# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001410368-26-007058
**Filing Date:** 2026-1
**Character Count:** 164457
**Document Hash:** 9c63649ae17062bed2576eadd07d79d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007058.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001410368-26-007058

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS Active Exchange Traded Funds Trust
- **CENTRAL INDEX KEY:** 0002018846

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 26558582

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

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

## Series and Classes Contracts Data

### MFS Active Intermediate Muni Bond ETF (Series ID: S000085668)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000251002 | MFS Active Intermediate Muni Bond ETF | MFSM            |

## Nport-Ex

EMU-Q3

![](imgae4692a61.gif)

**Quarterly Report**

November 30, 2025

MFS<sup>®</sup> Active Intermediate Muni

Bond ETF

![](imgab2f92c92.gif)

Principal Listing Exchange: NYSE

------

**Portfolio of Investments**

11/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – 98.0% | Municipal Bonds – 98.0% | Municipal Bonds – 98.0% |
| Alabama – 3.7% | Alabama – 3.7% | Alabama – 3.7% |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| $100000 | &nbsp;&nbsp;&nbsp; $102219 |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029) | 165000 | &nbsp;&nbsp;&nbsp; 169416 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 110000 | &nbsp;&nbsp;&nbsp; 113679 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "D", 5%, 3/01/2055 (Put Date 11/01/2034) | 250000 | &nbsp;&nbsp;&nbsp; 271150 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032) | 250000 | &nbsp;&nbsp;&nbsp; 270200 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B", 5%, 9/01/2033  | 250000 | &nbsp;&nbsp;&nbsp; 259197 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", BAM, 5.125%, 8/01/2044 <br>| 250000 | &nbsp;&nbsp;&nbsp; 263232 |
| Mobile, AL, Industrial Development Board, Pollution Control Rev. (Alabama Power Co.), 3.3%, 7/15/2034 (Put Date 3/12/2026) | 150000 | &nbsp;&nbsp;&nbsp; 150118 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp;&nbsp; 264815 |
| Southeast Alabama Energy Authority, "C", 5%, 5/01/2055 (Put Date 2/01/2031) | 5000 | &nbsp;&nbsp;&nbsp; 5367 |
|  |  | &nbsp;&nbsp;&nbsp; $1869393 |
| Alaska – 1.0% | Alaska – 1.0% | Alaska – 1.0% |
| Alaska Municipal Bond Bank Authority, General Obligation & Refunding, "2", 5%, 12/01/2028  | $260000 | &nbsp;&nbsp;&nbsp; $273546 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039  | 200000 | &nbsp;&nbsp;&nbsp; 222098 |
|  |  | &nbsp;&nbsp;&nbsp; $495644 |
| Arizona – 1.6% | Arizona – 1.6% | Arizona – 1.6% |
| Arizona Industrial Development Authority, National Education Rev. (Equitable School Revolving Fund LLC), "A", 5%, 11/01/2038  | $190000 | &nbsp;&nbsp;&nbsp; $195279 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 4.15%, 9/01/2040  | 245000 | &nbsp;&nbsp;&nbsp; 245151 |
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 3.45%, <br> 12/01/2035 (Put Date 2/01/2026)<br>| 100000 | &nbsp;&nbsp;&nbsp; 99998 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6%, 7/01/2055  | 245000 | &nbsp;&nbsp;&nbsp; 268950 |
|  |  | &nbsp;&nbsp;&nbsp; $809378 |
| Arkansas – 0.2% | Arkansas – 0.2% | Arkansas – 0.2% |
| Arkansas Development Finance Authority, Resource Recovery Rev. (Weyerhaeuser Co. Project) , 3.875%, <br> 10/15/2065 (Put Date 10/15/2032)<br>| $100000 | &nbsp;&nbsp;&nbsp; $100365 |
| California – 5.6% | California – 5.6% | California – 5.6% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| $250000 | &nbsp;&nbsp;&nbsp; $265564 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 12/01/2055 (Put Date 10/01/2033)<br>| 100000 | &nbsp;&nbsp;&nbsp; 106451 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, <br> 2/01/2055 (Put Date 9/01/2032)<br>| 250000 | &nbsp;&nbsp;&nbsp; 272632 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "E", 5%, <br> 10/01/2056 (Put Date 5/01/2035)<br>| 250000 | &nbsp;&nbsp;&nbsp; 274134 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5%, <br> 2/01/2055 (Put Date 11/01/2032)<br>| 500000 | &nbsp;&nbsp;&nbsp; 546154 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, <br> 1/01/2056 (Put Date 8/01/2033)<br>| 245000 | &nbsp;&nbsp;&nbsp; 270295 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5%, 11/01/2033  | 170000 | &nbsp;&nbsp;&nbsp; 184831 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp;&nbsp; 265561 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2028  | 85000 | &nbsp;&nbsp;&nbsp; 88926 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2029  | 100000 | &nbsp;&nbsp;&nbsp; 105684 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 100000 | &nbsp;&nbsp;&nbsp; 110968 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5.25%, 5/15/2038  | 350000 | &nbsp;&nbsp;&nbsp; 363179 |
|  |  | &nbsp;&nbsp;&nbsp; $2854379 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Colorado – 6.4% | Colorado – 6.4% | Colorado – 6.4% |
| Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043  | $110000 | &nbsp;&nbsp;&nbsp; $118853 |
| Adams County, CO, Bromley Park Metropolitan District No. 3, General Obligation, AGM, 5%, 12/01/2039  | 225000 | &nbsp;&nbsp;&nbsp; 244275 |
| Arapahoe County, CO, Cherry Creek School District No. 5, General Obligation, 5.25%, 12/15/2042  | 500000 | &nbsp;&nbsp;&nbsp; 561708 |
| Bennett, CO, Wastewater Rev., AGM, 5%, 12/01/2044  | 250000 | &nbsp;&nbsp;&nbsp; 266372 |
| Boulder County, CO, STC Metropolitan District No. 2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", <br> AGM, 5%, 12/01/2036 <br>| 215000 | &nbsp;&nbsp;&nbsp; 233121 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Stargate Charter School Project), "A", 5.25%, 12/01/2045  | 100000 | &nbsp;&nbsp;&nbsp; 100866 |
| Colorado Health Facilities Authority Refunding Rev. (Frasier), "A", 5%, 5/15/2040  | 100000 | &nbsp;&nbsp;&nbsp; 104005 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035  | 245000 | &nbsp;&nbsp;&nbsp; 266368 |
| Denver, CO, City & County Board of Water Commissioners, Water Rev., "A", 5%, 9/15/2047  | 210000 | &nbsp;&nbsp;&nbsp; 214006 |
| Denver, CO, Department of Aviation Airport System Rev., "A", 5%, 11/15/2029  | 110000 | &nbsp;&nbsp;&nbsp; 114277 |
| Douglas County, CO, Lanterns Metropolitan District No. 1, AGM, 5%, 12/01/2034  | 165000 | &nbsp;&nbsp;&nbsp; 176865 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 5%, 12/01/2040  | 105000 | &nbsp;&nbsp;&nbsp; 111728 |
| Lone Tree, CO, Rampart Range Metropolitan District No. 1, Limited Tax Supported & Special Rev., AGM, 5%, 12/01/2044  | 300000 | &nbsp;&nbsp;&nbsp; 312600 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Improvement & Refunding Rev., AGM, 5%, 12/01/2044  | 300000 | &nbsp;&nbsp;&nbsp; 314199 |
| Weld County, CO, Greeley City Center West Residential Metropolitan District No. 2, General Obligation Refunding Rev., AGM, 5.5%, <br> 12/01/2045 <br>| 100000 | &nbsp;&nbsp;&nbsp; 107324 |
|  |  | &nbsp;&nbsp;&nbsp; $3246567 |
| Connecticut – 0.7% | Connecticut – 0.7% | Connecticut – 0.7% |
| Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (Chesla Loan Program), "B-1", 5.25%, <br> 11/15/2034 <br>| $250000 | &nbsp;&nbsp;&nbsp; $271754 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 100000 | &nbsp;&nbsp;&nbsp; 100967 |
|  |  | &nbsp;&nbsp;&nbsp; $372721 |
| Delaware – 0.5% | Delaware – 0.5% | Delaware – 0.5% |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055  | $235000 | &nbsp;&nbsp;&nbsp; $253813 |
| District of Columbia – 1.0% | District of Columbia – 1.0% | District of Columbia – 1.0% |
| District of Columbia, Housing Finance Agency (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp;&nbsp; $103754 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", FHA, <br> 5%, 3/01/2028 <br>| 250000 | &nbsp;&nbsp;&nbsp; 260179 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2036  | 115000 | &nbsp;&nbsp;&nbsp; 119285 |
|  |  | &nbsp;&nbsp;&nbsp; $483218 |
| Florida – 5.8% | Florida – 5.8% | Florida – 5.8% |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%, 10/01/2035  | $100000 | &nbsp;&nbsp;&nbsp; $103317 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036  | 125000 | &nbsp;&nbsp;&nbsp; 125781 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC), "A", 4.75%, 7/01/2040  | 100000 | &nbsp;&nbsp;&nbsp; 100588 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "A", 4.9%, 6/15/2035  | 250000 | &nbsp;&nbsp;&nbsp; 258550 |
| Florida Higher Educational Facilities Financing Authority Rev. (Nova Southeastern University Project), 5%, 4/01/2036  | 105000 | &nbsp;&nbsp;&nbsp; 105422 |
| Florida Housing Finance Corp, Multi-Family Mortgage Rev. (The Enclave at Canopy Park), "I", 3.3%, 7/01/2058 (Put Date 1/01/2028) | 250000 | &nbsp;&nbsp;&nbsp; 250613 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "B-2", 4.45%, 11/15/2031  | 200000 | &nbsp;&nbsp;&nbsp; 201978 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2042  | 250000 | &nbsp;&nbsp;&nbsp; 270447 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "A", 5%, 10/01/2035  | 180000 | &nbsp;&nbsp;&nbsp; 195609 |
| Lee County, FL, Airport Rev., "B", 4%, 10/01/2038  | 250000 | &nbsp;&nbsp;&nbsp; 250365 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044  | 200000 | &nbsp;&nbsp;&nbsp; 201680 |
| Miami-Dade County, FL, Aviation Rev., "A", 5%, 10/01/2038  | 250000 | &nbsp;&nbsp;&nbsp; 250342 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036  | 250000 | &nbsp;&nbsp;&nbsp; 269798 |
| Pensacola, FL, Airport Rev., 5.25%, 10/01/2043  | 200000 | &nbsp;&nbsp;&nbsp; 213021 |
| Pompano Beach, FL, Rev. (John Knox Village Project), 5%, 9/01/2039  | 150000 | &nbsp;&nbsp;&nbsp; 150043 |
|  |  | &nbsp;&nbsp;&nbsp; $2947554 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Georgia – 4.1% | Georgia – 4.1% | Georgia – 4.1% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp;&nbsp; $100828 |
| Commerce, GA, School District General Obligation, 6%, 8/01/2043  | 250000 | &nbsp;&nbsp;&nbsp; 291699 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034  | 120000 | &nbsp;&nbsp;&nbsp; 120749 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044  | 430000 | &nbsp;&nbsp;&nbsp; 444359 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/01/2054 (Put Date 9/01/2031) | 210000 | &nbsp;&nbsp;&nbsp; 226020 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 345000 | &nbsp;&nbsp;&nbsp; 375492 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 250000 | &nbsp;&nbsp;&nbsp; 269730 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2040  | 100000 | &nbsp;&nbsp;&nbsp; 107318 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 5.5%, 6/01/2040  | 135000 | &nbsp;&nbsp;&nbsp; 137768 |
|  |  | &nbsp;&nbsp;&nbsp; $2073963 |
| Hawaii – 0.9% | Hawaii – 0.9% | Hawaii – 0.9% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043  | $200000 | &nbsp;&nbsp;&nbsp; $210646 |
| Hawaii Harbor System Rev., "A", 4%, 7/01/2036  | 215000 | &nbsp;&nbsp;&nbsp; 218041 |
|  |  | &nbsp;&nbsp;&nbsp; $428687 |
| Idaho – 0.2% | Idaho – 0.2% | Idaho – 0.2% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $70000 | &nbsp;&nbsp;&nbsp; $77299 |
| Illinois – 5.0% | Illinois – 5.0% | Illinois – 5.0% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2033  | $100000 | &nbsp;&nbsp;&nbsp; $110661 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 7%, 12/01/2042 (n) | 250000 | &nbsp;&nbsp;&nbsp; 258418 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2028  | 130000 | &nbsp;&nbsp;&nbsp; 132744 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2041  | 100000 | &nbsp;&nbsp;&nbsp; 100456 |
| Chicago, IL, Midway Airport Refunding Rev., "A", 5%, 1/01/2028  | 250000 | &nbsp;&nbsp;&nbsp; 259007 |
| Cook County, IL, Community College District No. 152 (Hazel Crest), AGM, 5%, 12/01/2036  | 300000 | &nbsp;&nbsp;&nbsp; 337051 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 4.25%, <br> 7/01/2041 <br>| 100000 | &nbsp;&nbsp;&nbsp; 101620 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 200000 | &nbsp;&nbsp;&nbsp; 201323 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035)<br>| 200000 | &nbsp;&nbsp;&nbsp; 206267 |
| Northeastern, IL, Board of Trustees, University Certificates of Participation (Capital Improvement Projects), BAM, 5.25%, 7/01/2037  | 100000 | &nbsp;&nbsp;&nbsp; 110121 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 250000 | &nbsp;&nbsp;&nbsp; 267051 |
| Tazewell County, IL, School District No. 52, General Obligation, BAM, 6.5%, 12/01/2042  | 100000 | &nbsp;&nbsp;&nbsp; 118919 |
| Trustees of the University of Illinois, Housing and Auxiliary Facilities System Rev., "A" , BAM, 5%, 4/01/2039  | 310000 | &nbsp;&nbsp;&nbsp; 329882 |
|  |  | &nbsp;&nbsp;&nbsp; $2533520 |
| Indiana – 2.4% | Indiana – 2.4% | Indiana – 2.4% |
| Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 5.25%, 2/01/2042  | $100000 | &nbsp;&nbsp;&nbsp; $108587 |
| Indiana Finance Authority Rev. (Greenwood Village South Project), "C-2", 3.75%, 5/15/2032  | 100000 | &nbsp;&nbsp;&nbsp; 100166 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036  | 120000 | &nbsp;&nbsp;&nbsp; 128604 |
| Indiana Finance Authority, Health System Rev. (Franciscan Alliance, Inc. Obligated Group), "B", 5%, 11/01/2041  | 250000 | &nbsp;&nbsp;&nbsp; 250312 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029  | 100000 | &nbsp;&nbsp;&nbsp; 101144 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., "1A", 4%, 6/01/2046 (w) | 160000 | &nbsp;&nbsp;&nbsp; 156498 |
| Lawrence County, IN, North Lawrence Community School Buildings Corp., Ad Valorem Property Tax First Mortgage, 5%, 7/15/2038  | 100000 | &nbsp;&nbsp;&nbsp; 109909 |
| Westfield Washington, IN, Multi-School Building Corp. (Hamilton County), "A", BAM, 5.25%, 7/15/2043  | 250000 | &nbsp;&nbsp;&nbsp; 272675 |
|  |  | &nbsp;&nbsp;&nbsp; $1227895 |
| Iowa – 0.5% | Iowa – 0.5% | Iowa – 0.5% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033  | $250000 | &nbsp;&nbsp;&nbsp; $271020 |
| Kansas – 0.8% | Kansas – 0.8% | Kansas – 0.8% |
| Garden City, KS, Sales Tax Special Obligation Rev. (Sports of the World Star Bond Project-Phase II), 4.25%, 6/01/2033  | $100000 | &nbsp;&nbsp;&nbsp; $99555 |
| Miami County, KS, Osawatomie Unified School District No. 367, General Obligation, BAM, 5.25%, 9/01/2042  | 300000 | &nbsp;&nbsp;&nbsp; 323314 |
|  |  | &nbsp;&nbsp;&nbsp; $422869 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Kentucky – 1.0% | Kentucky – 1.0% | Kentucky – 1.0% |
| Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), "A-2", 5%, 8/01/2032  | $125000 | &nbsp;&nbsp;&nbsp; $132951 |
| Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), "A-2", 5%, 8/01/2035  | 125000 | &nbsp;&nbsp;&nbsp; 131257 |
| Kentucky Public Energy Authority, Gas Supply Rev., "B", 5%, 12/01/2033  | 220000 | &nbsp;&nbsp;&nbsp; 230114 |
|  |  | &nbsp;&nbsp;&nbsp; $494322 |
| Louisiana – 1.8% | Louisiana – 1.8% | Louisiana – 1.8% |
| Juban Crossing, LA, Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2036  | $250000 | &nbsp;&nbsp;&nbsp; $275994 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Calcasieu Parish School Project), <br> BAM, 5%, 12/01/2039 <br>| 250000 | &nbsp;&nbsp;&nbsp; 273808 |
| New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), "B", 5%, 1/01/2036  | 355000 | &nbsp;&nbsp;&nbsp; 358612 |
|  |  | &nbsp;&nbsp;&nbsp; $908414 |
| Maine – 1.1% | Maine – 1.1% | Maine – 1.1% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) | $100000 | &nbsp;&nbsp;&nbsp; $100792 |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), "R-3", 5%, 8/01/2035  | 100000 | &nbsp;&nbsp;&nbsp; 103393 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037  | 70000 | &nbsp;&nbsp;&nbsp; 73090 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037  | 300000 | &nbsp;&nbsp;&nbsp; 301376 |
|  |  | &nbsp;&nbsp;&nbsp; $578651 |
| Maryland – 0.6% | Maryland – 0.6% | Maryland – 0.6% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 4%, 6/01/2042  | $210000 | &nbsp;&nbsp;&nbsp; $183893 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Tidalhealth, Inc.), "C", AGM, 5%, 7/01/2042  | 100000 | &nbsp;&nbsp;&nbsp; 107543 |
|  |  | &nbsp;&nbsp;&nbsp; $291436 |
| Massachusetts – 2.0% | Massachusetts – 2.0% | Massachusetts – 2.0% |
| Dover, MA, General Obligation Municipal Purpose Loan , 5%, 6/15/2039  | $115000 | &nbsp;&nbsp;&nbsp; $130090 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 125000 | &nbsp;&nbsp;&nbsp; 126310 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 125000 | &nbsp;&nbsp;&nbsp; 121973 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034  | 195000 | &nbsp;&nbsp;&nbsp; 212557 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2029  | 300000 | &nbsp;&nbsp;&nbsp; 314278 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2039  | 105000 | &nbsp;&nbsp;&nbsp; 108960 |
|  |  | &nbsp;&nbsp;&nbsp; $1014168 |
| Michigan – 0.5% | Michigan – 0.5% | Michigan – 0.5% |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2042  | $250000 | &nbsp;&nbsp;&nbsp; $252439 |
| Minnesota – 2.6% | Minnesota – 2.6% | Minnesota – 2.6% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2037  | $150000 | &nbsp;&nbsp;&nbsp; $154928 |
| Edina, MN, General Obligation Capital Improvement Plan and Sales Tax Rev., "B", 4%, 2/01/2042  | 250000 | &nbsp;&nbsp;&nbsp; 254226 |
| Minneapolis, MN, Health Care Systems Rev. (Fairview Health Services), "A", 5%, 11/15/2035  | 160000 | &nbsp;&nbsp;&nbsp; 165573 |
| Minnesota General Obligation State Trunk Highway Rev., "B", 4%, 8/01/2041  | 500000 | &nbsp;&nbsp;&nbsp; 513406 |
| Minnesota Housing Finance Agency, Residential Housing Finance Rev., "F", 5.75%, 7/01/2053  | 225000 | &nbsp;&nbsp;&nbsp; 237948 |
|  |  | &nbsp;&nbsp;&nbsp; $1326081 |
| New Hampshire – 1.9% | New Hampshire – 1.9% | New Hampshire – 1.9% |
| National Finance Authority, NH, Affordable Housing Certificates, "A-1", 4.75%, 6/20/2041 (Put Date 6/01/2035) | $249675 | &nbsp;&nbsp;&nbsp; $257520 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 99424 | &nbsp;&nbsp;&nbsp; 98629 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.167%, 1/20/2041  | 99423 | &nbsp;&nbsp;&nbsp; 93337 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035  | 105000 | &nbsp;&nbsp;&nbsp; 118198 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038  | 250000 | &nbsp;&nbsp;&nbsp; 257400 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Advance Corp. Issue), "B", 5%, 10/01/2035  | 125000 | &nbsp;&nbsp;&nbsp; 137717 |
|  |  | &nbsp;&nbsp;&nbsp; $962801 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Jersey – 1.8% | New Jersey – 1.8% | New Jersey – 1.8% |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035  | $100000 | &nbsp;&nbsp;&nbsp; $103728 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5.25%, 6/01/2046  | 215000 | &nbsp;&nbsp;&nbsp; 215633 |
| New Jersey Transportation Trust Fund Authority, "A", 4.25%, 6/15/2040  | 210000 | &nbsp;&nbsp;&nbsp; 211726 |
| New Jersey Transportation Trust Fund Authority, "CC", 5%, 6/15/2042  | 250000 | &nbsp;&nbsp;&nbsp; 270318 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), <br> 4.125%, 7/01/2033 <br>| 100000 | &nbsp;&nbsp;&nbsp; 102270 |
|  |  | &nbsp;&nbsp;&nbsp; $903675 |
| New Mexico – 1.2% | New Mexico – 1.2% | New Mexico – 1.2% |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) | $100000 | &nbsp;&nbsp;&nbsp; $107056 |
| Santa Fe County, NM, Multi-Family Housing Rev. (Cresta Ranch Apartments), 3.29%, 12/10/2049 (Put Date 6/01/2028) | 500000 | &nbsp;&nbsp;&nbsp; 501380 |
|  |  | &nbsp;&nbsp;&nbsp; $608436 |
| New York – 5.6% | New York – 5.6% | New York – 5.6% |
| New York Dormitory Authority Rev. (New School), "A", 5%, 7/01/2042  | $250000 | &nbsp;&nbsp;&nbsp; $258013 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044  | 175000 | &nbsp;&nbsp;&nbsp; 184630 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 1/01/2029 <br>| 120000 | &nbsp;&nbsp;&nbsp; 123833 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.5%, 6/30/2042 <br>| 245000 | &nbsp;&nbsp;&nbsp; 259379 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project, <br> Green Bonds), 6%, 6/30/2040 <br>| 250000 | &nbsp;&nbsp;&nbsp; 283309 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, <br> 12/01/2032 <br>| 200000 | &nbsp;&nbsp;&nbsp; 218961 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "F-2", 3.4%, 11/01/2064 (Put Date 1/02/2029) | 500000 | &nbsp;&nbsp;&nbsp; 502171 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031  | 100000 | &nbsp;&nbsp;&nbsp; 102194 |
| New York, NY, Transitional Finance Authority Rev., "D", 5%, 5/01/2042  | 250000 | &nbsp;&nbsp;&nbsp; 270604 |
| New York, NY, Transitional Finance Authority Rev., "D-1", 4%, 11/01/2042  | 250000 | &nbsp;&nbsp;&nbsp; 244708 |
| Rockland County, NY, Solid Waste Management Authority, Special Obligation Rev. (Animal Shelter Project), "A", 5.5%, 12/15/2044  | 340000 | &nbsp;&nbsp;&nbsp; 376737 |
|  |  | &nbsp;&nbsp;&nbsp; $2824539 |
| North Carolina – 2.0% | North Carolina – 2.0% | North Carolina – 2.0% |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038  | $500000 | &nbsp;&nbsp;&nbsp; $542000 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2030 <br>| 125000 | &nbsp;&nbsp;&nbsp; 125324 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5.25%, <br> 10/01/2037 <br>| 100000 | &nbsp;&nbsp;&nbsp; 105172 |
| Raleigh, NC, Housing Authority, Multi-Family Housing Rev. (919 at Cross Link), "B", 5%, 8/01/2028 (Put Date 8/01/2027) | 250000 | &nbsp;&nbsp;&nbsp; 257971 |
|  |  | &nbsp;&nbsp;&nbsp; $1030467 |
| North Dakota – 0.5% | North Dakota – 0.5% | North Dakota – 0.5% |
| Grand Forks, ND, Health Care Systems Rev. (Altru Health System), 5%, 12/01/2030  | $120000 | &nbsp;&nbsp;&nbsp; $127446 |
| Horace, ND, Refunding Improvement, "C", 5.5%, 5/01/2038  | 125000 | &nbsp;&nbsp;&nbsp; 133216 |
|  |  | &nbsp;&nbsp;&nbsp; $260662 |
| Ohio – 3.2% | Ohio – 3.2% | Ohio – 3.2% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020A-2, 5%, 6/01/2033  | $250000 | &nbsp;&nbsp;&nbsp; $267066 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034  | 250000 | &nbsp;&nbsp;&nbsp; 265060 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035  | 100000 | &nbsp;&nbsp;&nbsp; 112074 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052  | 350000 | &nbsp;&nbsp;&nbsp; 348059 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2037 <br>| 145000 | &nbsp;&nbsp;&nbsp; 162548 |
| Hamilton County, OH, Various Purpose General Obligation, 4%, 12/17/2025  | 100000 | &nbsp;&nbsp;&nbsp; 100042 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036  | 240000 | &nbsp;&nbsp;&nbsp; 243503 |
| Shelby & Darke Counties, OH, Fort Laramie Local School District, Certificates of Participation, 5.25%, 12/01/2045  | 115000 | &nbsp;&nbsp;&nbsp; 118807 |
|  |  | &nbsp;&nbsp;&nbsp; $1617159 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Oklahoma – 1.3% | Oklahoma – 1.3% | Oklahoma – 1.3% |
| Cleveland County, OK, Home Loan Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 1/01/2056  | $250000 | &nbsp;&nbsp;&nbsp; $274849 |
| Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 7/01/2056  | 125000 | &nbsp;&nbsp;&nbsp; 137743 |
| Tulsa, OK, Airport Improvement Trust General Rev., "A", BAM, 5%, 6/01/2028  | 245000 | &nbsp;&nbsp;&nbsp; 255985 |
|  |  | &nbsp;&nbsp;&nbsp; $668577 |
| Oregon – 0.4% | Oregon – 0.4% | Oregon – 0.4% |
| Washington, Clackamas, and Yamhill Counties, OR, Sherwood School District No. 88, General Obligation, Capital Appreciation, "A", <br> 0%, 6/15/2034 <br>| $250000 | &nbsp;&nbsp;&nbsp; $175651 |
| Pennsylvania – 8.2% | Pennsylvania – 8.2% | Pennsylvania – 8.2% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034  | $125000 | &nbsp;&nbsp;&nbsp; $132194 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036  | 215000 | &nbsp;&nbsp;&nbsp; 239594 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036  | 245000 | &nbsp;&nbsp;&nbsp; 252999 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project) , 5.125%, 6/01/2046  | 195000 | &nbsp;&nbsp;&nbsp; 197018 |
| DuBois, PA, Hospital Rev. (Penn Highlands Healthcare), 5%, 7/15/2036  | 140000 | &nbsp;&nbsp;&nbsp; 141415 |
| Erie County, PA, Sewer Authority Rev., BAM, 5%, 12/01/2042  | 165000 | &nbsp;&nbsp;&nbsp; 175138 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, 5/01/2033  | 100000 | &nbsp;&nbsp;&nbsp; 99323 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035  | 240000 | &nbsp;&nbsp;&nbsp; 242208 |
| Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburg Medical Center), "A", 5%, <br> 3/15/2060 (Put Date 3/15/2035)<br>| 280000 | &nbsp;&nbsp;&nbsp; 311678 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5.5%, 6/30/2042 <br>| 500000 | &nbsp;&nbsp;&nbsp; 539856 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 5%, 12/31/2034 <br>| 500000 | &nbsp;&nbsp;&nbsp; 503103 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 124000 | &nbsp;&nbsp;&nbsp; 121967 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.75%, 6/01/2046  | 97000 | &nbsp;&nbsp;&nbsp; 96625 |
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Country Commons Apartments), FNMA, 3.6%, <br> 8/01/2035 <br>| 181348 | &nbsp;&nbsp;&nbsp; 180198 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, <br> 10/01/2044 <br>| 265000 | &nbsp;&nbsp;&nbsp; 277972 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043  | 100000 | &nbsp;&nbsp;&nbsp; 104981 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, <br> 5%, 7/01/2036 <br>| 115000 | &nbsp;&nbsp;&nbsp; 127151 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039  | 250000 | &nbsp;&nbsp;&nbsp; 257861 |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047  | 135000 | &nbsp;&nbsp;&nbsp; 142526 |
|  |  | &nbsp;&nbsp;&nbsp; $4143807 |
| Puerto Rico – 1.7% | Puerto Rico – 1.7% | Puerto Rico – 1.7% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A-1", 5.625%, 7/01/2027  | $125000 | &nbsp;&nbsp;&nbsp; $127850 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 325000 | &nbsp;&nbsp;&nbsp; 328035 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 250000 | &nbsp;&nbsp;&nbsp; 243404 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 201000 | &nbsp;&nbsp;&nbsp; 152287 |
|  |  | &nbsp;&nbsp;&nbsp; $851576 |
| Rhode Island – 1.7% | Rhode Island – 1.7% | Rhode Island – 1.7% |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5%, 9/15/2035  | $375000 | &nbsp;&nbsp;&nbsp; $384989 |
| Rhode Island Health & Educational Building Corp., Hospital Financing Rev. (Lifespan Obligated Group), 4%, 5/15/2036  | 125000 | &nbsp;&nbsp;&nbsp; 120538 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 5%, 12/01/2033  | 250000 | &nbsp;&nbsp;&nbsp; 269231 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 65000 | &nbsp;&nbsp;&nbsp; 62961 |
|  |  | &nbsp;&nbsp;&nbsp; $837719 |
| South Carolina – 1.1% | South Carolina – 1.1% | South Carolina – 1.1% |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035  | $100000 | &nbsp;&nbsp;&nbsp; $101588 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 100000 | &nbsp;&nbsp;&nbsp; 101977 |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), 3.7%, <br> 12/15/2027 (Put Date 12/01/2026)<br>| 105000 | &nbsp;&nbsp;&nbsp; 104958 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| South Carolina – continued | South Carolina – continued | South Carolina – continued |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2038  | $125000 | &nbsp;&nbsp;&nbsp; $125865 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5%, 12/01/2032  | 125000 | &nbsp;&nbsp;&nbsp; 127563 |
|  |  | &nbsp;&nbsp;&nbsp; $561951 |
| Texas – 8.9% | Texas – 8.9% | Texas – 8.9% |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040  | $130000 | &nbsp;&nbsp;&nbsp; $132742 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2042  | 250000 | &nbsp;&nbsp;&nbsp; 264447 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major <br> Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2035 <br>| 250000 | &nbsp;&nbsp;&nbsp; 271655 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4%, 12/01/2034  | 250000 | &nbsp;&nbsp;&nbsp; 253023 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 20000 | &nbsp;&nbsp;&nbsp; 20114 |
| Fort Worth, TX, Chaparral PFC Residential Development Rev. (Chaparral Ranch Project) , 4%, 10/01/2035  | 130000 | &nbsp;&nbsp;&nbsp; 129363 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043  | 100000 | &nbsp;&nbsp;&nbsp; 108504 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2037  | 250000 | &nbsp;&nbsp;&nbsp; 269129 |
| Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042  | 135000 | &nbsp;&nbsp;&nbsp; 146154 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.25%, 7/15/2034  | 150000 | &nbsp;&nbsp;&nbsp; 162416 |
| Houston, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2037  | 150000 | &nbsp;&nbsp;&nbsp; 166215 |
| Las Varas, TX, Public Facility Corp. Essential Function Housing Development (Amara Apartments), 4.25%, 10/01/2035  | 105000 | &nbsp;&nbsp;&nbsp; 105134 |
| Lower Colorado River Authority, Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2046  | 230000 | &nbsp;&nbsp;&nbsp; 235233 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project), 5%, <br> 12/01/2064 (Put Date 6/01/2030)<br>| 100000 | &nbsp;&nbsp;&nbsp; 103912 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", <br> 4.25%, 10/01/2030 <br>| 100000 | &nbsp;&nbsp;&nbsp; 100280 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project), 5.25%, <br> 1/01/2040 <br>| 130000 | &nbsp;&nbsp;&nbsp; 135948 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2035 <br>| 150000 | &nbsp;&nbsp;&nbsp; 148683 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035  | 160000 | &nbsp;&nbsp;&nbsp; 174472 |
| North Texas Higher Education Authority, Inc., Tax-Exempt Education Loan Rev., "A", 5%, 6/01/2033  | 100000 | &nbsp;&nbsp;&nbsp; 107074 |
| Tarrant County, TX, Cultural Education Facilities Finance Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2038  | 135000 | &nbsp;&nbsp;&nbsp; 143004 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056  | 250000 | &nbsp;&nbsp;&nbsp; 275698 |
| Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (TELA Supported), "A", 5%, <br> 10/01/2043 <br>| 300000 | &nbsp;&nbsp;&nbsp; 307811 |
| Texas Metrocare Services Rev., 5%, 11/01/2044  | 275000 | &nbsp;&nbsp;&nbsp; 286569 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) | 250000 | &nbsp;&nbsp;&nbsp; 275645 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038  | 160000 | &nbsp;&nbsp;&nbsp; 169189 |
|  |  | &nbsp;&nbsp;&nbsp; $4492414 |
| Utah – 1.8% | Utah – 1.8% | Utah – 1.8% |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), "A", 5%, 7/01/2042  | $295000 | &nbsp;&nbsp;&nbsp; $297872 |
| Utah Charter School Finance Authority, Charter School Refunding Rev. (Voyage Academy Project), 5%, 4/15/2040  | 100000 | &nbsp;&nbsp;&nbsp; 105614 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2040  | 150000 | &nbsp;&nbsp;&nbsp; 161514 |
| Utah Downtown Revitalization, Public Infrastructure District Sales Tax Rev. (SEG Redevelopment Project), "C", 5%, 7/15/2035  | 100000 | &nbsp;&nbsp;&nbsp; 100749 |
| Utah Intermountain Power Agency, Power Supply Rev., "A", 5%, 7/01/2038  | 245000 | &nbsp;&nbsp;&nbsp; 267303 |
|  |  | &nbsp;&nbsp;&nbsp; $933052 |
| Vermont – 0.5% | Vermont – 0.5% | Vermont – 0.5% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2033  | $250000 | &nbsp;&nbsp;&nbsp; $267871 |
| Virginia – 1.2% | Virginia – 1.2% | Virginia – 1.2% |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2036  | $320000 | &nbsp;&nbsp;&nbsp; $321603 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038  | 125000 | &nbsp;&nbsp;&nbsp; 130856 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2040  | 125000 | &nbsp;&nbsp;&nbsp; 129980 |
|  |  | &nbsp;&nbsp;&nbsp; $582439 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/**<br> **Par**<br>| **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – 2.5% | Washington – 2.5% | Washington – 2.5% |
| Kenmore, WA, Limited Tax General Obligation, 5%, 12/01/2044  | $250000 | &nbsp;&nbsp;&nbsp; $267163 |
| King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040  | 170000 | &nbsp;&nbsp;&nbsp; 178812 |
| Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042  | 65000 | &nbsp;&nbsp;&nbsp; 70761 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033  | 250000 | &nbsp;&nbsp;&nbsp; 255985 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2036  | 250000 | &nbsp;&nbsp;&nbsp; 254593 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), "A", 5%, 12/01/2042  | 125000 | &nbsp;&nbsp;&nbsp; 129991 |
| Washington Various Purpose General Obligation, "A", 5%, 8/01/2046  | 100000 | &nbsp;&nbsp;&nbsp; 105061 |
|  |  | &nbsp;&nbsp;&nbsp; $1262366 |
| West Virginia – 0.2% | West Virginia – 0.2% | West Virginia – 0.2% |
| Ohio County, WV, Special District Excise Tax, Improvement Refunding Rev. (Fort Henry Economic Opportunity Development <br> District-The Highland Project), "A", AGM, 5%, 6/01/2040 (w)<br>| $100000 | &nbsp;&nbsp;&nbsp; $107581 |
| Wisconsin – 2.3% | Wisconsin – 2.3% | Wisconsin – 2.3% |
| Wisconsin Health & Educational Facilities Authority Rev. (Ascension Senior Credit Group), "A", 4%, 11/15/2032  | $175000 | &nbsp;&nbsp;&nbsp; $175506 |
| Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5%, 11/15/2037  | 150000 | &nbsp;&nbsp;&nbsp; 161887 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033  | 310000 | &nbsp;&nbsp;&nbsp; 332830 |
| Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), "A", 5%, 12/15/2035  | 105000 | &nbsp;&nbsp;&nbsp; 109265 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032  | 125000 | &nbsp;&nbsp;&nbsp; 131220 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, <br> 6/01/2035 <br>| 145000 | &nbsp;&nbsp;&nbsp; 155937 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, 6/15/2035  | 100000 | &nbsp;&nbsp;&nbsp; 109537 |
|  |  | &nbsp;&nbsp;&nbsp; $1176182 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$49602721** |
| Mutual Funds – 1.2% | Mutual Funds – 1.2% | Mutual Funds – 1.2% |
| Money Market Funds – 1.2% | Money Market Funds – 1.2% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.94% (j)  | 609807 | &nbsp;&nbsp;&nbsp; $609807 |
| Other Assets, Less Liabilities – 0.8% |  | &nbsp;&nbsp;&nbsp; 399744 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$50612272** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $384,728, representing 0.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either <br> daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

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

------

**Supplemental Information**

11/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of November 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $49602721 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $49602721 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 609807 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 609807 |
| Total | &nbsp;&nbsp;&nbsp; $609807 | &nbsp;&nbsp;&nbsp; $49602721 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $50212528 |

---

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

------

## 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 Active Exchange Traded Funds Trust

- **b. Investment Company Act file number:** 811-23953

- **c. CIK number of Registrant:** 0002018846

- **d. LEI of Registrant:** 254900BBYRSBROE1WI76

- **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 Active Intermediate Muni Bond ETF

- **b. EDGAR series identifier (if any):** S000085668

- **c. LEI of Series:** 2549005ZTJ37E48F3888

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $51038269.09

**Total Liabilities:** $425997.59

**Net Assets:** $50612271.50

**Delayed Delivery Securities:** $262834.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -75.42000000 | **1-Year:** -1947.92000000 | **5-Year:** -8166.92000000 | **10-Year:** -14722.74000000 | **30-Year:** -1944.21000000

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

- **3-Month:** -11.50000000 | **1-Year:** -299.16000000 | **5-Year:** -1317.99000000 | **10-Year:** -1750.35000000 | **30-Year:** -86.84000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251002 | 1.90%                | 1.07%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-329.25                 | $753705.24                                 |
| Month 2  | $-3332.61                | $371969.87                                 |
| Month 3  | $1074.23                 | $1034.52                                   |

**Designated Index Information**

- **Index Name:** Barclays Municipal 1-15 Yr

- **Index Identifier:** I06112

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adams & Arapahoe Counties Joint School District 28J Aurora                       | ADAMS & ARAPAHOE CNTYS CO JT SCH DIST #28J AURORA COPS       | CUSIP: 005484DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118853.21    | 0.23%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                                   | ADAMS CNTY PA GEN AUTH REV                                   | CUSIP: 006114AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132193.90    | 0.26%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Railroad Corp                                                             | ALASKA ST RAILROAD CORP CRUISE PORT REVENUE                  | CUSIP: 01176AAM5<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222098.02    | 0.44%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | ALASKA ST MUNI BOND BANK AUTH                                | CUSIP: 01179R6G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $273545.74    | 0.54%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3W4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    245000 | PA      | $252998.81    | 0.50%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LKN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $239594.15    | 0.47%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $195278.85    | 0.39%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH RESOURCE RECOVERY REVENUE           | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100364.84    | 0.20%             | 2065-10-15      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418067P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264447.35    | 0.52%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807PT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132741.99    | 0.26%             | 2040-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                      | ATLANTA GA URBAN RSDL FIN AUTH MF HSG REVENUE                | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100827.76    | 0.20%             | 2029-02-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                  | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102219.05    | 0.20%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Bennett CO Wastewater Revenue                                            | BENNETT CO WSTWTR REVENUE                                    | CUSIP: 082162AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266371.95    | 0.53%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    165000 | PA      | $169415.61    | 0.33%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270200.28    | 0.53%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271149.50    | 0.54%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    110000 | PA      | $113678.68    | 0.22%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No 3                                          | BROMLEY PARK MET DIST NO 3 CO                                | CUSIP: 11222PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $244275.03    | 0.48%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267066.45    | 0.53%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265563.98    | 0.52%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272632.23    | 0.54%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546154.20    | 1.08%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    245000 | PA      | $270294.68    | 0.53%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106450.92    | 0.21%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $274134.38    | 0.54%             | 2056-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265561.23    | 0.52%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CG2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    170000 | PA      | $184830.73    | 0.37%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SX82<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88925.57     | 0.18%             | 2028-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SX90<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105684.26    | 0.21%             | 2029-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100588.07    | 0.20%             | 2040-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271654.68    | 0.54%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110968.36    | 0.22%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                  | CHARLESTON SC HSG AUTH REVENUE                               | CUSIP: 160340AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101588.27    | 0.20%             | 2035-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                             | CHARLOTTE CNTY FL INDL DEV AUTH UTILITY SYS REVENUE          | CUSIP: 16080TAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103316.98    | 0.20%             | 2035-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No 5 Cherry Creek                                | CHERRY CREEK CO SCH DIST #5                                  | CUSIP: 164555EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561708.15    | 1.11%             | 2042-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                    | CHESAPEAKE VA HOSP AUTH HOSP FAC REVENUE                     | CUSIP: 16532VBM5<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    320000 | PA      | $321602.37    | 0.64%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | CHESTER CNTY PA HLTH & EDU FACS AUTH REVENUE                 | CUSIP: 165579HS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197017.92    | 0.39%             | 2046-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486R68<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132744.55    | 0.26%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486S67<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100456.12    | 0.20%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505RP3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258417.78    | 0.51%             | 2042-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | CUSIP: 167510AW6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110661.18    | 0.22%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562TR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259006.65    | 0.51%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City Center West Residential Metropolitan District No 2                          | CITY CTR WEST RSDL MET DIST #2 CO                            | CUSIP: 17776QAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107324.08    | 0.21%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cleveland County Home Loan Authority                                             | CLEVELAND CNTY OK HOME LOAN AUTH SF MTGE REVENUE             | CUSIP: 186047JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274849.08    | 0.54%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                             | COLORADO EDUCTNL & CULTURAL AUTH REVENUE                     | CUSIP: 19645UUT9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100865.77    | 0.20%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FA79<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104004.66    | 0.21%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    245000 | PA      | $266368.14    | 0.53%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                          | COLUMBUS OH MET HSG AUTH GEN REVENUE                         | CUSIP: 19951AAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265059.53    | 0.52%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112073.91    | 0.22%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commerce School District                                                         | COMMERCE GA SCH DIST                                         | CUSIP: 200635BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $291699.53    | 0.58%             | 2043-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                     | CONNECTICUT ST HGR EDU SUPPLEMENT LOAN AUTH REVENUE          | CUSIP: 207743YH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271753.33    | 0.54%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No 152 1/2 Hazel Crest                     | COOK CNTY IL CMNTY SCH DIST #152 1/2 HAZEL CREST             | CUSIP: 215147FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $337050.93    | 0.67%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    350000 | PA      | $348059.18    | 0.69%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DEKALB CNTY GA HSG AUTH MF HSG                               | CUSIP: 240471PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120748.78    | 0.24%             | 2034-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                 | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395ZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $253813.04    | 0.50%             | 2055-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Board of Water Commissioners City & County of Denver/The                         | DENVER CITY & CNTY CO BRD OF WTR COMMISSIONERS WTR REVENUE   | CUSIP: 24916PGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $214006.28    | 0.42%             | 2047-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182KP0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    110000 | PA      | $114276.65    | 0.23%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260179.15    | 0.51%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE             | CUSIP: 25477TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103753.38    | 0.20%             | 2029-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Dover MA                                                                 | DOVER MA                                                     | CUSIP: 260165JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $130089.47    | 0.26%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100748.66    | 0.20%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                        | DUBOIS PA HOSP AUTH                                          | CUSIP: 263804CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141415.04    | 0.28%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CGX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154927.94    | 0.31%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP CIMARRON VENTANAS PFC TX RSDL DEV REVENUE                 | CUSIP: 26879QAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253023.23    | 0.50%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP CIMARRON VENTANAS PFC TX RSDL DEV REVENUE                 | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20114.21     | 0.04%             | 2039-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| City of Edina MN                                                                 | EDINA MN                                                     | CUSIP: 280606JQ8<br>LEI: 549300V5XW2LPH6R4I43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254226.33    | 0.50%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723CN1<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259196.85    | 0.51%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                 | ERIE PA HGR EDU BLDG AUTH                                    | CUSIP: 295435DW8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99323.14     | 0.20%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie Sewer Authority                                                             | ERIE PA SWR AUTH                                             | CUSIP: 295533RW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $175137.67    | 0.35%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FW Chaparral PFC                                                                 | FW CHAPARRAL PFC TX RSDL DEV REVENUE                         | CUSIP: 302701AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $129362.60    | 0.26%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UNE4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258550.18    | 0.51%             | 2035-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financing Authority                        | FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE           | CUSIP: 34073TGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105421.67    | 0.21%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHE5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250612.73    | 0.50%             | 2058-07-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                      | FLORIDA LOC GOVT FIN COMMISSION SENIOR LIVING REVENUE        | CUSIP: 34077UAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201977.68    | 0.40%             | 2031-11-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fort Loramie Local School District                                               | FORT LORAMIE OH LOCAL SCH DIST COPS                          | CUSIP: 347790AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118806.91    | 0.23%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | FORT WORTH TX SPL TAX REVENUE                                | CUSIP: 349507ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108503.77    | 0.21%             | 2043-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fourth Ward Redevelopment Authority                                              | FOURTH WARD REDEV AUTH TX TAX INCREMENT CONTRACT REVENUE     | CUSIP: 35131FAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $166215.18    | 0.33%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | FULTON CNTY GA DEV AUTH REVENUE                              | CUSIP: 36005FCR4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    430000 | PA      | $444359.03    | 0.88%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269129.50    | 0.53%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Garden City KS                                                           | GARDEN CITY KS SALES TAX SPL OBLIG REVENUE                   | CUSIP: 36508AAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99555.21     | 0.20%             | 2033-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Gary Chicago International Airport Authority                                     | GARY CHICAGO INTERNATIONAL ARPT AUTH IN DEV ZONE REVENUE     | CUSIP: 367066BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108586.52    | 0.21%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Godley TX                                                                | GODLEY TX                                                    | CUSIP: 380316AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $146153.84    | 0.29%             | 2042-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | GRAND FORKS ND HLTH CARE SYS REVENUE                         | CUSIP: 38546WDB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $127445.98    | 0.25%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                                | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE             | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307810.68    | 0.61%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                     | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542000.25    | 1.07%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275EJ8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270446.80    | 0.53%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | HALIFAX FL HOSP MED CTR                                      | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125781.11    | 0.25%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | HAMILTON OH                                                  | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100041.71    | 0.20%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210645.86    | 0.42%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Harbor System Revenue                                            | HAWAII ST HARBOR SYS REVENUE                                 | CUSIP: 41981THG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $218041.20    | 0.43%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                           | CUSIP: 432308N75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $195609.19    | 0.39%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | HORACE ND                                                    | CUSIP: 440365HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133215.70    | 0.26%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162415.55    | 0.32%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     70000 | PA      | $77299.41     | 0.15%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH STUDENT HSG & ACADEMIC FAC REVENUE      | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201323.22    | 0.40%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS FIN AUTH SURFACE FREIGHT TRANSFER FACS REVENUE      | CUSIP: 45203PAD6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206267.18    | 0.41%             | 2043-12-01      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FK46<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101619.97    | 0.20%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267050.98    | 0.53%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YDH1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250311.73    | 0.49%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Secondary Market for Education Loans Inc                                 | INDIANA ST SECONDARY MARKET FOR EDU LOANS INC STUDENT LOAN   | CUSIP: 45505NAS3<br>LEI: 549300M19IK303TD4597 | Long             | DBT              | MUN               | US        |    160000 | PA      | $156498.03    | 0.31%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ENK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101144.42    | 0.20%             | 2029-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ENW9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128603.92    | 0.25%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506EPE7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100166.07    | 0.20%             | 2032-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                       | INTERMOUNTAIN PWR AGY UT PWR SPLY REVENUE                    | CUSIP: 45884AF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $267302.84    | 0.53%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp                                                 | IOWA ST STUDENT LOAN LIQUIDITY CORP                          | CUSIP: 462590NY2<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271020.08    | 0.54%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263231.93    | 0.52%             | 2044-08-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Economic Development District                                     | JUBAN CROSSING ECON DEV DIST LA REVENUE                      | CUSIP: 48125RBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275994.33    | 0.55%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kenmore WA                                                               | KENMORE WA                                                   | CUSIP: 489153CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267163.48    | 0.53%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132950.53    | 0.26%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PGR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131256.55    | 0.26%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Housing Authority                                                    | KING CNTY WA HSG AUTH                                        | CUSIP: 494759TA1<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    170000 | PA      | $178812.02    | 0.35%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                    | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $242207.71    | 0.48%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lanterns Metropolitan District No 1                                              | LANTERNS MET DIST #1 CO                                      | CUSIP: 51654AAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $176865.33    | 0.35%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Varas Public Facility Corp                                                   | LAS VARAS PUBLIC FAC CORP TX ESSENTIAL FUNCTION HSG DEV REV  | CUSIP: 51766FAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105134.26    | 0.21%             | 2035-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250364.85    | 0.49%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EEU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201680.44    | 0.40%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445EQ8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    350000 | PA      | $363178.52    | 0.72%             | 2038-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628C2G6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273808.10    | 0.54%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BWW7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    230000 | PA      | $235233.10    | 0.46%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    210000 | PA      | $226020.33    | 0.45%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269730.23    | 0.53%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    345000 | PA      | $375491.65    | 0.74%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100791.92    | 0.20%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103392.90    | 0.20%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042RMD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301375.95    | 0.60%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH LOAN REVENUE                               | CUSIP: 56042TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73090.65     | 0.14%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                 | MARGARETTA OH LOCAL SCH DIST COPS                            | CUSIP: 566575AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $162547.48    | 0.32%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                     | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245151.58    | 0.48%             | 2040-09-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218F32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $183892.53    | 0.36%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 57421CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107543.14    | 0.21%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RQT9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314277.81    | 0.62%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4L2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126309.69    | 0.25%             | 2037-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XJ36<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $121973.43    | 0.24%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BJP4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    195000 | PA      | $212556.96    | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896TM7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108960.45    | 0.22%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Metrocare Services                                                        | METROCARE SERVICES TX REVENUE                                | CUSIP: 59164FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $286569.42    | 0.57%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647FK2<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119285.18    | 0.24%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami County Unified School District No 367 Osawatomie                           | MIAMI CNTY KS UNIF SCH DIST #367                             | CUSIP: 593286JS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $323313.36    | 0.64%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250341.80    | 0.49%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269798.35    | 0.53%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | MINNEAPOLIS MN HLTH CARE SYS REVENUE                         | CUSIP: 60374VEA7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    160000 | PA      | $165572.88    | 0.33%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AQ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513406.40    | 1.01%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TQ68<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    225000 | PA      | $237947.92    | 0.47%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No 2                                             | MIRABELLE MET DIST #2 CO                                     | CUSIP: 60458HAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111727.89    | 0.22%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103911.60    | 0.21%             | 2064-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150118.11    | 0.30%             | 2034-07-15      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | CUSIP: 63607DAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    249675 | PA      | $257519.92    | 0.51%             | 2041-06-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99423 | PA      | $98629.44     | 0.19%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99423 | PA      | $93336.45     | 0.18%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XDZ5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257399.90    | 0.51%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XKY0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    125000 | PA      | $137717.41    | 0.27%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NEW HAMPSHIRE ST BUSINESS FIN AUTH WTR FAC REVENUE           | CUSIP: 644684GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $118198.10    | 0.23%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148683.00    | 0.29%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $174472.05    | 0.34%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100280.17    | 0.20%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $135948.44    | 0.27%             | 2040-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103728.03    | 0.20%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    210000 | PA      | $211725.36    | 0.42%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGD4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270317.90    | 0.53%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                | NEW MEXICO ST MUNI ENERGY ACQUISITION AUTH GAS SPLY          | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107055.45    | 0.21%             | 2054-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                       | NEW ORLEANS LA AVIATION BRD                                  | CUSIP: 64763HHF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $358612.02    | 0.71%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF MTGE REVENUE                | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102193.59    | 0.20%             | 2031-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JDL9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244708.50    | 0.48%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JNH7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270604.20    | 0.53%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502171.20    | 0.99%             | 2064-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184629.62    | 0.36%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BLN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258012.93    | 0.51%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123832.73    | 0.24%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218961.56    | 0.43%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $259378.83    | 0.51%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116JC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $283308.85    | 0.56%             | 2040-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | CUSIP: 65820YUH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105171.59    | 0.21%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DYC9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125323.49    | 0.25%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Lawrence Community Schools Building Corp                                   | N LAWRENCE IN CMNTY SCHS BLDGCORP                            | CUSIP: 66042RFH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109909.20    | 0.22%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Higher Education Authority Inc                                       | N TEXAS HGR EDU AUTH INC EDU LOAN REVENUE                    | CUSIP: 66286UAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107073.60    | 0.21%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Illinois University                                                 | N ESTRN IL UNIV COPS                                         | CUSIP: 66442RDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110121.25    | 0.22%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV Special District Excise Tax Revenue                            | OHIO CNTY WV CNTY COMMISSION SPL DIST EXCISE TAX REVENUE     | CUSIP: 67732PEY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107581.04    | 0.21%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE            | CUSIP: 677510BZ1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243503.40    | 0.48%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Park Creek Metropolitan District                                                 | PARK CREEK MET DIST CO LIMITED PROPERTY TAX SUPPORTED REVENU | CUSIP: 700385CG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314198.88    | 0.62%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco Local Improvement District                                                 | PASCO WA LOCAL IMPT DIST                                     | CUSIP: 702562AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70760.76     | 0.14%             | 2042-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority/The                                         | PASSAIC CNTY NJ IMPT AUTH CHRT SCH REVENUE                   | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102270.22    | 0.20%             | 2033-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539856.00    | 1.07%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503103.45    | 0.99%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $311678.22    | 0.62%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    124000 | PA      | $121966.72    | 0.24%             | 2045-06-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     97000 | PA      | $96625.14     | 0.19%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE                   | CUSIP: 708797AN5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    181347 | PA      | $180198.45    | 0.36%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| City of Pensacola FL Airport Revenue                                             | PENSACOLA FL ARPT REVENUE                                    | CUSIP: 709427FC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213020.96    | 0.42%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717825PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $127150.91    | 0.25%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                                   | PHILADELPHIA PA HSG AUTH GEN REVENUE                         | CUSIP: 71783PAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257860.80    | 0.51%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                     | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99997.68     | 0.20%             | 2035-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150043.56    | 0.30%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255985.15    | 0.51%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254593.40    | 0.50%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Providence Public Building Authority                                             | PROVIDENCE RI PUBLIC BLDGS AUTH REVENUE                      | CUSIP: 74381MBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384988.84    | 0.76%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YFX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109537.11    | 0.22%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    145000 | PA      | $155937.26    | 0.31%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    220000 | PA      | $230114.43    | 0.45%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131219.91    | 0.26%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442ENQ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109264.73    | 0.22%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PJ89<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $161887.14    | 0.32%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PZC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $332829.64    | 0.66%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127850.38    | 0.25%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    325000 | PA      | $328035.11    | 0.65%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    201000 | PA      | $152287.03    | 0.30%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243403.63    | 0.48%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                        | RALEIGH NC HSG AUTH MF REVENUE                               | CUSIP: 751115BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257971.23    | 0.51%             | 2028-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Rampart Range Metropolitan District No 1                                         | RAMPART RANGE CO MET DIST #1 LIMITED TAX SUPPORTED & SPL REV | CUSIP: 75157TAY5<br>LEI: 549300YG458KQEHMQF33 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312600.42    | 0.62%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $120538.19    | 0.24%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269230.93    | 0.53%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $62961.35     | 0.12%             | 2043-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Rockland County Solid Waste Management Authority                                 | ROCKLAND CNTY NY SOL WST MGMT AUTH                           | CUSIP: 77356FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $376736.83    | 0.74%             | 2044-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                                     | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    609807 | NS      | $609807.10    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $297872.09    | 0.59%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                            | SANTA FE CNTY NM MF REVENUE                                  | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501380.30    | 0.99%             | 2049-12-10      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                     | SAVANNAH GEORGIA CONVENTION CTR AUTH GA CONVENTION CTR HOTEL | CUSIP: 804828AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107317.67    | 0.21%             | 2040-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                                     | SAVANNAH GEORGIA CONVENTION CTR AUTH GA CONVENTION CTR HOTEL | CUSIP: 804828AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137768.40    | 0.27%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101976.90    | 0.20%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE    | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    105000 | PA      | $104957.85    | 0.21%             | 2027-12-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125865.26    | 0.25%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151RK7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127562.56    | 0.25%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264815.45    | 0.52%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5367.46      | 0.01%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    135000 | PA      | $142525.53    | 0.28%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $329881.76    | 0.65%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100967.19    | 0.20%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA COLLEGE REV                    | CUSIP: 85732NBJ3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    265000 | PA      | $277972.47    | 0.55%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $233121.04    | 0.46%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJF1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    135000 | PA      | $143003.64    | 0.28%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tazewell County School District No 52 Washington                                 | TAZEWELL CNTY IL SCH DIST #52WASHINGTON                      | CUSIP: 877690EH6<br>LEI: 549300QOXDTJ5PAYVW27 | Long             | DBT              | MUN               | US        |    100000 | PA      | $118918.94    | 0.23%             | 2042-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    250000 | PA      | $275644.63    | 0.54%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $169189.52    | 0.33%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750D33<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    250000 | PA      | $275698.43    | 0.54%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215633.15    | 0.43%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tucson Industrial Development Authority/Pima County Industrial Development Auth  | TUCSON & PIMA CNTYS AZ INDL DEV AUTHORITIES SF MTGE REVENUE  | CUSIP: 898700HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $268949.83    | 0.53%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Home Finance Authority                                              | TULSA CNTY OK HOME FIN AUTH                                  | CUSIP: 899517JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $137743.13    | 0.27%             | 2056-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK ARPTS IMPT TRUST                                    | CUSIP: 899647SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255985.21    | 0.51%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754T3U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161514.11    | 0.32%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754T5S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105614.20    | 0.21%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH MF REVENUE                             | CUSIP: 92162PAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129990.53    | 0.26%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp                                                  | VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE           | CUSIP: 92428CNB6<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267871.35    | 0.53%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130856.28    | 0.26%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104QD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129980.11    | 0.26%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Clackamas & Yamhill Counties School District No 88J                   | WASHINGTON CLACKAMAS & YAMHILL CNTYS OR SCH DIST #88J        | CUSIP: 937440DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $175651.13    | 0.35%             | 2034-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EXX9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105060.88    | 0.21%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514XP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252439.18    | 0.50%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Multi-School Building Corp                                  | WESTFIELD-WASHINGTON IN MULTI-SCH BLDG CORP                  | CUSIP: 96023PPG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272675.10    | 0.54%             | 2043-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                           | WILLIAM PENN PA SCH DIST AUTH SCH REVENUE                    | CUSIP: 969257BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104980.51    | 0.21%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQM1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175506.03    | 0.35%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** MFS Active Exchange Traded Funds Trust

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer