# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205199
**Filing Date:** 2025-8
**Character Count:** 157931
**Document Hash:** 328ce02d9ca957d27cc7b13597433126
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205199.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205199

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255741

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

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

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

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

## Series and Classes Contracts Data

### MFS Pennsylvania Municipal Bond Fund (Series ID: S000002524)

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

## Nport-Ex

MPA-Q1

![](img9da8cf1c1.gif)

**Quarterly Report**

June 30, 2025

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

![](img0523b8422.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 96.1%  | Municipal Bonds – 96.1%  | Municipal Bonds – 96.1%  |
| Airport Revenue – 3.1% | Airport Revenue – 3.1% | Airport Revenue – 3.1% |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2048  | $1000000 | &nbsp;&nbsp;&nbsp; $1037012 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 1044241 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5.5%, 1/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1029935 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 755000 | &nbsp;&nbsp;&nbsp; 755457 |
| Philadelphia, PA, Airport Refunding Rev., "B", 5%, 7/01/2037  | 455000 | &nbsp;&nbsp;&nbsp; 456915 |
| Philadelphia, PA, Airport Rev., "B", 5%, 7/01/2034  | 750000 | &nbsp;&nbsp;&nbsp; 758406 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044  | 55000 | &nbsp;&nbsp;&nbsp; 55084 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 45000 | &nbsp;&nbsp;&nbsp; 45001 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 80000 | &nbsp;&nbsp;&nbsp; 79477 |
|  |  | &nbsp;&nbsp;&nbsp; $5261528 |
| General Obligations - General Purpose – 5.5% | General Obligations - General Purpose – 5.5% | General Obligations - General Purpose – 5.5% |
| Allegheny County, PA, Bethel Park School District General Obligation, 5.5%, 8/01/2048  | $1000000 | &nbsp;&nbsp;&nbsp; $1052818 |
| Allegheny County, PA, General Obligation, "C-80", 5%, 12/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1021243 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 350000 | &nbsp;&nbsp;&nbsp; 320465 |
| Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 936519 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 600000 | &nbsp;&nbsp;&nbsp; 614886 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 66341 | &nbsp;&nbsp;&nbsp; 69977 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 245437 | &nbsp;&nbsp;&nbsp; 264734 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 61103 | &nbsp;&nbsp;&nbsp; 59614 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 116918 | &nbsp;&nbsp;&nbsp; 112574 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 47139 | &nbsp;&nbsp;&nbsp; 44912 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 64091 | &nbsp;&nbsp;&nbsp; 56956 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 234653 | &nbsp;&nbsp;&nbsp; 200491 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 78634 | &nbsp;&nbsp;&nbsp; 54362 |
| Lackawanna County, PA, General Obligation, BAM, 4%, 9/15/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1010297 |
| Penn Hills, PA, General Obligation, Capital Appreciation, "D", 0%, 12/01/2032  | 595000 | &nbsp;&nbsp;&nbsp; 437117 |
| Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), "A", 5%, 11/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1034935 |
| Pittsburgh, PA, General Obligation Capital Improvement, 4.25%, 9/01/2045  | 1450000 | &nbsp;&nbsp;&nbsp; 1325336 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 125000 | &nbsp;&nbsp;&nbsp; 130934 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 115000 | &nbsp;&nbsp;&nbsp; 119372 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 130000 | &nbsp;&nbsp;&nbsp; 132696 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 165000 | &nbsp;&nbsp;&nbsp; 146101 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 65000 | &nbsp;&nbsp;&nbsp; 56697 |
|  |  | &nbsp;&nbsp;&nbsp; $9203036 |
| General Obligations - Schools – 12.2% | General Obligations - Schools – 12.2% | General Obligations - Schools – 12.2% |
| Allegheny County, PA, Moon Area School District General Obligation, "B", AGM, 4%, 11/15/2049  | $1500000 | &nbsp;&nbsp;&nbsp; $1299234 |
| Allegheny County, PA, Steel Valley School District General Obligation, BAM, 5%, 11/01/2041  | 885000 | &nbsp;&nbsp;&nbsp; 911351 |
| Allegheny County, PA, Steel Valley School District General Obligation, BAM, 5%, 11/01/2042  | 730000 | &nbsp;&nbsp;&nbsp; 747709 |
| Allentown, PA, School District, General Obligation, AGM, 5%, 6/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1018867 |
| Beaver County, PA, Aliquippa School District General Obligation, BAM, 4%, 12/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 961933 |
| Berks County, PA, Muhlenberg School District General Obligation, 5%, 5/15/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1005209 |
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1013547 |
| Bradford & Wyoming Counties, PA, Wyalusing Area School District, General Obligation, 5.125%, 4/01/2065 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 992338 |
| Bucks County, PA, Pennsbury School District General Obligation, 5%, 8/01/2043  | 560000 | &nbsp;&nbsp;&nbsp; 577825 |
| Bucks County, PA, Pennsbury School District General Obligation, 5%, 8/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1028243 |
| Conneaut, PA, School District, Capital Appreciation, "B", AGM, 0%, 11/01/2031  | 1150000 | &nbsp;&nbsp;&nbsp; 896427 |
| Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2043  | 750000 | &nbsp;&nbsp;&nbsp; 773142 |
| Delaware County, PA, Haverford Township School District General Obligation, 5%, 3/15/2044  | 500000 | &nbsp;&nbsp;&nbsp; 513922 |
| Delaware County, PA, Interboro School District, General Obligation, AGM, 5.5%, 8/15/2063  | 1500000 | &nbsp;&nbsp;&nbsp; 1556517 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054  | 765000 | &nbsp;&nbsp;&nbsp; 655190 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059  | 1500000 | &nbsp;&nbsp;&nbsp; 1480560 |
| Northampton and Lehigh Counties, PA, Bethlehem Area School District General Obligation, BAM, 5%, 10/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1033362 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038 (Prerefunded 9/01/2026)  | 5000 | &nbsp;&nbsp;&nbsp; 5132 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038  | $1495000 | &nbsp;&nbsp;&nbsp; $1519117 |
| Philadelphia, PA, School District, "A", 5%, 9/01/2044  | 1500000 | &nbsp;&nbsp;&nbsp; 1501880 |
| Upper St. Clair Township, PA, School District General Obligation, "B", 3.625%, 10/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 900149 |
|  |  | &nbsp;&nbsp;&nbsp; $20391654 |
| Healthcare Revenue - Hospitals – 14.2% | Healthcare Revenue - Hospitals – 14.2% | Healthcare Revenue - Hospitals – 14.2% |
| Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038  | $1000000 | &nbsp;&nbsp;&nbsp; $1020822 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-2", 6%, 6/30/2034  | 83000 | &nbsp;&nbsp;&nbsp; 87833 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), "A-3", 5%, 6/30/2039  | 1470000 | &nbsp;&nbsp;&nbsp; 1356991 |
| Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, "B-1", 0% to 11/15/2029, <br> 6% to 6/30/2044 <br>| 735000 | &nbsp;&nbsp;&nbsp; 530698 |
| Berks County, PA, Municipal Authority Rev., Taxable (Tower Health Project), "A-1", 8%, 6/30/2034  | 105000 | &nbsp;&nbsp;&nbsp; 107136 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), <br> 4%, 8/15/2044 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 864697 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded <br> 12/01/2028) <br>| 665000 | &nbsp;&nbsp;&nbsp; 714076 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048  | 335000 | &nbsp;&nbsp;&nbsp; 328159 |
| Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), "A", 5%, 10/01/2052  | 1750000 | &nbsp;&nbsp;&nbsp; 1698129 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049 (Prerefunded 7/01/2029)  | 100000 | &nbsp;&nbsp;&nbsp; 107257 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 900000 | &nbsp;&nbsp;&nbsp; 879820 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039  | 500000 | &nbsp;&nbsp;&nbsp; 474629 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 945893 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 903143 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 427591 |
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), "A", 4%, 7/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 931445 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", 4%, 5/01/2042  | 2000000 | &nbsp;&nbsp;&nbsp; 1781286 |
| Montour County, PA, Geisinger Authority Health System Rev., "A-1", 5%, 2/15/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 986805 |
| Montour County, PA, Geisinger Authority, Health System Rev., "A", 4%, 4/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 946219 |
| Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), "A", 5%, 8/15/2048  | 500000 | &nbsp;&nbsp;&nbsp; 492370 |
| Pennsylvania Economic Development Financing Authority, UPMC Rev., "A", 4%, 5/15/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 831151 |
| Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), 5.5%, 8/15/2055 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 1052162 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1007497 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 993196 |
| Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), "A", <br> 5.5%, 7/01/2053 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1580922 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), <br> "A", 5%, 7/01/2034 <br>| 500000 | &nbsp;&nbsp;&nbsp; 504424 |
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 883569 |
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), "A", 4%, 7/01/2037  | 1400000 | &nbsp;&nbsp;&nbsp; 1295269 |
|  |  | &nbsp;&nbsp;&nbsp; $23733189 |
| Healthcare Revenue - Long Term Care – 5.1% | Healthcare Revenue - Long Term Care – 5.1% | Healthcare Revenue - Long Term Care – 5.1% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2054  | $750000 | &nbsp;&nbsp;&nbsp; $691387 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5.25%, 12/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 407982 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2039  | 140000 | &nbsp;&nbsp;&nbsp; 138747 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded <br> 1/01/2029) <br>| 95000 | &nbsp;&nbsp;&nbsp; 101504 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded <br> 1/01/2029) <br>| 765000 | &nbsp;&nbsp;&nbsp; 817373 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039  | 750000 | &nbsp;&nbsp;&nbsp; 750009 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), "A", <br> 5%, 7/01/2045 <br>| 500000 | &nbsp;&nbsp;&nbsp; 463860 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036  | 260000 | &nbsp;&nbsp;&nbsp; 265326 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037  | 250000 | &nbsp;&nbsp;&nbsp; 254439 |
| Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037  | 500000 | &nbsp;&nbsp;&nbsp; 489951 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 450571 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 419016 |
| Lancaster, PA, Municipal Authority Healthcare Facilities Rev. (Garden Spot Village Project), "A", 5%, 5/01/2049  | 900000 | &nbsp;&nbsp;&nbsp; 871042 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 932454 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued | Healthcare Revenue - Long Term Care – continued |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), <br> 5.375%, 1/01/2050 <br>| $400000 | &nbsp;&nbsp;&nbsp; $351255 |
| Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), "B-1", 5.25%, 7/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 751254 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), <br> "A", 5%, 7/01/2049 <br>| 500000 | &nbsp;&nbsp;&nbsp; 437915 |
|  |  | &nbsp;&nbsp;&nbsp; $8594085 |
| Industrial Revenue - Environmental Services – 0.7% | Industrial Revenue - Environmental Services – 0.7% | Industrial Revenue - Environmental Services – 0.7% |
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)  | $200000 | &nbsp;&nbsp;&nbsp; $217774 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A-2", <br> 4.6%, 10/01/2046 (Put Date 10/01/2026) <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1007376 |
|  |  | &nbsp;&nbsp;&nbsp; $1225150 |
| Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031  | $1000000 | &nbsp;&nbsp;&nbsp; $1104179 |
| Miscellaneous Revenue - Other – 1.6% | Miscellaneous Revenue - Other – 1.6% | Miscellaneous Revenue - Other – 1.6% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $395000 | &nbsp;&nbsp;&nbsp; $386007 |
| Pennsylvania Economic Development Authority Rev. (Capitol Region Parking System), AGM, 4%, 1/01/2041  | 1300000 | &nbsp;&nbsp;&nbsp; 1229311 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), <br> 5%, 12/31/2034 <br>| 970000 | &nbsp;&nbsp;&nbsp; 973263 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 65000 | &nbsp;&nbsp;&nbsp; 65535 |
|  |  | &nbsp;&nbsp;&nbsp; $2654116 |
| Multi-Family Housing Revenue – 3.2% | Multi-Family Housing Revenue – 3.2% | Multi-Family Housing Revenue – 3.2% |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | $450721 | &nbsp;&nbsp;&nbsp; $436443 |
| New Mexico Mortgage Finance Authority, Multi-Family Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, <br> 5%, 2/01/2042 (Put Date 9/01/2025) <br>| 225000 | &nbsp;&nbsp;&nbsp; 225856 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons <br> Apartments), FNMA, 3.6%, 8/01/2035 <br>| 912952 | &nbsp;&nbsp;&nbsp; 869107 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Darby Townhouses), <br> FNMA, 4.9%, 6/01/2041 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1010836 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Skyview Park <br> Apartments), FNMA, 4.625%, 2/01/2042 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1491442 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment <br> Project-Section 8), "I", 5%, 12/01/2058 (Prerefunded 12/01/2026) <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1285841 |
|  |  | &nbsp;&nbsp;&nbsp; $5319525 |
| Port Revenue – 0.1% | Port Revenue – 0.1% | Port Revenue – 0.1% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $300000 | &nbsp;&nbsp;&nbsp; $211093 |
| Sales & Excise Tax Revenue – 1.8% | Sales & Excise Tax Revenue – 1.8% | Sales & Excise Tax Revenue – 1.8% |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | $120000 | &nbsp;&nbsp;&nbsp; $106221 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp;&nbsp; 869 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 35000 | &nbsp;&nbsp;&nbsp; 33548 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 124000 | &nbsp;&nbsp;&nbsp; 114001 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 979000 | &nbsp;&nbsp;&nbsp; 920386 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 243000 | &nbsp;&nbsp;&nbsp; 228013 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 116000 | &nbsp;&nbsp;&nbsp; 108845 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 364000 | &nbsp;&nbsp;&nbsp; 331703 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 9000 | &nbsp;&nbsp;&nbsp; 7681 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 524000 | &nbsp;&nbsp;&nbsp; 408832 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 509000 | &nbsp;&nbsp;&nbsp; 361803 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 227000 | &nbsp;&nbsp;&nbsp; 71879 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 195000 | &nbsp;&nbsp;&nbsp; 188662 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 205000 | &nbsp;&nbsp;&nbsp; 198337 |
|  |  | &nbsp;&nbsp;&nbsp; $3080780 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Secondary Schools – 2.6% | Secondary Schools – 2.6% | Secondary Schools – 2.6% |
| Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Executive Education Academy <br> Charter School Project), 5%, 7/01/2059 (n)<br>| $750000 | &nbsp;&nbsp;&nbsp; $674601 |
| Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), "A", 5.125%, 3/15/2046  | 500000 | &nbsp;&nbsp;&nbsp; 465008 |
| Chester County, PA, Industrial Development Authority, Educational Facilities Rev. (Avon Grove Charter School), "A", <br> 5%, 12/15/2047 <br>| 500000 | &nbsp;&nbsp;&nbsp; 463092 |
| Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), "A", 4%, 10/01/2046  | 625000 | &nbsp;&nbsp;&nbsp; 526716 |
| Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | 900000 | &nbsp;&nbsp;&nbsp; 861581 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "B", 6%, 8/01/2051  | 450000 | &nbsp;&nbsp;&nbsp; 450394 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 475197 |
| Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), <br> 5.5%, 6/15/2043 (n)<br>| 500000 | &nbsp;&nbsp;&nbsp; 481889 |
|  |  | &nbsp;&nbsp;&nbsp; $4398478 |
| Single Family Housing - State – 8.5% | Single Family Housing - State – 8.5% | Single Family Housing - State – 8.5% |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 4.6%, 10/01/2049 (n) | $1000000 | &nbsp;&nbsp;&nbsp; $950784 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., 6%, 10/01/2054 (n) | 1470000 | &nbsp;&nbsp;&nbsp; 1586762 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 3.65%, 10/01/2032  | 1000000 | &nbsp;&nbsp;&nbsp; 954156 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 4.6%, 10/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 974688 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 4.7%, 10/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 984320 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "145A", 4.75%, 10/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 971478 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "146A", 4.75%, 4/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 967634 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "146A", 6.25%, 10/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1092658 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "149A", 5.1%, 10/01/2045 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 998964 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2025  | 300000 | &nbsp;&nbsp;&nbsp; 300638 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2026  | 1545000 | &nbsp;&nbsp;&nbsp; 1568555 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "141A", 5.75%, 10/01/2053  | 1300000 | &nbsp;&nbsp;&nbsp; 1378268 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "142A", 5.5%, 10/01/2053  | 1375000 | &nbsp;&nbsp;&nbsp; 1451534 |
|  |  | &nbsp;&nbsp;&nbsp; $14180439 |
| State & Local Agencies – 3.3% | State & Local Agencies – 3.3% | State & Local Agencies – 3.3% |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | $565000 | &nbsp;&nbsp;&nbsp; $483567 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, <br> 5%, 4/01/2042 <br>| 1375000 | &nbsp;&nbsp;&nbsp; 1431107 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, <br> 5%, 4/01/2043 <br>| 500000 | &nbsp;&nbsp;&nbsp; 518862 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Chester County Intermediate Unit Project), BAM, <br> 5%, 4/01/2044 <br>| 650000 | &nbsp;&nbsp;&nbsp; 671548 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 90000 | &nbsp;&nbsp;&nbsp; 105346 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "A", BAM, 4.125%, 3/15/2044  | 1200000 | &nbsp;&nbsp;&nbsp; 1109322 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037  | 250000 | &nbsp;&nbsp;&nbsp; 256803 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1023745 |
|  |  | &nbsp;&nbsp;&nbsp; $5600300 |
| Student Loan Revenue – 3.8% | Student Loan Revenue – 3.8% | Student Loan Revenue – 3.8% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $640000 | &nbsp;&nbsp;&nbsp; $631116 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 650000 | &nbsp;&nbsp;&nbsp; 620898 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5%, 6/01/2051  | 750000 | &nbsp;&nbsp;&nbsp; 688024 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1C", 5.5%, 6/01/2052  | 750000 | &nbsp;&nbsp;&nbsp; 736169 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2029  | 325000 | &nbsp;&nbsp;&nbsp; 337870 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2030  | 400000 | &nbsp;&nbsp;&nbsp; 417922 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042  | 655000 | &nbsp;&nbsp;&nbsp; 576203 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4.5%, 6/01/2043  | 1295000 | &nbsp;&nbsp;&nbsp; 1295269 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4%, 6/01/2044  | 705000 | &nbsp;&nbsp;&nbsp; 683892 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "B", 5%, 6/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 454101 |
|  |  | &nbsp;&nbsp;&nbsp; $6441464 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Tax - Other – 3.1% | Tax - Other – 3.1% | Tax - Other – 3.1% |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042  | $1000000 | &nbsp;&nbsp;&nbsp; $1010547 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 300000 | &nbsp;&nbsp;&nbsp; 295379 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), <br> 5%, 5/01/2042 (n)<br>| 500000 | &nbsp;&nbsp;&nbsp; 486876 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 110000 | &nbsp;&nbsp;&nbsp; 108288 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 285000 | &nbsp;&nbsp;&nbsp; 294739 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035  | 675000 | &nbsp;&nbsp;&nbsp; 693334 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 60000 | &nbsp;&nbsp;&nbsp; 60424 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 185000 | &nbsp;&nbsp;&nbsp; 182181 |
| Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., "B", 4%, 5/01/2049  | 500000 | &nbsp;&nbsp;&nbsp; 440638 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 1320000 | &nbsp;&nbsp;&nbsp; 1179116 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.25%, 2/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 449672 |
|  |  | &nbsp;&nbsp;&nbsp; $5201194 |
| Tax Assessment – 0.3% | Tax Assessment – 0.3% | Tax Assessment – 0.3% |
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), <br> 5%, 7/01/2035 <br>| $500000 | &nbsp;&nbsp;&nbsp; $490733 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048  | $540000 | &nbsp;&nbsp;&nbsp; $447410 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | 195000 | &nbsp;&nbsp;&nbsp; 166243 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 365000 | &nbsp;&nbsp;&nbsp; 332127 |
|  |  | &nbsp;&nbsp;&nbsp; $945780 |
| Toll Roads – 0.8% | Toll Roads – 0.8% | Toll Roads – 0.8% |
| Pennsylvania Turnpike Commission Subordinate Rev., "A", AGM, 4%, 12/01/2049  | $1500000 | &nbsp;&nbsp;&nbsp; $1325876 |
| Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% | Transportation - Special Tax – 1.2% |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047  | $2000000 | &nbsp;&nbsp;&nbsp; $2072988 |
| Universities - Colleges – 12.9% | Universities - Colleges – 12.9% | Universities - Colleges – 12.9% |
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), "A", 4%, 3/01/2041  | $1000000 | &nbsp;&nbsp;&nbsp; $901516 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | 1500000 | &nbsp;&nbsp;&nbsp; 1058483 |
| Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), <br> 4%, 5/01/2036 <br>| 300000 | &nbsp;&nbsp;&nbsp; 278881 |
| Erie County, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), <br> 4%, 5/01/2041 <br>| 920000 | &nbsp;&nbsp;&nbsp; 772450 |
| Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania <br> Project), BAM, 4%, 5/01/2054 <br>| 2750000 | &nbsp;&nbsp;&nbsp; 2389088 |
| Lehigh County, PA, General Purpose Authority, College Rev. (Muhlenberg College Project), 5.25%, 2/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1002781 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", AGM, <br> 3.125%, 5/01/2053 <br>| 95000 | &nbsp;&nbsp;&nbsp; 68790 |
| Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 969104 |
| Northeastern, PA, Hospital & Education Authority, College Rev. (King's College Project), 5%, 5/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 887047 |
| Pennsylvania Economic Development Authority Rev. (Villanova University Project), 5%, 8/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1023121 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), "A", AGM, 5%, 5/01/2046  | 1750000 | &nbsp;&nbsp;&nbsp; 1763354 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), "A", 5%, 3/01/2039  | 750000 | &nbsp;&nbsp;&nbsp; 766286 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Thomas Jefferson University), "B-1", AGM, 5.25%, 11/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1022220 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), "A", 4%, 7/15/2051  | 1250000 | &nbsp;&nbsp;&nbsp; 951200 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, <br> 5%, 10/01/2038 <br>| 1200000 | &nbsp;&nbsp;&nbsp; 1250664 |
| Pennsylvania State University, Tax-Exempt, "A", 5.25%, 9/01/2052  | 3000000 | &nbsp;&nbsp;&nbsp; 3090808 |
| Pennsylvania System of Higher Education Rev., Temple University, AGM, 5%, 4/01/2044  | 1285000 | &nbsp;&nbsp;&nbsp; 1333125 |
| Philadelphia, PA, Authority for Industrial Development, University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060  | 1000000 | &nbsp;&nbsp;&nbsp; 1006500 |
| Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), "A", 5%, 11/01/2026  | 1000000 | &nbsp;&nbsp;&nbsp; 1006277 |
|  |  | &nbsp;&nbsp;&nbsp; $21541695 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Dormitories – 0.8% | Universities - Dormitories – 0.8% | Universities - Dormitories – 0.8% |
| Chester County, PA, Industrial Development Authority Student Housing Rev. (West Chester University of Pennsylvania), "A", <br> BAM, 4%, 8/01/2048 <br>| $1500000 | &nbsp;&nbsp;&nbsp; $1293740 |
| Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $150000 | &nbsp;&nbsp;&nbsp; $81938 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 245000 | &nbsp;&nbsp;&nbsp; 133831 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 200000 | &nbsp;&nbsp;&nbsp; 109250 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp;&nbsp; 14741 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 105000 | &nbsp;&nbsp;&nbsp; 57356 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 40000 | &nbsp;&nbsp;&nbsp; 21850 |
|  |  | &nbsp;&nbsp;&nbsp; $418966 |
| Utilities - Other – 3.1% | Utilities - Other – 3.1% | Utilities - Other – 3.1% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $935000 | &nbsp;&nbsp;&nbsp; $983258 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 925000 | &nbsp;&nbsp;&nbsp; 969328 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 550000 | &nbsp;&nbsp;&nbsp; 590468 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038  | 280000 | &nbsp;&nbsp;&nbsp; 329107 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 845000 | &nbsp;&nbsp;&nbsp; 886345 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 520000 | &nbsp;&nbsp;&nbsp; 545773 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 825000 | &nbsp;&nbsp;&nbsp; 850650 |
|  |  | &nbsp;&nbsp;&nbsp; $5154929 |
| Water & Sewer Utility Revenue – 6.6% | Water & Sewer Utility Revenue – 6.6% | Water & Sewer Utility Revenue – 6.6% |
| Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053  | $1000000 | &nbsp;&nbsp;&nbsp; $1007799 |
| Bucks County, PA, Water & Sewer Authority, Sewer System Rev., "A", AGM, 4.25%, 12/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 1857307 |
| Canonsburg-Houston, PA, Joint Authority Sewer Rev., "A", 5%, 12/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 1002000 |
| Erie County, PA, Water Authority Rev., "A", AGM, 5%, 12/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1016856 |
| Erie County, PA, Water Authority Rev., "A", AGM, 4%, 12/01/2050  | 995000 | &nbsp;&nbsp;&nbsp; 864565 |
| Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1004596 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 205000 | &nbsp;&nbsp;&nbsp; 202507 |
| Philadelphia, PA, Water & Wastewater Rev., "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1032000 |
| Philadelphia, PA, Water & Wastewater Rev., "B", AGM, 5.5%, 9/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1047680 |
| Philadelphia, PA, Water & Wastewater Rev., "C", AGM, 5.25%, 9/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1033038 |
| Pittsburgh, PA, Water & Sewer System Authority Rev., "A", AGM, 5%, 9/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1014795 |
|  |  | &nbsp;&nbsp;&nbsp; $11083143 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$160928060** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $274832 | &nbsp;&nbsp;&nbsp; $91821 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043  | $252793 | &nbsp;&nbsp;&nbsp; $155468 |
| Mutual Funds (h) – 4.5%  | Mutual Funds (h) – 4.5%  | Mutual Funds (h) – 4.5%  |
| Money Market Funds – 4.5% | Money Market Funds – 4.5% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 7529849 | &nbsp;&nbsp;&nbsp; $7530602 |
| Other Assets, Less Liabilities – (0.8)% |  | &nbsp;&nbsp;&nbsp; (1282928)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$167423023** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

------

*Portfolio of Investments (unaudited) – continued*

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments
 in affiliated issuers and in unaffiliated issuers were $7,530,602 and $161,175,349, respectively.

&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 $6,202,699, representing 3.7% of net assets.

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

&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: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| ETM | Escrowed to Maturity |
| FNMA | Federal National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

6/30/25 (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 June 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; $161083528 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $161083528 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91821 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 7530602 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7530602 |
| Total | &nbsp;&nbsp;&nbsp; $7530602 | &nbsp;&nbsp;&nbsp; $161175349 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $168705951 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $4702009 | &nbsp;&nbsp; $12428475 | &nbsp;&nbsp; $9599878 | &nbsp;&nbsp; $(624)<br>| &nbsp;&nbsp; $620 | &nbsp;&nbsp; $7530602<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $59531 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Pennsylvania  | 84.7% |
| Puerto Rico | 2.4% |
| Illinois | 1.5% |
| New York | 1.5% |
| Alabama | 1.4% |
| South Carolina | 1.0% |
| California | 0.8% |
| Tennessee | 0.8% |
| New Jersey | 0.4% |
| Ohio | 0.4% |
| Florida | 0.3% |
| Guam | 0.3% |
| New Hampshire  | 0.3% |
| Colorado | 0.2% |
| Wisconsin | 0.2% |
| Michigan | 0.1% |
| New Mexico | 0.1% |
| Texas  | 0.1% |
| Virginia | 0.1% |
| Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $171149666.81

**Total Liabilities:** $3672178.50

**Net Assets:** $167477488.31

**Delayed Delivery Securities:** $3022390.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -221.96874220 | **1-Year:** -5336.03630960 | **5-Year:** -23944.48990330 | **10-Year:** -59003.88055090 | **30-Year:** -24312.66992140

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

- **3-Month:** -23.03083780 | **1-Year:** -1236.92519420 | **5-Year:** -3161.04483690 | **10-Year:** -5425.83772630 | **30-Year:** -1565.70060460

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194232 | -0.71%               | -0.59%               | 0.75%                |
| Class ID C000006966 | -0.73%               | -0.63%               | 0.66%                |
| Class ID C000169761 | -0.60%               | -0.60%               | 0.63%                |
| Class ID C000006965 | -0.68%               | -0.56%               | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-421.49                 | $-1518682.91                               |
| Month 2  | $-128447.92              | $-1324773.42                               |
| Month 3  | $-1547.54                | $606245.93                                 |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1A                     | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $620898.27    | 0.37%             | 2045-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671548.41    | 0.40%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority Future Tax Secured                     | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1179116.00   | 0.70%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $198337.50    | 0.12%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCC5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450393.84    | 0.27%             | 2051-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QLH4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1568555.07   | 0.94%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blythe Township Solid Waste Authority                                        | Blythe Township Solid Waste Authority                                               | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217774.00    | 0.13%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of The County of Washington                          | Redevelopment Authority of The County of Washington                                 | CUSIP: 938618AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490733.05    | 0.29%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017, Class I             | CUSIP: 717908AH0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285840.75   | 0.77%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    185000 | PA      | $182180.91    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454100.35    | 0.27%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                      | County of Lackawanna                                                                | CUSIP: 505480X24<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010297.00   | 0.60%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $407981.55    | 0.24%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2024                                          | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $871041.96    | 0.52%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Industrial Development Authority                               | Fulton County Industrial Development Authority                                      | CUSIP: 36024LAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427590.80    | 0.26%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417922.24    | 0.25%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $868.71       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority                                                                 | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986804.80    | 0.59%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    524000 | PA      | $408831.72    | 0.24%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2025A                                    | CUSIP: 01728LKY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044241.30   | 0.62%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                                | Municipality of Penn Hills, Series D                                                | CUSIP: 707483JN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $437117.05    | 0.26%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                               | Adams County General Authority, Series 2024A                                        | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $691387.43    | 0.41%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                     | MFS Institutional Money Market Portfolio, Class A                                   | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   7505549 | NS      | $7506299.55   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Philadelphia Energy Authority (The)                                          | Philadelphia Energy Authority (The), Series 2023A                                   | CUSIP: 71780UAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034934.90   | 0.62%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    245000 | PA      | $133831.25    | 0.08%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037012.50   | 0.62%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                       | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                         | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    550000 | PA      | $590467.96    | 0.35%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority                                                 | CUSIP: 017357N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007798.50   | 0.60%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MU4<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    730000 | PA      | $747709.29    | 0.45%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010547.50   | 0.60%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101503.80    | 0.06%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475196.95    | 0.28%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Convention Center Authority                                 | Lancaster County Convention Center Authority                                        | CUSIP: 514042BC3<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    500000 | PA      | $440638.45    | 0.26%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463859.70    | 0.28%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conneaut School District                                                     | Conneaut School District                                                            | CUSIP: 207515GN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $896426.73    | 0.54%             | 2031-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $864565.05    | 0.52%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority                                  | CUSIP: 613609B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $351255.40    | 0.21%             | 2050-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TEB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $951199.63    | 0.57%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029934.70   | 0.61%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     66341 | PA      | $69977.06     | 0.04%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 708692AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104178.90   | 0.66%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945893.40    | 0.56%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $7680.63      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QDB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954155.70    | 0.57%             | 2032-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| County of Lehigh PA                                                          | County of Lehigh                                                                    | CUSIP: 52480GDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931444.70    | 0.56%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBX2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023744.90   | 0.61%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $419015.60    | 0.25%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCG6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007497.10   | 0.60%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $576203.04    | 0.34%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                     | Village of Bridgeview                                                               | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $320464.69    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $714076.07    | 0.43%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XR8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5131.70      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489950.80    | 0.29%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006500.00   | 0.60%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority                                                                 | CUSIP: 368497JT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946218.90    | 0.56%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aliquippa School District                                                    | Aliquippa School District                                                           | CUSIP: 016364CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961932.60    | 0.57%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSX2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974688.00    | 0.58%             | 2043-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024                                    | CUSIP: 708797BF1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491442.20   | 0.89%             | 2042-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2024                                | CUSIP: 52480RGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002781.40   | 0.60%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1781286.20   | 1.06%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago                                                                     | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    600000 | PA      | $614885.88    | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1378268.58   | 0.82%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016855.80   | 0.61%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $328159.40    | 0.20%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Series VV                                     | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14741.12     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024A-3                              | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1356990.81   | 0.81%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1431106.88   | 0.85%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $33547.83     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2024A                     | CUSIP: 717901CB6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580921.70   | 0.94%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Finance Authority                                               | Wilkes-Barre Finance Authority                                                      | CUSIP: 968254BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006277.30   | 0.60%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 16557HEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1698128.60   | 1.01%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254438.60    | 0.15%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    150000 | PA      | $81937.50     | 0.05%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $211092.78    | 0.13%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $879820.02    | 0.53%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | New Jersey Higher Education Student Assistance Authority                            | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    640000 | PA      | $631115.71    | 0.38%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Northampton PA                                                   | Township of Northampton                                                             | CUSIP: 663730KN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936518.60    | 0.56%             | 2043-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                             | Mount Lebanon Hospital Authority                                                    | CUSIP: 621820DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020821.90   | 0.61%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Area School District                                                    | Moon Area School District, Series 2024 B                                            | CUSIP: 615401QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1299234.15   | 0.78%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016           | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $693334.28    | 0.41%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority                                            | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450721 | PA      | $436443.32    | 0.26%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025                                    | CUSIP: 708797BG9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010836.00   | 0.60%             | 2041-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp.                                           | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $332127.37    | 0.20%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 708797AN5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    912952 | PA      | $869107.43    | 0.52%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Interboro School District                                                    | Interboro School District, Series 2024                                              | CUSIP: 458436YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556517.00   | 0.93%             | 2063-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2024                  | CUSIP: 70869PQB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023121.10   | 0.61%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486875.65    | 0.29%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                      | Westmoreland County Industrial Development Authority                                | CUSIP: 960875AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1295269.22   | 0.77%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092658.50   | 0.65%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1519116.59   | 0.91%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $683891.67    | 0.41%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2025A                                         | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932454.40    | 0.56%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70870JFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $831151.50    | 0.50%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021A-2               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007376.40   | 0.60%             | 2046-10-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Temple University-of The Commonwealth System of Higher Education             | Temple University-of The Commonwealth System of Higher Education, Series FIRST 2025 | CUSIP: 880178DC9<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1333124.79   | 0.80%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                   | Northeastern Pennsylvania Hospital and Education Authority                          | CUSIP: 664551DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887047.30    | 0.53%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132695.62    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2024              | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $674600.78    | 0.40%             | 2059-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                        | New Mexico Mortgage Finance Authority, Series 2023                                  | CUSIP: 64719HEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225855.54    | 0.13%             | 2042-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $146101.18    | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSY0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984319.80    | 0.59%             | 2046-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337870.03    | 0.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                           | Southeastern Pennsylvania Transportation Authority                                  | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072987.80   | 1.24%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Region Water Sewer Revenue                                           | Capital Region Water Sewer Revenue                                                  | CUSIP: 14044TAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004596.40   | 0.60%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 A | CUSIP: 70870EER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1229311.07   | 0.73%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia PA Water & Wastewater Revenue                                  | CUSIP: 717893H79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032000.50   | 0.62%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority, Series 2021 A                   | CUSIP: 613609L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $526716.44    | 0.31%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130934.58    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority                                      | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $447410.03    | 0.27%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2024 A                      | CUSIP: 16559PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1293739.80   | 0.77%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 118612MC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465008.05    | 0.28%             | 2046-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QUZ4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950783.60    | 0.57%             | 2049-10-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                        | City of Pittsburgh, Series 2025                                                     | CUSIP: 725209TL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1325335.82   | 0.79%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                               | Bethlehem Area School District, Series 2025                                         | CUSIP: 087365XW7<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033361.90   | 0.62%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116918 | PA      | $112573.65    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                               | Wayne County Airport Authority                                                      | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55083.89     | 0.03%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $188662.50    | 0.11%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-1A                            | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107135.98    | 0.06%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority                                      | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     90000 | PA      | $105345.83    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The)      | Hospitals & Higher Education Facilities Authority of Philadelphia (The)             | CUSIP: 717903L97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504423.65    | 0.30%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canonsburg-Houston Joint Authority (The)                                     | Canonsburg-Houston Joint Authority (The)                                            | CUSIP: 138015FY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001999.60   | 0.60%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                           | St Clair County Board of Education                                                  | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449671.55    | 0.27%             | 2052-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                      | Reading School District                                                             | CUSIP: 755638ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013547.50   | 0.61%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                       | William Penn School District Authority, Series 2025A                                | CUSIP: 969257AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1109322.24   | 0.66%             | 2044-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Upper St Clair Township School District                                      | Upper St Clair Township School District                                             | CUSIP: 916507RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900149.40    | 0.54%             | 2039-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1C                     | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $688024.05    | 0.41%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2024                              | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $755456.55    | 0.45%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1763353.90   | 1.05%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                               | Tennergy Corp.                                                                      | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    520000 | PA      | $545772.71    | 0.33%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority                                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $166242.69    | 0.10%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                               | General Authority of Southcentral Pennsylvania                                      | CUSIP: 84129NMB2<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883568.80    | 0.53%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917S4F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766285.65    | 0.46%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $817372.67    | 0.49%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                           | Clemson University                                                                  | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1058482.65   | 0.63%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBW4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256803.10    | 0.15%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353LDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969104.00    | 0.58%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773142.15    | 0.46%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    364000 | PA      | $331702.83    | 0.20%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2024B-1                | CUSIP: 70917TRU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022220.00   | 0.61%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | Guam Government Waterworks Authority                                                | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $202507.00    | 0.12%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $138747.38    | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                               | Wayne County Airport Authority                                                      | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $79476.84     | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MT7<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    885000 | PA      | $911350.52    | 0.54%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                              | CUSIP: 263804BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903143.30    | 0.54%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450571.25    | 0.27%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The)                                                 | CUSIP: 709235W68<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090808.50   | 1.85%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Hempfield Township Industrial Development Authority                     | East Hempfield Township Industrial Development Authority                            | CUSIP: 273007CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750009.23    | 0.45%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    300000 | PA      | $278880.54    | 0.17%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $21850.00     | 0.01%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                       | Bucks County Water and Sewer Authority                                              | CUSIP: 118683JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1857306.80   | 1.11%             | 2047-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1295269.10   | 0.77%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-145A                               | CUSIP: 70879QWL3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971478.00    | 0.58%             | 2049-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518861.50    | 0.31%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025                   | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052162.00   | 0.63%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2023B                                                  | CUSIP: 7178932Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047680.30   | 0.63%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QLF8<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300637.89    | 0.18%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $861581.07    | 0.51%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 717824AR7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437914.70    | 0.26%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QVB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1586762.25   | 0.95%             | 2054-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    920000 | PA      | $772450.03    | 0.46%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                               | Wyalusing Area School District, Series 2025                                         | CUSIP: 982613LD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992338.40    | 0.59%             | 2065-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $577825.30    | 0.35%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                               | Allentown City School District, Series 2024                                         | CUSIP: 018471NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018866.70   | 0.61%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    509000 | PA      | $361803.21    | 0.22%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2023                      | CUSIP: 71780CBV1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481888.95    | 0.29%             | 2043-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $265325.97    | 0.16%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCP6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993196.50    | 0.59%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District                                                      | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    935000 | PA      | $983258.16    | 0.59%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $109250.00    | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     47139 | PA      | $44911.82     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                           | Tennessee Energy Acquisition Corp.                                                  | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    825000 | PA      | $850650.32    | 0.51%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    227000 | PA      | $71879.03     | 0.04%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     64091 | PA      | $56956.31     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QUA9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1451533.88   | 0.87%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    243000 | PA      | $228012.71    | 0.14%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2024 C                                                 | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033038.10   | 0.62%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District                                   | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    845000 | PA      | $886345.43    | 0.53%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    979000 | PA      | $920385.61    | 0.55%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028243.10   | 0.61%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                               | Wayne County Airport Authority                                                      | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45001.30     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-80                                                    | CUSIP: 01728VWT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021242.90   | 0.61%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $294738.85    | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $60424.01     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513921.75    | 0.31%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $106221.10    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $655190.14    | 0.39%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2024                                             | CUSIP: 624805RS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005208.90   | 0.60%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864696.60    | 0.52%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2017 B                                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $456914.59    | 0.27%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                        | Toll Road Investors Partnership II LP                                               | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    437861 | PA      | $146289.20    | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     78634 | PA      | $54362.07     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $973262.69    | 0.58%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission                                                    | CUSIP: 709224P60<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1325876.40   | 0.79%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2025-1C                     | CUSIP: 70878CBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $736169.03    | 0.44%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority                                                | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    105000 | PA      | $57356.25     | 0.03%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority                                                  | CUSIP: 725304YA1<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014795.00   | 0.61%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967633.70    | 0.58%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority                                | CUSIP: 01728RNX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901516.40    | 0.54%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2023B-1               | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751254.23    | 0.45%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883WG3<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501879.80   | 0.90%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                         | County of Broward, Series 2021                                                      | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $483566.72    | 0.29%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $108287.56    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119371.59    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia PA Airport Revenue                                             | CUSIP: 717817UG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758405.85    | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-2A                            | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     83000 | PA      | $87832.92     | 0.05%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353RCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492369.50    | 0.29%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethel Park School District                                                  | Bethel Park School District, Series 2023                                            | CUSIP: 087059NN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052818.50   | 0.63%             | 2048-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                              | Indiana County Industrial Development Authority                                     | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2389087.80   | 1.43%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    116000 | PA      | $108845.57    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                           | Matching Fund Special Purpose Securitization Corp.                                  | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     65000 | PA      | $65535.55     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | State Public School Building Authority                                              | CUSIP: 85732NBD6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1250663.76   | 0.75%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    124000 | PA      | $114001.53    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                         | Public Authority for Colorado Energy                                                | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    280000 | PA      | $329107.13    | 0.20%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 B-1                             | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $530697.93    | 0.32%             | 2044-06-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61103 | PA      | $59613.85     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474629.10    | 0.28%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107257.36    | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $56697.53     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $68790.42     | 0.04%             | 2053-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority                                     | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    925000 | PA      | $969327.48    | 0.58%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-149A                               | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998963.80    | 0.60%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    234653 | PA      | $200491.21    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $386007.15    | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority                                     | CUSIP: 165588DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463092.00    | 0.28%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    252793 | PA      | $155467.70    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295379.49    | 0.18%             | 2042-05-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    245437 | PA      | $264734.48    | 0.16%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480560.30   | 0.88%             | 2059-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer