# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037561
**Filing Date:** 2023-2
**Character Count:** 194422
**Document Hash:** a4e587a2e6b6246e5f79b07b76cc98d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037561.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037561

**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:** 23662614

**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 South Carolina Municipal Bond Fund (Series ID: S000002525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006967 | A            | MFSCX           |
| C000006968 | B            | MBSCX           |
| C000169762 | I            | MTSCX           |
| C000194234 | R6           | MPOCX           |

## Nport-Ex

![](img89ff35e51.gif)

### Quarterly Report
December 31, 2022

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

![](imgb587fc322.gif)

MSC-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 – 97.1% | Municipal Bonds – 97.1% | Municipal Bonds – 97.1% |
| Airport Revenue – 4.8% | Airport Revenue – 4.8% | Airport Revenue – 4.8% |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2037 | $&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$543442 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797838 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2039 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474292 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2043 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299247 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2048 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546725 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047 | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143678 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131501 |
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2038 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467919 |
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2039 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456541 |
| Massachusetts Port Authority Rev., "E", 5%, 7/01/2051 | 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977281 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89435 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10109 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75612 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 |
|  |  | &nbsp;&nbsp;&nbsp;$10133620 |
| General Obligations - General Purpose – 4.6% | General Obligations - General Purpose – 4.6% | General Obligations - General Purpose – 4.6% |
| Berkeley County, SC, General Obligation, 5%, 3/01/2033 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2345075 |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421471 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2025 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331248 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2027 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108658 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821533 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;30109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27906 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;116044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62729 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;100428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101185 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;99518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101396 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;97904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100177 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;330093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341306 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78185 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;170651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143618 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;69565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56909 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;94583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74058 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;349365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261914 |
| Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979122 |
| Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039 | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615787 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196096 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181758 |
| State of Illinois, General Obligation, "A", 5%, 3/01/2030 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350915 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269369 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427200 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9661896 |
| General Obligations - Schools – 9.0% | General Obligations - Schools – 9.0% | General Obligations - Schools – 9.0% |
| Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035 | $&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282604 |
| Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195159 |
| Aiken County, SC, Consolidated School District Special Obligation, "A", 4%, 4/01/2036 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037900 |
| Anderson County, SC, School District, "A", 5%, 3/01/2026 | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329980 |
| Beaufort County, SC, School District, General Obligation , "C", 4%, 3/01/2035 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116071 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047 | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621811 |
| Downey, CA, Unified School District (Election of 2014), "B", 4%, 8/01/2040 | 1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281630 |
| Lexington County, SC, School District No. 1, "A", 5%, 3/01/2023 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033247 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048 | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488505 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", 5%, 3/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167300 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", 5.25%, 3/01/2052 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199001 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Spartanburg County, SC, School District No. 7, General Obligation, "B", 5%, 3/01/2048 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2119052 |
|  |  | &nbsp;&nbsp;&nbsp;$18872260 |
| Healthcare Revenue - Hospitals – 14.0% | Healthcare Revenue - Hospitals – 14.0% | Healthcare Revenue - Hospitals – 14.0% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 | $&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231556 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103448 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41936 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21758 |
| Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036 | 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981332 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214594 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030 | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171735 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023223 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017054 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035520 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029838 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052 | 1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281058 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049 | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480129 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2044 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263122 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 5%, 12/01/2046 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090550 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523456 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043158 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497307 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838345 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), "A", 5.25%, 8/01/2030 (Prerefunded 8/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013049 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063828 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | 3340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036522 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", AGM, 4%, 4/15/2036 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453945 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", AGM, 4%, 4/15/2037 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550961 |
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2036 | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384190 |
| Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992280 |
|  |  | &nbsp;&nbsp;&nbsp;$29383894 |
| Healthcare Revenue - Long Term Care – 2.0% | Healthcare Revenue - Long Term Care – 2.0% | Healthcare Revenue - Long Term Care – 2.0% |
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), "A", 5%, 4/01/2049 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1102181 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621808 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203582 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", 5%, 5/01/2042 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627134 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940190 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4302597 |
| 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", 3.625%, 1/01/2035 (n) | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80268 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250513 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Industrial Revenue - Paper – 0.5% | Industrial Revenue - Paper – 0.5% | Industrial Revenue - Paper – 0.5% |
| Richland County, SC, Environmental Improvement Rev. (International Paper), "A", 3.875%, 4/01/2023 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998602 |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1101127 |
| Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102631 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521663 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1412793 |
| 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;673823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$650654 |
| Port Revenue – 6.7% | Port Revenue – 6.7% | Port Revenue – 6.7% |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | $1820000 | &nbsp;&nbsp;&nbsp;&nbsp;$1646435 |
| South Carolina Ports Authority Rev., 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310907 |
| South Carolina Ports Authority Rev., 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466299 |
| South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520457 |
| South Carolina Ports Authority Rev., 5%, 7/01/2036 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135235 |
| South Carolina Ports Authority Rev., 4%, 7/01/2055 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731416 |
| South Carolina Ports Authority Rev., 5.25%, 7/01/2055 (Prerefunded 7/01/2025) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140547 |
| South Carolina Ports Authority Rev., "B", 5%, 7/01/2044 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082369 |
|  |  | &nbsp;&nbsp;&nbsp;$14033665 |
| Sales & Excise Tax Revenue – 3.9% | Sales & Excise Tax Revenue – 3.9% | Sales & Excise Tax Revenue – 3.9% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, "B-1", AGM, 0%, 6/15/2044 | $2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$873021 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21126 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15950 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21386 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165587 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198549 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38559 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42549 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44953 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139664 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 3610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277627 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269351 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146837 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61599 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63912 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10202 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472281 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404284 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 5158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270888 |
| 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;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420026 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", 5.625%, 8/01/2024 (a)(d)(n) | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8240480 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Secondary Schools – 0.6% | Secondary Schools – 0.6% | Secondary Schools – 0.6% |
| 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 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, 6/01/2056 (n) | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1178127 |
| Single Family Housing - State – 5.1% | Single Family Housing - State – 5.1% | Single Family Housing - State – 5.1% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047 | $&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400037 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322204 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 5%, 7/01/2030 | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626413 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644486 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 5%, 7/01/2031 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646917 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 3.75%, 7/01/2043 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280036 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 3.8%, 1/01/2049 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266964 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "A", 3%, 1/01/2052 | 3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941997 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "B", 4.2%, 7/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927481 |
| South Carolina Housing Finance & Development Authority Mortgage Rev., "B", 3.25%, 1/01/2052 | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576573 |
|  |  | &nbsp;&nbsp;&nbsp;$10633108 |
| State & Local Agencies – 10.6% | State & Local Agencies – 10.6% | State & Local Agencies – 10.6% |
| Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), "B", 5%, 12/01/2030 (Prerefunded 12/01/2023) | $3595000 | &nbsp;&nbsp;&nbsp;&nbsp;$3662382 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59638 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48668 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26935 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046088 |
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2032 | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804538 |
| Dillon County, SC, School Facilities Corp., 5%, 12/01/2033 | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887575 |
| Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (School District No. 50), BAM, 5%, 12/01/2028 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211479 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485397 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34565 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22548 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), "LLL", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830906 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904549 |
| Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2029 | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787067 |
| Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2030 | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929523 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), "A", AGM, 5%, 6/01/2033 | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172835 |
| Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093848 |
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056549 |
| Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262354 |
|  |  | &nbsp;&nbsp;&nbsp;$22337475 |
| Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | $1180000 | &nbsp;&nbsp;&nbsp;&nbsp;$1162499 |
| Tax - Other – 2.3% | Tax - Other – 2.3% | Tax - Other – 2.3% |
| Birmingham-Jefferson, AL, Civic Center Authority, "B", 5%, 7/01/2043 | $&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$978034 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2035 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183838 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96761 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285290 |
| Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069220 |
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), "A", 5%, 10/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088850 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4837595 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax Assessment – 0.4% | Tax Assessment – 0.4% | Tax Assessment – 0.4% |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$792387 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19333 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$829767 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048 | $&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$239598 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$986692 |
| Toll Roads – 0.3% | Toll Roads – 0.3% | Toll Roads – 0.3% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | $&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$579420 |
| Transportation - Special Tax – 3.2% | Transportation - Special Tax – 3.2% | Transportation - Special Tax – 3.2% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;70154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69222 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2037 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148529 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73059 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2045 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126622 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106227 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128333 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369710 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129626 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127134 |
| South Carolina Transportation Infrastructure Bank Refunding Rev., "A", 5%, 10/01/2036 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283598 |
| South Carolina Transportation Infrastructure Bank Refunding Rev., "A", AGM, 5%, 10/01/2035 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147036 |
| South Carolina Transportation Infrastructure Bank Rev., "A", 5%, 10/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6810839 |
| Universities - Colleges – 4.7% | Universities - Colleges – 4.7% | Universities - Colleges – 4.7% |
| Center for Arts & Health Science Public Facilities Corp. Installment Purchase Rev. (Greenville Technical College Project), 4%, 10/01/2038 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2026480 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264570 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55045 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70138 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394958 |
| South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732446 |
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035 | 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626746 |
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049741 |
| University of Puerto Rico Rev., "P", NPFG, 5%, 6/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29917 |
| University of South Carolina, Higher Education Facilities Refunding Rev., "A", 5%, 5/01/2040 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9861356 |
| Utilities - Municipal Owned – 8.7% | Utilities - Municipal Owned – 8.7% | Utilities - Municipal Owned – 8.7% |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2039 | $&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$148993 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2044 | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174300 |
| Piedmont, SC, Municipal Power Agency Rev., "B", 5%, 1/01/2032 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355966 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147600 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237600 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383250 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139175 |
| Puerto Rico Electric Power Authority Rev., "TT", 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 Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65700 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | $&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197100 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24885 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86400 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102550 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32963 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106212 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83662 |
| Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034155 |
| Rock Hill, SC, Utility Systems Rev., "A", BAM, 4%, 1/01/2049 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608375 |
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., "A", 4%, 6/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500912 |
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., "A", 4%, 6/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493887 |
| South Carolina Public Service Authority Improvement Rev., "B", 4%, 12/01/2038 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656505 |
| South Carolina Public Service Authority Improvement Rev., "B", 4%, 12/01/2039 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411650 |
| South Carolina Public Service Authority Improvement Rev., Tax-Exempt, "B", 5%, 12/01/2051 | 2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068495 |
| South Carolina Public Service Authority Improvement Rev., Tax-Exempt, "E", AGM, 5.25%, 12/01/2038 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182425 |
| South Carolina Public Service Authority Refunding Rev., "A", 4%, 12/01/2040 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789056 |
|  |  | &nbsp;&nbsp;&nbsp;$18271310 |
| Utilities - Other – 1.3% | Utilities - Other – 1.3% | Utilities - Other – 1.3% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $1230000 | &nbsp;&nbsp;&nbsp;&nbsp;$1282177 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140233 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724654 |
| Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2026 | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2735686 |
| Water & Sewer Utility Revenue – 12.3% | Water & Sewer Utility Revenue – 12.3% | Water & Sewer Utility Revenue – 12.3% |
| Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038 | $&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$811618 |
| Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917733 |
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094020 |
| Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554271 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91162 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403406 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297324 |
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), "B", 5%, 7/01/2030 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535030 |
| Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), "B", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528102 |
| Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., "A", 4%, 6/01/2043 | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207626 |
| Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933643 |
| 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;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51333 |
| 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;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61300 |
| 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;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30694 |
| 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;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71425 |
| Mount Pleasant, SC, Waterworks & Sewer System Rev., "A", 5%, 6/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074741 |
| Mount Pleasant, SC, Waterworks & Sewer System Rev., "A", 5%, 6/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070400 |
| North Charleston, SC, Sewer District, 5%, 7/01/2039 | 3425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501730 |
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2031 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257256 |
| South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2032 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189192 |
| South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016868 |
| Spartanburg, SC, Sanitary Sewer District Convertible Rev., "B", 5%, 3/01/2033 (Prerefunded 3/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003137 |
| Spartanburg, SC, Sanitary Sewer District Convertible Rev., "B", 5%, 3/01/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081629 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Spartanburg, SC, Water System Refunding & Improvement Rev., "B", 5%, 6/01/2039 | $2000000 | &nbsp;&nbsp;&nbsp;$2110957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$25894597 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$204161970** |
| 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;420000 | &nbsp;&nbsp;&nbsp;$359815 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;787331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199790 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$559605** |
| 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;426950 | &nbsp;&nbsp;&nbsp;$186791 |
| Investment Companies (h) – 1.8% | Investment Companies (h) – 1.8% | Investment Companies (h) – 1.8% |
| Money Market Funds – 1.8% | Money Market Funds – 1.8% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 3867541 | &nbsp;&nbsp;&nbsp;$3868701 |
| Other Assets, Less Liabilities – 0.7% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470420 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$210247487** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $3,868,701 and $204,908,366, 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 $4,889,386, representing 2.3% of net assets.

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

(w) When-issued security.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| 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.

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;$204348761 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$204348761 |
| 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;&nbsp;&nbsp;559605 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559605 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;3868701 | &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;3868701 |
| Total | &nbsp;&nbsp;&nbsp;$3868701 | &nbsp;&nbsp;&nbsp;$204908366 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$208777067 |

---

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;$13600641 | &nbsp;&nbsp;$81362066 | &nbsp;&nbsp;$91094210 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;$192 | &nbsp;&nbsp;$3868701 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$83160 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| South Carolina | 76.0% |
| Puerto Rico | 4.7% |
| Illinois | 2.5% |
| New York | 1.7% |
| Pennsylvania | 1.6% |
| New Jersey | 1.6% |
| Tennessee | 1.2% |
| Alabama | 1.1% |
| California | 1.0% |
| Massachusetts | 1.0% |
| Guam | 0.9% |
| Texas | 0.9% |
| Arkansas | 0.7% |
| North Carolina | 0.7% |
| Virginia | 0.5% |
| Wisconsin | 0.4% |
| New Hampshire | 0.3% |
| Colorado | 0.3% |
| Maryland | 0.3% |
| Michigan | 0.2% |
| Connecticut | 0.2% |
| Ohio | 0.1% |
| Washington DC | 0.1% |
| Indiana | 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 South Carolina Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002525

- **c. LEI of Series:** 08HGTHG281BFQRFCD148

**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:** $212093540.55

**Total Liabilities:** $1846056.52

**Net Assets:** $210247484.03

**Delayed Delivery Securities:** $829376.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -208.57687920 | **1-Year:** -6845.08312640 | **5-Year:** -36257.56930210 | **10-Year:** -66951.59781380 | **30-Year:** -18419.77862880

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

- **3-Month:** -20.15708590 | **1-Year:** -632.80705340 | **5-Year:** -3282.27688330 | **10-Year:** -7630.46207280 | **30-Year:** -3407.23430700

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194234 | -1.16%               | 5.49%                | -0.20%               |
| Class ID C000006968 | -1.18%               | 5.37%                | -0.30%               |
| Class ID C000006967 | -1.21%               | 5.53%                | -0.23%               |
| Class ID C000169762 | -1.05%               | 5.48%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3447228.69             | $673727.53                                 |
| Month 2  | $-1260349.34             | $12286281.79                               |
| Month 3  | $-532947.70              | $-427830.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Anderson County School District No. 1 SC                                                                  | Anderson County School District No. 1                                                                     | CUSIP: 033717MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1329979.73   | 0.63%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $32962.50     | 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        |     80000 | PA      | $73059.30     | 0.03%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $226874.68    | 0.11%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    285000 | PA      | $285289.53    | 0.14%             | 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        |    310000 | PA      | $269369.01    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123GG7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520457.00    | 0.25%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199001.20   | 1.05%             | 2052-03-01      | Fixed         | 5.25%                 | 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        |    125000 | PA      | $129625.76    | 0.06%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill                                                                                         | CUSIP: 772249RJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $608374.72    | 0.29%             | 2049-01-01      | 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        |     15000 | PA      | $10950.00     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                                               | Birmingham-Jefferson Civic Center Authority                                                               | CUSIP: 091156NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $978034.00    | 0.47%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Joint Municipal Water & Sewer Commission                                                                  | Joint Municipal Water & Sewer Commission                                                                  | CUSIP: 529055CR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1207626.21   | 0.57%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3410.25      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Center for Arts & Health Sciences Public Facilities Corp.                                                 | Center for Arts & Health Sciences Public Facilities Corp.                                                 | CUSIP: 151391AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026480.60   | 0.96%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $280036.41    | 0.13%             | 2043-07-01      | Fixed         | 3.75%                 | 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        |    725000 | PA      | $472280.88    | 0.22%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC Airport Revenue                                                                        | County of Horry                                                                                           | CUSIP: 44066MEU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467919.05   | 0.70%             | 2038-07-01      | 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        |     18000 | PA      | $18046.70     | 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        |    495000 | PA      | $427200.05    | 0.20%             | 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        |   3851612 | NS      | $3852767.87   | 1.83%             |  |  |  | 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        |    125000 | PA      | $127134.31    | 0.06%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                                                     | County of Richland                                                                                        | CUSIP: 76363PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998602.10    | 0.47%             | 2023-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach                                                                                      | CUSIP: 628575BY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069219.80   | 0.51%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Stormwater System Revenue                                                             | City of Columbia SC Stormwater System Revenue                                                             | CUSIP: 198502AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $811618.43    | 0.39%             | 2038-02-01      | 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        |    260000 | PA      | $170244.85    | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094020.10   | 0.52%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    330000 | PA      | $237600.00    | 0.11%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123GC6<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    450000 | PA      | $466299.23    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $359815.20    | 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        |    350000 | PA      | $369710.29    | 0.18%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                                     | County of Berkeley                                                                                        | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $792387.60    | 0.38%             | 2049-11-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp.                                                           | Charleston Educational Excellence Finance Corp.                                                           | CUSIP: 160131DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3595000 | PA      | $3662381.80   | 1.74%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031A86<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257256.00    | 0.12%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $788499.13    | 0.38%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108657.79    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     15000 | PA      | $15950.36     | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023222.50   | 0.49%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMR3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090550.20   | 0.99%             | 2046-12-01      | 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        |     97904 | PA      | $100176.63    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123GB8<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310907.16    | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     14000 | PA      | $10202.42     | 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        |     40000 | PA      | $28900.00     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Island Public Service District/SC                                                                   | South Island Public Service District                                                                      | CUSIP: 838466DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5016868.00   | 2.39%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                                                  | Spartanburg County School District No. 7                                                                  | CUSIP: 847082LK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119052.00   | 1.01%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $474291.50    | 0.23%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106226.35    | 0.05%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dillon County School Facilities Corp.                                                                     | Dillon County School Facilities Corp.                                                                     | CUSIP: 25420CAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1887574.81   | 0.90%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJN3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043157.80   | 0.97%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                      | Public Authority for Colorado Energy                                                                      | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    130000 | PA      | $140232.51    | 0.07%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     20000 | PA      | $21385.53     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | 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        |    145000 | PA      | $126622.08    | 0.06%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DU53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $646916.57    | 0.31%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $42548.49     | 0.02%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                      | Guam Power Authority                                                                                      | CUSIP: 400653HP9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    170000 | PA      | $174299.84    | 0.08%             | 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        |     70000 | PA      | $71425.10     | 0.03%             | 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        |    475000 | PA      | $421470.78    | 0.20%             | 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        |    145000 | PA      | $106212.50    | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2167300.20   | 1.03%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    120000 | PA      | $103448.11    | 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        |   1330000 | PA      | $1046087.69   | 0.50%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Orangeburg County School District                                                                         | Orangeburg County School District                                                                         | CUSIP: 685384AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $787066.44    | 0.37%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26935.18     | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113DB0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    450000 | PA      | $453945.47    | 0.22%             | 2036-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $38559.43     | 0.02%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                                     | City of Valparaiso                                                                                        | CUSIP: 92028RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102524.86    | 0.05%             | 2044-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008770RN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037900.00   | 0.97%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113DZ7<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1384189.68   | 0.66%             | 2036-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                      | Guam Power Authority                                                                                      | CUSIP: 400653HN4<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    145000 | PA      | $148992.58    | 0.07%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    785000 | PA      | $821532.96    | 0.39%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia SC Waterworks & Sewer System Revenue                                                     | CUSIP: 198504YW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1917733.40   | 0.91%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                                            | HTA CL 6 Trust                                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     70154 | PA      | $69222.00     | 0.03%             | 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        |    400000 | PA      | $400037.52    | 0.19%             | 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        |     20000 | PA      | $19333.03     | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                                                    | County of Lancaster                                                                                       | CUSIP: 514084ML3<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    725000 | PA      | $615787.52    | 0.29%             | 2039-03-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     49000 | PA      | $44953.48     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                                           | Piedmont Municipal Power Agency                                                                           | CUSIP: 720175ZG6<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3355966.50   | 1.60%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    205000 | PA      | $147600.00    | 0.07%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sumter Two School Facilities, Inc.                                                                        | Sumter Two School Facilities, Inc.                                                                        | CUSIP: 866613BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1262353.79   | 0.60%             | 2027-12-01      | 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        |    426950 | PA      | $186790.55    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $21758.22     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | 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        |     15000 | PA      | $10893.75     | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lugoff-Elgin Water Authority SC                                                                           | Lugoff-Elgin Water Authority                                                                              | CUSIP: 549843EQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528101.60    | 0.25%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenwood Fifty Schools Facilities, Inc.                                                                  | Greenwood Fifty Schools Facilities, Inc.                                                                  | CUSIP: 39715RBL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3211479.30   | 1.53%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1162499.42   | 0.55%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lugoff-Elgin Water Authority SC                                                                           | Lugoff-Elgin Water Authority                                                                              | CUSIP: 549843EP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535029.80    | 0.25%             | 2030-07-01      | 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        |    673823 | PA      | $650653.79    | 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        |      4000 | PA      | $3731.28      | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Spartanburg SC Water System Revenue                                                               | City of Spartanburg SC Water System Revenue                                                               | CUSIP: 847184VA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110956.80   | 1.00%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $747094.33    | 0.36%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008775AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1195159.28   | 0.57%             | 2041-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113DC8<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550960.69    | 0.26%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YQ0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049740.80   | 0.97%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59638.18     | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80268.32     | 0.04%             | 2035-01-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DU46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $644485.59    | 0.31%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YZ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2068494.98   | 0.98%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031VF7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1626746.61   | 0.77%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                                            | SCAGO Educational Facilities Corp. for Pickens School District                                            | CUSIP: 80585TCE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093848.00   | 1.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14400.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     90000 | PA      | $65700.00     | 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        |     25000 | PA      | $24884.80     | 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        |    165000 | PA      | $135602.41    | 0.06%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                                   | Knox County Health Educational & Housing Facility Board                                                   | CUSIP: 49952MEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1171735.10   | 0.56%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJK9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523456.10   | 0.72%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48113.30     | 0.02%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1488504.52   | 0.71%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Beaufort County School District/SC                                                                        | Beaufort County School District                                                                           | CUSIP: 073900R53<br>LEI: 549300B1H1V9F55UPU08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3116071.20   | 1.48%             | 2035-03-01      | Fixed         | 4.00%                 | 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        |     40000 | PA      | $29300.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34565.09     | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $797838.38    | 0.38%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KR9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940189.90    | 0.45%             | 2036-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554271.40    | 0.26%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YR4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1656504.85   | 0.79%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JBZ6<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500911.60    | 0.24%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DS31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $2941997.37   | 1.40%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017053.80   | 0.48%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704CAE8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $807702.30    | 0.38%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $143678.19    | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                                                               | City of North Charleston                                                                                  | CUSIP: 65857PAC5<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088849.80   | 0.99%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30694.12     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050DX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035519.90   | 0.49%             | 2035-11-01      | 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        |     20000 | PA      | $14650.00     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Downey Unified School District                                                                            | Downey Unified School District                                                                            | CUSIP: 261005PG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1281629.51   | 0.61%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050DY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029837.80   | 0.49%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $196095.71    | 0.09%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $239597.68    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    525000 | PA      | $383250.00    | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                                         | South Carolina Transportation Infrastructure Bank                                                         | CUSIP: 837152US4<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1283597.45   | 0.61%             | 2036-10-01      | 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        |    170651 | PA      | $143617.95    | 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        |     90000 | PA      | $89434.58     | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FHL9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013049.30   | 0.48%             | 2030-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    510000 | PA      | $420025.49    | 0.20%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill SC Combined Utility System Revenue                                                      | CUSIP: 772249QC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034154.80   | 0.49%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123KG2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3082368.60   | 1.47%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $266964.09    | 0.13%             | 2049-01-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                                     | County of Berkeley                                                                                        | CUSIP: 084167MN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2345075.60   | 1.12%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151XA2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2789056.50   | 1.33%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128333.18    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577B7R9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    815000 | PA      | $830906.11    | 0.40%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                                                                 | University of Puerto Rico                                                                                 | CUSIP: 914811PX6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     30000 | PA      | $29916.64     | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    770000 | PA      | $621810.73    | 0.30%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $724654.44    | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    465000 | PA      | $485396.76    | 0.23%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $950297.04    | 0.45%             | 2056-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123KW7<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140547.00   | 1.49%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1480129.31   | 0.70%             | 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        |     20000 | PA      | $21126.09     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22548.29     | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orangeburg County School District                                                                         | Orangeburg County School District                                                                         | CUSIP: 685384AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $929522.53    | 0.44%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greenwood SC                                                                                    | County of Greenwood                                                                                       | CUSIP: 397090GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1981332.25   | 0.94%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2264569.80   | 1.08%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YS2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1411649.70   | 0.67%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FKV3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1838344.80   | 0.87%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135235.20   | 1.49%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51333.11     | 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        |     71000 | PA      | $61598.90     | 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        |    300000 | PA      | $297324.39    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DU38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $626412.64    | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     55000 | PA      | $55045.10     | 0.03%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.16    | 0.06%             | 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        |   3340000 | PA      | $3036522.26   | 1.44%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                                              | Massachusetts Port Authority                                                                              | CUSIP: 575896YK5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1977281.14   | 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        |    115000 | PA      | $83662.50     | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Lexington County School District No. 1 SC                                                                 | Lexington County School District No. 1                                                                    | CUSIP: 529063QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1033247.49   | 0.49%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    180000 | PA      | $183837.80    | 0.09%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DY75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1927480.60   | 0.92%             | 2042-07-01      | Fixed         | 4.20%                 | 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        |     79000 | PA      | $63912.39     | 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        |     99518 | PA      | $101395.63    | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    100428 | PA      | $101185.05    | 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    | 0.11%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  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        |    695000 | PA      | $404283.79    | 0.19%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Sanitary Sewer District                                                                       | Spartanburg Sanitary Sewer District                                                                       | CUSIP: 847175LQ7<br>LEI: 549300FVRXYUI1JB6W32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081629.20   | 0.99%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dillon County School Facilities Corp.                                                                     | Dillon County School Facilities Corp.                                                                     | CUSIP: 25420CAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1804538.29   | 0.86%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1282177.46   | 0.61%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DU20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $322203.95    | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    270000 | PA      | $197100.00    | 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        |    310000 | PA      | $264280.92    | 0.13%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     70000 | PA      | $70137.63     | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1731415.60   | 0.82%             | 2055-07-01      | 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        |    190000 | PA      | $139175.00    | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                                        | Orangeburg County Facilities Corp.                                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1904549.40   | 0.91%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Lexington SC Waterworks & Sewer System Revenue                                                    | Town of Lexington SC Waterworks & Sewer System Revenue                                                    | CUSIP: 529616DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933643.40   | 0.92%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $198549.20    | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC Airport Revenue                                                                        | County of Horry                                                                                           | CUSIP: 44066MEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456541.10   | 0.69%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     69565 | PA      | $56908.77     | 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        |    765000 | PA      | $579420.33    | 0.28%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Charleston Sewer District                                                                           | North Charleston Sewer District                                                                           | CUSIP: 658574DS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3501729.59   | 1.67%             | 2039-07-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5158000 | PA      | $1270888.39   | 0.60%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008775AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $282604.44    | 0.13%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486F46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    325000 | PA      | $331248.48    | 0.16%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     94583 | PA      | $74058.34     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070DZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $543441.51    | 0.26%             | 2037-07-01      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    299000 | PA      | $269350.59    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    410000 | PA      | $403405.97    | 0.19%             | 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        |    140000 | PA      | $148529.14    | 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        |    255000 | PA      | $231556.09    | 0.11%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    285000 | PA      | $263122.15    | 0.13%             | 2044-12-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3610000 | PA      | $3277627.30   | 1.56%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546724.55   | 0.74%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75612.49     | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JCA0<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493887.50    | 0.23%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61300.42     | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $96761.17     | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KL2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $621808.20    | 0.30%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FLL4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063828.00   | 0.98%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    190000 | PA      | $165586.94    | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $394957.76    | 0.19%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10108.99     | 0.00%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                                         | South Carolina Transportation Infrastructure Bank                                                         | CUSIP: 837152UW5<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101743.00   | 1.00%             | 2040-10-01      | 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        |    787332 | PA      | $199790.11    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    340000 | PA      | $350915.46    | 0.17%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299246.75   | 0.62%             | 2043-07-01      | 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        |    116044 | PA      | $62728.81     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10030.67     | 0.00%             | 2034-06-15      | Fixed         | 4.00%                 | 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        |   1290000 | PA      | $1214594.08   | 0.58%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DP26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2576572.95   | 1.23%             | 2052-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $102550.00    | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sumter Two School Facilities, Inc.                                                                        | Sumter Two School Facilities, Inc.                                                                        | CUSIP: 866613BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056549.40   | 0.50%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031UD3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    700000 | PA      | $732445.91    | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113EA1<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992279.50    | 0.47%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasent SC Water & Sewer Revenue                                                           | Town of Mount Pleasent SC Water & Sewer Revenue                                                           | CUSIP: 622634FS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070399.70   | 0.51%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $131501.48    | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YY3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1102180.88   | 0.52%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151T33<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182425.00   | 1.04%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     90000 | PA      | $91161.77     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                                          | Commonwealth Financing Authority                                                                          | CUSIP: 20282EAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48668.22     | 0.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KU2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $627134.18    | 0.30%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC                                                                                        | County of Horry                                                                                           | CUSIP: 440671AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979121.60   | 0.94%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031A94<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    185000 | PA      | $189191.62    | 0.09%             | 2032-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     80000 | PA      | $58400.00     | 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        |   1405000 | PA      | $1281057.64   | 0.61%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181758.03    | 0.09%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Town of Mount Pleasent SC Water & Sewer Revenue                                                           | Town of Mount Pleasent SC Water & Sewer Revenue                                                           | CUSIP: 622634FR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074740.50   | 0.51%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $72000.00     | 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        |     50000 | PA      | $41935.86     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $873020.76    | 0.42%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    163000 | PA      | $146836.61    | 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        |    100000 | PA      | $102631.41    | 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        |    120000 | PA      | $86400.00     | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                                                    | State Public School Building Authority                                                                    | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1172834.94   | 0.56%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    158000 | PA      | $139663.66    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    570000 | PA      | $588621.50    | 0.28%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1646435.34   | 0.78%             | 2045-07-15      | 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        |     90173 | PA      | $78185.37     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Sanitary Sewer District                                                                       | Spartanburg Sanitary Sewer District                                                                       | CUSIP: 847175KK1<br>LEI: 549300FVRXYUI1JB6W32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003136.80   | 0.48%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                                              | University of South Carolina                                                                              | CUSIP: 914857EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $611314.70    | 0.29%             | 2040-05-01      | 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        |    349365 | PA      | $261914.29    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                                                         | South Carolina Transportation Infrastructure Bank                                                         | CUSIP: 837152UR6<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147036.00   | 1.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJV5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497307.10    | 0.24%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $521662.43    | 0.25%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $203582.03    | 0.10%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     30109 | PA      | $27905.68     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    330093 | PA      | $341305.67    | 0.16%             | 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