# EDGAR Filing Document

**Accession Number:** 0000857769
**File Stem:** 0001145549-25-049368
**Filing Date:** 2025-7
**Character Count:** 82587
**Document Hash:** e412d08e50be3eebdcc6fd174e6bd002
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049368.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049368

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN HANCOCK MUNICIPAL SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000857769

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05968
- **FILM NUMBER:** 251158753

**BUSINESS ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-663-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O JOHN HANCOCK FUNDS
- **STREET 2:** 200 BERKELEY STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN MUNICIPAL SECURITIES TRUST
- **DATE OF NAME CHANGE:** 20050323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN TAX FREE BOND TRUST
- **DATE OF NAME CHANGE:** 19970501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANCOCK JOHN TAX FREE BOND FUND
- **DATE OF NAME CHANGE:** 19941227

## Series and Classes Contracts Data

### John Hancock Short Duration Municipal Opportunities Fund (Series ID: S000076502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236445 | Class R6     | JHSKX           |
| C000236446 | Class A      | JHSFX           |
| C000236447 | Class C      | JHSHX           |
| C000236448 | Class I      | JHSJX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** John Hancock Municipal Securities Trust

- **b. Investment Company Act file number:** 811-05968

- **c. CIK number of Registrant:** 0000857769

- **d. LEI of Registrant:** 5493008ZYLKE3XZXD331

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

  - **Street Address 1:** 200 Berkeley Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02116

  - **Telephone number:** 617-543-9634

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

- **a. Name of Series:** Short Duration Municipal Opportunities Fund

- **b. EDGAR series identifier (if any):** S000076502

- **c. LEI of Series:** 549300NOMBMITCW4PQ97

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $54424248.78

**Total Liabilities:** $647683.91

**Net Assets:** $53776564.87

**Delayed Delivery Securities:** $300825.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -159.701027000000 | **1-Year:** -2830.129235000000 | **5-Year:** -8478.420786000000 | **10-Year:** -4308.294375000000 | **30-Year:** -50.847320000000

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

- **3-Month:** -21.841632000000 | **1-Year:** -421.953098000000 | **5-Year:** -1270.002855000000 | **10-Year:** -850.318297000000 | **30-Year:** -3.829123000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236445 | -0.67%               | -0.48%               | 0.71%                |
| Class ID C000236446 | -0.69%               | -0.50%               | 0.59%                |
| Class ID C000236447 | -0.76%               | -0.56%               | 0.53%                |
| Class ID C000236448 | -0.68%               | -0.49%               | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2104.73                 | $-482015.66                                |
| Month 2  | $-170359.10              | $-255293.93                                |
| Month 3  | $9565.43                 | $174509.08                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Virginia Beach Development Authority                                   | VIRGINIA BEACH DEVELOPMENT AUT VBHDEV 09/30 FIXED 6.25       | CUSIP: 92774NBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201429.86    | 0.37%             | 2030-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON and MULTNOMAH COUNTIE WASSCD 06/31 ZEROCPNOID 0             | WASHINGTON and MULTNOMAH COUNTIE WASSCD 06/31 ZEROCPNOID 0   | CUSIP: 9384292C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $132889.25    | 0.25%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON and MULTNOMAH COUNTIE WASSCD 06/32 ZEROCPNOID 0             | WASHINGTON and MULTNOMAH COUNTIE WASSCD 06/32 ZEROCPNOID 0   | CUSIP: 9384292D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $115681.22    | 0.22%             | 2032-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                           | WEST VIRGINIA ECONOMIC DEVELOP WVSDEV 01/41 ADJUSTABLE VAR   | CUSIP: 95648VBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $391477.27    | 0.73%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                           | WEST VIRGINIA ECONOMIC DEVELOP WVSDEV 04/55 ADJUSTABLE VAR   | CUSIP: 95648VBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248483.03    | 0.46%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Whiting City of                                                        | CITY OF WHITING IN WHGFAC 03/46 ADJUSTABLE VAR               | CUSIP: 96634RAX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177101.02    | 0.33%             | 2046-03-01      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| WINTER GARDEN VILLAGE AT FOWLE WVGDEV 05/31 FIXED OID 3.75             | WINTER GARDEN VILLAGE AT FOWLE WVGDEV 05/31 FIXED OID 3.75   | CUSIP: 975795AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $215496.09    | 0.40%             | 2031-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health and Educational Facilities Authority                  | WISCONSIN HEALTH and EDUCATIONAL WISMED 08/28 FIXED 4.2      | CUSIP: 97712JJH7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    350000 | PA      | $346248.53    | 0.64%             | 2028-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT INDUSTRIAL DEVELOP LEEFAC 08/27 FIXED 5                    | LEES SUMMIT INDUSTRIAL DEVELOP LEEFAC 08/27 FIXED 5          | CUSIP: 524292BD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200088.96    | 0.37%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT INDUSTRIAL DEVELOP LEEFAC 08/32 FIXED 5                    | LEES SUMMIT INDUSTRIAL DEVELOP LEEFAC 08/32 FIXED 5          | CUSIP: 524292BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145469.47    | 0.27%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONGMONT CO WATER ENTE LONWTR 11/33 FIXED 3                    | CITY OF LONGMONT CO WATER ENTE LONWTR 11/33 FIXED 3          | CUSIP: 543099AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $60559.87     | 0.11%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water and Power                              | LOS ANGELES DEPARTMENT OF WATE LOSUTL 07/28 FIXED 5          | CUSIP: 544532PA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037261.20   | 1.93%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAURENS COUNTY PUBLIC FACILITI LPFFAC 09/44 FIXED OID 4                | LAURENS COUNTY PUBLIC FACILITI LPFFAC 09/44 FIXED OID 4      | CUSIP: 519079AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $59017.00     | 0.11%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Lower Alabama Gas District                                         | LOWER ALABAMA GAS DISTRICT/THE LWRUTL 12/50 ADJUSTABLE VAR   | CUSIP: 547804AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249439.18    | 0.46%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON COUNTY CAPITAL RESOURC MADHGR 07/36 FIXED 5                    | MADISON COUNTY CAPITAL RESOURC MADHGR 07/36 FIXED 5          | CUSIP: 557363EN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $339111.57    | 0.63%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAWRENCE COMMUNITY SCHOO NRLSCD 01/32 FIXED 5                    | NORTH LAWRENCE COMMUNITY SCHOO NRLSCD 01/32 FIXED 5          | CUSIP: 66042REJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274829.78    | 0.51%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FI CCEDEV 01/56 ADJUSTABLE VAR             | CALIFORNIA COMMUNITY CHOICE FI CCEDEV 01/56 ADJUSTABLE VAR   | CUSIP: 13013JFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $547802.98    | 1.02%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure and Economic Development Bank                | CALIFORNIA INFRASTRUCTURE and EC CASDEV 08/29 FIXED 3.25     | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299733.24    | 0.56%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure and Economic Development Bank                | CALIFORNIA INFRASTRUCTURE and EC CASDEV 01/65 ADJUST OID VAR | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    700000 | PA      | $678073.97    | 1.26%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                 | CALIFORNIA MUNICIPAL FINANCE A CASFIN 11/25 FIXED 5          | CUSIP: 13048TN25<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250171.83    | 0.47%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACIL PALMED 06/26 FIXED 4                    | PALM BEACH COUNTY HEALTH FACIL PALMED 06/26 FIXED 4          | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299521.26    | 0.56%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JH COLLATERAL                                                          | JH COLLATERAL                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |        19 | NS      | $194.55       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MET GOVT NASHVILLE   DAVIDSONC MET GOVT NASHVILLE -A                   | MET GOVT NASHVILLE   DAVIDSONC MET GOVT NASHVILLE -A         | CUSIP: 592041A23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $318131.22    | 0.59%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier and Exposition Authority                             | METROPOLITAN PIER and EXPOSITION MPNFAC 12/28 FIXED 5        | CUSIP: 592250FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516594.55    | 0.96%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPOR METAPT 10/26 FIXED 5                    | METROPOLITAN WASHINGTON AIRPOR METAPT 10/26 FIXED 5          | CUSIP: 592647LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509862.70    | 0.95%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPOR METAPT 10/30 FIXED 5                    | METROPOLITAN WASHINGTON AIRPOR METAPT 10/30 FIXED 5          | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425633.72    | 0.79%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                              | DELAWARE COUNTY AUTHORITY DELGEN 07/31 FIXED 5               | CUSIP: 245913MK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31065.08     | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deleware Transportation Authority                                      | DELAWARE TRANSPORTATION AUTHOR DESTRN 07/28 FIXED 3          | CUSIP: 246428C20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498272.90    | 0.93%             | 2028-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                 | CALIFORNIA MUNICIPAL FINANCE A CASEDU 06/34 FIXED 5          | CUSIP: 130497BA7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258274.68    | 0.48%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                 | CALIFORNIA MUNICIPAL FINANCE A CASFIN 07/29 FIXED 4          | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97363.34     | 0.18%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DADE FL AVIATI MIATRN 10/30 FIXED 5                    | COUNTY OF MIAMI-DADE FL AVIATI MIATRN 10/30 FIXED 5          | CUSIP: 59333P7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $270707.13    | 0.50%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DADE FL AVIATI MIATRN 10/34 FIXED 5                    | COUNTY OF MIAMI-DADE FL AVIATI MIATRN 10/34 FIXED 5          | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534275.35    | 0.99%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                             | MICHIGAN FINANCE AUTHORITY MISFIN 10/38 ADJUSTABLE VAR       | CUSIP: 59447TU68<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    345000 | PA      | $321468.03    | 0.60%             | 2038-10-15      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOSPITAL FINANC MISMED 08/55 ADJUSTABLE VAR             | MICHIGAN STATE HOSPITAL FINANC MISMED 08/55 ADJUSTABLE VAR   | CUSIP: 59465HXE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214277.02    | 0.40%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                | MICHIGAN STRATEGIC FUND MISGEN 12/32 FIXED 5                 | CUSIP: 594698QN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35969.40     | 0.07%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                | MONTGOMERY COUNTY HIGHER EDUCA MONHGR 09/26 FIXED 5          | CUSIP: 613603ZV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $234069.02    | 0.44%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act            | NEW HAMPSHIRE HEALTH AND EDUCA NHSMED 07/33 FIXED OID 3.375  | CUSIP: 64461XBM6<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25212.10     | 0.05%             | 2033-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NORTH MIAMI COMMUNITY REDEVELO NMIDEV 03/31 FIXED 5                    | NORTH MIAMI COMMUNITY REDEVELO NMIDEV 03/31 FIXED 5          | CUSIP: 661056AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536101.75    | 1.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN KENTUCKY WATER DISTRI NKYWTR 02/29 FIXED OID 3.125            | NORTHERN KENTUCKY WATER DISTRI NKYWTR 02/29 FIXED OID 3.125  | CUSIP: 665306ND4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $221045.04    | 0.41%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY MUNICIPAL UT MONUTL 09/29 FIXED 5                    | MONTGOMERY COUNTY MUNICIPAL UT MONUTL 09/29 FIXED 5          | CUSIP: 61370SGH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $127291.58    | 0.24%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY COUNTY MUNICIPAL UT MONUTL 09/30 FIXED 5                    | MONTGOMERY COUNTY MUNICIPAL UT MONUTL 09/30 FIXED 5          | CUSIP: 61370SGJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $139216.05    | 0.26%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act            | NEW HAMPSHIRE HEALTH AND EDUCA NHSMED 07/34 FIXED OID 3.5    | CUSIP: 64461XBN4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176922.92    | 0.33%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act            | NEW HAMPSHIRE HEALTH AND EDUCA NHSMED 06/40 ADJUSTABLE VAR   | CUSIP: 64461XJY2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250492.80    | 0.47%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                | MUNICIPAL ELECTRIC AUTHORITY O MELPWR 01/29 FIXED 5          | CUSIP: 62620HBB7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10597.04     | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey State of                                                    | STATE OF NEW JERSEY NJS 06/27 FIXED 2                        | CUSIP: 646039YY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484159.05    | 0.90%             | 2027-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State of                                                | STATE OF NORTH CAROLINA NCSGEN 05/28 FIXED OID 3             | CUSIP: 65829QCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298479.60    | 0.56%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newport City of                                                        | CITY OF NEWPORT OR NEW 06/27 ZEROCPNOID 0                    | CUSIP: 652300LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $374620.64    | 0.70%             | 2027-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                               | NEW HAMPSHIRE BUSINESS FINANCE NHSDEV 04/34 FIXED 5.5        | CUSIP: 644684GF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79985.68     | 0.15%             | 2034-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACIL PALMED 11/32 FIXED 5                    | PALM BEACH COUNTY HEALTH FACIL PALMED 11/32 FIXED 5          | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50681.47     | 0.09%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACIL PALMED 11/28 FIXED 5                    | PALM BEACH COUNTY HEALTH FACIL PALMED 11/28 FIXED 5          | CUSIP: 69651ABN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15611.10     | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                               | NEW HAMPSHIRE BUSINESS FINANCE NHSDEV 04/38 FIXED 5.5        | CUSIP: 644684GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103620.27    | 0.19%             | 2038-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FA NHPFAC 10/30 FIXED 5.25                 | NEW HOPE CULTURAL EDUCATION FA NHPFAC 10/30 FIXED 5.25       | CUSIP: 64542UHH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248768.23    | 0.46%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACIL PALMED 11/29 FIXED 5                    | PALM BEACH COUNTY HEALTH FACIL PALMED 11/29 FIXED 5          | CUSIP: 69651ABP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73441.38     | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY HEALTH FACIL PALMED 11/30 FIXED 5                    | PALM BEACH COUNTY HEALTH FACIL PALMED 11/30 FIXED 5          | CUSIP: 69651ABQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211275.18    | 0.39%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology                                     | NEW JERSEY INSTITUTE OF TECHNO NEWHGR 07/36 FIXED 5          | CUSIP: 64579RDU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553917.65    | 1.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                         | NEW JERSEY TRANSPORTATION TRUS NJSTRN 06/30 FIXED 5          | CUSIP: 64613CDD7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $540571.45    | 1.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patterson Joint Unified School District                                | PATTERSON JOINT UNIFIED SCHOOL PATSCD 08/26 ZEROCPNOID 0     | CUSIP: 703373ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $515607.43    | 0.96%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Domtar Corporation                                                     | DOMTAR CORP SR SECURED 144A 10/28 6.75                       | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131775.72    | 0.25%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANSITIONAL FIN NYCGEN 11/26 FIXED 5                    | NEW YORK CITY TRANSITIONAL FIN NYCGEN 11/26 FIXED 5          | CUSIP: 64971XN20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5148.75      | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                        | NEW YORK CITY MUNICIPAL WATER NYCUTL 06/35 FIXED 5           | CUSIP: 64972GP32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $170127.68    | 0.32%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                  | PENNSYLVANIA ECONOMIC DEVELOPM PASDEV 12/38 ADJUSTABLE VAR   | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300154.92    | 0.56%             | 2038-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pflugerville City of                                                   | CITY OF PFLUGERVILLE TX PFLGEN 09/33 FIXED OID 4.25          | CUSIP: 71710FAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $338227.89    | 0.63%             | 2033-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corporation                        | NEW YORK TRANSPORTATION DEVELO NYTTRN 12/26 FIXED 5          | CUSIP: 650116FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30536.63     | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHENIX CITY INDUSTRIAL DEVELOP PHEENV 05/35 FIXED 4.125                | PHENIX CITY INDUSTRIAL DEVELOP PHEENV 05/35 FIXED 4.125      | CUSIP: 717346AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $285461.22    | 0.53%             | 2035-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                      | PHILADELPHIA AUTHORITY FOR IND PHIEDU 06/31 FIXED 4          | CUSIP: 71780CBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $174589.16    | 0.32%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHILADELPHIA PA AIRPOR PHIAPT 07/31 FIXED 5                    | CITY OF PHILADELPHIA PA AIRPOR PHIAPT 07/31 FIXED 5          | CUSIP: 717817XM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534421.60    | 0.99%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District of Jefferson County               | PORT OF BEAUMONT NAVIGATION DI PTBTRN 07/26 FIXED 10         | CUSIP: 73360CAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306949.50    | 0.57%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Port of Houston Authority                                              | PORT AUTHORITY OF HOUSTON OF H PRH 10/32 FIXED 5             | CUSIP: 7342605K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $355713.56    | 0.66%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                     | PORT OF SEATTLE WA PTSGEN 08/26 FIXED 5                      | CUSIP: 735389T81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510586.35    | 0.95%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Prairie Village                                                | CITY OF PRAIRIE VILLAGE KS PRVGEN 04/36 FIXED OID 3.125      | CUSIP: 73971FAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $321029.49    | 0.60%             | 2036-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                               | PUBLIC FINANCE AUTHORITY PUBFIN 06/28 FIXED 5                | CUSIP: 74439YFE6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $329364.35    | 0.61%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Energy Authority Of Kentucky Inc.                               | KENTUCKY PUBLIC ENERGY AUTHORI KYSPWR 05/55 ADJUSTABLE VAR   | CUSIP: 74440DEL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259178.58    | 0.48%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                               | PUBLIC FINANCE AUTHORITY PUBGEN 12/34 ZEROCPNOID 0           | CUSIP: 74442PL45<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $194937.44    | 0.36%             | 2034-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                            | COMMONWEALTH OF PUERTO RICO PRC 11/43 ADJUSTABLE VAR         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    290000 | PA      | $174000.00    | 0.32%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY and COUNTY AI SFOAPT 05/32 FIXED 5                  | SAN FRANCISCO CITY and COUNTY AI SFOAPT 05/32 FIXED 5        | CUSIP: 79766DVL0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $428460.60    | 0.80%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VALLEY CLEAN ENERG SSJUTL 01/56 ADJUSTABLE VAR             | SAN JOAQUIN VALLEY CLEAN ENERG SSJUTL 01/56 ADJUSTABLE VAR   | CUSIP: 79811YAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541652.85    | 1.01%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                | SOUTH CAROLINA PUBLIC SERVICE SCSUTL 12/30 FIXED 5           | CUSIP: 837151PL7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    295000 | PA      | $297328.26    | 0.55%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                      | SOUTH CAROLINA TRANSPORTATION SCSTRN 10/33 FIXED 3           | CUSIP: 837152UH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $329435.89    | 0.61%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH MARYLAND CREEK RANCH MET SMDFAC 12/29 FIXED 5                    | SOUTH MARYLAND CREEK RANCH MET SMDFAC 12/29 FIXED 5          | CUSIP: 838797AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $206849.31    | 0.38%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority a Cooperative District                      | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 01/54 ADJUSTABLE VAR   | CUSIP: 84136FBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $273696.82    | 0.51%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority a Cooperative District                      | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 05/55 ADJUSTABLE VAR   | CUSIP: 84136HCF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314214.51    | 0.58%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| The Industrial Development Authority of the City of St. Louis Missouri | INDUSTRIAL DEVELOPMENT AUTHORI STLGEN 06/34 FIXED 4.875      | CUSIP: 85237JAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $380174.87    | 0.71%             | 2034-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corporation I               | TEXAS MUNICIPAL GAS ACQUISITIO TXSUTL 12/26 FIXED OID 6.25   | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56340.67     | 0.10%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                   | CHICAGO MIDWAY INTERNATIONAL A CHIAPT 01/30 FIXED 5          | CUSIP: 167562QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $552723.38    | 1.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                   | CHICAGO O'HARE INTERNATIONAL A CHITRN 01/27 FIXED 5          | CUSIP: 1675937F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512452.35    | 0.95%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL WASTEWATER CHIUTL 01/30 FIXED 5                     | CITY OF CHICAGO IL WASTEWATER CHIUTL 01/30 FIXED 5           | CUSIP: 167727ZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255809.20    | 0.48%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                     | OREGON CITY SCHOOL DISTRICT NO CLASCD 06/29 ZEROCPNOID 0     | CUSIP: 179162LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $396113.45    | 0.74%             | 2029-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                 | COLORADO HOUSING AND FINANCE A COSHSG 10/29 FIXED 3.35       | CUSIP: 19648GXF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $448396.70    | 0.83%             | 2029-10-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                | DALLAS FORT WORTH INTERNATIONA DALAPT 11/30 FIXED 5          | CUSIP: 23503CDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532149.40    | 0.99%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE ECONOMIC DEVELO DESDEV 10/40 ADJUSTABLE VAR             | DELAWARE STATE ECONOMIC DEVELO DESDEV 10/40 ADJUSTABLE VAR   | CUSIP: 246387SW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492493.55    | 0.92%             | 2040-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corporation                          | DUTCHESS COUNTY LOCAL DEVELOPM DUTDEV 07/45 FIXED 5          | CUSIP: 267045FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45064.86     | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELEVON MUNICIPAL UTILITY DISTR ELVUTL 09/33 FIXED 4                    | ELEVON MUNICIPAL UTILITY DISTR ELVUTL 09/33 FIXED 4          | CUSIP: 28626FAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $313140.98    | 0.58%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                | ENERGY SOUTHEAST A COOPERATIVE ESDPWR 07/54 ADJUSTABLE VAR   | CUSIP: 292723BN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529051.40    | 0.98%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Fall River City of                                                     | CITY OF FALL RIVER MA FAL 12/32 FIXED 2                      | CUSIP: 306297W73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $346877.52    | 0.65%             | 2032-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                           | MAIN STREET NATURAL GAS INC MAIUTL 09/52 ADJUSTABLE VAR      | CUSIP: 56035DDX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $396599.00    | 0.74%             | 2052-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                           | MAIN STREET NATURAL GAS INC MAIUTL 07/53 ADJUSTABLE VAR      | CUSIP: 56035DFC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260135.55    | 0.48%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Farmingdale UFSD                                                       | FARMINGDALE UNION FREE SCHOOL FARSCD 09/34 FIXED 2           | CUSIP: 311117HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $181013.04    | 0.34%             | 2034-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corporation                                | FLORIDA DEVELOPMENT FINANCE CO FLSDEV 07/57 ADJUSTABLE VAR   | CUSIP: 340618DZ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509115.75    | 0.95%             | 2057-07-01      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corporation                                | FLORIDA DEVELOPMENT FINANCE CO FLSDEV 12/34 FIXED 5          | CUSIP: 34061UDK1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203679.38    | 0.38%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corporation                                | FLORIDA DEVELOPMENT FINANCE CO FLSDEV 04/27 FIXED 5          | CUSIP: 34061UEX2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25803.03     | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND VALLEY STATE UNIVERSITY GVYHGR 12/32 FIXED 5                     | GRAND VALLEY STATE UNIVERSITY GVYHGR 12/32 FIXED 5           | CUSIP: 386545LA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505733.45    | 0.94%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gulf Coast Industrial Development Authority                            | GULF COAST INDUSTRIAL DEVELOPM GULPOL 04/28 FIXED 8          | CUSIP: 40220MAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500536.05    | 0.93%             | 2028-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corporation                                | FLORIDA DEVELOPMENT FINANCE CO FLSDEV 10/54 ADJUSTABLE VAR   | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497664.30    | 0.93%             | 2054-10-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Forsyth City of                                                        | CITY OF FORSYTH MT FORPOL 07/28 FIXED 3.875                  | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252402.78    | 0.47%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| State Road and Tollway Authority                                       | GEORGIA STATE ROAD and TOLLWAY A GASTRN 07/38 FIXED 4        | CUSIP: 37358MEU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4950.22      | 0.01%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hamden Town of                                                         | TOWN OF HAMDEN CT HAM 01/50 FIXED 5                          | CUSIP: 4067927Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $196459.22    | 0.37%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY MUNICIPAL UTILIT HARUTL 12/32 FIXED OID 3                | HARRIS COUNTY MUNICIPAL UTILIT HARUTL 12/32 FIXED OID 3      | CUSIP: 41423TMU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238321.20    | 0.44%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HARRISBURG REDEVELOPMENT AUTHO HRADEV 09/30 FIXED 5                    | HARRISBURG REDEVELOPMENT AUTHO HRADEV 09/30 FIXED 5          | CUSIP: 414832AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $480509.73    | 0.89%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX AIRPORT SYS HOUAPT 07/33 FIXED 5.25                 | CITY OF HOUSTON TX AIRPORT SYS HOUAPT 07/33 FIXED 5.25       | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513246.40    | 0.95%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF TOPEKA KS COMBINED UTI TOPUTL 08/27 FIXED OID 3                | CITY OF TOPEKA KS COMBINED UTI TOPUTL 08/27 FIXED OID 3      | CUSIP: 890680KU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247634.05    | 0.46%             | 2027-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT METROPOLITA TRCFAC 12/34 FIXED 5                    | TRAILS AT CROWFOOT METROPOLITA TRCFAC 12/34 FIXED 5          | CUSIP: 89286RAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $190018.57    | 0.35%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| I-470 WESTERN GATEWAY TRANSPOR WGTTRN 12/29 FIXED 4.5                  | I-470 WESTERN GATEWAY TRANSPOR WGTTRN 12/29 FIXED 4.5        | CUSIP: 44952RAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297230.52    | 0.55%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                             | ILLINOIS FINANCE AUTHORITY ILSGEN 06/27 FIXED 4.6            | CUSIP: 45204FQK4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    220000 | PA      | $217624.37    | 0.40%             | 2027-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                           | MAIN STREET NATURAL GAS INC MAIUTL 12/53 ADJUSTABLE VAR      | CUSIP: 56035DGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523357.70    | 0.97%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio County of                                                         | COUNTY OF OHIO WV OHSDEV 06/32 FIXED 5                       | CUSIP: 677321BQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $379084.15    | 0.70%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                 | OHIO AIR QUALITY DEVELOPMENT A OHSDEV 08/29 ADJUSTABLE VAR   | CUSIP: 677525VZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144282.12    | 0.27%             | 2029-08-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Trimble County of                                                      | COUNTY OF TRIMBLE KY TRMENV 06/33 FIXED 3.75                 | CUSIP: 896221AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501225.95    | 0.93%             | 2033-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Vermont Economic Development Authority                                 | VERMONT ECONOMIC DEVELOPMENT A VTSPOL 06/52 ADJUSTABLE VAR   | CUSIP: 924157AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244585.65    | 0.45%             | 2052-06-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| OREGON STATE LOTTERY ORSGEN 04/28 FIXED 5                              | OREGON STATE LOTTERY ORSGEN 04/28 FIXED 5                    | CUSIP: 68607V6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $201350.77    | 0.37%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON STATE FACILITIES AUTHOR ORSFAC 12/28 FIXED 5                    | OREGON STATE FACILITIES AUTHOR ORSFAC 12/28 FIXED 5          | CUSIP: 68608JZG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $329007.23    | 0.61%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pacheco Union School District                                          | PACHECO UNION ELEMENTARY SCHOO PCHEDU 02/27 ZEROCPNOID 0     | CUSIP: 693734BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $132633.73    | 0.25%             | 2027-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                         | TEXAS PUBLIC FINANCE AUTHORITY TXSGEN 05/26 FIXED 5          | CUSIP: 88277PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $525276.54    | 0.98%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENT CITIES FINANCE AUT IDCGEN 05/32 FIXED 4                    | INDEPENDENT CITIES FINANCE AUT IDCGEN 05/32 FIXED 4          | CUSIP: 45385LMP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304609.26    | 0.57%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                              | INDIANA FINANCE AUTHORITY INSMED 10/60 ADJUSTABLE VAR        | CUSIP: 45470YFM8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    110000 | PA      | $118441.38    | 0.22%             | 2060-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                              | INDIANA FINANCE AUTHORITY INSFIN 05/29 FIXED 4.3             | CUSIP: 45506ENK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501999.05    | 0.93%             | 2029-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                      | STATE OF ILLINOIS ILS 11/31 FIXED OID 4.125                  | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    525000 | PA      | $522677.77    | 0.97%             | 2031-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                      | STATE OF ILLINOIS ILS 10/29 FIXED 5.25                       | CUSIP: 452153LP2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533523.40    | 0.99%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                             | STAMFORD HOUSING AUTHORITY STMHSG 10/32 FIXED 4.75           | CUSIP: 852640AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215379.45    | 0.40%             | 2032-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLAINE COUNTY EDUCATIONAL FACI BLAEDU 12/30 FIXED 5                    | BLAINE COUNTY EDUCATIONAL FACI BLAEDU 12/30 FIXED 5          | CUSIP: 092746AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $249053.38    | 0.46%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYERTOWN AREA SCHOOL DISTRICT BOYSCD 11/27 FIXED 4                    | BOYERTOWN AREA SCHOOL DISTRICT BOYSCD 11/27 FIXED 4          | CUSIP: 103405RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $426575.82    | 0.79%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brazoria County Industrial Development Corp                            | BRAZORIA COUNTY INDUSTRIAL DEV BZIFAC 06/43 FIXED 12         | CUSIP: 10604PAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85000.00     | 0.16%             | 2043-06-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CITY OF BRIDGEPORT CT BRI 08/27 FIXED 5                                | CITY OF BRIDGEPORT CT BRI 08/27 FIXED 5                      | CUSIP: 108152GS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $229115.46    | 0.43%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BROWARD FL PORT FACI BROTRN 09/28 FIXED 5                    | COUNTY OF BROWARD FL PORT FACI BROTRN 09/28 FIXED 5          | CUSIP: 11506KEW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522940.50    | 0.97%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Development Authority of Burke County                              | DEVELOPMENT AUTHORITY OF BURKE BURPOL 01/40 ADJUSTABLE VAR   | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498607.60    | 0.93%             | 2040-01-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CABOT CITRUS FARMS COMMUNITY D CCFDEV 03/29 FIXED 5.25                 | CABOT CITRUS FARMS COMMUNITY D CCFDEV 03/29 FIXED 5.25       | CUSIP: 127052AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301783.59    | 0.56%             | 2029-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY CHOICE FI CCEDEV 02/55 ADJUSTABLE VAR             | CALIFORNIA COMMUNITY CHOICE FI CCEDEV 02/55 ADJUSTABLE VAR   | CUSIP: 13013JEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $671901.50    | 1.25%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance                                             | CALIFORNIA HOUSING FINANCE AGE CASMFH 12/27 FIXED 5.2        | CUSIP: 13034DAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508015.50    | 0.94%             | 2027-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTHORITY CTSEDU 06/34 FIXED 5                           | CAPITAL TRUST AUTHORITY CTSEDU 06/34 FIXED 5                 | CUSIP: 14054WAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306433.74    | 0.57%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davie Town of                                                          | TOWN OF DAVIE FL DAVEDU 04/31 FIXED 5                        | CUSIP: 23867PBL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $342570.00    | 0.64%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                           | MAIN STREET NATURAL GAS INC MAIUTL 04/54 ADJUSTABLE VAR      | CUSIP: 56035DHZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523022.00    | 0.97%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health and Higher Educational Facilities Authority            | MARYLAND HEALTH and HIGHER EDUCA MDSMED 07/45 ADJUSTABLE VAR | CUSIP: 57421CAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51067.07     | 0.09%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                               | MASSACHUSETTS DEVELOPMENT FINA MASDEV 09/30 FIXED 5          | CUSIP: 57584XZ53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15526.08     | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                               | MASSACHUSETTS DEVELOPMENT FINA MASDEV 09/37 FIXED 5          | CUSIP: 57584YVL0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10313.92     | 0.02%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                               | MASSACHUSETTS DEVELOPMENT FINA MASDEV 10/26 FIXED 8.5        | CUSIP: 57585BBJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251477.38    | 0.47%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                               | MASSACHUSETTS DEVELOPMENT FINA MASDEV 12/29 FIXED 5          | CUSIP: 57585BCZ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150107.24    | 0.28%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPECIAL PURPOSE MFCFAC 10/28 FIXED 5                     | MATCHING FUND SPECIAL PURPOSE MFCFAC 10/28 FIXED 5           | CUSIP: 57665NAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     25000 | PA      | $25448.08     | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                               | PUBLIC FINANCE AUTHORITY PUBFIN 06/30 FIXED 5                | CUSIP: 74439YGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207050.84    | 0.39%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waynesville R-VI School District                                       | WAYNESVILLE R-VI SCHOOL DISTRI PULEDU 04/30 FIXED 5          | CUSIP: 74549PAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $150075.94    | 0.28%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs Coalition                                          | SOUTH CAROLINA JOBS-ECONOMIC D SCSDEV 04/27 FIXED 5          | CUSIP: 837031UX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25340.68     | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                 | IOWA FINANCE AUTHORITY IASPOL 01/42 ADJUSTABLE VAR           | CUSIP: 46246YAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499022.75    | 0.93%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Jacksonville Housing Authority                                         | JACKSONVILLE HOUSING AUTHORITY JACHSG 02/34 FIXED 5          | CUSIP: 46940XAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312252.21    | 0.58%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON COUNTY PORT AUTHORIT JPADEV 12/53 ADJUSTABLE VAR             | JEFFERSON COUNTY PORT AUTHORIT JPADEV 12/53 ADJUSTABLE VAR   | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300223.68    | 0.56%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Utility District #1 of Klickitat County                         | KLICKITAT COUNTY PUBLIC UTILIT KLIPWR 12/32 FIXED 5          | CUSIP: 498622LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $329793.72    | 0.61%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority                                    | LANCASTER COUNTY HOSPITAL AUTH LANMED 07/28 FIXED 4.25       | CUSIP: 514045R70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34476.74     | 0.06%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| League City City of                                                    | CITY OF LEAGUE CITY TX LEA 02/32 FIXED 3                     | CUSIP: 521769DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $200778.01    | 0.37%             | 2032-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                            | LITTLE ROCK SCHOOL DISTRICT LITSCD 02/28 FIXED 3             | CUSIP: 537428V35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $344767.57    | 0.64%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc.                                           | MAIN STREET NATURAL GAS INC MAIUTL 05/26 FIXED 5             | CUSIP: 56035DBF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556177.38    | 1.03%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany County Airport Authority                                        | ALBANY COUNTY AIRPORT AUTHORIT ALBAPT 12/26 FIXED 5          | CUSIP: 012123NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512167.90    | 0.95%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                               | ARIZONA BOARD OF REGENTS AZSHGR 06/37 FIXED 5                | CUSIP: 040484NX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15242.65     | 0.03%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA AIRPORT PAS ATLAPT 07/26 FIXED 5                    | CITY OF ATLANTA GA AIRPORT PAS ATLAPT 07/26 FIXED 5          | CUSIP: 04780TEC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509117.75    | 0.95%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUGUSTA DEVELOPMENT AUTHORITY AGSDEV 07/26 FIXED 5                     | AUGUSTA DEVELOPMENT AUTHORITY AGSDEV 07/26 FIXED 5           | CUSIP: 05115CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254318.68    | 0.47%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE OF BEDFORD PARK IL HOT BEDGEN 12/35 FIXED 5                    | VILLAGE OF BEDFORD PARK IL HOT BEDGEN 12/35 FIXED 5          | CUSIP: 07638EBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $165050.34    | 0.31%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Berks County Municipal Authority                                   | BERKS COUNTY MUNICIPAL AUTHORI BERFAC 02/40 ADJUSTABLE VAR   | CUSIP: 084538JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427739.30    | 0.80%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| The Water Works Board of the City of Birmingham                        | WATER WORKS BOARD OF THE CITY BIRWTR 09/26 FIXED 3.75        | CUSIP: 091097AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497793.25    | 0.93%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bismarck City of                                                       | CITY OF BISMARCK ND BIS 05/26 FIXED OID 2.5                  | CUSIP: 0915822L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496406.00    | 0.92%             | 2026-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                         | BLACK BELT ENERGY GAS DISTRICT BBEUTL 05/55 ADJUSTABLE VAR   | CUSIP: 09182TDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526912.10    | 0.98%             | 2055-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                       | CALIFORNIA POLLUTION CONTROL F CASPOL 11/25 FIXED 3          | CUSIP: 130536QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $348367.67    | 0.65%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL FINANCE AUTH CASSCD 07/36 FIXED 5                    | CALIFORNIA SCHOOL FINANCE AUTH CASSCD 07/36 FIXED 5          | CUSIP: 13059TCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300114.06    | 0.56%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                 | CALIFORNIA STATEWIDE COMMUNITI CASGEN 05/33 ADJUSTABLE VAR   | CUSIP: 13080SXY5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    480000 | PA      | $516649.82    | 0.96%             | 2033-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CANYON FALLS MUNICIPAL UTILITY CNFUTL 02/31 FIXED 4                    | CANYON FALLS MUNICIPAL UTILITY CNFUTL 02/31 FIXED 4          | CUSIP: 138851DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102570.74    | 0.19%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYON FALLS MUNICIPAL UTILITY CNFUTL 02/31 FIXED 4                    | CANYON FALLS MUNICIPAL UTILITY CNFUTL 02/31 FIXED 4          | CUSIP: 138851EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148727.57    | 0.28%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CASS COUNTY JOINT WATER RESOUR CASWTR 04/27 FIXED 3.45                 | CASS COUNTY JOINT WATER RESOUR CASWTR 04/27 FIXED 3.45       | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124740.43    | 0.23%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| The Industrial Development Authority Of The City Of Chandler           | CHANDLER INDUSTRIAL DEVELOPMEN CHADEV 09/52 ADJUSTABLE VAR   | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $458404.70    | 0.85%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| The Industrial Development Authority Of The City Of Chandler           | CHANDLER INDUSTRIAL DEVELOPMEN CHADEV 06/49 ADJUSTABLE VAR   | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295461.45    | 0.55%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                        | CHESTER COUNTY INDUSTRIAL DEVE CHEDEV 03/27 FIXED 5          | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222972.20    | 0.41%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Decatur Hospital Authority                                             | DECATUR HOSPITAL AUTHORITY DECMED 09/30 FIXED 5              | CUSIP: 243323CZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $242416.55    | 0.45%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT VGEDEV 05/34 FIXED 4                     | VILLAGE COMMUNITY DEVELOPMENT VGEDEV 05/34 FIXED 4           | CUSIP: 92708KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243285.35    | 0.45%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District 4                                            | FORT MILL SCHOOL DISTRICT NO 4 YORSCD 03/31 FIXED 3          | CUSIP: 986525WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $213712.11    | 0.40%             | 2031-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newark Higher Education Finance Corporation                            | NEWARK HIGHER EDUCATION FINANC NEWEDU 08/29 FIXED OID 4.375  | CUSIP: 650346DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $255930.92    | 0.48%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITY OF NORFOLK VA WATER REVEN NORWTR 11/34 FIXED 5                    | CITY OF NORFOLK VA WATER REVEN NORWTR 11/34 FIXED 5          | CUSIP: 656009PZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $294398.91    | 0.55%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                 | NORTH CAROLINA MEDICAL CARE CO NCSMED 10/28 FIXED 4.25       | CUSIP: 65820YSZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250010.35    | 0.46%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** John Hancock Municipal Securities Trust

**Signature:** /s/Salvatore Schiavone

**Name of Signer:** Salvatore Schiavone

**Title:** Treasurer