# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037566
**Filing Date:** 2023-2
**Character Count:** 271086
**Document Hash:** be80da075adb5cc45c0e27716686a3bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037566.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037566

**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:** 23662621

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

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

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

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

## Series and Classes Contracts Data

### MFS California Municipal Bond Fund (Series ID: S000002530)

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

## Nport-Ex

![](imgc9bd7b881.gif)

### Quarterly Report
December 31, 2022

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

![](imgced8c2e72.gif)

MCA-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 – 97.3% | Municipal Bonds – 97.3% | Municipal Bonds – 97.3% |
| Airport Revenue – 5.6% | Airport Revenue – 5.6% | Airport Revenue – 5.6% |
| California Municipal Finance Authority Rev. (LINXS APM Project), "A", 5%, 12/31/2043 | $2190000 | &nbsp;&nbsp;&nbsp;&nbsp;$2203767 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5%, 6/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037124 |
| Long Beach, CA, Senior Airport Rev., "C", AGM, 5.25%, 6/01/2047 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570899 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "H", 4%, 5/15/2047 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727881 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "C", 5%, 5/15/2038 | 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996434 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "D", 5%, 5/15/2037 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361865 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "D", 5%, 5/15/2038 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357603 |
| Sacramento County, CA, Airport System Rev., "B", 5%, 7/01/2038 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070891 |
| Sacramento County, CA, Airport System Rev., "C", 5%, 7/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031640 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2042 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677548 |
| San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2047 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672344 |
| San Diego County, CA, Regional Airport Authority Rev., "C", 5%, 7/01/2031 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116974 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 5/01/2044 | 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663270 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031829 |
| San Jose, CA, Airport Rev., "A", 5%, 3/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038442 |
| San Jose, CA, Airport Rev., "A", 5%, 3/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020483 |
|  |  | &nbsp;&nbsp;&nbsp;$26578994 |
| General Obligations - General Purpose – 2.4% | General Obligations - General Purpose – 2.4% | General Obligations - General Purpose – 2.4% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$958291 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2025 | &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825573 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2027 | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263883 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;73327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67961 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;282606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152766 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 3121992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121988 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;244575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246419 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;242360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246933 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;238428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243963 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;497583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514485 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;219601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190407 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;383721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322935 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;169415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138593 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;230339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180355 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;765550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573923 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265498 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454116 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425833 |
|  |  | &nbsp;&nbsp;&nbsp;$11193922 |
| General Obligations - Schools – 16.0% | General Obligations - Schools – 16.0% | General Obligations - Schools – 16.0% |
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | $4335000 | &nbsp;&nbsp;&nbsp;&nbsp;$3513659 |
| Dublin, CA, Unified School District (Election of 2016), "B", 4%, 8/01/2043 | 1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913315 |
| Folsom Cordova, CA, Unified School District (Election of 2012), "A", 5%, 10/01/2038 (Prerefunded 10/01/2023) | 2465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504702 |
| Garden Grove, CA, Unified School District General Obligation, Election 2016, BAM, 4%, 8/01/2046 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923064 |
| Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 | 2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568807 |
| Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460199 |
| Imperial County, CA, Community College District Rev., Capital Appreciation, "C", BAM, 0%, 8/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316515 |
| Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807121 |
| Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222601 |
| Los Angeles County, CA, Inglewood Unified School District, Taxable (Election of 2020), "A", AGM, 4%, 8/01/2040 | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038414 |
| Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), "A", 4%, 8/01/2049 | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847567 |
| Los Angeles, CA, Paramount Unified School District, General Obligation, "C", BAM, 3%, 8/01/2045 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283547 |
| Marin County, CA, Community College District (Election of 2016), "B", 4%, 8/01/2039 (Prerefunded 2/15/2027) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114414 |
| Marin County, CA, Community College District (Election of 2016), "B", 4%, 8/01/2040 (Prerefunded 2/15/2027) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057207 |
| Marin County, CA, San Rafael City Elementary School District Rev., "B", 4%, 8/01/2047 | 2595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516411 |

---

------

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 |
| Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, "B", AGM, 0%, 8/01/2032 | $1570000 | &nbsp;&nbsp;&nbsp;&nbsp;$1122901 |
| Modesto, CA, Elementary School District General Obligation, "B", 3%, 8/01/2046 | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130070 |
| Modesto, CA, Elementary School District General Obligation, "B", 3%, 8/01/2050 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77887 |
| Montebello, CA, Unified School District (Election of 2016), "A", 4%, 8/01/2046 | 1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487374 |
| Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, "A", AGM, 0%, 8/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335515 |
| Moreland, CA, School District (Election of 2002), Capital Appreciation, "B", FGIC, 0%, 8/01/2028 | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215424 |
| Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, "A", AGM, 5.5% to 8/01/2019, 6% to 8/01/2030 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215500 |
| Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, "A", 0% to 8/01/2028, 6.25% to 8/01/2043 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455498 |
| Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, "A", 0%, 8/01/2029 | 3385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724199 |
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879618 |
| Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878075 |
| Oxnard, CA, School District (Ventura County), "A", BAM, 5%, 8/01/2045 | 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718284 |
| Oxnard, CA, Union High School District, General Obligation, "C", 4%, 8/01/2038 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402862 |
| Oxnard, CA, Union High School District, General Obligation, "C", 4%, 8/01/2039 | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045833 |
| Oxnard, CA, Union High School District, General Obligation, "C", 4%, 8/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989675 |
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), "B", 5%, 8/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539137 |
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), "B", 5%, 8/01/2034 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504104 |
| Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), "B", 5%, 8/01/2035 | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181987 |
| Pomona, CA, Unified School District, General Obligation, "F", BAM, 3%, 8/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67796 |
| San Bernardino, CA, City Unified School District, "A", AGM, 5%, 8/01/2023 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606672 |
| San Diego, CA, Community College District (Election of 2002), 6%, 8/01/2033 (Prerefunded 8/01/2027) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294284 |
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, "G", 0%, 7/01/2034 (Prerefunded 1/01/2024) | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685413 |
| San Diego, CA, Unified School District General Obligation (Election of 2012), "I", BAM, 4%, 7/01/2047 | 2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055493 |
| San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, "D", 4%, 8/01/2049 | 2235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151582 |
| Santa Clara County, CA, Mountain View Whisman School District General Obligation, Election of 2020, "B", 4.25%, 9/01/2045 | 5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802422 |
| Santa Maria Bonita, CA, School District General Obligation, Election 2014, BAM, 4%, 8/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984918 |
| Santa Maria Bonita, CA, School District General Obligation, Election 2014, BAM, 4%, 8/01/2044 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225901 |
| South Monterey County, CA, Joint Union High School District (Election of 2018), "A-1", AGM, 4%, 8/01/2049 | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375977 |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 | 2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907073 |
| Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 | 3035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940588 |
| Sweetwater, CA, Union High School District, "C", 4%, 8/01/2043 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947710 |
| West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, "A-1", AGM, 3%, 8/01/2046 | 3365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579196 |
| Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984781 |
|  |  | &nbsp;&nbsp;&nbsp;$75601292 |
| Healthcare Revenue - Hospitals – 14.5% | Healthcare Revenue - Hospitals – 14.5% | Healthcare Revenue - Hospitals – 14.5% |
| California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), "A", 5%, 8/15/2042 | $2550000 | &nbsp;&nbsp;&nbsp;&nbsp;$2601310 |
| California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042141 |
| California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782378 |
| California Health Facilities Financing Authority Rev. (Sutter Health), "A", 5%, 11/15/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039317 |
| California Health Facilities Financing Authority Rev. (Sutter Health), "B", 5%, 11/15/2046 (Prerefunded 11/15/2026) | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422720 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), "A", 5%, 8/15/2051 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313336 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2036 (n) | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176854 |
| California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), "A", 5%, 12/01/2046 (n) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719688 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2036 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325168 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2037 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879338 |
| California Municipal Finance Authority Rev. (Community Medical Centers), "A", 5%, 2/01/2042 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436624 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036113 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "A", 5%, 7/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010237 |
| California Municipal Finance Authority Rev. (Eisenhower Medical Center), "B", 4%, 7/01/2047 | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441279 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209050 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167860 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86464 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318536 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | $&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$417073 |
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), "A", 5.25%, 11/01/2047 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504304 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5.25%, 11/01/2052 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214970 |
| California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 2545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507768 |
| California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), "A", 4%, 7/15/2051 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886983 |
| California Statewide Communities Development Authority Rev. (Adventist Health System/West), "A", 5%, 3/01/2042 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076007 |
| California Statewide Communities Development Authority Rev. (Emante Health), "A", 4%, 4/01/2039 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554055 |
| California Statewide Communities Development Authority Rev. (Emante Health), "A", 4%, 4/01/2040 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626730 |
| California Statewide Communities Development Authority Rev. (Emante Health), "A", 4%, 4/01/2045 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900952 |
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), "A", AGM, 5.375%, 8/15/2057 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268580 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2053 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030450 |
| California Statewide Communities Development Authority Rev. (John Muir Health), "A", 5%, 12/01/2057 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060901 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5%, 12/01/2046 (n) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191655 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.5%, 12/01/2054 | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657482 |
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2056 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989901 |
| California Statewide Communities Development Authority Rev. (Marin General Hospital), "A", 5%, 8/01/2036 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656759 |
| California Statewide Communities Development Authority Rev. (Marin General Hospital), "A", 5%, 8/01/2037 | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468295 |
| California Statewide Communities Development Authority Rev. (Marin General Hospital), "A", 5%, 8/01/2038 | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441428 |
| California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944480 |
| California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553594 |
| Doylestown, PA, Hospital Rev., "A", 5%, 7/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57685 |
| Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047680 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260635 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024 | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236945 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293939 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305848 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717399 |
| Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689888 |
| University of California Regents, Medical Center Pooled Rev., "P", 4%, 5/15/2053 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655195 |
| Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903383 |
| Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015688 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2031 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348924 |
| Washington Township, CA, Health Care District Rev., "A", 5%, 7/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981575 |
|  |  | &nbsp;&nbsp;&nbsp;$68475564 |
| Healthcare Revenue - Long Term Care – 3.5% | Healthcare Revenue - Long Term Care – 3.5% | Healthcare Revenue - Long Term Care – 3.5% |
| ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | $1270000 | &nbsp;&nbsp;&nbsp;&nbsp;$1239333 |
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739249 |
| California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044827 |
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673785 |
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023961 |
| California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019905 |
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), "A", 5%, 11/15/2046 (n) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052024 |
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), "A", 5%, 11/15/2036 (n) | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701333 |
| California Statewide Communities Development Authority Rev. (899 Charleston Project), "A", 5.25%, 11/01/2044 (n) | 1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171554 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479964 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2040 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476818 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948730 |
| California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), "A", 4%, 4/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925641 |
| California Statewide Communities Development Authority Rev. (Front Port Communities and Services), "A", 4%, 4/01/2042 | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696982 |
| California Statewide Communities Development Authority Rev. (Front Port Communities and Services), "A", 5%, 4/01/2047 | 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884620 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2038 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437459 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2039 | $&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$430257 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2040 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430512 |
| California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), "A", 4%, 7/01/2043 | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963931 |
|  |  | &nbsp;&nbsp;&nbsp;$16340885 |
| Industrial Revenue - Environmental Services – 1.6% | Industrial Revenue - Environmental Services – 1.6% | Industrial Revenue - Environmental Services – 1.6% |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "B", 2.35%, 7/01/2051 (Put Date 1/17/2023) | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1998855 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 4.125%, 10/01/2041 (Put Date 10/01/2025) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991772 |
| California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 2.4%, 10/01/2044 (Put Date 10/01/2029) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7663252 |
| 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;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$401342 |
| Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% | Miscellaneous Revenue - Other – 1.0% |
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), "A", 5%, 11/01/2034 | $&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$842593 |
| California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), "A", 5%, 11/01/2035 | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841641 |
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031 | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374973 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210394 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040 | 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4825608 |
| Multi-Family Housing Revenue – 5.0% | Multi-Family Housing Revenue – 5.0% | Multi-Family Housing Revenue – 5.0% |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-1", 4%, 2/01/2056 (n) | $2200000 | &nbsp;&nbsp;&nbsp;&nbsp;$1815131 |
| California Community Housing Agency, Essential Housing Rev. (Aster), "A-2", 4%, 2/01/2043 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444379 |
| California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), "A-1", 3%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995947 |
| California Housing Finance Agency Municipal Certificates, "A", 4%, 3/20/2033 | 2857157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758444 |
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), "A", 4%, 11/01/2036 (n) | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577240 |
| California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), "A-2", 4%, 8/01/2047 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300525 |
| California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), "A-1", 3.25%, 2/01/2057 (n) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325367 |
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472138 |
| California Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), "B", 4%, 3/01/2057 (n) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391133 |
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), "A-2", 4%, 9/01/2056 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317152 |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | 1352660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306149 |
|  |  | &nbsp;&nbsp;&nbsp;$23703605 |
| Parking – 0.3% | Parking – 0.3% | Parking – 0.3% |
| Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 | $1625000 | &nbsp;&nbsp;&nbsp;&nbsp;$1520247 |
| Sales & Excise Tax Revenue – 2.7% | Sales & Excise Tax Revenue – 2.7% | Sales & Excise Tax Revenue – 2.7% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42252 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31901 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42771 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339889 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104585 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337668 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 4615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190097 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$657612 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346823 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161372 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10261 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138342 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22591 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;1566000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020127 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;1524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886516 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 13175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246211 |
| 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;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790636 |
| 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;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466353 |
|  |  | &nbsp;&nbsp;&nbsp;$12843680 |
| Secondary Schools – 4.9% | Secondary Schools – 4.9% | Secondary Schools – 4.9% |
| California Infrastructure & Economic Development Bank, 4%, 11/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$431953 |
| California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), "B", 5%, 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308582 |
| California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), "B", 5%, 11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357466 |
| California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930360 |
| California Infrastructure & Economic Development Bank, Senior National Charter School Rev., "B", 4.125%, 11/01/2052 | &nbsp;&nbsp;3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688359 |
| California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), "A", 5%, 8/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782799 |
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), "A", 5%, 7/01/2038 (n) | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915996 |
| California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), "A", 5%, 6/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753233 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52917 |
| California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451581 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417116 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415090 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2040 (n) | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530431 |
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), "A", 5%, 8/01/2050 (n) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986566 |
| California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046 (n) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884201 |
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), "A", 5%, 7/01/2040 (n) | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067155 |
| California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), "A", 5%, 7/01/2058 (n) | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554367 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", 5%, 6/01/2030 (n) | &nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190877 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", 5%, 6/01/2040 (n) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711514 |
| California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), "A", 5%, 6/01/2050 (n) | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963112 |
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", 5%, 7/01/2030 (n) | &nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279998 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2038 (n) | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891250 |
| California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), "A", 5%, 8/01/2048 (n) | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862240 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537451 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2037 (n) | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516991 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5.125%, 7/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472726 |
| California School Finance Authority, School Facility Rev. (KIPP LA Projects), "A", 5%, 7/01/2047 (n) | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749335 |
| California School Finance Authority, School Facility Rev. (KIPP SoCal), "A", 5%, 7/01/2049 (n) | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056545 |
| California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), "A", 6.375%, 7/01/2047 | &nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271297 |
|  |  | &nbsp;&nbsp;&nbsp;$23031508 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - Other – 0.2% | Single Family Housing - Other – 0.2% | Single Family Housing - Other – 0.2% |
| California Department of Veterans Affairs, Home Purchase Rev., "A", 5.5%, 12/01/2052 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1071749 |
| State & Local Agencies – 5.5% | State & Local Agencies – 5.5% | State & Local Agencies – 5.5% |
| California Public Works Board Lease Rev. (Judicial Council Projects), "A", 5%, 3/01/2028 | $2120000 | &nbsp;&nbsp;&nbsp;&nbsp;$2127502 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856216 |
| Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), "A", AGM, 5%, 4/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079471 |
| Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), "A", AGM, 5%, 4/01/2037 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851705 |
| Indio, CA, Public Financing Authority Lease Rev., "A", BAM, 5.25%, 11/01/2047 | 3735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112888 |
| North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047 | 4425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996689 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2037 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342178 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565919 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2039 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788111 |
| Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), "A", 5%, 11/01/2040 | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004586 |
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531530 |
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062294 |
| Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583969 |
| Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), "A", 3%, 5/01/2039 | 5270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371559 |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542229 |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2035 | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779487 |
| Victorville, CA, Electric Rev., "A", 5%, 5/01/2036 | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629686 |
|  |  | &nbsp;&nbsp;&nbsp;$26226019 |
| Student Loan Revenue – 0.0% | Student Loan Revenue – 0.0% | Student Loan Revenue – 0.0% |
| Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | $&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$249836 |
| Tax - Other – 0.3% | Tax - Other – 0.3% | Tax - Other – 0.3% |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2035 | $&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$321716 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036 | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173152 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500508 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82829 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1328864 |
| Tax Assessment – 8.5% | Tax Assessment – 8.5% | Tax Assessment – 8.5% |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "A", 5%, 9/02/2048 | $&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$954711 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 5%, 9/02/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039171 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 5%, 9/02/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023392 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "B", 4%, 9/02/2050 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422473 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 4%, 9/02/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781849 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2044 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511696 |
| California Statewide Communities Development Authority Rev. (Infrastructure Program), "C", 5%, 9/02/2049 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507699 |
| Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009096 |
| Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., "A", AGM, 4%, 9/01/2043 | 1745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716679 |
| Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035 | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943133 |
| Lee Lake, CA, Public Financing Authority, Senior Lien Rev., "A", 5.125%, 9/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013831 |
| Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., "D", ETM, AGM, 5%, 9/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45612 |
| Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Refunding Rev., "D", AGM, 5%, 9/01/2023 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233126 |
| Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Refunding Rev., "D", ETM, AGM, 5%, 9/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65883 |
| North Natomas, CA, Community Facilities District Special Tax, "4-E", 5.25%, 9/01/2033 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772539 |
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673250 |
| Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029 | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398160 |
| Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009334 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax Assessment – continued | Tax Assessment – continued | Tax Assessment – continued |
| Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032 | $&nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;$2720255 |
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, "A-1", AGM, 4.25%, 9/01/2047 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757008 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987176 |
| River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047 | &nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519684 |
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., "B", AGM, 5%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938686 |
| Riverside County, CA, Jurupa Valley Redevelopment Project Rev., "B", AGM, 5%, 10/01/2031 | &nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153983 |
| Riverside County, CA, Redevelopment Agency, Tax Allocation, "A", AGM, 5%, 10/01/2034 | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428537 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", 4%, 9/01/2026 (n) | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99881 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", 4%, 9/01/2031 (n) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196747 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", 4%, 9/01/2036 (n) | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653138 |
| San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), "A", 4%, 9/01/2051 (n) | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269786 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), "A", 5%, 8/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772446 |
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), "B", NPFG, 5%, 8/01/2043 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134866 |
| Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012737 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "A", 5%, 10/01/2034 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284187 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "A", 5%, 10/01/2036 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680731 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "A", 5%, 10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732769 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "B", 5%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321661 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "B", 5%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319098 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "B", 5%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262669 |
| Transbay Joint Powers Authority, CA, Senior Tax Allocation, "B", 5%, 10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622869 |
|  |  | &nbsp;&nbsp;&nbsp;$39990548 |
| Tobacco – 4.0% | Tobacco – 4.0% | Tobacco – 4.0% |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), "B-1", 4%, 6/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182743 |
| California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, "B-2", 0%, 6/01/2055 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980684 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 4%, 6/01/2049 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281363 |
| California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), "A", 5%, 6/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787374 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), "B-1", 5%, 6/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606932 |
| California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, "B-2", 0%, 6/01/2055 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961368 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 5%, 6/01/2029 (Prerefunded 6/01/2027) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213711 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A-1", 5%, 6/01/2051 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106868 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | &nbsp;&nbsp;1785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578181 |
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), "A", 5%, 6/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259474 |
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), "A", 5%, 6/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773002 |
| Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), "A", 5%, 6/01/2048 | &nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289473 |
|  |  | &nbsp;&nbsp;&nbsp;$19021173 |
| Toll Roads – 1.4% | Toll Roads – 1.4% | Toll Roads – 1.4% |
| Bay Area Toll Authority, California Toll Bridge Rev., "S-7", 4%, 4/01/2033 | $&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;$3114582 |
| Bay Area Toll Authority, California Toll Bridge Rev., "S-7", 4%, 4/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888305 |
| Riverside County, CA, Transportation Commission Toll Rev., "A", 5.75%, 6/01/2044 (Prerefunded 6/01/2023) | &nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699653 |
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., "A", 4%, 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294704 |
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., "A", 4%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306765 |
| San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Rev., "A", 4%, 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6542862 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% | Transportation - Special Tax – 0.5% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $1192618 | &nbsp;&nbsp;&nbsp;&nbsp;$1176774 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518503 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2203814 |
| Universities - Colleges – 4.7% | Universities - Colleges – 4.7% | Universities - Colleges – 4.7% |
| California Educational Facilities Authority Rev. (Art Center College of Design), "A", 5%, 12/01/2036 | $2060000 | &nbsp;&nbsp;&nbsp;&nbsp;$2122907 |
| California Educational Facilities Authority Rev. (Chapman University), "B", 4%, 4/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922487 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2036 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443649 |
| California Educational Facilities Authority Rev. (Loma Linda University), "A", 5%, 4/01/2037 | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314759 |
| California Educational Facilities Authority Rev. (Loyola Marymount University), "B", 5%, 10/01/2038 | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669334 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014733 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012408 |
| California Educational Facilities Authority Rev. (University of Redlands), "A", 5%, 10/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505339 |
| California Educational Facilities Authority Rev. (University of San Francisco), "A", 5%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062435 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033 | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661198 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253407 |
| California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038099 |
| California Municipal Finance Authority Rev. (Emerson College), "B", 5%, 1/01/2042 | 4310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336277 |
| California Municipal Finance Authority Rev. (University of La Verne), "A", 5%, 6/01/2043 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554008 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462763 |
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172151 |
| California State University Systemwide Rev., "A", 3%, 11/01/2052 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458565 |
| Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), "E", 3%, 8/01/2051 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146406 |
|  |  | &nbsp;&nbsp;&nbsp;$22150925 |
| Universities - Dormitories – 3.8% | Universities - Dormitories – 3.8% | Universities - Dormitories – 3.8% |
| California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), "A", 5.75%, 7/01/2060 (n) | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1877793 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2035 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466925 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2040 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608665 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2045 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601101 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2050 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643885 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2055 | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804251 |
| California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), "A", 5%, 8/01/2057 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437083 |
| California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), "A", 5%, 6/01/2035 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226561 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652518 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2034 (n) | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366383 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2039 (n) | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451492 |
| California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), "A", 5%, 6/01/2051 (n) | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291466 |
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504341 |
| California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018205 |
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585850 |
| San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., "A", 5%, 7/01/2045 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470748 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Dormitories – continued | Universities - Dormitories – continued | Universities - Dormitories – continued |
| San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | $3250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1015778 |
|  |  | &nbsp;&nbsp;&nbsp;$18023045 |
| Utilities - Cogeneration – 0.5% | Utilities - Cogeneration – 0.5% | Utilities - Cogeneration – 0.5% |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039 (n) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$974787 |
| California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 (n) | 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2494615 |
| Utilities - Municipal Owned – 2.3% | Utilities - Municipal Owned – 2.3% | Utilities - Municipal Owned – 2.3% |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2039 | $&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$287710 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2044 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322967 |
| Los Angeles, CA, Department of Water & Power Water System Rev., "A", 5%, 7/01/2041 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106760 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550800 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876000 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131400 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72250 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36625 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333287 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 3.625%, 7/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452600 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54747 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32681 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69588 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208800 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238062 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84238 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260037 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203700 |
| Truckee Donner Public Utility District Electric System Rev., "A", 5%, 11/15/2037 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357225 |
| Vernon, CA, Electric System Rev., "A", 5%, 8/01/2039 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441165 |
| Vernon, CA, Electric System Rev., "A", 5%, 8/01/2040 | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377461 |
| Vernon, CA, Electric System Rev., "A", 5%, 8/01/2041 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433152 |
|  |  | &nbsp;&nbsp;&nbsp;$10663594 |
| Utilities - Other – 3.7% | Utilities - Other – 3.7% | Utilities - Other – 3.7% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $2735000 | &nbsp;&nbsp;&nbsp;&nbsp;$2851021 |
| California Community Choice Financing Authority, Clean Energy Project Rev., "A-1", 4%, 5/01/2053 (Put Date 8/01/2028) | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979305 |
| California Community Choice Financing Authority, Clean Energy Project Rev., "A-1", 5%, 12/01/2053 (Put Date 8/01/2029) | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210497 |
| California M-S-R Energy Authority Gas Rev., "A", 7%, 11/01/2034 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162510 |
| Southern California Public Power Authority (Natural Gas Project No. 1), "A", 5%, 11/01/2033 | 1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776333 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607992 |
|  |  | &nbsp;&nbsp;&nbsp;$17587658 |
| Water & Sewer Utility Revenue – 4.3% | Water & Sewer Utility Revenue – 4.3% | Water & Sewer Utility Revenue – 4.3% |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.625%, 9/01/2047 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1009220 |
| Cambria, CA, Community Services District Wastewater Rev., "A", AGM, 4.75%, 9/01/2052 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113818 |
| Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147775 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713579 |
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703557 |
| Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031 | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425889 |
| Santa Barbara County, CA, Solid Waste System Rev., COP, "B", 5%, 12/01/2036 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129521 |

---

------

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 |
| Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044 | $&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;$3187342 |
| Soquel Creek, CA, Water District, COP, 5%, 3/01/2043 (Prerefunded 3/01/2023) | &nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720600 |
| Truckee Donner Public Utility District Water System Rev., "A", 5%, 11/15/2042 | &nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310400 |
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804890 |
| Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$20143792 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$459878393** |
| 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;&nbsp;902000 | &nbsp;&nbsp;&nbsp;$772746 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;1869912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474501 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1247247** |
| 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;1039759 | &nbsp;&nbsp;&nbsp;$454895 |
| Investment Companies (h) – 2.4% | Investment Companies (h) – 2.4% | Investment Companies (h) – 2.4% |
| Money Market Funds – 2.4% | Money Market Funds – 2.4% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 11156530 | &nbsp;&nbsp;&nbsp;$11159877 |
| Other Assets, Less Liabilities – (0.1)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360126) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$472380286** |

---

(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 $11,159,877 and $461,580,535, 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 $55,901,387, representing 11.8% 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.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FGIC | Financial Guaranty Insurance Co. |
| 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;&nbsp;&nbsp;$460333288 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$460333288 |
| 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;1247247 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247247 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;11159877 | &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;11159877 |
| Total | &nbsp;&nbsp;&nbsp;$11159877 | &nbsp;&nbsp;&nbsp;$461580535 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$472740412 |

---

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;$35263326 | &nbsp;&nbsp;$175718013 | &nbsp;&nbsp;$199820540 | &nbsp;&nbsp;$(4271) | &nbsp;&nbsp;$3349 | &nbsp;&nbsp;$11159877 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$225805 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| California | 90.1% |
| Puerto Rico | 4.9% |
| Illinois | 0.6% |
| Alabama | 0.6% |
| Guam | 0.6% |
| Pennsylvania | 0.4% |
| Tennessee | 0.3% |
| Wisconsin | 0.3% |
| New Hampshire | 0.3% |
| Virginia | 0.3% |
| New Jersey | 0.2% |
| Texas | 0.1% |
| Minnesota | 0.1% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%.

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

(4) Russia and Ukraine Conflict

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $479362067.09

**Total Liabilities:** $6981794.35

**Net Assets:** $472380272.74

**Delayed Delivery Securities:** $5212950.00

**Cash Not Reported:** $54750.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -504.38670150 | **1-Year:** -13668.38602320 | **5-Year:** -72803.51331530 | **10-Year:** -127561.24283980 | **30-Year:** -39414.59131490

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

- **3-Month:** -274.71001190 | **1-Year:** -2772.33338890 | **5-Year:** -13389.73966700 | **10-Year:** -37312.25314710 | **30-Year:** -20328.15021310

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006980 | -1.70%               | 5.81%                | 0.01%                |
| Class ID C000006979 | -1.50%               | 5.83%                | -0.16%               |
| Class ID C000194244 | -1.47%               | 5.89%                | -0.05%               |
| Class ID C000169767 | -1.36%               | 5.88%                | -0.06%               |
| Class ID C000006978 | -1.44%               | 5.90%                | -0.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2565303.71             | $-5425671.44                               |
| Month 2  | $-2905168.12             | $28783830.84                               |
| Month 3  | $-1362251.00             | $144383.74                                 |

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Community Housing Agency                                             | California Community Housing Agency                                             | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1815131.34   | 0.38%             | 2056-02-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                             | Sacramento City Financing Authority                                             | CUSIP: 785849WM8<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531530.40    | 0.11%             | 2030-12-01      | 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        |    115000 | PA      | $84237.50     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Moreland School District                                                        | Moreland School District                                                        | CUSIP: 616794KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1215423.94   | 0.26%             | 2028-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                        | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    555000 | PA      | $466353.51    | 0.10%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CMFA Special Finance Agency XII                                                 | CMFA Special Finance Agency XII                                                 | CUSIP: 12574XAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1325367.20   | 0.28%             | 2057-02-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13033L6V4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044827.10   | 0.22%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048T2T9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554008.40   | 0.33%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                      | CUSIP: 544445F53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2727880.50   | 0.58%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Clean Water                                                      | Silicon Valley Clean Water                                                      | CUSIP: 82707BDB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3187341.63   | 0.67%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District CA                                         | Mount Diablo Unified School District                                            | CUSIP: 621196XD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3215500.50   | 0.68%             | 2030-08-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $500507.95    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518503.05    | 0.11%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garvey School District                                                          | Garvey School District                                                          | CUSIP: 366658NP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $1568807.42   | 0.33%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179PG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2122906.63   | 0.45%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                              | Norman Y Mineta San Jose International Airport SJC                              | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020483.20   | 0.43%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUF9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    430000 | PA      | $441428.41    | 0.09%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Financing Authority                                                      | Oxnard Financing Authority                                                      | CUSIP: 691878BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $425889.31    | 0.09%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paramount Unified School District                                               | Paramount Unified School District                                               | CUSIP: 699211PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1283546.95   | 0.27%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                        | Washington Township Health Care District                                        | CUSIP: 940204ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981575.10    | 0.21%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13081CAC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1585849.40   | 0.34%             | 2039-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAN6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $601101.24    | 0.13%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAR7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    450000 | PA      | $437083.34    | 0.09%             | 2057-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 130591BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $711513.53    | 0.15%             | 2040-06-01      | 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: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $7673.07      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                      | CUSIP: 544445GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1996433.93   | 0.42%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1566000 | PA      | $1020126.70   | 0.22%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Maria Bonita School District                                              | Santa Maria Bonita School District                                              | CUSIP: 802250CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1225900.63   | 0.26%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency               | CUSIP: 79770GCY0<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1134866.15   | 0.24%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Truckee Unified School District                                           | Tahoe-Truckee Unified School District                                           | CUSIP: 873884NM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539137.25    | 0.11%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048VUY2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176853.85    | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Bernardino City Unified School District                                     | San Bernardino City Unified School District                                     | CUSIP: 796711WJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $606671.94    | 0.13%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 130483ES5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3577239.60   | 0.76%             | 2036-11-01      | Fixed         | 4.00%                 | Yes           |                  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        |  11094142 | NS      | $11097470.56  | 2.35%             |  |  |  | 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        |    500000 | PA      | $508537.25    | 0.11%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CBK1<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $319098.36    | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YQG3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511696.15    | 0.11%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                                | Santa Cruz County Redevelopment Successor Agency                                | CUSIP: 80182YAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012737.10   | 0.21%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | CUSIP: 54465AHZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45611.55     | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mendocino-Lake Community College District                                       | Mendocino-Lake Community College District                                       | CUSIP: 58661PBT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1122901.52   | 0.24%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                         | Bay Area Toll Authority                                                         | CUSIP: 072024VJ8<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    855000 | PA      | $888304.90    | 0.19%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    765000 | PA      | $550800.00    | 0.12%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue           | Regents of the University of California Medical Center Pooled                   | CUSIP: 913366KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4655195.00   | 0.99%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                              | CUSIP: 68304RDE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $565918.70    | 0.12%             | 2038-11-01      | 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        |    902000 | PA      | $772745.98    | 0.16%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YPW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039171.20   | 0.22%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                             | Napa Valley Unified School District                                             | CUSIP: 6303614D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $2724198.92   | 0.58%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    430000 | PA      | $430257.36    | 0.09%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236945.05    | 0.05%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                | San Joaquin Hills Transportation Corridor Agency                                | CUSIP: 798111HD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $238853.58    | 0.05%             | 2044-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SVA9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    980000 | PA      | $963930.74    | 0.20%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                           | CSCDA Community Improvement Authority                                           | CUSIP: 126292AH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2317152.30   | 0.49%             | 2056-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NHA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $606932.25    | 0.13%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    970000 | PA      | $915996.41    | 0.19%             | 2038-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YNX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    940000 | PA      | $954711.19    | 0.20%             | 2048-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | City of Chicago                                                                 | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    255000 | PA      | $263883.21    | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard School District                                                          | Oxnard School District                                                          | CUSIP: 692020M80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2718283.74   | 0.58%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $31900.73     | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SC77<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925640.80    | 0.20%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cambria Community Services District Wastewater Revenue                          | Cambria Community Services District Wastewater                                  | CUSIP: 13201RAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1113817.98   | 0.24%             | 2052-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 130591BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $963111.55    | 0.20%             | 2050-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305847.78    | 0.06%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    238428 | PA      | $243962.58    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TS38<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    425000 | PA      | $436623.79    | 0.09%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     31000 | PA      | $22591.07     | 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        |    100000 | PA      | $72250.00     | 0.02%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                        | CUSIP: 76827QJC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2519683.56   | 0.53%             | 2047-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                     | San Diego County Regional Airport Authority                                     | CUSIP: 79739GGP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $672343.46    | 0.14%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAQ9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    825000 | PA      | $804251.25    | 0.17%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee-Donner Public Utility District Electric System Revenue                  | Truckee-Donner Public Utility District Electric System                          | CUSIP: 89781AAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1357224.63   | 0.29%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency               | San Francisco City & County Redevelopment Agency Successor Agency               | CUSIP: 79770GAW6<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772446.45    | 0.16%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UYH5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    650000 | PA      | $673785.26    | 0.14%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $415089.56    | 0.09%             | 2045-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     40000 | PA      | $42771.05     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View-Whisman School District                                           | Mountain View-Whisman School District                                           | CUSIP: 62451FME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5802421.60   | 1.23%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CBM7<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    600000 | PA      | $622868.82    | 0.13%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                       | City of Vernon                                                                  | CUSIP: 924397FH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $433152.26    | 0.09%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SWG5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4076007.20   | 0.86%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                            | Guam Power Authority                                                            | CUSIP: 400653HP9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    315000 | PA      | $322967.36    | 0.07%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13034AHY9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    830000 | PA      | $841641.08    | 0.18%             | 2035-11-01      | 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        |   1080000 | PA      | $958291.45    | 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        |    355000 | PA      | $260037.50    | 0.06%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $862239.95    | 0.18%             | 2048-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TKB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $530430.92    | 0.11%             | 2040-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   3121992 | PA      | $3121987.63   | 0.66%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                      | Delaware Valley Regional Finance Authority                                      | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $1856215.76   | 0.39%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAM8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $608664.96    | 0.13%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                      | Southern California Public Power Authority                                      | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1776333.35   | 0.38%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UMG0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042141.30   | 0.22%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048T4N0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036112.80   | 0.43%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TVD2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86464.34     | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District Alameda County                                  | Oakland Unified School District Alameda County                                  | CUSIP: 672325YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $878074.60    | 0.19%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2203766.78   | 0.47%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                             | California State Public Works Board                                             | CUSIP: 13068LCK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2127502.47   | 0.45%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048RAG2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2672625.30   | 0.57%             | 2044-10-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Oakland Unified School District Alameda County                                  | Oakland Unified School District Alameda County                                  | CUSIP: 672325YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $879618.40    | 0.19%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ceres Unified School District                                                   | Ceres Unified School District                                                   | CUSIP: 156753PW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $907073.13    | 0.19%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13035AAS8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    350000 | PA      | $357466.34    | 0.08%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048DAD0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    825000 | PA      | $782798.53    | 0.17%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                       | Golden State Tobacco Securitization Corp.                                       | CUSIP: 38122NZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2213711.20   | 0.47%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                            | Guam Power Authority                                                            | CUSIP: 400653HN4<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    280000 | PA      | $287709.80    | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                  | HTA CL 6 Trust                                                                  | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1192618 | PA      | $1176774.07   | 0.25%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pittsburg Successor Agency Redevelopment Agency                                 | Pittsburg Successor Agency Redevelopment Agency                                 | CUSIP: 86459LAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1398160.04   | 0.30%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YQH1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507699.50    | 0.11%             | 2049-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Community College District                                             | Imperial Community College District                                             | CUSIP: 452641JD6<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |    500000 | PA      | $316514.95    | 0.07%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SYV0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1554055.04   | 0.33%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fresno Joint Powers Financing Authority                                         | Fresno Joint Powers Financing Authority                                         | CUSIP: 358184PZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $851705.36    | 0.18%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                      | CUSIP: 544445GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1357603.25   | 0.29%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UNE4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2601309.83   | 0.55%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    114000 | PA      | $104585.64    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Inglewood Unified School District                                               | Inglewood Unified School District                                               | CUSIP: 457110NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2038413.66   | 0.43%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13034AHX1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    830000 | PA      | $842592.59    | 0.18%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cambria Community Services District Wastewater Revenue                          | Cambria Community Services District Wastewater                                  | CUSIP: 13201RAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009219.70   | 0.21%             | 2047-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048VUZ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $719687.55    | 0.15%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                         | City of Victorville                                                             | CUSIP: 92642CAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542228.65    | 0.11%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                               | California Housing Finance Agency, Class A                                      | CUSIP: 13033DAC9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2857157 | PA      | $2758444.03   | 0.58%             | 2033-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13035ABR9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $431952.70    | 0.09%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    475000 | PA      | $342000.00    | 0.07%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505338.75    | 0.11%             | 2038-10-01      | 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        |   1039759 | PA      | $454894.55    | 0.10%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5313336.00   | 1.12%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Maria Bonita School District                                              | Santa Maria Bonita School District                                              | CUSIP: 802250CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984918.00    | 0.21%             | 2042-08-01      | 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        |     45000 | PA      | $32681.25     | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CAN6<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1680731.36   | 0.36%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                       | City of Vernon                                                                  | CUSIP: 924397FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $441165.22    | 0.09%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                             | CUSIP: 13057EAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2507767.92   | 0.53%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $891250.01    | 0.19%             | 2038-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                        | New Hampshire Business Finance Authority                                        | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1352660 | PA      | $1306148.96   | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179RG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062434.70   | 0.22%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                         | Tobacco Securitization Authority of Southern California, Class 1                | CUSIP: 888804CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259473.83    | 0.05%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TX32<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038099.20   | 0.22%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     11000 | PA      | $10261.01     | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                       | Hastings Campus Housing Finance Authority                                       | CUSIP: 418338AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2470747.80   | 0.52%             | 2045-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $516990.92    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13049YAJ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $226561.34    | 0.05%             | 2035-06-01      | 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        |   1785000 | PA      | $1578181.51   | 0.33%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260635.54    | 0.06%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dublin Unified School District                                                  | Dublin Unified School District                                                  | CUSIP: 26362VMR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1913314.78   | 0.41%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080STN4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060900.80   | 0.44%             | 2057-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                      | City of Los Angeles Department of Airports                                      | CUSIP: 544445GV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1361864.59   | 0.29%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179RC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $669333.86    | 0.14%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ceres Unified School District                                                   | Ceres Unified School District                                                   | CUSIP: 156753PX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $940588.08    | 0.20%             | 2047-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indio Finance Authority                                                         | Indio Finance Authority                                                         | CUSIP: 45571LDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3735000 | PA      | $4112888.25   | 0.87%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District CA                                            | San Diego Unified School District                                               | CUSIP: 797355W34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $685412.77    | 0.15%             | 2034-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $787373.84    | 0.17%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3031829.40   | 0.64%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Union High School District                                               | Oxnard Union High School District                                               | CUSIP: 692039TM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045832.87   | 0.22%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048T6J7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4310000 | PA      | $4336276.78   | 0.92%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | CUSIP: 54465AJV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233125.72    | 0.05%             | 2023-09-01      | 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        |    500000 | PA      | $401341.60    | 0.08%             | 2035-01-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2991771.90   | 0.63%             | 2041-10-01      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | CUSIP: 54465AJP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65883.36     | 0.01%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                    | Mount San Antonio Community College District                                    | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4455498.00   | 0.94%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                  | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107RX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070890.80   | 0.44%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abag Finance Authority for Nonprofit Corps.                                     | Abag Finance Authority for Nonprofit Corps.                                     | CUSIP: 00037CUQ1<br>LEI: 549300EWVCCTI6O2KU84 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1239333.31   | 0.26%             | 2035-11-15      | 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        |     50000 | PA      | $36000.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                     | San Diego County Regional Airport Authority                                     | CUSIP: 79739GGN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $677548.28    | 0.14%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Rafael City Elementary School District                                      | San Rafael City Elementary School District                                      | CUSIP: 799306PH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2516411.20   | 0.53%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SSE5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1884620.24   | 0.40%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $146000.00    | 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        |     55000 | PA      | $54746.56     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                | San Joaquin Hills Transportation Corridor Agency                                | CUSIP: 798111GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294704.19    | 0.06%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Barbara CA                                                      | County of Santa Barbara                                                         | CUSIP: 80136PCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2129521.00   | 0.45%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                        | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    305000 | PA      | $250659.00    | 0.05%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency                                                     | CMFA Special Finance Agency                                                     | CUSIP: 12574WAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2472137.40   | 0.52%             | 2056-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $472726.38    | 0.10%             | 2044-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                             | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $701332.61    | 0.15%             | 2036-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lake Elsinore Public Financing Authority                                        | Lake Elsinore Public Financing Authority                                        | CUSIP: 509632NA9<br>LEI: 549300C5MCDOVNPOX172 | Long             | DBT              | MUN               | US        |    920000 | PA      | $943133.40    | 0.20%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048T5H2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1441279.07   | 0.31%             | 2047-07-01      | 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        |     95000 | PA      | $69587.50     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TJM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $554367.44    | 0.12%             | 2058-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                       | Golden State Tobacco Securitization Corp.                                       | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4106867.60   | 0.87%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TVL4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $167859.66    | 0.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                         | Tobacco Securitization Authority of Southern California, Class 1                | CUSIP: 888804CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773001.53    | 0.16%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 130493CL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4214970.40   | 0.89%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                             | California Community Housing Agency                                             | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1995946.80   | 0.42%             | 2056-08-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SPM0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1944480.04   | 0.41%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lucia Mar Unified School District                                               | Lucia Mar Unified School District                                               | CUSIP: 54947THN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2151581.53   | 0.46%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program           | Department of Veterans Affairs Veteran's Farm & Home Purchase Program           | CUSIP: 130658ST5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071749.40   | 0.23%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District                                        | Washington Township Health Care District                                        | CUSIP: 940204GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $348923.80    | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014733.00   | 0.21%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUD4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    635000 | PA      | $656758.66    | 0.14%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                             | State of California                                                             | CUSIP: 13063DUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2265498.40   | 0.48%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $443648.96    | 0.09%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                     | California State University                                                     | CUSIP: 13077DRU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1458565.20   | 0.31%             | 2052-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13033L6R3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    750000 | PA      | $782377.65    | 0.17%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Finance Authority                                       | Hastings Campus Housing Finance Authority                                       | CUSIP: 418338AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $1015777.43   | 0.22%             | 2061-07-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CBJ4<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $321660.60    | 0.07%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998855.00   | 0.42%             | 2051-07-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Pomona Unified School District                                                  | Pomona Unified School District                                                  | CUSIP: 732098RB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $67795.66     | 0.01%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TVG5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    415000 | PA      | $417072.80    | 0.09%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                   | Doylestown Hospital Authority                                                   | CUSIP: 261333FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $57684.82     | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Community College District                                             | Imperial Community College District                                             | CUSIP: 452641HM8<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |    465000 | PA      | $460199.01    | 0.10%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palomar Health                                                                  | Palomar Health                                                                  | CUSIP: 697528AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047679.60   | 0.43%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                 | Riverside County Redevelopment Successor Agency                                 | CUSIP: 76913AAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1428537.34   | 0.30%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930360.10    | 0.20%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SSC9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    735000 | PA      | $696982.49    | 0.15%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36625.00     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois                                                               | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    440000 | PA      | $454116.39    | 0.10%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YRL1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1781848.80   | 0.38%             | 2040-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Modesto Elementary School District                                              | Modesto Elementary School District                                              | CUSIP: 607735CY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $130070.13    | 0.03%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1200000 | PA      | $876000.00    | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                                | California Community College Financing Authority                                | CUSIP: 13012TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1877792.40   | 0.40%             | 2060-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                              | CUSIP: 68304RDF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $788110.82    | 0.17%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| College of the Sequoias Tulare Area Improvement District No. 3                  | College of the Sequoias Tulare Area Improvement District No. 3                  | CUSIP: 19428UFY8<br>LEI: 549300RQ29ZSYQO3DD55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $146405.78    | 0.03%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    383721 | PA      | $322935.26    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080KAN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1271297.31   | 0.27%             | 2047-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                    | Mount San Antonio Community College District                                    | CUSIP: 623040KE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $847566.74    | 0.18%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                        | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    960000 | PA      | $790636.22    | 0.17%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048T4P5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010236.90   | 0.21%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13049AAG8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753233.33    | 0.16%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAP1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    650000 | PA      | $643885.13    | 0.14%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                    | City of Long Beach                                                              | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570899.15   | 0.33%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SC36<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479963.65    | 0.10%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1281363.00   | 0.27%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $537451.11    | 0.11%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                    | Los Angeles Department of Water & Power Water System Revenue                    | CUSIP: 544525UG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3106760.10   | 0.66%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis Joint Unified School District                                             | Davis Joint Unified School District                                             | CUSIP: 238848EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $984780.88    | 0.21%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $182743.39    | 0.04%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $293939.10    | 0.06%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CAP1<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    700000 | PA      | $732769.38    | 0.16%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moorpark Unified School District                                                | Moorpark Unified School District                                                | CUSIP: 616259FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $335514.80    | 0.07%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1279998.07   | 0.27%             | 2030-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SWN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    475000 | PA      | $451492.39    | 0.10%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                 | Riverside County Redevelopment Successor Agency                                 | CUSIP: 76913ADK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1153983.05   | 0.24%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13081KAU4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553594.40   | 0.33%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                | San Joaquin Hills Transportation Corridor Agency                                | CUSIP: 798111GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $306764.80    | 0.06%             | 2039-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                          | Santa Clara County Financing Authority                                          | CUSIP: 801577QU4<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   5270000 | PA      | $4371559.33   | 0.93%             | 2039-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078RGG9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018205.00   | 0.22%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TP49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504304.55   | 0.32%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SYW8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $626730.33    | 0.13%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                  | Tennergy Corp.                                                                  | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1607992.34   | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CAL0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1284186.72   | 0.27%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee-Donner Public Utility District Water System Revenue                     | Truckee-Donner Public Utility District Water System                             | CUSIP: 897819AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2310399.86   | 0.49%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SWP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1291466.30   | 0.27%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13033L7M3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    700000 | PA      | $739249.42    | 0.16%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     40000 | PA      | $42252.18     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DNS4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1556006.83   | 0.33%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YRH0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    505000 | PA      | $422472.85    | 0.09%             | 2050-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Monterey County Joint Union High School District                          | South Monterey County Joint Union High School District                          | CUSIP: 83887TBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2375977.39   | 0.50%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                        | CUSIP: 76827QJB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987175.70    | 0.21%             | 2042-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13035ADB2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2688358.73   | 0.57%             | 2052-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1314759.28   | 0.28%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority                                 | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5210497.50   | 1.10%             | 2053-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUZ5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $430512.06    | 0.09%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                | CMFA Special Finance Agency VIII                                                | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2300525.10   | 0.49%             | 2047-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZC9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9938.73      | 0.00%             | 2023-07-01      | Fixed         | 3.62%                 | 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        |    186000 | PA      | $161371.78    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13078YPX7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023392.30   | 0.22%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                            | Guam Government Waterworks Authority                                            | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    720000 | PA      | $713578.54    | 0.15%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SAT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504341.30   | 0.32%             | 2043-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                  | CUSIP: 79771HAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99880.86     | 0.02%             | 2026-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                     | San Diego County Regional Airport Authority                                     | CUSIP: 79739GJY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1116974.33   | 0.24%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                  | CUSIP: 79771HAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $653137.87    | 0.14%             | 2036-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Oxnard Financing Authority                                                      | Oxnard Financing Authority                                                      | CUSIP: 691878BT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1703557.24   | 0.36%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                               | Jurupa Public Financing Authority                                               | CUSIP: 482085EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1716678.65   | 0.36%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SYX6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1900951.80   | 0.40%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Sands Unified School District                                            | Sierra Sands Unified School District                                            | CUSIP: 826482CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $807120.97    | 0.17%             | 2033-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012408.30   | 0.21%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sacramento CA North Natomas Community Facilities District No. 4         | City of Sacramento CA North Natomas Community Facilities District No. 4         | CUSIP: 661253CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $772538.85    | 0.16%             | 2033-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                                            | Minnesota Office of Higher Education                                            | CUSIP: 60416MBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $249836.02    | 0.05%             | 2038-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| City of Upland CA                                                               | City of Upland                                                                  | CUSIP: 915346GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015688.50   | 0.22%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    280000 | PA      | $203700.00    | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                              | Norman Y Mineta San Jose International Airport SJC                              | CUSIP: 798136VP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038442.10   | 0.22%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TW82<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1253407.54   | 0.27%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $717398.81    | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SDC5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1171553.63   | 0.25%             | 2044-11-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $417115.88    | 0.09%             | 2040-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                  | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107RY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031640.10   | 0.22%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    315000 | PA      | $321716.15    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TEW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $749334.78    | 0.16%             | 2047-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority                                                        | CUSIP: 74446HAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82829.37     | 0.02%             | 2037-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California Educational Facilities Authority                                     | California Educational Facilities Authority                                     | CUSIP: 130179KL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922486.70    | 0.20%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TKC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986565.70    | 0.21%             | 2050-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048VJF6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2172151.25   | 0.46%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Unified School District                                            | Garden Grove Unified School District                                            | CUSIP: 3652984E5<br>LEI: 5493003B67I0BLYG4P22 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2923064.10   | 0.62%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Huntington Beach Community Facilities District                                  | Huntington Beach Community Facilities District                                  | CUSIP: 446188DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009096.50   | 0.21%             | 2031-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                 | California Community Choice Financing Authority                                 | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3979304.80   | 0.84%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                            | San Diego Community College District                                            | CUSIP: 797272GR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2294283.60   | 0.49%             | 2033-08-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884201.50    | 0.19%             | 2046-06-01      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    171000 | PA      | $138342.01    | 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        |    242360 | PA      | $246932.65    | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080STL8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030450.40   | 0.22%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    244575 | PA      | $246418.66    | 0.05%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                       | City of Vernon                                                                  | CUSIP: 924397FG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $377460.55    | 0.08%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1524000 | PA      | $886515.83    | 0.19%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUX0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    435000 | PA      | $437459.27    | 0.09%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $980684.00    | 0.21%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                  | Black Belt Energy Gas District                                                  | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2851020.61   | 0.60%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SUE2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    455000 | PA      | $468294.69    | 0.10%             | 2037-08-01      | 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        |    620000 | PA      | $452600.00    | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    455000 | PA      | $333287.50    | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                        | River Islands Public Financing Authority                                        | CUSIP: 76827QGQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4757008.50   | 1.01%             | 2047-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    169415 | PA      | $138592.67    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  13175000 | PA      | $3246210.65   | 0.69%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                              | City of Chicago                                                                 | CUSIP: 167486F46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    810000 | PA      | $825573.14    | 0.17%             | 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        |    230339 | PA      | $180355.07    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    730000 | PA      | $657611.81    | 0.14%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                               | San Diego Unified School District                                               | CUSIP: 797356FU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2055492.80   | 0.44%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                             | Sacramento City Financing Authority                                             | CUSIP: 785849WP1<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $583968.77    | 0.12%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Union High School District                                               | Oxnard Union High School District                                               | CUSIP: 692039TL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402862.08    | 0.09%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                     | California Enterprise Development Authority                                     | CUSIP: 13069BAL0<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    450000 | PA      | $466924.77    | 0.10%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Truckee Unified School District                                           | Tahoe-Truckee Unified School District                                           | CUSIP: 873884NP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1181987.01   | 0.25%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   4615000 | PA      | $4190096.95   | 0.89%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TJK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1067154.53   | 0.23%             | 2040-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    170000 | PA      | $173151.56    | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032URM2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039316.80   | 0.22%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                               | Territory of Guam                                                               | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    390000 | PA      | $339888.98    | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Tahoe Unified School District                                              | Lake Tahoe Unified School District                                              | CUSIP: 511012LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1222601.24   | 0.26%             | 2045-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1657481.60   | 0.35%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                | California Pollution Control Financing Authority                                | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1519827.76   | 0.32%             | 2045-11-21      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Fresno Joint Powers Financing Authority                                         | Fresno Joint Powers Financing Authority                                         | CUSIP: 358184PW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079471.00   | 0.23%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                             | CUSIP: 13057EFP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1886982.80   | 0.40%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                           | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1869912 | PA      | $474501.50    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Beverly Hills Unified School District CA                                        | Beverly Hills Unified School District                                           | CUSIP: 088023HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $3513659.25   | 0.74%             | 2029-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                             | California Public Finance Authority                                             | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1052023.75   | 0.22%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport    | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DMA4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2663269.68   | 0.56%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    282606 | PA      | $152765.67    | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                         | City of Victorville                                                             | CUSIP: 92642CAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $629685.70    | 0.13%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TW66<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    625000 | PA      | $661197.56    | 0.14%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                | California Pollution Control Financing Authority                                | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974787.30    | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UXG8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1422719.61   | 0.30%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                 | California County Tobacco Securitization Agency                                 | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $1961368.00   | 0.42%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                      | Riverside County Transportation Commission                                      | CUSIP: 76912DAA6<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1699652.98   | 0.36%             | 2044-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    325000 | PA      | $238062.50    | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                              | CUSIP: 68304RDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1004585.94   | 0.21%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tahoe-Truckee Unified School District                                           | Tahoe-Truckee Unified School District                                           | CUSIP: 873884NN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1504104.14   | 0.32%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SM84<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5268580.50   | 1.12%             | 2057-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Marina System Revenue                                     | City of Long Beach CA Marina System Revenue                                     | CUSIP: 542426CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1374973.24   | 0.29%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sweetwater Union High School District                                           | Sweetwater Union High School District                                           | CUSIP: 870462TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1947710.20   | 0.41%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TR70<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1325167.55   | 0.28%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                             | California Community Housing Agency                                             | CUSIP: 13013FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2444378.70   | 0.52%             | 2043-02-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                         | Tobacco Securitization Authority of Southern California, Class I                | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4289473.15   | 0.91%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Transbay Joint Powers Authority                                                 | Transbay Joint Powers Authority                                                 | CUSIP: 89356CBL9<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262668.50    | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg Successor Agency Redevelopment Agency                                 | Pittsburg Successor Agency Redevelopment Agency                                 | CUSIP: 86459LAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $673249.79    | 0.14%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Airport System Revenue                                    | City of Long Beach                                                              | CUSIP: 542403DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037123.90   | 0.22%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto Elementary School District                                              | Modesto Elementary School District                                              | CUSIP: 607735CZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $77886.74     | 0.02%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52917.39     | 0.01%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Fillmore CA Wastewater Revenue                                          | City of Fillmore CA Wastewater Revenue                                          | CUSIP: 317109AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3147775.50   | 0.67%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SC51<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948729.70    | 0.20%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989901.40    | 0.21%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| West Contra Costa Unified School District                                       | West Contra Costa Unified School District                                       | CUSIP: 9523476K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3365000 | PA      | $2579196.11   | 0.55%             | 2046-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                 | Riverside County Redevelopment Successor Agency                                 | CUSIP: 76913ADJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $938685.94    | 0.20%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                          | M-S-R Energy Authority                                                          | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2162509.65   | 0.46%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UYJ1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023961.00   | 0.22%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rancho Cucamonga CA Community Facilities District                       | City of Rancho Cucamonga CA Community Facilities District                       | CUSIP: 752117PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009333.80   | 0.21%             | 2033-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TR88<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    850000 | PA      | $879337.67    | 0.19%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    180000 | PA      | $131400.00    | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SMK7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $191655.28    | 0.04%             | 2046-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sierra View Local Health Care District CA                                       | Sierra View Local Health Care District                                          | CUSIP: 82650PDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $689887.81    | 0.15%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois                                                               | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    410000 | PA      | $425833.09    | 0.09%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Upland CA                                                               | City of Upland                                                                  | CUSIP: 915346GA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903383.10    | 0.19%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                             | Stockton Public Financing Authority                                             | CUSIP: 86139TAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1520246.98   | 0.32%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    235000 | PA      | $169200.00    | 0.04%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                         | Bay Area Toll Authority                                                         | CUSIP: 072024VH2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2985000 | PA      | $3114581.84   | 0.66%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                  | CUSIP: 79771HAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $196746.66    | 0.04%             | 2031-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TVK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    205000 | PA      | $209049.94    | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Union High School District                                               | Oxnard Union High School District                                               | CUSIP: 692039TN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989675.30    | 0.21%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    385000 | PA      | $346822.67    | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Marin Community College District                                                | Marin Community College District                                                | CUSIP: 56781RJB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057207.00   | 0.22%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Soquel Creek Water District                                                     | Soquel Creek Water District                                                     | CUSIP: 83581PBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1720600.16   | 0.36%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                              | Matching Fund Special Purpose Securitization Corp.                              | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    205000 | PA      | $210394.39    | 0.04%             | 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        |    290000 | PA      | $208800.00    | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                           | CSCDA Community Improvement Authority                                           | CUSIP: 126292BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1391133.40   | 0.29%             | 2057-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp. Sales Tax                                 | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    382000 | PA      | $337667.83    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 130591BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1190877.03   | 0.25%             | 2030-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Tulare CA Sewer Revenue                                                 | City of Tulare CA Sewer Revenue                                                 | CUSIP: 899124KN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $877201.10    | 0.19%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SC44<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $476818.20    | 0.10%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tulare CA Sewer Revenue                                                 | City of Tulare CA Sewer Revenue                                                 | CUSIP: 899124KJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1804890.17   | 0.38%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048TVE0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    315000 | PA      | $318536.41    | 0.07%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    219601 | PA      | $190407.18    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $451580.58    | 0.10%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                             | California School Finance Authority                                             | CUSIP: 13059TFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1056545.18   | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Rancho Cucamonga Redevelopment Agency Successor Agency                          | Rancho Cucamonga Redevelopment Agency Successor Agency                          | CUSIP: 75212CAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2720254.69   | 0.58%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                          | California Statewide Communities Development Authority                          | CUSIP: 13080SWM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $366382.80    | 0.08%             | 2034-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13048VJE9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462763.20    | 0.10%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                           | California Infrastructure & Economic Development Bank                           | CUSIP: 13035AAR0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308582.43    | 0.07%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 | Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 | CUSIP: 34440TCP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2465000 | PA      | $2504701.78   | 0.53%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marin Community College District                                                | Marin Community College District                                                | CUSIP: 56781RJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2114414.00   | 0.45%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montebello Unified School District                                              | Montebello Unified School District                                              | CUSIP: 612289TD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1487374.20   | 0.31%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority                                          | CUSIP: 13049YBF7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2652518.07   | 0.56%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No. 2020-1               | City & County of San Francisco                                                  | CUSIP: 79771HAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1269786.40   | 0.27%             | 2051-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    765550 | PA      | $573922.65    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                             | Sacramento City Financing Authority                                             | CUSIP: 785849WN6<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062293.50   | 0.22%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Lake Tahoe Public Financing Authority                                     | North Lake Tahoe Public Financing Authority                                     | CUSIP: 66038WBJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4425000 | PA      | $4996689.20   | 1.06%             | 2047-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                | California Health Facilities Financing Authority                                | CUSIP: 13032UYK8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019904.60   | 0.22%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     73327 | PA      | $67961.07     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                              | Ontario Public Financing Authority                                              | CUSIP: 68304RDD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $342178.23    | 0.07%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee Lake Public Financing Authority                                             | Lee Lake Public Financing Authority                                             | CUSIP: 523831AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013830.60   | 0.21%             | 2035-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Victorville CA Electric Revenue                                         | City of Victorville                                                             | CUSIP: 92642CAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $779487.09    | 0.17%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                     | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    497583 | PA      | $514485.00    | 0.11%             | 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