# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007834
**Filing Date:** 2025-11
**Character Count:** 112347
**Document Hash:** e52dac0037eff09a8516304b24b133d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007834.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007834

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251530044

**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 Pennsylvania Municipal Bond Fund (Series ID: S000002524)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006965 | A            | MFPAX           |
| C000006966 | B            | MBPAX           |
| C000169761 | I            | MPALX           |
| C000194232 | R6           | MPPAX           |

## 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 Pennsylvania Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002524

- **c. LEI of Series:** 8MG4769ZL455HON5LD92

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $181130289.74

**Total Liabilities:** $1668930.11

**Net Assets:** $179461359.63

**Delayed Delivery Securities:** $969360.00

**Cash Not Reported:** $3.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -218.47288470 | **1-Year:** -5835.61266380 | **5-Year:** -26158.20907310 | **10-Year:** -63450.54520030 | **30-Year:** -26845.03906680

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

- **3-Month:** -28.29844250 | **1-Year:** -1252.64018410 | **5-Year:** -2944.29507790 | **10-Year:** -5343.32120150 | **30-Year:** -1540.56943510

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194232 | -0.71%               | 0.77%                | 3.03%                |
| Class ID C000006966 | -0.84%               | 0.78%                | 2.92%                |
| Class ID C000169761 | -0.72%               | 0.88%                | 3.02%                |
| Class ID C000006965 | -0.67%               | 0.84%                | 2.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10106.29               | $-1695139.66                               |
| Month 2  | $-19232.87               | $900992.72                                 |
| Month 3  | $24.89                   | $4692552.31                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1A                     | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $633200.82    | 0.35%             | 2045-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $682538.74    | 0.38%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority Future Tax Secured                     | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1240166.80   | 0.69%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $184500.00    | 0.10%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCC5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450605.39    | 0.25%             | 2051-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QLH4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1567207.21   | 0.87%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blythe Township Solid Waste Authority                                        | Blythe Township Solid Waste Authority                                               | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216910.56    | 0.12%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of The County of Washington                          | Redevelopment Authority of The County of Washington                                 | CUSIP: 938618AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500349.85    | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017, Class I             | CUSIP: 717908AH0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1281874.13   | 0.71%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    185000 | PA      | $185396.14    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476735.00    | 0.27%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                      | County of Lackawanna                                                                | CUSIP: 505480X24<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034893.00   | 0.58%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412715.05    | 0.23%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-150A                               | CUSIP: 70879QZ48<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524637.80   | 0.85%             | 2045-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2024                                          | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $886015.08    | 0.49%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Industrial Development Authority                               | Fulton County Industrial Development Authority                                      | CUSIP: 36024LAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $438639.10    | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423411.60    | 0.24%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $901.57       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority                                                                 | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007493.50   | 0.56%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    524000 | PA      | $428630.48    | 0.24%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2025A                                    | CUSIP: 01728LKY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062279.10   | 0.59%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                                | Municipality of Penn Hills, Series D                                                | CUSIP: 707483JN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $451562.93    | 0.25%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                               | Adams County General Authority, Series 2024A                                        | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $701789.93    | 0.39%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                     | MFS Institutional Money Market Portfolio, Class A                                   | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   2991095 | NS      | $2991394.59   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Philadelphia Energy Authority (The)                                          | Philadelphia Energy Authority (The), Series 2023A                                   | CUSIP: 71780UAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058454.80   | 0.59%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    245000 | PA      | $167825.00    | 0.09%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046262.40   | 0.58%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                       | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                         | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    550000 | PA      | $600280.29    | 0.33%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority                                                 | CUSIP: 017357N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025936.90   | 0.57%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2025                                             | CUSIP: 624805SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034332.20   | 0.58%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MU4<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    730000 | PA      | $759552.37    | 0.42%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023114.50   | 0.57%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101948.97    | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489702.30    | 0.27%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Convention Center Authority                                 | Lancaster County Convention Center Authority                                        | CUSIP: 514042BC3<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460339.45    | 0.26%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473040.85    | 0.26%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conneaut School District                                                     | Conneaut School District                                                            | CUSIP: 207515GN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $923886.08    | 0.51%             | 2031-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $914863.50    | 0.51%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority                                  | CUSIP: 613609B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $367193.92    | 0.20%             | 2050-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TEB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $983355.88    | 0.55%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041407.00   | 0.58%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 708692AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120024.00   | 0.62%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961302.50    | 0.54%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $7961.86      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QDB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984783.30    | 0.55%             | 2032-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| County of Lehigh PA                                                          | County of Lehigh                                                                    | CUSIP: 52480GDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975289.60    | 0.54%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBX2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035649.40   | 0.58%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $423601.05    | 0.24%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCG6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010675.10   | 0.56%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $588632.65    | 0.33%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                     | Village of Bridgeview                                                               | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $325492.58    | 0.18%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $716666.18    | 0.40%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XR8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5112.81      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493549.95    | 0.28%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038246.10   | 0.58%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority                                                                 | CUSIP: 368497JT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975065.80    | 0.54%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aliquippa School District                                                    | Aliquippa School District                                                           | CUSIP: 016364CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000592.20   | 0.56%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSX2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999117.10    | 0.56%             | 2043-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024                                    | CUSIP: 708797BF1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1522056.21   | 0.85%             | 2042-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2024                                | CUSIP: 52480RGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004381.40   | 0.56%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836311.00   | 1.02%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago                                                                     | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    600000 | PA      | $611698.98    | 0.34%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1268571.01   | 0.71%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023540.50   | 0.57%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337399.97    | 0.19%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Series VV                                     | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14977.18     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024A-3                              | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1329213.40   | 0.74%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1455148.34   | 0.81%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $34192.47     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2024A                     | CUSIP: 717901CB6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613845.80   | 0.90%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Finance Authority                                               | Wilkes-Barre Finance Authority                                                      | CUSIP: 968254BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001962.30   | 0.56%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 16557HEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754468.98   | 0.98%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254991.93    | 0.14%             | 2037-11-01      | 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        |    150000 | PA      | $102750.00    | 0.06%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $220199.31    | 0.12%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2025                                             | CUSIP: 624805SQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028826.20   | 0.57%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $909871.65    | 0.51%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | New Jersey Higher Education Student Assistance Authority                            | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    570000 | PA      | $567267.14    | 0.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Northampton PA                                                   | Township of Northampton                                                             | CUSIP: 663730KN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975819.00    | 0.54%             | 2043-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                             | Mount Lebanon Hospital Authority                                                    | CUSIP: 621820DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027324.40   | 0.57%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Area School District                                                    | Moon Area School District, Series 2024 B                                            | CUSIP: 615401QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1365786.15   | 0.76%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016           | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $692184.56    | 0.39%             | 2035-04-01      | Fixed         | 5.75%                 | 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        |    449062 | PA      | $443930.31    | 0.25%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025                                    | CUSIP: 708797BG9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037216.40   | 0.58%             | 2041-06-01      | Fixed         | 4.90%                 | 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        |    365000 | PA      | $332562.09    | 0.19%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 708797AN5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    908059 | PA      | $894126.60    | 0.50%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Interboro School District                                                    | Interboro School District, Series 2024                                              | CUSIP: 458436YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593138.90   | 0.89%             | 2063-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2024                  | CUSIP: 70869PQB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045995.90   | 0.58%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499989.70    | 0.28%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                      | Westmoreland County Industrial Development Authority                                | CUSIP: 960875AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1328307.26   | 0.74%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1075568.72   | 0.60%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1502938.15   | 0.84%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $696735.43    | 0.39%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2025A                                         | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946585.70    | 0.53%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70870JFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $849912.10    | 0.47%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021A-2               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004296.10   | 0.56%             | 2046-10-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Temple University-of The Commonwealth System of Higher Education             | Temple University-of The Commonwealth System of Higher Education, Series FIRST 2025 | CUSIP: 880178DC9<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1356532.10   | 0.76%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                   | Northeastern Pennsylvania Hospital and Education Authority                          | CUSIP: 664551DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911386.90    | 0.51%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    130000 | PA      | $136058.52    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2024              | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $689419.80    | 0.38%             | 2059-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $150550.46    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSY0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000725.50   | 0.56%             | 2046-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $340637.70    | 0.19%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                           | Southeastern Pennsylvania Transportation Authority                                  | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092530.80   | 1.17%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Region Water Sewer Revenue                                           | Capital Region Water Sewer Revenue                                                  | CUSIP: 14044TAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011099.00   | 0.56%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 A | CUSIP: 70870EER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1272685.70   | 0.71%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia PA Water & Wastewater Revenue                                  | CUSIP: 717893H79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039920.60   | 0.58%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority, Series 2021 A                   | CUSIP: 613609L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $543215.56    | 0.30%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $132671.18    | 0.07%             | 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        |    540000 | PA      | $453326.76    | 0.25%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2024 A                      | CUSIP: 16559PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1337301.90   | 0.75%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 118612MC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478024.50    | 0.27%             | 2046-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QUZ4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982949.30    | 0.55%             | 2049-10-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                        | City of Pittsburgh, Series 2025                                                     | CUSIP: 725209TL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1375654.88   | 0.77%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                               | Bethlehem Area School District, Series 2025                                         | CUSIP: 087365XW7<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053479.60   | 0.59%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116918 | PA      | $114026.56    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $156000.00    | 0.09%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-1A                            | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103603.07    | 0.06%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority                                      | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     90000 | PA      | $106882.87    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The)      | Hospitals & Higher Education Facilities Authority of Philadelphia (The)             | CUSIP: 717903L97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506245.15    | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canonsburg-Houston Joint Authority (The)                                     | Canonsburg-Houston Joint Authority (The)                                            | CUSIP: 138015FY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001177.20   | 0.56%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                           | St Clair County Board of Education                                                  | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466447.05    | 0.26%             | 2052-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                      | Reading School District                                                             | CUSIP: 755638ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018199.80   | 0.57%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                       | William Penn School District Authority, Series 2025A                                | CUSIP: 969257AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1160746.32   | 0.65%             | 2044-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Upper St Clair Township School District                                      | Upper St Clair Township School District                                             | CUSIP: 916507RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961101.90    | 0.54%             | 2039-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1C                     | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $717338.25    | 0.40%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2024                              | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $764341.39    | 0.43%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1789575.03   | 1.00%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                               | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    740000 | PA      | $760843.51    | 0.42%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                               | Tennergy Corp.                                                                      | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    520000 | PA      | $561195.65    | 0.31%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority                                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $166342.27    | 0.09%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                               | General Authority of Southcentral Pennsylvania                                      | CUSIP: 84129NMB2<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914225.80    | 0.51%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917S4F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774047.93    | 0.43%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $820957.46    | 0.46%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                           | Clemson University                                                                  | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1125188.10   | 0.63%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBW4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259730.78    | 0.14%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353LDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987958.10    | 0.55%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786929.40    | 0.44%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    364000 | PA      | $337941.71    | 0.19%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2024B-1                | CUSIP: 70917TRU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051377.10   | 0.59%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | Guam Government Waterworks Authority                                                | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $205006.60    | 0.11%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025A                                   | CUSIP: 708797BH7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043729.50   | 0.58%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140426.97    | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                               | Wayne County Airport Authority                                                      | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.98     | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MT7<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    885000 | PA      | $926625.98    | 0.52%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                              | CUSIP: 263804BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913591.90    | 0.51%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457437.30    | 0.25%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The)                                                 | CUSIP: 709235W68<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151887.60   | 1.76%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Hempfield Township Industrial Development Authority                     | East Hempfield Township Industrial Development Authority                            | CUSIP: 273007CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750286.65    | 0.42%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    300000 | PA      | $285753.75    | 0.16%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                       | Bucks County Water and Sewer Authority                                              | CUSIP: 118683JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1945487.20   | 1.08%             | 2047-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1313893.66   | 0.73%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Borough of Punxsutawney PA                                                   | Borough of Punxsutawney, Series 2025 B                                              | CUSIP: 746044BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505174.25    | 0.28%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-145A                               | CUSIP: 70879QWL3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994401.40    | 0.55%             | 2049-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527322.95    | 0.29%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025                   | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076005.70   | 0.60%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2023B                                                  | CUSIP: 7178932Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068944.40   | 0.60%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QLF8<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.17%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $877361.76    | 0.49%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 717824AR7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $442975.20    | 0.25%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QVB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1534516.98   | 0.86%             | 2054-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    920000 | PA      | $794206.56    | 0.44%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                               | Wyalusing Area School District, Series 2025                                         | CUSIP: 982613LD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013868.10   | 0.56%             | 2065-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $588510.22    | 0.33%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                               | Allentown City School District, Series 2024                                         | CUSIP: 018471NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038000.30   | 0.58%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    509000 | PA      | $382266.48    | 0.21%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2023                      | CUSIP: 71780CBV1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485071.00    | 0.27%             | 2043-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $265886.04    | 0.15%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCP6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004654.20   | 0.56%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District                                                      | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    935000 | PA      | $998632.64    | 0.56%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $137000.00    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     47139 | PA      | $44734.93     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                           | Tennessee Energy Acquisition Corp.                                                  | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    825000 | PA      | $861257.51    | 0.48%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    227000 | PA      | $77115.58     | 0.04%             | 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        |     64091 | PA      | $57391.34     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QUA9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1357094.40   | 0.76%             | 2053-10-01      | Fixed         | 5.50%                 | 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        |    243000 | PA      | $232497.54    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2024 C                                                 | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060786.80   | 0.59%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District                                   | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    845000 | PA      | $895734.81    | 0.50%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    979000 | PA      | $944805.39    | 0.53%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046400.90   | 0.58%             | 2044-08-01      | 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        |     45000 | PA      | $45014.01     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-80                                                    | CUSIP: 01728VWT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040293.50   | 0.58%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $296356.08    | 0.17%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $60583.49     | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522718.70    | 0.29%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $111464.03    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $693268.93    | 0.39%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2024                                             | CUSIP: 624805RS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023291.60   | 0.57%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898978.10    | 0.50%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2017 B                                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $462048.54    | 0.26%             | 2037-07-01      | 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        |    274832 | PA      | $93140.40     | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     78634 | PA      | $56161.75     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Borough of Punxsutawney PA                                                   | Borough of Punxsutawney, Series 2025 B                                              | CUSIP: 746044BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504679.80    | 0.28%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brentwood School District                                                    | Brentwood School District, Series 2025                                              | CUSIP: 10733RGA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041804.60   | 0.58%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2025B                                                  | CUSIP: 717817ZC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023617.80   | 1.13%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $976446.14    | 0.54%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission                                                    | CUSIP: 709224P60<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1365962.40   | 0.76%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2025-1C                     | CUSIP: 70878CBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754818.83    | 0.42%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    105000 | PA      | $71925.00     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority                                                  | CUSIP: 725304YA1<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035839.70   | 0.58%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991152.10    | 0.55%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority                                | CUSIP: 01728RNX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936321.10    | 0.52%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2023B-1               | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $746116.88    | 0.42%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883WG3<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520862.75   | 0.85%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                            | Elizabeth Forward School District, Series 2025                                      | CUSIP: 286663UJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976145.20    | 0.54%             | 2050-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                         | County of Broward, Series 2021                                                      | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $503249.12    | 0.28%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $108324.28    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                   | Pennsylvania Turnpike Commission Oil Franchise Tax, Series 2025A                    | CUSIP: 709230AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065028.80   | 0.59%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $120561.33    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia PA Airport Revenue                                             | CUSIP: 717817UG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766748.03    | 0.43%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-2A                            | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     83000 | PA      | $86755.35     | 0.05%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353RCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501056.30    | 0.28%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethel Park School District                                                  | Bethel Park School District, Series 2023                                            | CUSIP: 087059NN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073183.90   | 0.60%             | 2048-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                              | Indiana County Industrial Development Authority                                     | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2486793.65   | 1.39%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    116000 | PA      | $110986.48    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                           | Matching Fund Special Purpose Securitization Corp.                                  | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     65000 | PA      | $65504.15     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | State Public School Building Authority                                              | CUSIP: 85732NBD6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1271872.44   | 0.71%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    124000 | PA      | $116530.26    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                         | Public Authority for Colorado Energy                                                | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    280000 | PA      | $338359.78    | 0.19%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 B-1                             | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $518409.54    | 0.29%             | 2044-06-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61103 | PA      | $60416.29     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486809.90    | 0.27%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107998.77    | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $58244.86     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $68510.20     | 0.04%             | 2053-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority                                     | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    925000 | PA      | $986893.79    | 0.55%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-149A                               | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028715.00   | 0.57%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    234653 | PA      | $202533.86    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $394997.79    | 0.22%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority                                     | CUSIP: 165588DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $476992.70    | 0.27%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    252793 | PA      | $167159.37    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300747.63    | 0.17%             | 2042-05-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    245437 | PA      | $271983.74    | 0.15%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512172.95   | 0.84%             | 2059-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer