703 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355023 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053112 |
| Gwinnett County, GA, Development Authority Rev. (Student Housing), "A", 5%, 7/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046782 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404516 |
| Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927491 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73183 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55069 |
| Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334649 |
| Savannah, GA, Economic Development Authority Refunding Rev. (Savannah State University Projects), 4%, 6/15/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983658 |
| South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), "A", 5%, 8/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529233 |
|  |  | &nbsp;&nbsp;&nbsp;$19616902 |
| Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% |
| Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), "C", 5%, 7/15/2030 | $&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403680 |
| Utilities - Municipal Owned – 8.6% | Utilities - Municipal Owned – 8.6% | Utilities - Municipal Owned – 8.6% |
| Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2041 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$483116 |
| Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2039 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395424 |
| Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277251 |
| Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105867 |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501572 |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495904 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", 4.5%, 7/01/2063 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942538 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), "A", 5%, 1/01/2039 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766378 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052350 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2038 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128720 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51377 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61518 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111600 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178850 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69587 |
| Puerto Rico Electric Power Authority Rev., "RR", AGM, 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492910 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91250 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70215 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51275 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54937 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8722392 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – 9.9% | Water & Sewer Utility Revenue – 9.9% | Water & Sewer Utility Revenue – 9.9% |
| Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036 | $&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;$808132 |
| Atlanta, GA, Water & Wastewater Refunding Rev., "A", 5%, 11/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072379 |
| Atlanta, GA, Water & Wastewater Refunding Rev., "A", 5%, 11/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069727 |
| Atlanta, GA, Water & Wastewater Refunding Rev., "B", 4%, 11/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498291 |
| Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498331 |
| Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158868 |
| DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080448 |
| DeKalb County, GA, Water & Sewer Rev., "B", 5.25%, 10/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069147 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30387 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122990 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45522 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45319 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153618 |
| Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101549 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20434 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10231 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20407 |
| Oconee County, GA, Water & Sewerage Rev., "A", 5%, 9/01/2033 | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604343 |
| Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535376 |
| Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$10037769 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$98991878** |
| Bonds – 0.3% | Bonds – 0.3% | Bonds – 0.3% |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;$174768 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;393666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99895 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$274663** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;219173 | &nbsp;&nbsp;&nbsp;$95888 |
| Investment Companies (h) – 1.0% | Investment Companies (h) – 1.0% | Investment Companies (h) – 1.0% |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 1072721 | &nbsp;&nbsp;&nbsp;$1073043 |
| Other Assets, Less Liabilities – 1.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019150 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$101454622** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,073,043 and $99,362,429, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,974,046, representing 1.9% of net assets.

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

------

Portfolio of Investments (unaudited) – continued

---

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

---

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

------

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

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

(1) Investment Valuations

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$99087766 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$99087766 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274663 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274663 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;1073043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073043 |
| Total | &nbsp;&nbsp;&nbsp;$1073043 | &nbsp;&nbsp;&nbsp;$99362429 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$100435472 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$5309987 | &nbsp;&nbsp;$37979603 | &nbsp;&nbsp;$42216249 | &nbsp;&nbsp;$(606) | &nbsp;&nbsp;$308 | &nbsp;&nbsp;$1073043 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$31667 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| Georgia | 77.7% |
| Puerto Rico | 5.3% |
| New York | 2.9% |
| Massachusetts | 1.8% |
| Illinois | 1.8% |
| South Carolina | 1.3% |
| Virginia | 1.0% |
| New Jersey | 1.0% |
| Texas | 0.8% |
| Guam | 0.8% |
| North Carolina | 0.7% |
| Arkansas | 0.7% |
| California | 0.6% |
| Pennsylvania | 0.6% |
| Ohio | 0.4% |
| New Hampshire | 0.3% |
| Wisconsin | 0.3% |
| Maryland | 0.2% |
| Washington DC | 0.2% |
| Connecticut | 0.2% |
| Michigan | 0.2% |
| Iowa | 0.1% |
| Indiana | 0.1% |
| Colorado | 0.1% |
| Minnesota | 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.

(4) Russia and Ukraine Conflict

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

- **b. EDGAR series identifier (if any):** S000002532

- **c. LEI of Series:** D6T6CE9XSLIZ37D0OB07

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $101931660.22

**Total Liabilities:** $477039.84

**Net Assets:** $101454620.38

**Cash Not Reported:** $4825.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -162.95065220 | **1-Year:** -3556.54133980 | **5-Year:** -17775.97775270 | **10-Year:** -29849.12303380 | **30-Year:** -9530.68855070

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

- **3-Month:** -28.08366960 | **1-Year:** -230.32613040 | **5-Year:** -1192.82938380 | **10-Year:** -2876.07284410 | **30-Year:** -1203.32894970

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194246 | -1.15%               | 5.91%                | -0.31%               |
| Class ID C000006983 | -1.05%               | 5.79%                | -0.29%               |
| Class ID C000006984 | -1.11%               | 5.70%                | -0.35%               |
| Class ID C000169768 | -1.04%               | 5.79%                | -0.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-810906.86              | $-566909.59                                |
| Month 2  | $-471070.89              | $6178554.50                                |
| Month 3  | $-280120.27              | $-291977.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $868699.52    | 0.86%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $18312.50     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367H8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     40000 | PA      | $36529.65     | 0.04%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005GAS2<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048942.90   | 1.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     45000 | PA      | $45521.69     | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $70214.51     | 0.07%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    100000 | PA      | $100101.59    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    155000 | PA      | $134684.51    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72590.43     | 0.07%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FCS2<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $467179.15    | 0.46%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedartown Polk County Hospital Authority                                                                  | Cedartown Polk County Hospital Authority                                                                  | CUSIP: 150759AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538192.95    | 0.53%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005GAW3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760209.75    | 0.75%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                                             | Georgia Higher Education Facilities Authority                                                             | CUSIP: 373511JA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740583.08    | 0.73%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                                                  | Development Authority of Rockdale County                                                                  | CUSIP: 773008AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $135633.83    | 0.13%             | 2038-01-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dalton Whitfield County Joint Development Authority                                                       | Dalton Whitfield County Joint Development Authority                                                       | CUSIP: 235641AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238328.83    | 0.23%             | 2048-08-15      | 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        |    326000 | PA      | $212363.54    | 0.21%             | 2031-07-01      | None          | 0.00%                 | 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: 74528NAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     75000 | PA      | $73182.98     | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                                      | City of Atlanta GA Airport Passenger Facility Charge                                                      | CUSIP: 04780TDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $499020.07    | 0.49%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      9000 | PA      | $9023.35      | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    245000 | PA      | $211442.45    | 0.21%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   1065706 | NS      | $1066025.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66109.84     | 0.07%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Evans County School District                                                                              | Evans County School District                                                                              | CUSIP: 299147AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $679397.20    | 0.67%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority                                                                 | CUSIP: 74265LG85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355022.99    | 0.35%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    310000 | PA      | $310100.53    | 0.31%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    130000 | PA      | $85122.43     | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    155000 | PA      | $111600.00    | 0.11%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                                              | County of DeKalb                                                                                          | CUSIP: 240523A75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080447.70   | 1.06%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    204000 | PA      | $174767.38    | 0.17%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126757.81    | 0.12%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barnesville-Lamar County Industrial Development Authority                                                 | Barnesville-Lamar County Industrial Development Authority                                                 | CUSIP: 068049BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $637320.78    | 0.63%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 3599008E0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500433.30    | 0.49%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta                                                                                           | CUSIP: 04780MF79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018594.00   | 1.00%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Oconee GA Water & Sewerage Revenue                                                              | County of Oconee GA Water & Sewerage Revenue                                                              | CUSIP: 675568DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $604343.16    | 0.60%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                                     | Walton County Water & Sewer Authority                                                                     | CUSIP: 93342PFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076870.00   | 1.06%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County School District                                                                           | Gwinnett County School District                                                                           | CUSIP: 403755C25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048641.10   | 1.03%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority                                                                                 | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75560.36     | 0.07%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     45000 | PA      | $45318.94     | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5316.79      | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586BZ6<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1277251.49   | 1.26%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     50258 | PA      | $51424.63     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $404515.85    | 0.40%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9315.32      | 0.01%             | 2039-12-01      | Fixed         | 3.00%                 | 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        |      6000 | PA      | $4372.46      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14450.00     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Buford GA Combined Utility System Revenue                                                         | City of Buford GA Combined Utility System Revenue                                                         | CUSIP: 120026AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395424.12    | 0.39%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta GA Department of Aviation                                                                 | CUSIP: 04780MTM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018046.10   | 1.00%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10692.76     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 6262074F8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128719.58    | 0.13%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 3599008B6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524650.05    | 0.52%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ben Hill County School District                                                                           | Ben Hill County School District                                                                           | CUSIP: 081518CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755268.23    | 0.74%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367J4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     70000 | PA      | $61127.90     | 0.06%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Inner City Authority                                                                     | Albany-Dougherty Inner City Authority                                                                     | CUSIP: 012173JE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1458371.77   | 1.44%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                      | Guam Power Authority                                                                                      | CUSIP: 400653HP9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |     60000 | PA      | $61517.59     | 0.06%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20407.17     | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $195207.52    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     75000 | PA      | $54937.50     | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    557719 | PA      | $557718.22    | 0.55%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     55000 | PA      | $47413.72     | 0.05%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                                | Delaware Valley Regional Finance Authority                                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    460000 | PA      | $361804.77    | 0.36%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta                                                                                           | CUSIP: 04780MZX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950115.30    | 0.94%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Dalton GA                                                                                         | City of Dalton                                                                                            | CUSIP: 235541DN6<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543195.10    | 0.54%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Villa Rica Public Facilities Authority                                                                    | Villa Rica Public Facilities Authority                                                                    | CUSIP: 92704HBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518359.90    | 0.51%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta GA Department of Aviation                                                                 | CUSIP: 04780MVW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022936.70   | 1.01%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarke County School District/GA                                                                          | Clarke County School District                                                                             | CUSIP: 181687ES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060847.40   | 1.05%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                      | Guam Power Authority                                                                                      | CUSIP: 400653HN4<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |     50000 | PA      | $51376.75     | 0.05%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                                            | HTA CL 6 Trust                                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    257231 | PA      | $253813.69    | 0.25%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017, Sub-series C-1                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210019.70    | 0.21%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9666.52      | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Savannah Hospital Authority                                                                               | Savannah Hospital Authority                                                                               | CUSIP: 804833FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936374.90    | 0.92%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 37353PBM0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    405000 | PA      | $395246.75    | 0.39%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FBB0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    300000 | PA      | $328762.32    | 0.32%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                                              | City of Columbus GA Water & Sewerage Revenue                                                              | CUSIP: 199144WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158868.42    | 0.16%             | 2036-05-01      | 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        |     24000 | PA      | $22018.03     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $72000.00     | 0.07%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    219173 | PA      | $95888.39     | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | 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        |    585000 | PA      | $576323.87    | 0.57%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta GA Department of Aviation                                                                 | CUSIP: 04780MWL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280893.70    | 0.28%             | 2032-07-01      | Fixed         | 5.00%                 | 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        |    328030 | PA      | $316750.58    | 0.31%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $932.82       | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FGC3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487832.30    | 0.48%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $362495.47    | 0.36%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60953.26     | 0.06%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 3599006Z5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522418.45    | 0.51%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $494894.13    | 0.49%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 37353PDC0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $858206.50    | 0.85%             | 2044-12-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport                              | San Francisco City & County Airport Comm-San Francisco International Airport                              | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    265000 | PA      | $267811.60    | 0.26%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bibb County Development Authority                                                                         | Bibb County Development Authority                                                                         | CUSIP: 08869FFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923126.40    | 0.91%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7200.00      | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                                | Development Authority of Cobb County (The)                                                                | CUSIP: 19078NAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539335.65    | 0.53%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $32850.00     | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9953.92      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82183.28     | 0.08%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                              | Gainesville & Hall County Hospital Authority                                                              | CUSIP: 362762LU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019258.80   | 1.00%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $719121.66    | 0.71%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hart GA                                                                                         | County of Hart                                                                                            | CUSIP: 416049AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013723.70   | 1.00%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bleckley County & Dodge County Joint Development Authority                                                | Bleckley County & Dodge County Joint Development Authority                                                | CUSIP: 093488AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $866424.22    | 0.85%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Classic Center Authority for Clarke County                                                                | Classic Center Authority for Clarke County                                                                | CUSIP: 18274AAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903326.20    | 0.89%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FBW4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    660000 | PA      | $693749.89    | 0.68%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586CV4<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105866.70   | 1.09%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    130000 | PA      | $104551.23    | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                                              | County of DeKalb GA Water & Sewerage Revenue                                                              | CUSIP: 240523UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069147.10   | 1.05%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Houston County School District                                                                            | Houston County School District                                                                            | CUSIP: 442038GB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267480.13   | 1.25%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carrollton Payroll Development Authority                                                                  | Carrollton Payroll Development Authority                                                                  | CUSIP: 145339ND5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804956.63    | 0.79%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10231.37     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $12361.03     | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7325.00      | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    180000 | PA      | $185774.89    | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Peach GA                                                                                        | County of Peach                                                                                           | CUSIP: 704624AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008269.80   | 0.99%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    245000 | PA      | $178850.00    | 0.18%             | 2029-07-01      | 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        |     85068 | PA      | $71592.27     | 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        |     30000 | PA      | $29811.53     | 0.03%             | 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        |    245000 | PA      | $201776.95    | 0.20%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                                             | City of Atlanta GA Water & Wastewater Revenue                                                             | CUSIP: 047870RH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808131.83    | 0.80%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority                                                              | CUSIP: 5917453H5<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759991.05    | 0.75%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Valdosta & Lowndes County Hospital Authority                                                              | Valdosta & Lowndes County Hospital Authority                                                              | CUSIP: 919112ER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105511.80   | 1.09%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bibb County Development Authority                                                                         | Bibb County Development Authority                                                                         | CUSIP: 08869FFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $550859.96    | 0.54%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584X8V6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    465000 | PA      | $448961.27    | 0.44%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                                             | City of Atlanta GA Water & Wastewater Revenue                                                             | CUSIP: 047870QQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498291.25    | 0.49%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                                             | City of Atlanta GA Water & Wastewater Revenue                                                             | CUSIP: 047870PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069726.90   | 1.05%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                                             | City of Atlanta GA Water & Wastewater Revenue                                                             | CUSIP: 047870NZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072379.10   | 1.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School District                                                                              | Bryan County School District                                                                              | CUSIP: 117497CJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518348.55    | 0.51%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867235.60    | 0.85%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                                   | Georgia Ports Authority                                                                                   | CUSIP: 373586HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927379.20    | 0.91%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                                     | Walton County Water & Sewer Authority                                                                     | CUSIP: 93342PDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535376.40    | 0.53%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                                       | Atlanta Development Authority (The)                                                                       | CUSIP: 04780NJG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $769243.76    | 0.76%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586CG7<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495903.80    | 0.49%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FGE9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886258.40    | 0.87%             | 2049-07-01      | 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        |    370000 | PA      | $298792.17    | 0.29%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $355880.21    | 0.35%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81477.85     | 0.08%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208772.80    | 0.21%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    765000 | PA      | $716644.89    | 0.71%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10563.05     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $961215.50    | 0.95%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $754856.60    | 0.74%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA Water & Sewer Revenue                                                             | City of Cartersville                                                                                      | CUSIP: 146501QU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498331.15    | 0.49%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15399.93     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     38000 | PA      | $32968.43     | 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        |    155000 | PA      | $153617.60    | 0.15%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Bulloch County                                                                   | Development Authority of Bulloch County                                                                   | CUSIP: 120334GZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218897.82    | 0.22%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40000.05     | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    570000 | PA      | $518208.89    | 0.51%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                                                      | Minnesota Office of Higher Education                                                                      | CUSIP: 60416MBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $53243.74     | 0.05%             | 2038-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                                              | Massachusetts Port Authority                                                                              | CUSIP: 575896YK5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    935000 | PA      | $957905.63    | 0.94%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43650.00     | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | 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: 745272FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     55000 | PA      | $55068.67     | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Bulloch County                                                                   | Development Authority of Bulloch County                                                                   | CUSIP: 120334HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $850192.40    | 0.84%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     65000 | PA      | $66385.87     | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Economic Development Authority                                                                   | Savannah Economic Development Authority                                                                   | CUSIP: 80483CQF1<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983657.70    | 0.97%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FCT0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070137.50   | 1.05%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 6262075A8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052349.60   | 1.04%             | 2037-01-01      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $28315.62     | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     51087 | PA      | $52050.87     | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 373539K87<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1401893.37   | 1.38%             | 2041-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     51554 | PA      | $51942.62     | 0.05%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227829.70    | 0.22%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Moultrie-Colquitt Counties Development Authority GA                                                       | Moultrie-Colquitt Counties Development Authority                                                          | CUSIP: 620272BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $927491.25    | 0.91%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    316000 | PA      | $183818.24    | 0.18%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 373539Y25<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    115000 | PA      | $114266.45    | 0.11%             | 2045-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                                        | City of Atlanta                                                                                           | CUSIP: 047772ZN1<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038715.70   | 1.02%             | 2026-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    125000 | PA      | $91250.00     | 0.09%             | 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        |    155000 | PA      | $132140.46    | 0.13%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $69587.50     | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                                              | Henry County Water Authority                                                                              | CUSIP: 426366BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101548.70   | 1.09%             | 2027-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     35711 | PA      | $29213.96     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | 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        |    375000 | PA      | $284029.58    | 0.28%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Development Authority                                                           | Gainesville & Hall County Development Authority                                                           | CUSIP: 362763AQ7<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502234.70    | 0.50%             | 2033-11-15      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2899000 | PA      | $714289.54    | 0.70%             | 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        |     48553 | PA      | $38016.92     | 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        |    157000 | PA      | $141431.58    | 0.14%             | 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        |    125000 | PA      | $122989.63    | 0.12%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CAV0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68959.96     | 0.07%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    210000 | PA      | $190693.25    | 0.19%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                                                  | Dahlonega Downtown Development Authority                                                                  | CUSIP: 23378RFM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054803.30   | 1.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                                   | Georgia Ports Authority                                                                                   | CUSIP: 373586HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944102.60    | 0.93%             | 2047-07-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    745000 | PA      | $676407.85    | 0.67%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 3599006S1<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522193.35    | 0.51%             | 2028-06-01      | 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        |     25000 | PA      | $25204.16     | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority                                                                 | CUSIP: 74265L2K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053112.30   | 1.04%             | 2051-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20433.47     | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Americus-Sumter Payroll Development Authority                                                             | Americus-Sumter Payroll Development Authority                                                             | CUSIP: 03069XCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490624.85    | 0.48%             | 2035-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     35000 | PA      | $35648.85     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     90000 | PA      | $78435.92     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Residential Care Facilities for the Elderly Authority                                       | Fulton County Residential Care Facilities for the Elderly Authority                                       | CUSIP: 360059AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486608.20    | 0.48%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                                               | Glynn-Brunswick Memorial Hospital Authority                                                               | CUSIP: 380037FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510819.90    | 0.50%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FCR4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078857.10   | 1.06%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35381.48     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 626207Z23<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766378.50    | 0.76%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393666 | PA      | $99895.05     | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series RR                                                           | CUSIP: 74526QDH2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    490000 | PA      | $492910.36    | 0.49%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     59571 | PA      | $32201.74     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $607297.04    | 0.60%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $51275.00     | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Richmond County Hospital Authority                                                                        | Richmond County Hospital Authority                                                                        | CUSIP: 764603BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004262.20   | 0.99%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta                                                                                           | City of Atlanta                                                                                           | CUSIP: 04780TDM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $494059.96    | 0.49%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority                                                              | CUSIP: 591745V50<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056883.30   | 1.04%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Gwinnett County                                                                  | Development Authority of Gwinnett County                                                                  | CUSIP: 403720FG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046781.60   | 1.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarke County School District/GA                                                                          | Clarke County School District                                                                             | CUSIP: 181687EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550916.35    | 0.54%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30387.26     | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority                                                              | CUSIP: 5917457Q1<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833453.80    | 0.82%             | 2040-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                                        | City of Atlanta                                                                                           | CUSIP: 047849EE0<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    410000 | PA      | $437046.35    | 0.43%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 62620HEM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942537.60    | 0.93%             | 2063-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.03%             | 2042-07-01      | 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        |    695000 | PA      | $633690.44    | 0.62%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $32400.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $20967.93     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166770.37    | 0.16%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $423336.02    | 0.42%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlanta & Fulton County Recreation Authority                                                              | Atlanta & Fulton County Recreation Authority                                                              | CUSIP: 047681NR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521200.35    | 0.51%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     83000 | PA      | $74769.56     | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     45000 | PA      | $46184.13     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43200.00     | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond County Development Authority                                                                     | Richmond County Development Authority                                                                     | CUSIP: 764595CV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $334649.48    | 0.33%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bainbridge GA Combined Utility Revenue                                                            | City of Bainbridge                                                                                        | CUSIP: 056832AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483116.15    | 0.48%             | 2041-12-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     82000 | PA      | $72483.67     | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586CF9<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501571.85    | 0.49%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                              | Gainesville & Hall County Hospital Authority                                                              | CUSIP: 362762PE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $722683.37    | 0.71%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority                                                                 | CUSIP: 74265LT99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496703.25    | 0.49%             | 2040-09-01      | 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        |     46290 | PA      | $40136.19     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                                | Development Authority of Cobb County (The)                                                                | CUSIP: 190778FU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403679.64    | 0.40%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Regional Joint Development Authority                                                                | South Regional Joint Development Authority                                                                | CUSIP: 839636EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529233.40    | 0.52%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FBU8<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543322.55    | 0.54%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                                 | Cobb County Kennestone Hospital Authority                                                                 | CUSIP: 190813SY2<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    485000 | PA      | $454209.29    | 0.45%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County School District                                                                           | Gwinnett County School District                                                                           | CUSIP: 403755V73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1643096.10   | 1.62%             | 2039-02-01      | 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        |    171495 | PA      | $128567.52    | 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        |    280000 | PA      | $254026.92    | 0.25%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $794992.60    | 0.78%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     15456 | PA      | $14324.96     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62946.79     | 0.06%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150816 | PA      | $155938.95    | 0.15%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer