# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007831
**Filing Date:** 2025-11
**Character Count:** 146856
**Document Hash:** 2add22289a6aff9592c9220cb8eceee6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007831.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007831

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251530039

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $522599776.72

**Total Liabilities:** $10084325.08

**Net Assets:** $512515451.64

**Delayed Delivery Securities:** $8386143.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -681.47429870 | **1-Year:** -15578.45722000 | **5-Year:** -66995.03030230 | **10-Year:** -199225.73850650 | **30-Year:** -85191.07725460

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

- **3-Month:** -103.78653530 | **1-Year:** -2506.04211740 | **5-Year:** -6797.24524710 | **10-Year:** -12911.21556730 | **30-Year:** -5450.74177120

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006962 | -0.86%               | 0.77%                | 3.07%                |
| Class ID C000194230 | -0.83%               | 0.90%                | 3.08%                |
| Class ID C000006963 | -0.92%               | 0.80%                | 3.01%                |
| Class ID C000006964 | -0.92%               | 0.71%                | 3.11%                |
| Class ID C000169760 | -0.84%               | 0.88%                | 3.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-45061.84               | $-5339296.87                               |
| Month 2  | $-44222.22               | $2469532.76                                |
| Month 3  | $17860.80                | $13777505.43                               |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616129AA0<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199990.32    | 0.04%             | 2040-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052363.20   | 0.40%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    830000 | PA      | $735034.22    | 0.14%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $436500.00    | 0.09%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025B                                                                       | CUSIP: 584002C23<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3977053.20   | 0.78%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2232592.93   | 0.44%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565199.30   | 0.31%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207XH3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1127965.93   | 0.22%             | 2044-07-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YNG7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $743571.60    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853UF2<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3163404.00   | 0.62%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $8114.14      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4566285.50   | 0.89%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1584000 | PA      | $1295707.41   | 0.25%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548945.45   | 0.30%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMR4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2186610.14   | 0.43%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $220964.44    | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    685000 | PA      | $639429.48    | 0.12%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2023B                                                                           | CUSIP: 161036WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2363664.00   | 0.46%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |  15986885 | NS      | $15988483.58  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T70<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4965000 | PA      | $5066819.24   | 0.99%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBQ4<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1446751.80   | 0.28%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REN3<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2389374.90   | 0.47%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    510000 | PA      | $369399.94    | 0.07%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DSN2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500514.00   | 0.49%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4236254.40   | 0.83%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    720000 | PA      | $493200.00    | 0.10%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HG7<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2075912.98   | 0.41%             | 2044-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077M1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990537.00   | 0.39%             | 2044-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034773.00   | 0.40%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2023A                                         | CUSIP: 658262GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2929125.00   | 0.57%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1746269.92   | 0.34%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1475340.45   | 0.29%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207X42<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4515000 | PA      | $4858789.71   | 0.95%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1701746.35   | 0.33%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFJ1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $796458.30    | 0.16%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1325000 | PA      | $1336849.08   | 0.26%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025A                                                      | CUSIP: 65821DZU8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2380538.48   | 0.46%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYS4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967115.00    | 0.19%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                                       | University of North Carolina System                                                                       | CUSIP: 91472AAU9<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2584108.45   | 0.50%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3291659.70   | 0.64%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719VB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1769983.95   | 0.35%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     31000 | PA      | $27424.17     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FP2<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1497812.96   | 0.29%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z82<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2641944.90   | 0.52%             | 2039-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $957878.16    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    815000 | PA      | $817557.63    | 0.16%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080772.20   | 0.41%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority                           | Cumberland County Industrial Facilities & Pollution Control Financing Authority, Series 2024              | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000871.80   | 1.17%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                                               | City of High Point, Series 2025                                                                           | CUSIP: 429749JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1564411.65   | 0.31%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024B                                                                          | CUSIP: 12677RFH5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1016371.09   | 0.20%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076586.20   | 0.21%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte                                                                                         | CUSIP: 161036QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988847.20    | 0.19%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2347512.25   | 0.46%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Scotland NC                                                                                     | County of Scotland                                                                                        | CUSIP: 809323BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048736.50   | 0.20%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                                          | Raleigh Durham Airport Authority                                                                          | CUSIP: 751073LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030688.20   | 0.40%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 D                                             | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2531664.25   | 0.49%             | 2048-01-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3717860.30   | 0.73%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTN6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1393696.36   | 0.27%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                              | New York City Transitional Finance Authority, Series FISCAL 2024F SUB F-1                                 | CUSIP: 64972JGX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $4895111.17   | 0.96%             | 2054-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSS6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2407341.60   | 0.47%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1687269.69   | 0.33%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $725904.68    | 0.14%             | 2044-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCK3<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051139.80   | 0.40%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270535.65    | 0.05%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2356067.50   | 0.46%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GY7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1897726.94   | 0.37%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $49923.94     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXS5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967848.60   | 0.38%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RCG2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3111689.40   | 0.61%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    105000 | PA      | $102577.41    | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FL5<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2550857.74   | 0.50%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority                             | Columbus County Industrial Facilities & Pollution Control Financing Authority, Series 2020A               | CUSIP: 199048AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024357.20   | 0.20%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 54-A                                                        | CUSIP: 6582077Q2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2216201.72   | 0.43%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1275813.58   | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                                                  | Barbers Hill Independent School District, Series 2024                                                     | CUSIP: 067167D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903360.80   | 0.37%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2433381.84   | 0.47%             | 2042-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                                         | County of Wake                                                                                            | CUSIP: 930876GE1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1747199.03   | 0.34%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2025                                                                            | CUSIP: 161045TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2234734.80   | 0.44%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YQW9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1146455.82   | 0.22%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1689758.99   | 0.33%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham, Series 2023                                                                               | CUSIP: 26678PHF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021365.00   | 0.39%             | 2043-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1597304.83   | 0.31%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005232.80   | 0.20%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DVM0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010926.00   | 0.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1968880.51   | 0.38%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSC1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1782540.60   | 0.35%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1276855 | PA      | $1262265.05   | 0.25%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DWM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4386544.00   | 0.86%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRP3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1843779.00   | 0.36%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $678961.71    | 0.13%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $952129.81    | 0.19%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T88<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1317497.26   | 0.26%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072E4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2923774.79   | 0.57%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 52-A                                                        | CUSIP: 6582074E2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5209853.76   | 1.02%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65818PLF4<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1273324.85   | 0.25%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $336767.52    | 0.07%             | 2044-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YPD2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1812139.40   | 0.35%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2024                                                                              | CUSIP: 800618CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2583866.73   | 0.50%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSM9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $861515.60    | 0.17%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Guilford NC                                                                                     | County of Guilford, Series 2025                                                                           | CUSIP: 401784X73<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3899988.80   | 0.76%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2329964.25   | 0.45%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017588.80   | 0.20%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAL4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1545423.95   | 0.30%             | 2043-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4942524 | PA      | $5060861.14   | 0.99%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067950.10   | 0.21%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Water and Sewer Authority of Cabarrus County                                                              | Water and Sewer Authority of Cabarrus County, Series 2024                                                 | CUSIP: 12677TAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5637527.40   | 1.10%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                                         | City of Charlotte, Series 2024                                                                            | CUSIP: 161045TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5296209.50   | 1.03%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University Foundation LLC                                                             | Winston-Salem State University Foundation LLC                                                             | CUSIP: 975706GT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2510402.78   | 0.49%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024C                                                                       | CUSIP: 36106QDJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1188467.88   | 0.23%             | 2049-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC                                                                                     | County of Johnston, Series 2025                                                                           | CUSIP: 479354FQ0<br>LEI: 5493003J6KNUY7E7SF98 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1487848.85   | 0.29%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1406873.24   | 0.27%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6100599.60   | 1.19%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $419716.42    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA                                                                                   | City of Cartersville                                                                                      | CUSIP: 146441CV0<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $1560395.15   | 0.30%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte, Series 2025A                                                                           | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3208638.30   | 0.63%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Clayton NC Water & Sewer Revenue                                                                  | Town of Clayton                                                                                           | CUSIP: 184383AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2607151.25   | 0.51%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973210.40    | 0.19%             | 2044-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069290.50   | 0.21%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                                            | Charlotte-Mecklenburg Hospital Authority (The)                                                            | CUSIP: 160853SX6<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009179.40   | 0.59%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series B                                                               | CUSIP: 65830RDD8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1961295.00   | 0.38%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Asheville (The)                                                           | University of North Carolina at Asheville (The)                                                           | CUSIP: 914710JE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1431061.55   | 0.28%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207YP4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2158503.23   | 0.42%             | 2043-07-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Shelby NC                                                                                         | City of Shelby, Series BDS 2024                                                                           | CUSIP: 821870AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2594893.98   | 0.51%             | 2040-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Henderson NC                                                                                    | County of Henderson, Series 2025                                                                          | CUSIP: 424898GS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $603981.00    | 0.12%             | 2045-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $398013.53    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Appalachian State University                                                                              | Appalachian State University                                                                              | CUSIP: 037777YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3067214.70   | 0.60%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1221463.77   | 0.24%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                                              | Greater Asheville Regional Airport Authority                                                              | CUSIP: 39160CBM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023089.00   | 0.20%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Brunswick NC Enterprise Systems Revenue                                                         | County of Brunswick, Series 2023                                                                          | CUSIP: 117068JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2398622.16   | 0.47%             | 2049-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBR2<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    400000 | PA      | $381634.48    | 0.07%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    475000 | PA      | $325375.00    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC                                                                                         | City of Durham                                                                                            | CUSIP: 26678PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1293635.34   | 0.25%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1557143.37   | 0.30%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    344225 | PA      | $335712.14    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    715000 | PA      | $572000.00    | 0.11%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Mebane NC Combined Utilities Revenue                                                              | City of Mebane, Series 2024                                                                               | CUSIP: 583445AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2512751.09   | 0.49%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Durham NC Water & Sewer Utility System Revenue                                                    | City of Durham, Series 2024                                                                               | CUSIP: 266818DQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2366019.75   | 0.46%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority, Series A                                                               | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5120737.50   | 1.00%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Carolina University                                                                               | Western Carolina University                                                                               | CUSIP: 957897KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3739962.22   | 0.73%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $296896.85    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025 A                                                     | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1975982.00   | 0.39%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series 2025A                                                                                    | CUSIP: 45753CAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080318.80   | 0.41%             | 2043-02-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207Q65<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2558747.84   | 0.50%             | 2052-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4580417.50   | 0.89%             | 2053-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham                                                                                          | CUSIP: 266713AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $929237.66    | 0.18%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2076897.14   | 0.41%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Chatham NC                                                                                      | County of Chatham                                                                                         | CUSIP: 16207RDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1766802.28   | 0.34%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1152513.54   | 0.22%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1559476.37   | 0.30%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $554474.25    | 0.11%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $797412.30    | 0.16%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Durham NC                                                                                       | County of Durham, Series 2024 A                                                                           | CUSIP: 266713BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1405420.98   | 0.27%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   4935000 | PA      | $4793046.21   | 0.94%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207ZW8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2183657.32   | 0.43%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greensboro NC Combined Water & Sewer System Revenue                                               | City of Greensboro                                                                                        | CUSIP: 395468NJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4212348.34   | 0.82%             | 2048-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 1610373S3<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   4425000 | PA      | $3311877.09   | 0.65%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                                      | City of Charlotte                                                                                         | CUSIP: 161037Z33<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2348969.75   | 0.46%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2581224.73   | 0.50%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830UAC6<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003375.60   | 0.39%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DTH4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502020.95   | 0.29%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YTP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1625473.73   | 0.32%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 51                                                          | CUSIP: 6582072F1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3615000 | PA      | $3865548.06   | 0.75%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Iredell NC                                                                                      | County of Iredell, Series 2025                                                                            | CUSIP: 46267VBS0<br>LEI: 549300NE65QUOJ0ETV20 | Long             | DBT              | MUN               | US        |    235000 | PA      | $223393.91    | 0.04%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    154000 | PA      | $142975.34    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    605000 | PA      | $605019.48    | 0.12%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jarrell Independent School District                                                                       | Jarrell Independent School District, Series 2023                                                          | CUSIP: 471146XB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $2995959.72   | 0.58%             | 2053-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Holly Springs NC                                                                                  | Town of Holly Springs, Series 2024                                                                        | CUSIP: 436084AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2287904.25   | 0.45%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                                                       | North Carolina State Education Assistance Authority, Series 2025A                                         | CUSIP: 658262HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094945.80   | 0.41%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    115000 | PA      | $113224.77    | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240002.95    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    255000 | PA      | $275750.12    | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Fuquay-Varina NC Combined Utilities Revenue                                                       | Town of Fuquay-Varina, Series 2024A                                                                       | CUSIP: 36106QBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $687413.68    | 0.13%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024 A                                                     | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1981102.20   | 0.39%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                                                  | County of New Hanover                                                                                     | CUSIP: 644804FH4<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577850.15   | 0.31%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida State Board of Governors                                                                          | Florida State Board of Governors, Series 2024A                                                            | CUSIP: 34157NAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $4640027.89   | 0.91%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1345425.45   | 0.26%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1762330.55   | 0.34%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                                      | County of Harnett, Series 2025                                                                            | CUSIP: 41333TDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $608084.88    | 0.12%             | 2045-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    425000 | PA      | $428351.08    | 0.08%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396290DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308032.74    | 0.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2025                                                       | CUSIP: 65820YUN4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $360730.91    | 0.07%             | 2055-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                                     | County of Buncombe                                                                                        | CUSIP: 120525GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1493072.04   | 0.29%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGT6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    525000 | PA      | $529124.40    | 0.10%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    430000 | PA      | $374494.35    | 0.07%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Fayetteville NC Public Works Commission Revenue                                                   | City of Fayetteville, Series 2023                                                                         | CUSIP: 312805NQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2306506.50   | 0.45%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1114226.89   | 0.22%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $480189.15    | 0.09%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1515000 | PA      | $1137787.27   | 0.22%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2023                                                                           | CUSIP: 479357BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3767877.20   | 0.74%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2331805.57   | 0.45%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Durham Capital Financing Corp.                                                                            | Durham Capital Financing Corp.                                                                            | CUSIP: 266780DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1264970.50   | 0.25%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                                     | County of Cabarrus, Series 2024 A                                                                         | CUSIP: 12677REM5<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1192898.69   | 0.23%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2755585.25   | 0.54%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Gastonia Housing Authority                                                                                | Gastonia Housing Authority, Series BDS 2024A                                                              | CUSIP: 36732AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3481000 | PA      | $3474560.15   | 0.68%             | 2043-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    585000 | PA      | $400725.00    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    310000 | PA      | $285685.37    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $130024.61    | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1409362.70   | 0.27%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sanford NC Utility Systems Revenue                                                                | City of Sanford, Series 2025 A                                                                            | CUSIP: 800618DM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1174776.59   | 0.23%             | 2050-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Housing Finance Authority                                                                     | Puerto Rico Housing Finance Authority                                                                     | CUSIP: 74528CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    240000 | PA      | $241842.46    | 0.05%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143274 | PA      | $135967.07    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207D28<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1444360.04   | 0.28%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    800000 | PA      | $805958.16    | 0.16%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1200048.92   | 0.23%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBM0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2634057.40   | 0.51%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTL0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1254969.63   | 0.24%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    718000 | PA      | $243916.23    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    194798 | PA      | $174435.06    | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    635000 | PA      | $607555.30    | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1001027.70   | 0.20%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $841315.77    | 0.16%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2459295.58   | 0.48%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    555000 | PA      | $500677.71    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                                   | Dallas Fort Worth International Airport, Series 2025 A-1                                                  | CUSIP: 23503CGH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5219998.00   | 1.02%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151054.83    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6329000 | PA      | $6107940.06   | 1.19%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLU0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003529.50   | 0.20%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission, Series 2025                                                              | CUSIP: 396321FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5237331.00   | 1.02%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150046.71    | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                               | University of North Carolina at Chapel Hill                                                               | CUSIP: 91471FBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6527567.80   | 1.27%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 53-A                                                        | CUSIP: 6582076J9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2948915.17   | 0.58%             | 2044-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $696696.75    | 0.14%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Ashe NC                                                                                         | County of Ashe, Series 2025                                                                               | CUSIP: 043891AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $437556.51    | 0.09%             | 2043-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                                                  | City of Winston-Salem, Series 2025 A                                                                      | CUSIP: 975680HH5<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |    650000 | PA      | $660266.43    | 0.13%             | 2045-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    350000 | PA      | $325103.42    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                                      | City of Charlotte NC Airport Revenue                                                                      | CUSIP: 161036QY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521772.50   | 0.49%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $733648.48    | 0.14%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Mooresville NC                                                                                    | Town of Mooresville                                                                                       | CUSIP: 616126BK3<br>LEI: 549300ISWSZ083ZKZF60 | Long             | DBT              | MUN               | US        |    350000 | PA      | $326016.67    | 0.06%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    934428 | PA      | $316677.58    | 0.06%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    239000 | PA      | $170697.89    | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTJ5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1747602.60   | 0.34%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2252048.57   | 0.44%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLT1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010261.20   | 0.20%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    305000 | PA      | $208925.00    | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3028902.40   | 0.59%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth City State University                                                                           | Elizabeth City State University                                                                           | CUSIP: 286650DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3155000 | PA      | $3232865.72   | 0.63%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $173305.16    | 0.03%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830RBL2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1177345.05   | 0.23%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                                                  | County of Mecklenburg, Series 2025                                                                        | CUSIP: 58400CCF2<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3803335.60   | 0.74%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Central University                                                                         | North Carolina Central University                                                                         | CUSIP: 65819PDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4394823.00   | 0.86%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series 55-A                                                        | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4410276.28   | 0.86%             | 2055-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DUY5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2767169.63   | 0.54%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1353873.73   | 0.26%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295429.86    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville Utilities Commission                                                                           | Greenville Utilities Commission                                                                           | CUSIP: 396321ER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $546709.85    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YLM6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $761413.00    | 0.15%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4210803.04   | 0.82%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    350000 | PA      | $366925.79    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Johnston NC Water & Sewer System Revenue                                                        | County of Johnston, Series 2024                                                                           | CUSIP: 479357CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3125721.60   | 0.61%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $299368.92    | 0.06%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    348000 | PA      | $332959.44    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1295000 | PA      | $1298498.18   | 0.25%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Asheville NC                                                                                      | City of Asheville                                                                                         | CUSIP: 044033ST6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504365.95    | 0.10%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                                                        | Cape Fear Public Utility Authority, Series 2025                                                           | CUSIP: 139391GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1679048.32   | 0.33%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    190000 | PA      | $191473.66    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Hospital District of Surry County                                                                | Northern Hospital District of Surry County                                                                | CUSIP: 665203DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $939374.62    | 0.18%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    336000 | PA      | $315759.43    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Lee NC                                                                                          | County of Lee                                                                                             | CUSIP: 523724AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $857472.15    | 0.17%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                                          | North Carolina Capital Facilities Finance Agency                                                          | CUSIP: 65819GLE6<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   4955000 | PA      | $4967950.39   | 0.97%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University                                                  | CUSIP: 658187GZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3079105.74   | 0.60%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    710000 | PA      | $720934.43    | 0.14%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65820YSL1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    715000 | PA      | $586680.02    | 0.11%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    185717 | PA      | $183629.80    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency                                                                     | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1229016.05   | 0.24%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                                           | University of North Carolina at Charlotte (The)                                                           | CUSIP: 914716Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4415000 | PA      | $4126040.46   | 0.81%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Greensboro                                                                | University of North Carolina at Greensboro                                                                | CUSIP: 914719WW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013382.00   | 0.20%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $165773.84    | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                                                 | Raleigh Housing Authority, Series 2024A                                                                   | CUSIP: 751115BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4048181.78   | 0.79%             | 2043-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2021 C                                                     | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1774851.80   | 0.35%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAP5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $753509.63    | 0.15%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2535000 | PA      | $2704622.43   | 0.53%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Agricultural & Technical State University                                                  | North Carolina Agricultural & Technical State University, Series 2023                                     | CUSIP: 658187JV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066083.20   | 0.40%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inlivian                                                                                                  | Inlivian, Series BDS 2024                                                                                 | CUSIP: 45753EAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $4024770.39   | 0.79%             | 2041-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission, Series 2024B                                                      | CUSIP: 65820YTK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1050921.08   | 0.21%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    680587 | PA      | $587428.73    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1129993.67   | 0.22%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                                              | County of Union                                                                                           | CUSIP: 906400GD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1889246.75   | 0.37%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    768338 | PA      | $508063.79    | 0.10%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    554850 | PA      | $614863.19    | 0.12%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer