# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037563
**Filing Date:** 2023-2
**Character Count:** 225052
**Document Hash:** 10829617f92f591f869345d0f0bbbc61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037563.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662615

**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 Virginia Municipal Bond Fund (Series ID: S000002527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006971 | A            | MSVAX           |
| C000006972 | B            | MBVAX           |
| C000006973 | C            | MVACX           |
| C000169764 | I            | MIVAX           |
| C000194238 | R6           | MPVOX           |

## Nport-Ex

![](imgbef9462b1.gif)

### Quarterly Report
December 31, 2022

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

![](imgfc87533e2.gif)

MVA-Q3

------

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 97.1% | Municipal Bonds – 97.1% | Municipal Bonds – 97.1% |
| Airport Revenue – 3.2% | Airport Revenue – 3.2% | Airport Revenue – 3.2% |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "B", 5%, 1/01/2030 | $&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$529337 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041859 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038874 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 4%, 10/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940899 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 4%, 10/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932828 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 4%, 10/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927307 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "B", 5%, 10/01/2027 | &nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017774 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "B", 5%, 10/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036051 |
| Norfolk, VA, Airport Authority Refunding Rev., "A", 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549906 |
| Norfolk, VA, Airport Authority Refunding Rev., "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555166 |
| Norfolk, VA, Airport Authority Refunding Rev., "A", 5%, 7/01/2030 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448003 |
| Norfolk, VA, Airport Authority Refunding Rev., "A", 5%, 7/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564511 |
| Norfolk, VA, Airport Authority Rev., 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582925 |
| San Francisco, CA, City & County Airports Commission, International Airport Rev., "B", 5%, 5/01/2046 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172307 |
|  |  | &nbsp;&nbsp;&nbsp;$11337747 |
| General Obligations - General Purpose – 9.8% | General Obligations - General Purpose – 9.8% | General Obligations - General Purpose – 9.8% |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2043 | $1375000 | &nbsp;&nbsp;&nbsp;&nbsp;$1373430 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2044 | 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420183 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2045 | 1485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467528 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2046 | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524197 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2047 | 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576550 |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687663 |
| Chesterfield County, VA, Public Improvement, "A", 4%, 1/01/2036 | 1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613038 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360500 |
| Chicago, IL, General Obligation, "F", 5.5%, 1/01/2042 | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480097 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;44577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41315 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;171803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92870 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | 1693175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693173 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;148683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149804 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;147336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150116 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;144946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148311 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;318785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329614 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;133501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115753 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211239 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;102991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84253 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;140029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109643 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;476628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357322 |
| Commonwealth of Virginia, General Obligation, "B", 5%, 6/01/2024 | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356123 |
| Fairfax County, VA, Public Improvement, "A", 5%, 10/01/2037 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221079 |
| Fairfax County, VA, Public Improvement, "B", 4%, 10/01/2025 | 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042597 |
| Lynchburg, VA, Public Improvement, 5%, 6/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030852 |
| Newport News, VA, General Obligation Improvement, "A", 4%, 2/01/2038 | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453557 |
| Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028) | 2615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936613 |
| Norfolk, VA, General Obligation Capital Improvement, "A", 5%, 3/01/2033 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481590 |
| Portsmouth, VA, General Obligation Public Improvement, "A", 5%, 2/01/2032 (Prerefunded 2/01/2023) | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440631 |
| Portsmouth, VA, General Obligation Public Improvement, "A", 5%, 2/01/2032 (Prerefunded 2/01/2023) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60088 |
| Richmond, VA, Public Improvement, "A", 5%, 3/01/2028 (Prerefunded 3/01/2023) | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220690 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278662 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254461 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438811 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694739 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430522 |
|  |  | &nbsp;&nbsp;&nbsp;$34327614 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – 0.8% | General Obligations - Schools – 0.8% | General Obligations - Schools – 0.8% |
| Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2027 | $1345000 | &nbsp;&nbsp;&nbsp;&nbsp;$1485069 |
| Virginia Public School Authority, Special Obligation School Financing (Prince William County), 5%, 8/01/2025 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2837412 |
| Healthcare Revenue - Hospitals – 13.8% | Healthcare Revenue - Hospitals – 13.8% | Healthcare Revenue - Hospitals – 13.8% |
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 | $2800000 | &nbsp;&nbsp;&nbsp;&nbsp;$3013232 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180878 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600766 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043 | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595696 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155172 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32637 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2044 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887893 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 5%, 5/15/2044 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025202 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2048 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703530 |
| Franklin County, VA, Industrial Development Authority Health Care Refunding Rev. (Inova Health System Project), 5%, 5/15/2029 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668519 |
| Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764583 |
| Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017687 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727737 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030 | 1585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665650 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113721 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039 | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242858 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513111 |
| Lynchburg, VA, Economic Development Authority Rev. (Centra Health), "A", 5%, 1/01/2047 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015691 |
| Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), "B", 4%, 11/01/2048 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859279 |
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), "A", 5%, 7/01/2047 | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808283 |
| Rockingham County, Virginia, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), "A", 3%, 11/01/2046 | 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732917 |
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 4%, 11/01/2039 | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761832 |
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 | 3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808441 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049 | 3445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099837 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633341 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421509 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), "A", 5%, 1/01/2044 (Prerefunded 1/01/2024) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040188 |
|  |  | &nbsp;&nbsp;&nbsp;$48090190 |
| Healthcare Revenue - Long Term Care – 3.0% | Healthcare Revenue - Long Term Care – 3.0% | Healthcare Revenue - Long Term Care – 3.0% |
| Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 (Prerefunded 10/01/2025) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1057406 |
| Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 (Prerefunded 10/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051683 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), "C", 5%, 12/01/2037 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766614 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024 | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395251 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025 | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385228 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461249 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045 | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646351 |
| Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847072 |
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881977 |
| Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952606 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 5%, 1/01/2033 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878237 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), "C", 5%, 6/01/2042 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$970934 |
|  |  | &nbsp;&nbsp;&nbsp;$10294608 |
| Industrial Revenue - Environmental Services – 0.3% | Industrial Revenue - Environmental Services – 0.3% | Industrial Revenue - Environmental Services – 0.3% |
| Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$943333 |
| Industrial Revenue - Other – 1.5% | Industrial Revenue - Other – 1.5% | Industrial Revenue - Other – 1.5% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 3.625%, 1/01/2035 (n) | $&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$240805 |
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5223024 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102412 |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133282 |
| West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), "A", 6.375%, 3/01/2019 (a)(d) | 1683272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$235711 |
| Miscellaneous Revenue - Other – 1.6% | Miscellaneous Revenue - Other – 1.6% | Miscellaneous Revenue - Other – 1.6% |
| Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, "A", 0%, 7/01/2049 | $7500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2394401 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133421 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766617 |
| Rappahannock, VA, Regional Jail Authority Rev., 5%, 10/01/2033 (Prerefunded 10/01/2025) | 2220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5650937 |
| Multi-Family Housing Revenue – 3.7% | Multi-Family Housing Revenue – 3.7% | Multi-Family Housing Revenue – 3.7% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;997672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$963367 |
| Virginia Housing Development Authority, Rental Housing, "A", 3.8%, 9/01/2044 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760085 |
| Virginia Housing Development Authority, Rental Housing, "D", 1.8%, 5/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397556 |
| Virginia Housing Development Authority, Rental Housing, "D", 3.7%, 10/01/2038 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802362 |
| Virginia Housing Development Authority, Rental Housing, "E", 4.25%, 6/01/2052 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739466 |
| Virginia Housing Development Authority, Rental Housing, "F", 1.6%, 7/01/2033 | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596821 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.05%, 11/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019611 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.15%, 11/01/2052 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271704 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.375%, 11/01/2064 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269273 |
|  |  | &nbsp;&nbsp;&nbsp;$12820245 |
| Parking – 0.9% | Parking – 0.9% | Parking – 0.9% |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1345956 |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072588 |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3219466 |
| Port Revenue – 1.7% | Port Revenue – 1.7% | Port Revenue – 1.7% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$421152 |
| Virginia Port Authority Facilities Refunding Rev., "B", 5%, 7/01/2027 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594684 |
| Virginia Port Authority Facilities Refunding Rev., "B", 5%, 7/01/2041 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779873 |
| Virginia Port Authority Facilities Rev, "A", 5%, 7/01/2031 (Prerefunded 7/01/2025) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5947826 |
| Sales & Excise Tax Revenue – 4.6% | Sales & Excise Tax Revenue – 4.6% | Sales & Excise Tax Revenue – 4.6% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26408 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21267 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26732 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213520 |
| Hampton Roads, VA, Transportation Accountability Commission, "A", 5%, 7/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133575 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Hampton Roads, VA, Transportation Accountability Commission, "A", 5%, 7/01/2030 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1151643 |
| Hampton Roads, VA, Transportation Accountability Commission, "A", 4%, 7/01/2057 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639332 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70641 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220103 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 4818000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374407 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428799 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226110 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105846 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109218 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18947 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | 1212000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789523 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674776 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 7149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761454 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654746 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", 5.625%, 8/01/2024 (a)(d)(n) | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289896 |
|  |  | &nbsp;&nbsp;&nbsp;$15950453 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2056 (n) | $&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290732 |
| State & Local Agencies – 12.3% | State & Local Agencies – 12.3% | State & Local Agencies – 12.3% |
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2039 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$978974 |
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982300 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537670 |
| Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), "A", 5%, 10/01/2033 (Prerefunded 10/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518513 |
| Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), "A", 5%, 10/01/2034 (Prerefunded 10/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037026 |
| Fairfax County, VA, Public Improvement, "A", 5%, 10/01/2025 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727860 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039 | 1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896769 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), AGM, 5%, 10/01/2038 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615416 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895070 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507843 |
| Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858781 |
| Loudoun County, VA, Economic Development Authority Refunding Rev. (Louduon County Public Facilities Project), "A", 5%, 12/01/2024 | 1860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934893 |
| Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), "A", 3%, 12/01/2037 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776761 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803775 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65199 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54317 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22548 |
| New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 | 3205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435464 |
| Virginia College Building Authority, Educational Facilities Refunding Rev. (21st Century College and Equipment Programs), "E", 5%, 2/01/2025 | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565034 |
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), "A", 5%, 2/01/2038 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516366 |
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), "D", 5%, 2/01/2025 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501526 |
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), "E-1", 5%, 2/01/2023 | 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143052 |
| Virginia Port Authority, Port Fund Rev., "B", 5%, 7/01/2027 | 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717360 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039 (Prerefunded 8/01/2029) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32296 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039 | 4470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455893 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| State & Local Agencies – continued | State & Local Agencies – continued | State & Local Agencies – continued |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5%, 7/15/2045 | $5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$5332558 |
|  |  | &nbsp;&nbsp;&nbsp;$42913264 |
| Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23288 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309633 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1899340 |
| Tax - Other – 0.5% | Tax - Other – 0.5% | Tax - Other – 0.5% |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051 | $1965000 | &nbsp;&nbsp;&nbsp;&nbsp;$1476814 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1657617 |
| Tax Assessment – 0.6% | Tax Assessment – 0.6% | Tax Assessment – 0.6% |
| Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023) | $&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$643890 |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894196 |
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2030950 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | $1280000 | &nbsp;&nbsp;&nbsp;&nbsp;$1131693 |
| Toll Roads – 4.8% | Toll Roads – 4.8% | Toll Roads – 4.8% |
| Chesapeake Bay Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 | $3000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2947436 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", AGM, 4%, 10/01/2052 | 4180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760302 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), "B", 4%, 10/01/2044 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671631 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), "B", AGM, 4%, 10/01/2053 | 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494643 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), 4%, 1/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812162 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272237 |
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950718 |
|  |  | &nbsp;&nbsp;&nbsp;$16909129 |
| Transportation - Special Tax – 7.0% | Transportation - Special Tax – 7.0% | Transportation - Special Tax – 7.0% |
| Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2027 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1082416 |
| Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2033 | 3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879847 |
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2030 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347833 |
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588675 |
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2032 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351509 |
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584054 |
| Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2034 | 1655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917485 |
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975560 |
| Commonwealth of Virginia, Transportation Board Rev., Capital Projects, "A", 4%, 5/15/2035 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825902 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2037 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190966 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2040 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100457 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2045 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165919 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213889 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197031 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193244 |
| Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047020 |
| Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523510 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651729 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647906 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., "B", 5%, 7/01/2042 | 3860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039726 |
|  |  | &nbsp;&nbsp;&nbsp;$24524678 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – 9.2% | Universities - Colleges – 9.2% | Universities - Colleges – 9.2% |
| Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 | $&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$951732 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 11/01/2037 | &nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755058 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 5/01/2048 | 2475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344636 |
| Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), "A", 5%, 1/01/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073933 |
| Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), "A", 4%, 6/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992524 |
| Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), "A", 4%, 6/01/2038 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741235 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409825 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602564 |
| Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), "A", 5%, 9/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039415 |
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229327 |
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2039 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203989 |
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223845 |
| Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049 | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893854 |
| University of Virginia, General Rev. Pledge Refunding, "A", 5%, 6/01/2043 (Prerefunded 6/01/2023) | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690721 |
| University of Virginia, General Rev. Pledge Refunding, "B", 5%, 4/01/2046 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656656 |
| University of Virginia, Rector and Visitors General Pledge Rev. (Multi-Year Capital Project), "A", 4%, 8/01/2048 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930818 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "A", 5%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001617 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008577 |
| Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490231 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161905 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334530 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029119 |
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099328 |
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), "A", 5%, 1/01/2040 (Prerefunded 1/01/2025) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045038 |
| Virginia Commonwealth University, General Rev., "A", 5%, 11/01/2033 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550625 |
| Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598778 |
|  |  | &nbsp;&nbsp;&nbsp;$32059880 |
| Utilities - Electric Power – 0.3% | Utilities - Electric Power – 0.3% | Utilities - Electric Power – 0.3% |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $1455000 | &nbsp;&nbsp;&nbsp;&nbsp;$1203973 |
| Utilities - Municipal Owned – 3.0% | Utilities - Municipal Owned – 3.0% | Utilities - Municipal Owned – 3.0% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21600 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230400 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385200 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609550 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43350 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21975 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223412 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 3.625%, 7/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59632 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 3.65%, 7/01/2024 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309186 |
| Puerto Rico Electric Power Authority Rev., "PP", NPFG, 5%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24957 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43179 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104400 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18250 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313900 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179559 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341042 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34839 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18156 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147600 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164812 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51275 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | $&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;$157488 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127313 |
| Richmond, VA, Public Utility Rev., "A", 5%, 1/15/2027 (Prerefunded 1/15/2023) | 2555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556529 |
| Richmond, VA, Public Utility Rev., "A", 5%, 1/15/2035 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118581 |
| Richmond, VA, Public Utility Rev., "A", 5%, 1/15/2038 (Prerefunded 1/15/2023) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$10548432 |
| Utilities - Other – 1.3% | Utilities - Other – 1.3% | Utilities - Other – 1.3% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $2020000 | &nbsp;&nbsp;&nbsp;$2105690 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179547 |
| Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2026 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4462480 |
| Water & Sewer Utility Revenue – 12.2% | Water & Sewer Utility Revenue – 12.2% | Water & Sewer Utility Revenue – 12.2% |
| Fairfax County, VA, Sewer Rev., "A", 4%, 7/15/2039 | $3000000 | &nbsp;&nbsp;&nbsp;$3092767 |
| Fairfax County, VA, Water Authority Rev., 4%, 4/01/2032 | 2175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319855 |
| Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197528 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299792 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379637 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049764 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426165 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 5%, 8/01/2034 (Prerefunded 8/01/2026) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244909 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 5%, 10/01/2035 (Prerefunded 10/01/2027) | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728628 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 4%, 10/01/2037 | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359139 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 4%, 10/01/2038 | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270420 |
| Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439736 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82133 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102167 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51157 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112239 |
| Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046 | 3865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929619 |
| Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 | 2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718399 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45063 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40061 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075328 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2033 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586646 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527047 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2036 | 3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539997 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2044 | 3235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237276 |
| Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45064 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2039 | 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799858 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2041 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139258 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2042 | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470018 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 5.25%, 11/01/2047 | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646782 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 4.75%, 11/01/2052 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$42747163 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$339257897** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;$477183 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1180997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299685 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$776868** |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;632096 | &nbsp;&nbsp;&nbsp;$276542 |
| Investment Companies (h) – 1.5% | Investment Companies (h) – 1.5% | Investment Companies (h) – 1.5% |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 5311351 | &nbsp;&nbsp;&nbsp;$5312945 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959934 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$349584186** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $5,312,945 and $340,311,307, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $7,360,251, representing 2.1% of net assets.

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

(w) When-issued security.

---

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

---

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

------

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

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

(1) Investment Valuations

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$339534439 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$339534439 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776868 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776868 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;5312945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312945 |
| Total | &nbsp;&nbsp;&nbsp;$5312945 | &nbsp;&nbsp;&nbsp;$340311307 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$345624252 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$7310732 | &nbsp;&nbsp;$124863676 | &nbsp;&nbsp;$126864656 | &nbsp;&nbsp;$1873 | &nbsp;&nbsp;$1320 | &nbsp;&nbsp;$5312945 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$136985 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| Virginia | 76.4% |
| Washington DC | 8.4% |
| Puerto Rico | 4.9% |
| Illinois | 1.5% |
| Tennessee | 1.2% |
| Texas | 1.1% |
| New Jersey | 0.8% |
| New York | 0.8% |
| Guam | 0.7% |
| California | 0.7% |
| Alabama | 0.6% |
| Pennsylvania | 0.5% |
| Wisconsin | 0.3% |
| New Hampshire | 0.3% |
| Maryland | 0.2% |
| Michigan | 0.1% |
| Iowa | 0.1% |
| Indiana | 0.1% |
| Colorado (o) | 0.0% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%.

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

(4) Russia and Ukraine Conflict

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

- **b. EDGAR series identifier (if any):** S000002527

- **c. LEI of Series:** ZBE08E46OUHKF4OZUH15

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $352419482.41

**Total Liabilities:** $2835301.31

**Net Assets:** $349584181.10

**Delayed Delivery Securities:** $1373489.00

**Cash Not Reported:** $25000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -379.75878280 | **1-Year:** -10789.45979770 | **5-Year:** -56141.23900040 | **10-Year:** -109709.92949370 | **30-Year:** -31386.92547070

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

- **3-Month:** -96.13846390 | **1-Year:** -1218.80403660 | **5-Year:** -4348.33067530 | **10-Year:** -8247.20135120 | **30-Year:** -3050.66986180

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169764 | -0.93%               | 5.47%                | -0.34%               |
| Class ID C000006971 | -1.00%               | 5.39%                | -0.28%               |
| Class ID C000006973 | -0.96%               | 5.32%                | -0.35%               |
| Class ID C000194238 | -0.92%               | 5.48%                | -0.22%               |
| Class ID C000006972 | -1.06%               | 5.43%                | -0.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-170435.63              | $-3908621.16                               |
| Month 2  | $-4472035.70             | $22280321.82                               |
| Month 3  | $-281482.71              | $-1423819.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $51275.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367H8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    110000 | PA      | $100456.53    | 0.03%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461248.95    | 0.13%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Industrial Development Authority VA                                                          | Henry County Industrial Development Authority                                                             | CUSIP: 42668CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2858781.30   | 0.82%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $289895.43    | 0.08%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928097AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950717.60    | 0.27%             | 2049-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MJH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40060.82     | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                                                     | City of Portsmouth                                                                                        | CUSIP: 73723RC50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $440630.87    | 0.13%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    340000 | PA      | $341041.90    | 0.10%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818L4U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45062.78     | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexandria Industrial Development Authority                                                               | Alexandria Industrial Development Authority                                                               | CUSIP: 015317AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057405.60   | 0.30%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                                                     | City of Portsmouth                                                                                        | CUSIP: 73723RD91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60088.33     | 0.02%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Economic Development Authority                                                          | Montgomery County Economic Development Authority                                                          | CUSIP: 613741KG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992523.70    | 0.28%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    505000 | PA      | $438810.81    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1615416.15   | 0.46%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040187.60   | 0.58%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    190000 | PA      | $197031.16    | 0.06%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Virginia                                                                                  | Commonwealth of Virginia                                                                                  | CUSIP: 928109L88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1356123.47   | 0.39%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $18250.00     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                                | City of Richmond VA Public Utility Revenue                                                                | CUSIP: 765433JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2556528.91   | 0.73%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Embrey Mill Community Development Authority                                                               | Embrey Mill Community Development Authority                                                               | CUSIP: 29081TAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $643890.05    | 0.18%             | 2043-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | CUSIP: 92778CAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $351508.92    | 0.10%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                                               | Cherry Hill Community Development Authority                                                               | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492864.05    | 0.14%             | 2035-03-01      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QCM2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $24956.60     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGV0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269272.63   | 0.36%             | 2064-11-01      | Fixed         | 5.38%                 | 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        |      6000 | PA      | $5115.38      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | 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        |   1212000 | PA      | $789523.34    | 0.23%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528NAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    420000 | PA      | $409824.66    | 0.12%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976BBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $847072.10    | 0.24%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3761831.63   | 1.08%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54601TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $2394401.25   | 0.68%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 927780SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099328.20   | 0.31%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    805000 | PA      | $694739.47    | 0.20%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   5287680 | NS      | $5289266.63   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    190000 | PA      | $193244.16    | 0.06%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072588.50   | 0.31%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1878236.68   | 0.54%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1476813.44   | 0.42%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421508.76    | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    535000 | PA      | $385200.00    | 0.11%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4470000 | PA      | $4455892.68   | 1.27%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority VA                                                                              | Norfolk Airport Authority                                                                                 | CUSIP: 655857ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $448003.00    | 0.13%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1017774.49   | 0.29%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    557000 | PA      | $477183.49    | 0.14%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| University of Virginia                                                                                    | University of Virginia                                                                                    | CUSIP: 915217WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2656655.75   | 0.76%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038874.40   | 0.30%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 92778UAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082415.90   | 0.31%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778VBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1501525.74   | 0.43%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812V3N4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    770000 | PA      | $596821.15    | 0.17%             | 2033-07-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority VA                                                                              | Norfolk Airport Authority                                                                                 | CUSIP: 655857EQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549905.70    | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     20000 | PA      | $21267.15     | 0.01%             | 2030-01-01      | 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        |   1045000 | PA      | $1049763.74   | 0.30%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockingham County Economic Development Authority                                                          | Rockingham County Economic Development Authority                                                          | CUSIP: 77345QAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1732916.99   | 0.50%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | CUSIP: 92778CAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $584053.70    | 0.17%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $2808440.72   | 0.80%             | 2040-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Economic Development Authority                                                          | Montgomery County Economic Development Authority                                                          | CUSIP: 613741KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1741234.95   | 0.50%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778VMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4516365.60   | 1.29%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327JJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $728627.66    | 0.21%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    144946 | PA      | $148310.60    | 0.04%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23288.30     | 0.01%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     26000 | PA      | $18947.35     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43350.00     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                                     | City of Valparaiso                                                                                        | CUSIP: 92028RAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102411.95    | 0.03%             | 2034-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 30382VAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1668519.12   | 0.48%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1139258.28   | 0.33%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778VFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $565034.08    | 0.16%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     25000 | PA      | $26731.91     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell County Industrial Development Authority                                                          | Campbell County Industrial Development Authority                                                          | CUSIP: 13432JAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978974.00    | 0.28%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                                      | County of Fairfax                                                                                         | CUSIP: 30382AHL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221079.40   | 0.64%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367J4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    190000 | PA      | $165918.58    | 0.05%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112239.45    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $687662.85    | 0.20%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    215000 | PA      | $157487.50    | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1693175 | PA      | $1693172.63   | 0.48%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    180000 | PA      | $155172.17    | 0.04%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                                | Delaware Valley Regional Finance Authority                                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1537670.26   | 0.44%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBR4<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    625000 | PA      | $595695.69    | 0.17%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                                     | City of Valparaiso                                                                                        | CUSIP: 92028RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $133282.32    | 0.04%             | 2044-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | CUSIP: 92778CAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $347832.81    | 0.10%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority                                                                                   | CUSIP: 928077GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3152116.80   | 0.90%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGS7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019610.50   | 0.29%             | 2047-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1360500.44   | 0.39%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 303826AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051683.00   | 0.30%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority                                                                                   | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779873.63    | 0.22%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    185000 | PA      | $179559.50    | 0.05%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   3860000 | PA      | $4039726.23   | 1.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 92810RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4982218.50   | 1.43%             | 2052-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928103AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970934.00    | 0.28%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QFH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $766613.92    | 0.22%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     77000 | PA      | $70641.18     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VVC7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1760085.00   | 0.50%             | 2044-09-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | CUSIP: 92778CAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1917485.48   | 0.55%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    320000 | PA      | $230400.00    | 0.07%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $421151.91    | 0.12%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    632096 | PA      | $276541.88    | 0.08%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $32637.33     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $18156.25     | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1566418.71   | 0.45%             | 2041-12-01      | 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        |    997672 | PA      | $963367.16    | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $8395.37      | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                                                             | Fredericksburg Economic Development Authority                                                             | CUSIP: 355849BC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017687.00   | 0.29%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 92778UDQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3879847.44   | 1.11%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZJ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    315000 | PA      | $309186.36    | 0.09%             | 2024-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1490230.72   | 0.43%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                                      | Chicago O'Hare International Airport                                                                      | CUSIP: 167593RG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $529337.11    | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1131693.18   | 0.32%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1467528.38   | 0.42%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lynchburg VA                                                                                      | City of Lynchburg                                                                                         | CUSIP: 5512395U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030851.80   | 0.29%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976TBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073932.80   | 0.31%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3099836.84   | 0.89%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                                                    | University of Virginia                                                                                    | CUSIP: 915217VC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $690720.85    | 0.20%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5332558.50   | 1.53%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport                              | San Francisco City & County Airport Comm-San Francisco International Airport                              | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1172307.37   | 0.34%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission                                                    | CUSIP: 409328AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151643.10   | 0.33%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    300000 | PA      | $240804.96    | 0.07%             | 2035-01-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Rappahannock Regional Jail Authority                                                                      | Rappahannock Regional Jail Authority                                                                      | CUSIP: 75381NCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2356497.81   | 0.67%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority                                                                                   | CUSIP: 928077JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594683.75   | 0.46%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $21600.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2646781.50   | 0.76%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $102200.00    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $34838.72     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PGU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586646.15   | 0.45%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority VA                                                                              | Norfolk Airport Authority                                                                                 | CUSIP: 655857ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555166.45    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    220000 | PA      | $180803.22    | 0.05%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                                   | Knox County Health Educational & Housing Facility Board                                                   | CUSIP: 49952MEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1665650.35   | 0.48%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                                                        | County of Fairfax                                                                                         | CUSIP: 303867MA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092767.20   | 0.88%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30382LDT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518513.05    | 0.15%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43950.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $43179.19     | 0.01%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBJ2<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2180878.20   | 0.62%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54316.58     | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                                | City of Richmond VA Public Utility Revenue                                                                | CUSIP: 765433JR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001196.80   | 0.57%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    385000 | PA      | $309632.48    | 0.09%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 927781QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2143051.85   | 0.61%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075327.60   | 0.31%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority VA                                                                              | Norfolk Airport Authority                                                                                 | CUSIP: 655857ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564510.95    | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell County Industrial Development Authority                                                          | Campbell County Industrial Development Authority                                                          | CUSIP: 13432JAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982299.80    | 0.28%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54602QAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1934892.53   | 0.55%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277816E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001617.60   | 0.29%             | 2035-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3760302.08   | 1.08%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647KJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940898.60    | 0.27%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51156.87     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amherst Industrial Development Authority VA                                                               | Amherst Industrial Development Authority                                                                  | CUSIP: 031489BW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $951732.41    | 0.27%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3244909.50   | 0.93%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                                                | County of Henrico VA Water & Sewer Revenue                                                                | CUSIP: 426170PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1439736.07   | 0.41%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $334530.26    | 0.10%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority Commonwealth Port Fund                                                            | Virginia Port Authority Commonwealth Port Fund                                                            | CUSIP: 928075JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2717359.63   | 0.78%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $21975.00     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1799857.80   | 0.51%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    270000 | PA      | $278662.33    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867YJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2936612.57   | 0.84%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    835000 | PA      | $609550.00    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $203988.92    | 0.06%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    251000 | PA      | $211238.76    | 0.06%             | 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        |    795000 | PA      | $654745.62    | 0.19%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDD3<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    375000 | PA      | $379636.91    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1470018.01   | 0.42%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission                                                    | CUSIP: 409328AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133575.30   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223845.00    | 0.06%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213888.64    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                                          | Virginia Public School Authority                                                                          | CUSIP: 92817TFK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1352343.57   | 0.39%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1420182.91   | 0.41%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1812162.20   | 0.52%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Airport Authority VA                                                                              | Norfolk Airport Authority                                                                                 | CUSIP: 655857DX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $582924.77    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867M89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3481590.00   | 1.00%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1179547.02   | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    770000 | PA      | $803775.28    | 0.23%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     25000 | PA      | $26407.62     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800921.85    | 0.23%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22548.29     | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    295000 | PA      | $299792.25    | 0.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943333.40    | 0.27%             | 2048-01-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 927793C72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2975560.50   | 0.85%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $646350.62    | 0.18%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                                                    | Suffolk Economic Development Authority                                                                    | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952606.20    | 0.27%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission                                                    | CUSIP: 409328BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3639331.60   | 1.04%             | 2057-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                                                   | Chesapeake Bay Bridge & Tunnel District                                                                   | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2947436.40   | 0.84%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $633340.50    | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZC9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $59632.40     | 0.02%             | 2023-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82132.98     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    122000 | PA      | $105846.00    | 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        |    430000 | PA      | $426164.96    | 0.12%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3015691.50   | 0.86%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104LZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2598778.00   | 0.74%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REX1<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |    745000 | PA      | $755057.72    | 0.22%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                                      | County of Fairfax                                                                                         | CUSIP: 30382ADB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $727859.86    | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    175000 | PA      | $127312.50    | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MM64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3539997.39   | 1.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3703529.60   | 1.06%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1203973.22   | 0.34%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority Commonwealth Port Fund                                                            | Virginia Port Authority Commonwealth Port Fund                                                            | CUSIP: 928075GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047020.40   | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                                          | Virginia Public School Authority                                                                          | CUSIP: 928177CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1485068.84   | 0.42%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    135000 | PA      | $109217.38    | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    147336 | PA      | $150115.82    | 0.04%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    148683 | PA      | $149803.80    | 0.04%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                                      | County of Fairfax                                                                                         | CUSIP: 30382ADN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4042597.26   | 1.16%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VZ82<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $397556.10    | 0.11%             | 2033-05-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1270420.27   | 0.36%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    325000 | PA      | $290732.26    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54589SGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1776760.80   | 0.51%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1160000 | PA      | $674775.83    | 0.19%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1029118.63   | 0.29%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817B4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045038.40   | 0.30%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1524197.15   | 0.44%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2105689.81   | 0.60%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    430000 | PA      | $313900.00    | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    505000 | PA      | $430522.15    | 0.12%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818NJW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $3237275.50   | 0.93%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    305000 | PA      | $223412.50    | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                                           | Upper Occoquan Sewage Authority                                                                           | CUSIP: 916277PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1718398.63   | 0.49%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895070.30    | 0.26%             | 2036-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    102991 | PA      | $84253.45     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327JK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1359138.96   | 0.39%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                                                         | Arlington County Industrial Development Authority                                                         | CUSIP: 041438GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3013231.76   | 0.86%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1576550.00   | 0.45%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2272236.60   | 0.65%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   7149000 | PA      | $1761454.26   | 0.50%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority                                                                    | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1808283.43   | 0.52%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $507843.30    | 0.15%             | 2037-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    140029 | PA      | $109642.48    | 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        |    476000 | PA      | $428798.94    | 0.12%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CAV0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    180000 | PA      | $190966.03    | 0.05%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2494643.30   | 0.71%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041858.70   | 0.30%             | 2037-10-01      | 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        |   4818000 | PA      | $4374406.74   | 1.25%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newport News VA                                                                                   | City of Newport News                                                                                      | CUSIP: 652233MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1453557.29   | 0.42%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority                                                                    | CUSIP: 770080AP4<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039414.70   | 0.30%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1651729.40   | 0.47%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield VA                                                                                 | County of Chesterfield                                                                                    | CUSIP: 1663937W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1613038.10   | 0.46%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102167.36    | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1647905.53   | 0.47%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA Water & Sewer System Revenue                                                    | County of Spotsylvania                                                                                    | CUSIP: 849269KM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3865000 | PA      | $3929619.32   | 1.12%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    245000 | PA      | $213520.00    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932827.70    | 0.27%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818GKS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45064.11     | 0.01%             | 2025-11-01      | 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        |    595000 | PA      | $602563.76    | 0.17%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887893.20   | 0.54%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New River Valley Regional Jail Authority                                                                  | New River Valley Regional Jail Authority                                                                  | CUSIP: 648470CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3435464.18   | 0.98%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QDY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395251.38    | 0.11%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180997 | PA      | $299685.16    | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025202.20   | 0.58%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QDZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385228.04    | 0.11%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGT5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1271704.25   | 0.36%             | 2052-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171803 | PA      | $92869.93     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65199.32     | 0.02%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                                | City of Richmond VA Public Utility Revenue                                                                | CUSIP: 765433KN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118580.60   | 0.61%             | 2035-01-15      | 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        |   1835000 | PA      | $1727736.54   | 0.49%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority Commonwealth Port Fund                                                            | Virginia Port Authority Commonwealth Port Fund                                                            | CUSIP: 928075GW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523510.20    | 0.15%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                                                    | University of Virginia                                                                                    | CUSIP: 915217WY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1930817.80   | 0.55%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1373429.48   | 0.39%             | 2043-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30382LDU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037026.10   | 0.30%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $785703.60    | 0.22%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $513110.62    | 0.15%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    225000 | PA      | $164812.50    | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2113721.28   | 0.60%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1242857.62   | 0.36%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008577.50   | 0.29%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                                                             | Fredericksburg Economic Development Authority                                                             | CUSIP: 355849BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764583.38    | 0.22%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBK9<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1600766.17   | 0.46%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1345955.88   | 0.39%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32296.14     | 0.01%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VTC0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2802361.80   | 0.80%             | 2038-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    130000 | PA      | $94900.00     | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    245000 | PA      | $254461.24    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax                                        | CUSIP: 92778CAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $588674.55    | 0.17%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                                                                    | Norfolk Economic Development Authority                                                                    | CUSIP: 65588TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2859279.30   | 0.82%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $104400.00    | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1161905.54   | 0.33%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927307.00    | 0.27%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1896768.72   | 0.54%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    475000 | PA      | $480096.51    | 0.14%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                                                     | Peninsula Town Center Community Development Authority                                                     | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894195.40    | 0.26%             | 2045-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REZ6<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2344636.31   | 0.67%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036051.20   | 0.30%             | 2028-10-01      | 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: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    251000 | PA      | $226110.36    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    130000 | PA      | $133420.83    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    205000 | PA      | $147600.00    | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778RFR3<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4550624.80   | 1.30%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WFM1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2739466.50   | 0.78%             | 2052-06-01      | Fixed         | 4.25%                 | 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        |    249000 | PA      | $220102.85    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229326.88    | 0.07%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1177243.00   | 0.34%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                                                       | City of Richmond                                                                                          | CUSIP: 76541VMR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220690.10    | 0.06%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    133501 | PA      | $115753.34    | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                                            | Fairfax County Water Authority                                                                            | CUSIP: 303891G90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2319855.00   | 0.66%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2671630.50   | 0.76%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PGV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527047.45    | 0.15%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                                                    | Prince William County Industrial Development Authority                                                    | CUSIP: 741756CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881977.40    | 0.25%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Point Industrial Development Authority                                                               | West Point Industrial Development Authority                                                               | CUSIP: 955489AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1683272 | PA      | $16.83        | 0.00%             | 2020-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $893854.26    | 0.26%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                                            | Fairfax County Water Authority                                                                            | CUSIP: 303891D28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3197528.10   | 0.91%             | 2041-04-01      | 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        |    476628 | PA      | $357321.67    | 0.10%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 927793E54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2825902.20   | 0.81%             | 2035-05-15      | 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        |    845000 | PA      | $766616.96    | 0.22%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     44577 | PA      | $41314.94     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    318785 | PA      | $329613.55    | 0.09%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818L4S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5007.12      | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer