# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037560
**Filing Date:** 2023-2
**Character Count:** 178670
**Document Hash:** 453d74df5b6e686e111ac014173b1ddf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037560.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037560

**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:** 23662613

**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 Arkansas Municipal Bond Fund (Series ID: S000002529)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006976 | A            | MFARX           |
| C000006977 | B            | MBARX           |
| C000169766 | I            | MARLX           |
| C000194242 | R6           | MPRAX           |

## Nport-Ex

![](imgeb3c3d491.gif)

### Quarterly Report
December 31, 2022

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

![](img2da7fe9d2.gif)

MAR-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 – 100.0% | Municipal Bonds – 100.0% | Municipal Bonds – 100.0% |
| Airport Revenue – 1.1% | Airport Revenue – 1.1% | Airport Revenue – 1.1% |
| Massachusetts Port Authority Rev., "E", 5%, 7/01/2051 | $1225000 | &nbsp;&nbsp;&nbsp;&nbsp;$1255010 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94403 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106145 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80653 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1661211 |
| General Obligations - General Purpose – 4.5% | General Obligations - General Purpose – 4.5% | General Obligations - General Purpose – 4.5% |
| Arkansas Higher Education, General Obligation, 4%, 6/01/2029 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2035997 |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332740 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83929 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575596 |
| Chicago, IL, General Obligation, "F", 5.5%, 1/01/2042 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227414 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;20032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18566 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;77204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41733 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;66814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67318 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;66209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67458 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66647 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;63265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65414 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;59992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52017 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;111025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93437 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;46282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37862 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;62925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49270 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;216442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162264 |
| Little Rock, AR, Library Construction Refunding, 4%, 3/01/2036 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543856 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123850 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119441 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186821 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297746 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6428405 |
| General Obligations - Schools – 9.3% | General Obligations - Schools – 9.3% | General Obligations - Schools – 9.3% |
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, "B", 4%, 6/01/2037 | $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;$1508090 |
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, "B", 4%, 6/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954241 |
| Benton County, AR, Bentonville School District No. 6 Construction, "G", 2.25%, 6/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662548 |
| Crittenden County, AR, Community College District, 4.6%, 2/01/2035 | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285184 |
| Crittenden County, AR, Community College District, 4.7%, 2/01/2040 | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625366 |
| Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 | 2060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959552 |
| Fort Smith, AR, School District No. 100 Construction, "B", 2.75%, 2/01/2045 | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040140 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012485 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895633 |
| Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327026 |
| Little Rock, AR, School District & Construction of Pulaski County, 3%, 2/01/2030 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027233 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048 | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583803 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2027 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899930 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2038 | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629234 |
|  |  | &nbsp;&nbsp;&nbsp;$13410465 |
| Healthcare Revenue - Hospitals – 12.0% | Healthcare Revenue - Hospitals – 12.0% | Healthcare Revenue - Hospitals – 12.0% |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2066631 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), "A", 5%, 12/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041577 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2034 | &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777457 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996346 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4.25%, 7/01/2041 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660178 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2052 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978778 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | $1900000 | &nbsp;&nbsp;&nbsp;&nbsp;$1928913 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 | &nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890099 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), "A", 5%, 2/01/2033 | 1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671437 |
| Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525602 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77586 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25162 |
| Conway, AR, Hospital Rev. (Conway Regional Medical Center), "A", 4%, 8/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918664 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14505 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762652 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306015 |
| Pulaski County, AR, Public Facilities Board, Healthcare Rev., 5.5%, 7/01/2043 (Prerefunded 7/01/2023) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758700 |
| Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 | 2820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894109 |
|  |  | &nbsp;&nbsp;&nbsp;$17294411 |
| Industrial Revenue - Other – 0.3% | Industrial Revenue - Other – 0.3% | Industrial Revenue - Other – 0.3% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | $&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111314 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 4%, 1/01/2050 (n) | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$391551 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102525 |
| Miscellaneous Revenue - Other – 2.8% | Miscellaneous Revenue - Other – 2.8% | Miscellaneous Revenue - Other – 2.8% |
| Arkansas Development Finance Authority, Public Safety Charges Rev. (Division of Emergency Management Project), 4%, 6/01/2045 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$964707 |
| Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072590 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61579 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340215 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3994512 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;438149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$423084 |
| Sales & Excise Tax Revenue – 17.0% | Sales & Excise Tax Revenue – 17.0% | Sales & Excise Tax Revenue – 17.0% |
| Bentonville, AR, Sales & Use Tax Refunding Improvement, "B", 3%, 11/01/2034 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$924263 |
| Bentonville, AR, Sales & Use Tax Refunding Improvement, "B", 3%, 11/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906995 |
| Bentonville, AR, Sales & Use Tax Refunding Improvement, "B", 3%, 11/01/2036 | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696067 |
| Cabot, AR, Sales & Use Tax Refunding and Improvements, "B", 4%, 12/01/2029 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264197 |
| Cabot, AR, Sales & Use Tax Refunding and Improvements, "B", 4%, 12/01/2030 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105286 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, "B-1", AGM, 0%, 6/15/2044 | 1585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556836 |
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853380 |
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153299 |
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328346 |
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342592 |
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344812 |
| Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351346 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10563 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95866 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031 | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425496 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158658 |
| Mississippi County, AR, 4%, 6/01/2036 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651895 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 4%, 11/01/2027 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352117 |

---

------

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 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031 | $&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$322914 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2032 | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375638 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2033 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381217 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034 | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387488 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387533 |
| Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164053 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33027 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107842 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 2108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913916 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211697 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108101 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53791 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53395 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8745 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386293 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330407 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 2189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539351 |
| Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2032 | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090539 |
| Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2033 | 2495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560133 |
| Rogers, AR, Sales & Use Tax Rev., "B", 5%, 11/01/2036 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122993 |
| Springdale, AR, Sales & Use Tax Rev., BAM, 4%, 4/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015653 |
| Springdale, AR, Sales & Use Tax Rev., BAM, 5%, 4/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019026 |
| 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;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230602 |
| 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;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168055 |
|  |  | &nbsp;&nbsp;&nbsp;$24522119 |
| Secondary Schools – 0.6% | Secondary Schools – 0.6% | Secondary Schools – 0.6% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | $&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$683026 |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2039 (n) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$924065 |
| State & Local Agencies – 4.7% | State & Local Agencies – 4.7% | State & Local Agencies – 4.7% |
| Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 | $2605000 | &nbsp;&nbsp;&nbsp;&nbsp;$2608692 |
| Colorado State University Board of Governors, System Enterprise Refunding Rev., "E", 4%, 3/01/2043 | &nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806925 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034290 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401887 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), "LLL", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591320 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 2360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897818 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6840876 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13973 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162757 |
| Tax - Other – 4.1% | Tax - Other – 4.1% | Tax - Other – 4.1% |
| Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2008664 |
| Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092386 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051 | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668888 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5852121 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14500 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27533 |
| Tobacco – 2.7% | Tobacco – 2.7% | Tobacco – 2.7% |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027 | $2470000 | &nbsp;&nbsp;&nbsp;&nbsp;$2120159 |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412937 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158306 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651000 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3828676 |
| Toll Roads – 1.2% | Toll Roads – 1.2% | Toll Roads – 1.2% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", AGM, 4%, 10/01/2052 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899594 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234249 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182859 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1695408 |
| Transportation - Special Tax – 2.5% | Transportation - Special Tax – 2.5% | Transportation - Special Tax – 2.5% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $&nbsp;&nbsp;&nbsp;557334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$549930 |
| New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044 | 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892316 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65759 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327458 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129626 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 4%, 6/15/2044 | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562116 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3654339 |
| Universities - Colleges – 16.5% | Universities - Colleges – 16.5% | Universities - Colleges – 16.5% |
| Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 | $2500000 | &nbsp;&nbsp;&nbsp;&nbsp;$2505639 |
| Arkansas State University, Student Fee Rev. (Jonesboro Campus), "C", AGM, 4.5%, 3/01/2027 | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545610 |
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., "A", 5%, 12/01/2032 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501969 |
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., "A", 5%, 12/01/2033 | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528133 |
| Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., "A", 4%, 12/01/2035 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417438 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080652 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921751 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), "M", 3%, 7/01/2047 | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795579 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501600 |
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497724 |
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492090 |
| Northern Illinois University, Auxiliary Facilities System Rev., BAM, 4%, 10/01/2038 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618894 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60049 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65128 |
| Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045888 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344322 |
| University of Arkansas Facilities Rev. (Fayetteville Campus), 5%, 11/01/2047 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570230 |
| University of Arkansas Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2043 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591740 |
| University of Arkansas Facilities Rev. (UAMS Campus), 5%, 10/01/2025 | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789971 |
| University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028869 |
| University of Arkansas Facilities Rev. (UAMS Campus), "A", 5%, 12/01/2045 | &nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033980 |
| University of Arkansas Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2040 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550228 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| University of Arkansas Facilities Rev. (UAMS Northwest Campus), "A", 5%, 4/01/2047 | $2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$2158884 |
| University of Arkansas, Various Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167127 |
| University of Central Arkansas Student Fee Rev., "A", AGM, 5%, 11/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523660 |
| University of Central Arkansas Student Fee Rev., "A", AGM, 4%, 11/01/2048 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513621 |
|  |  | &nbsp;&nbsp;&nbsp;$23850776 |
| Universities - Dormitories – 2.2% | Universities - Dormitories – 2.2% | Universities - Dormitories – 2.2% |
| Arkansas Technology University Student Fee Rev., "A", BAM, 5%, 12/01/2042 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$526632 |
| Arkansas Technology University Student Fee Rev., "A", BAM, 4.5%, 12/01/2047 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504484 |
| Arkansas Technology University Student Fee Rev., "A", BAM, 4.5%, 12/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003647 |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3192515 |
| Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$517171 |
| Utilities - Municipal Owned – 3.8% | Utilities - Municipal Owned – 3.8% | Utilities - Municipal Owned – 3.8% |
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1053204 |
| Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050584 |
| Conway, AR, Electric Improvement Rev., "A", 4%, 12/01/2043 | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854502 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111600 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187200 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299300 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21675 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106212 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 5%, 7/01/2023 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135802 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153300 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68400 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80575 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25637 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69587 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5487122 |
| Water & Sewer Utility Revenue – 13.8% | Water & Sewer Utility Revenue – 13.8% | Water & Sewer Utility Revenue – 13.8% |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$477004 |
| Conway, AR, Wastewater Improvement Rev., "A", 4%, 10/01/2039 | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515696 |
| Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035 | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149763 |
| Fort Smith, AR, Water and Sewer Refunding Construction Rev., 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546869 |
| Fort Smith, AR, Water and Sewer Refunding Rev., BAM, 5%, 10/01/2028 | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470525 |
| Fort Smith, AR, Water and Sewer Rev., BAM, 3%, 10/01/2029 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321346 |
| Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072274 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86097 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491958 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247840 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246736 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198216 |
| Hot Springs, AR, Construction Wastewater Rev., "B", BAM, 2.75%, 12/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739631 |
| Hot Springs, AR, Construction Wastewater Rev., "B", BAM, 2.75%, 12/01/2050 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712617 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Hot Springs, AR, Wastewater Rev., "C", BAM, 4.5%, 12/01/2052 | $2000000 | &nbsp;&nbsp;&nbsp;$1991097 |
| Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047 (w) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447826 |
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035 | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155409 |
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983569 |
| Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484204 |
| Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621314 |
| Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670889 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51333 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66409 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30694 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$19855843 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$144117485** |
| 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;245000 | &nbsp;&nbsp;&nbsp;$209892 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;492082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124869 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$334761** |
| 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;284048 | &nbsp;&nbsp;&nbsp;$124271 |
| Investment Companies (h) – 0.3% | Investment Companies (h) – 0.3% | Investment Companies (h) – 0.3% |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | &nbsp;&nbsp;&nbsp;344425 | &nbsp;&nbsp;&nbsp;$344528 |
| Other Assets, Less Liabilities – (0.6)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814870) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$144106175** |

---

(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 $344,528 and $144,576,517, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,706,223, representing 1.2% of net assets.

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

(w) When-issued security.

---

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

---

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

------

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

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

(1) Investment Valuations

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$144241756 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$144241756 |
| 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;334761 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334761 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;344528 | &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;&nbsp;&nbsp;344528 |
| Total | &nbsp;&nbsp;&nbsp;$344528 | &nbsp;&nbsp;&nbsp;$144576517 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$144921045 |

---

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;$1147208 | &nbsp;&nbsp;$44278877 | &nbsp;&nbsp;$45081242 | &nbsp;&nbsp;$(398) | &nbsp;&nbsp;$83 | &nbsp;&nbsp;$344528 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$35595 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| Arkansas | 77.1% |
| Puerto Rico | 4.8% |
| Illinois | 3.0% |
| New Jersey | 2.6% |
| Massachusetts | 2.1% |
| Texas | 1.7% |
| Guam | 1.3% |
| California | 1.1% |
| Pennsylvania | 1.1% |
| Washington DC | 0.8% |
| New York | 0.7% |
| Colorado | 0.6% |
| North Carolina | 0.6% |
| Ohio | 0.6% |
| Connecticut | 0.6% |
| Maryland | 0.5% |
| Virginia | 0.5% |
| Michigan | 0.4% |
| South Carolina | 0.3% |
| Wisconsin | 0.3% |
| New Hampshire | 0.3% |
| Iowa | 0.1% |
| Indiana | 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 Arkansas Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002529

- **c. LEI of Series:** IBCRCKLUQF4H2CCTDD70

**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:** $147716245.33

**Total Liabilities:** $3610072.27

**Net Assets:** $144106173.06

**Delayed Delivery Securities:** $2047341.50

**Cash Not Reported:** $18386.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -324.08611520 | **1-Year:** -6155.76798630 | **5-Year:** -23462.66170960 | **10-Year:** -39157.32182100 | **30-Year:** -12607.04394420

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

- **3-Month:** -18.95014390 | **1-Year:** -477.46137780 | **5-Year:** -2072.31170550 | **10-Year:** -4443.70491870 | **30-Year:** -1951.50325690

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006976 | -0.92%               | 5.52%                | -0.21%               |
| Class ID C000006977 | -0.98%               | 5.45%                | -0.27%               |
| Class ID C000194242 | -0.91%               | 5.45%                | -0.08%               |
| Class ID C000169766 | -0.92%               | 5.44%                | -0.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-66543.50               | $-1672013.96                               |
| Month 2  | $-267098.20              | $7966151.61                                |
| Month 3  | $-385513.26              | $-224295.61                                |

### 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        |     35000 | PA      | $25637.50     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $168055.32    | 0.12%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    245000 | PA      | $247840.29    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $344811.77    | 0.24%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $739630.80    | 0.51%             | 2047-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Sales & Use Tax Revenue                                                             | City of Springdale AR Sales & Use Tax Revenue                                                             | CUSIP: 850269DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019026.50   | 0.71%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $186820.44    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996346.20    | 0.69%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs                                                                                       | CUSIP: 441182NZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1447825.65   | 1.00%             | 2047-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129625.76    | 0.09%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                                              | Northern Illinois University                                                                              | CUSIP: 665245ZE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492089.75    | 0.34%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108KXB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2608692.07   | 1.81%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                               | Connecticut State Health & Educational Facilities Authority                                               | CUSIP: 20775DSQ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $795578.56    | 0.55%             | 2047-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Phillips AR Sales & Use Tax Revenue                                                             | County of Phillips                                                                                        | CUSIP: 718420DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1164053.01   | 0.81%             | 2038-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      2000 | PA      | $1705.13      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 9140726H1<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    450000 | PA      | $501968.84    | 0.35%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    593000 | PA      | $386293.19    | 0.27%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith AR Water & Sewer Revenue                                                               | CUSIP: 348815MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072274.50   | 0.74%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Little Rock AR                                                                                    | City of Little Rock                                                                                       | CUSIP: 537374CU2<br>LEI: 549300ANVM1COXBSWS09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092385.90   | 2.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     13000 | PA      | $13033.72     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    345000 | PA      | $297745.49    | 0.21%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    336582 | NS      | $336682.83    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127134.31    | 0.09%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville                                                                                       | CUSIP: 083422DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $696066.64    | 0.48%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895633.00    | 0.62%             | 2042-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    890000 | PA      | $668887.51    | 0.46%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    170000 | PA      | $111313.94    | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                                                 | City of Rogers                                                                                            | CUSIP: 775080GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $2560133.47   | 1.78%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    260000 | PA      | $187200.00    | 0.13%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $209892.20    | 0.15%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    310000 | PA      | $327457.68    | 0.23%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1621314.28   | 1.13%             | 2043-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $322914.27    | 0.22%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $555420.77    | 0.39%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    245000 | PA      | $246736.44    | 0.17%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10633.58     | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith AR Water & Sewer Revenue                                                               | CUSIP: 348815PN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4149762.54   | 2.88%             | 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        |     65135 | PA      | $66646.97     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    620000 | PA      | $501599.65    | 0.35%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 0834196V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $662548.10    | 0.46%             | 2046-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13972.98     | 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        |     12000 | PA      | $8744.93      | 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        |     30000 | PA      | $21675.00     | 0.02%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 083419V65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954241.40    | 0.66%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65759.17     | 0.05%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10692.76     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76526.90     | 0.05%             | 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        |    375000 | PA      | $332740.09    | 0.23%             | 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        |     95000 | PA      | $69587.50     | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306014.76    | 0.21%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     90000 | PA      | $77586.08     | 0.05%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                                | Delaware Valley Regional Finance Authority                                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1034289.71   | 0.72%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                                              | Northern Illinois University                                                                              | CUSIP: 665245ZD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497724.15    | 0.35%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $381216.70    | 0.26%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority Public Safety Charges Revenue                                      | Arkansas Development Finance Authority Public Safety Charges                                              | CUSIP: 04084DAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964707.50    | 0.67%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville                                                                                       | CUSIP: 083422DG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924262.60    | 0.64%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $777456.65    | 0.54%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                                     | City of Valparaiso                                                                                        | CUSIP: 92028RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102524.86    | 0.07%             | 2044-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| County of Mississippi AR Sales & Use Tax Revenue                                                          | County of Mississippi AR Sales & Use Tax Revenue                                                          | CUSIP: 605313AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $651895.27    | 0.45%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Wasterwater Department                                                                  | City of Conway AR Wasterwater Department                                                                  | CUSIP: 212610EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $515695.64    | 0.36%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $575596.34    | 0.40%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                                            | HTA CL 6 Trust                                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    557334 | PA      | $549929.82    | 0.38%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14499.77     | 0.01%             | 2029-07-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     36000 | PA      | $33027.04     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 083419U41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508089.95   | 1.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $342591.51    | 0.24%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Batesville Public Facilities Board                                                                        | Batesville Public Facilities Board                                                                        | CUSIP: 070668AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525602.25    | 0.36%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    155000 | PA      | $111600.00    | 0.08%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365M9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1562115.91   | 1.08%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    284048 | PA      | $124271.20    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $14505.48     | 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        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of Malvern AR                                                                                        | City of Malvern                                                                                           | CUSIP: 561408EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $670888.58    | 0.47%             | 2043-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DU2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158884.00   | 1.50%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066630.60   | 1.43%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073EE7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921751.40    | 0.64%             | 2052-12-01      | 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        |    438149 | PA      | $423083.59    | 0.29%             | 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        |      5000 | PA      | $4664.09      | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                                                 | City of Rogers                                                                                            | CUSIP: 775080GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1090538.81   | 0.76%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $486274.42    | 0.34%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182859.77    | 0.13%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                                            | University of Central Arkansas                                                                            | CUSIP: 914115N30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $513620.75    | 0.36%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                                            | University of Central Arkansas                                                                            | CUSIP: 914115M98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523660.20    | 0.36%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072W58<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591740.15   | 1.10%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073BA8<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    955000 | PA      | $1033980.22   | 0.72%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484204.35    | 0.34%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10800.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2120158.59   | 1.47%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $51100.00     | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $285184.51    | 0.20%             | 2035-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14930.88     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82183.28     | 0.06%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $583803.07    | 0.41%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith AR Water & Sewer Revenue                                                               | CUSIP: 348815PP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $321345.96    | 0.22%             | 2029-10-01      | Fixed         | 3.00%                 | 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        |     25000 | PA      | $18312.50     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                                         | State of Arkansas                                                                                         | CUSIP: 041042ZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035997.20   | 1.41%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003646.90   | 0.70%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    185000 | PA      | $148784.44    | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  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        |   1000000 | PA      | $899593.80    | 0.62%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                                    | Board of Governors of Colorado State University System                                                    | CUSIP: 196707ZV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $806925.08    | 0.56%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Earle Special School District                                                                             | Earle Special School District                                                                             | CUSIP: 270182LL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2060000 | PA      | $1959552.13   | 1.36%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $328346.45    | 0.23%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30694.12     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 9140726K4<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    410000 | PA      | $417438.22    | 0.29%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109KGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $683025.75    | 0.47%             | 2039-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10987.50     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123849.92    | 0.09%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $158305.61    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                                              | Northern Illinois University                                                                              | CUSIP: 665245ZH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $618893.86    | 0.43%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    410000 | PA      | $299300.00    | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    111025 | PA      | $93437.39     | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Little Rock AR                                                                                    | City of Little Rock                                                                                       | CUSIP: 537360SD2<br>LEI: 549300ANVM1COXBSWS09 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543856.10   | 1.07%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $94403.16     | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072PZ0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028869.20   | 1.41%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $230602.23    | 0.16%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Cabot AR Sales & Use Tax Revenue                                                                  | City of Cabot                                                                                             | CUSIP: 127028EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264196.70    | 0.18%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1012485.21   | 0.70%             | 2041-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $629233.52    | 0.44%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 9140726J7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    475000 | PA      | $528133.17    | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577B7R9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    580000 | PA      | $591319.69    | 0.41%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority                                                         | CUSIP: 083389FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477004.35    | 0.33%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $978777.75    | 0.68%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073FB2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2167126.40   | 1.50%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $890098.90    | 0.62%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $651000.38    | 0.45%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAM2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $897817.87    | 0.62%             | 2044-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $234248.81    | 0.16%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    385000 | PA      | $401887.64    | 0.28%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $712616.80    | 0.49%             | 2050-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    390000 | PA      | $280237.31    | 0.19%             | 2050-01-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10563.05     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville AR                                                                                   | City of Fayetteville                                                                                      | CUSIP: 31266WAM5<br>LEI: 5493005PJCLNCCO7GU16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008664.40   | 1.39%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University                                                                                 | Arkansas State University                                                                                 | CUSIP: 041186R74<br>LEI: 549300NLMOECZYP7HI72 | Long             | DBT              | MUN               | US        |    545000 | PA      | $545609.86    | 0.38%             | 2027-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504483.90    | 0.35%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51333.11     | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University                                                                                 | Arkansas State University                                                                                 | CUSIP: 0411862N6<br>LEI: 549300NLMOECZYP7HI72 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505638.75   | 1.74%             | 2031-03-01      | Fixed         | 4.50%                 | 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        |     62000 | PA      | $53790.59     | 0.04%             | 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        |    200000 | PA      | $198216.26    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DR9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550227.45    | 0.38%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $625366.25    | 0.43%             | 2040-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     60000 | PA      | $60049.20     | 0.04%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.16    | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631XZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1899929.60   | 1.32%             | 2027-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs                                                                                       | CUSIP: 441178DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991096.60   | 1.38%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Sales & Use Tax Revenue                                                             | City of Springdale                                                                                        | CUSIP: 850269DV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015653.40   | 0.70%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $351345.60    | 0.24%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville AR Hotel & Restaurant Tax Revenue                                                    | City of Fayetteville                                                                                      | CUSIP: 312665AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072590.00   | 1.44%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conway Health Facilities Board                                                                            | Conway Health Facilities Board                                                                            | CUSIP: 212584DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918664.40    | 0.64%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                                              | Massachusetts Port Authority                                                                              | CUSIP: 575896YK5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1255010.05   | 0.87%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     80000 | PA      | $58200.00     | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983568.80    | 0.68%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $660177.75    | 0.46%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith                                                                                        | CUSIP: 348815MW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1470524.85   | 1.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $517170.63    | 0.36%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $352116.72    | 0.24%             | 2027-11-01      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     66000 | PA      | $53395.16     | 0.04%             | 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        |     66209 | PA      | $67458.18     | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     66814 | PA      | $67317.66     | 0.05%             | 2025-07-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    568000 | PA      | $330407.47    | 0.23%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $892315.94    | 0.62%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cabot AR Sales & Use Tax Revenue                                                                  | City of Cabot                                                                                             | CUSIP: 127028EF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105285.50    | 0.07%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412936.75    | 0.29%             | 2028-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    210000 | PA      | $153300.00    | 0.11%             | 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        |    210000 | PA      | $179029.01    | 0.12%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     65000 | PA      | $65127.80     | 0.05%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $106212.50    | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                                        | Orangeburg County Facilities Corp.                                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $499944.22    | 0.35%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Electric Revenue                                                                        | City of Conway                                                                                            | CUSIP: 212582DK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1854501.51   | 1.29%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     46282 | PA      | $37861.74     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville                                                                                       | CUSIP: 083422DH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906994.90    | 0.63%             | 2035-11-01      | Fixed         | 3.00%                 | 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        |    500000 | PA      | $378706.10    | 0.26%             | 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        |   2189000 | PA      | $539351.43    | 0.37%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     62925 | PA      | $49270.17     | 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        |    235000 | PA      | $211696.95    | 0.15%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | CUSIP: 575579QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1158657.60   | 0.80%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Benton AR Municipal Light & Water Works                                                           | City of Benton AR Municipal Light & Water Works                                                           | CUSIP: 082766LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053204.10   | 0.73%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $491958.50    | 0.34%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241038.83    | 0.17%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2108000 | PA      | $1913916.44   | 1.33%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80653.32     | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1928912.49   | 1.34%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66408.78     | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZP0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    135000 | PA      | $135801.83    | 0.09%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    110000 | PA      | $95866.12     | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pulaski County Public Facilities Board                                                                    | Pulaski County Public Facilities Board                                                                    | CUSIP: 74540EAT8<br>LEI: 549300FW3F0WYTXI3E38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $758700.45    | 0.53%             | 2043-07-01      | Fixed         | 5.50%                 | 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        |    340000 | PA      | $344322.15    | 0.24%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106144.44    | 0.07%             | 2039-12-01      | 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        |    492082 | PA      | $124868.82    | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Springdale Public Facilities Board                                                                        | Springdale Public Facilities Board                                                                        | CUSIP: 85025WAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2894109.32   | 2.01%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1671437.12   | 1.16%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     77204 | PA      | $41733.44     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $762652.10    | 0.53%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    110000 | PA      | $80575.00     | 0.06%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Sales & Use Tax Revenue                                                                 | City of Conway                                                                                            | CUSIP: 212595DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1153299.01   | 0.80%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $387532.51    | 0.27%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $387488.32    | 0.27%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073ED9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080652.20   | 0.75%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     85000 | PA      | $86097.23     | 0.06%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47450.00     | 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        |    115000 | PA      | $119440.99    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43200.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072R96<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570230.30   | 1.09%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith                                                                                        | CUSIP: 348815PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546869.35    | 0.38%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $25161.52     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182MV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1155408.75   | 0.80%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    225000 | PA      | $227414.14    | 0.16%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $556836.18    | 0.39%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041577.20   | 0.72%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    120000 | PA      | $108100.57    | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    415000 | PA      | $425496.06    | 0.30%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     60000 | PA      | $61578.85     | 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        |     95000 | PA      | $68400.00     | 0.05%             | 2018-07-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    122000 | PA      | $107841.56    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fort Smith School District No. 100                                                                        | Fort Smith School District No. 100                                                                        | CUSIP: 348764RD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1040140.17   | 0.72%             | 2045-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                                                 | City of Rogers                                                                                            | CUSIP: 775080GD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122992.80   | 1.47%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     59992 | PA      | $52016.65     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $375638.48    | 0.26%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas - Pulaski Technical College                                                        | University of Arkansas - Pulaski Technical College                                                        | CUSIP: 745601HF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045888.40   | 0.73%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Benton AR Municipal Light & Water Works                                                           | City of Benton AR Municipal Light & Water Works                                                           | CUSIP: 082766LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050584.20   | 0.73%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarksville School District No. 17 of Johnson County                                                      | Clarksville School District No. 17 of Johnson County                                                      | CUSIP: 182338RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $327025.55    | 0.23%             | 2024-12-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Sales & Use Tax Revenue                                                                 | City of Conway                                                                                            | CUSIP: 212595DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $853380.20    | 0.59%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072RT2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    780000 | PA      | $789970.90    | 0.55%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526631.75    | 0.37%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 537428V50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1027232.60   | 0.71%             | 2030-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    216442 | PA      | $162263.69    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                    | California Municipal Finance Authority                                                                    | CUSIP: 13049YCT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1157752.57   | 0.80%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $340214.63    | 0.24%             | 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        |     20032 | PA      | $18566.10     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83929.05     | 0.06%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     63265 | PA      | $65414.00     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer