# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037571
**Filing Date:** 2023-2
**Character Count:** 179102
**Document Hash:** 511eb95efdc305005ce468eeedd05df1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037571.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037571

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662624

**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

![](img2328efba1.gif)

### Quarterly Report
December 31, 2022

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

![](img605b75b12.gif)

MPA-Q3

------

### Portfolio of Investments
12/31/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 95.4% | Municipal Bonds – 95.4% | Municipal Bonds – 95.4% |
| Airport Revenue – 1.8% | Airport Revenue – 1.8% | Airport Revenue – 1.8% |
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, "B", 5%, 1/01/2030 | $&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$223152 |
| Philadelphia, PA, Airport Refunding Rev., 5%, 7/01/2029 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706428 |
| Philadelphia, PA, Airport Rev., "B", 5%, 7/01/2034 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778702 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54654 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65708 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45368 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2954012 |
| General Obligations - General Purpose – 8.8% | General Obligations - General Purpose – 8.8% | General Obligations - General Purpose – 8.8% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$310557 |
| Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977687 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2025 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224230 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72439 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627923 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;20403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18910 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;78634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42506 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;33950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33950 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;68052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68565 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;67435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68707 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;66341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67881 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;245437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253774 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;61103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52980 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;116918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98397 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;47139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38563 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;64091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50183 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;234653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175916 |
| Lackawanna County, PA, General Obligations, "A", BAM, 4%, 3/15/2031 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245774 |
| Lackawanna County, PA, General Obligations, "A", BAM, 4%, 3/15/2034 | &nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986337 |
| Lackawanna County, PA, General Obligations, "A", BAM, 4%, 3/15/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514513 |
| Lancaster, PA, General Obligation, BAM, 5%, 11/01/2034 | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135922 |
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2028 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227268 |
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2029 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212769 |
| Lower Paxton Township, PA, General Obligation, 4%, 4/01/2031 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159173 |
| Penn Hills, PA, Capital Appreciation, "D", 0%, 12/01/2032 | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410401 |
| Pennsylvania General Obligation, AGM, 5%, 9/15/2026 | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461746 |
| Philadelphia, PA, "B", 5%, 2/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080257 |
| Philadelphia, PA, General Obligation, "A", 5%, 5/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109777 |
| Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104866 |
| Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103254 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129010 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119441 |
| State of Illinois, General Obligation, "A", 5%, 3/01/2030 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227063 |
|  |  | &nbsp;&nbsp;&nbsp;$14410739 |
| General Obligations - Schools – 9.8% | General Obligations - Schools – 9.8% | General Obligations - Schools – 9.8% |
| Allegheny County, PA, Pine-Richland School District, General Obligation, "B", 4%, 3/01/2036 | $&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403265 |
| Allegheny County, PA, Pine-Richland School District, General Obligation, "B", 4%, 3/01/2037 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594408 |
| Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990489 |
| Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041836 |
| Conneaut, PA, School District, Capital Appreciation, "B", AGM, 0%, 11/01/2031 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838474 |
| Erie, PA, City School District General Obligation, "A", AGM, 4%, 4/01/2033 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182986 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685072 |
| Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537711 |
| Montebello, CA, Unified School District (Election of 2016), "A", 4%, 8/01/2046 | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516318 |
| Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498046 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Pequea Valley, PA, School District Lancaster Country General Obligation, 4%, 5/15/2027 | $&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130901 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038 (Prerefunded 9/01/2026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 |
| Philadelphia, PA, School District General Obligation, "F", 5%, 9/01/2038 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542040 |
| Philadelphia, PA, School District, "A", 5%, 9/01/2044 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585285 |
| Scranton, PA, School District General Obligation, 4%, 12/01/2040 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471431 |
| Scranton, PA, School District, "E", BAM, 5%, 12/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081696 |
| Upper St. Clair Township, PA, School District General Obligation, "B", 3.625%, 10/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928388 |
|  |  | &nbsp;&nbsp;&nbsp;$16033754 |
| Healthcare Revenue - Hospitals – 16.4% | Healthcare Revenue - Hospitals – 16.4% | Healthcare Revenue - Hospitals – 16.4% |
| Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), "B", 5%, 10/15/2029 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1117794 |
| Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050925 |
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315819 |
| Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), "A", 5%, 11/01/2040 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126188 |
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913900 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028) | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751268 |
| Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338701 |
| Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 (Prerefunded 11/15/2025) | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903452 |
| Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), "A", 5%, 10/01/2052 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801607 |
| Doylestown, PA, Hospital Rev., "A", 5%, 7/01/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824069 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510246 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019536 |
| DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019206 |
| Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500701 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847391 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030 | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772399 |
| Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), "A", 5%, 8/15/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054477 |
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), "A", 4%, 7/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944601 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", 4%, 5/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846751 |
| Montour County, PA, Geisinger Authority Health System Rev., "A", 4%, 4/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967860 |
| Montour County, PA, Geisinger Authority Health System Rev., "A-1", 5%, 2/15/2045 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018941 |
| Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), "A", 5%, 8/15/2048 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509715 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044614 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018298 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), "A", 5%, 7/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513966 |
| Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 (Prerefunded 3/01/2024) | &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829662 |
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959971 |
| Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), "A", 5%, 6/01/2044 (Prerefunded 6/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030712 |
| Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), "A", 4%, 7/01/2037 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274050 |
|  |  | &nbsp;&nbsp;&nbsp;$26826820 |
| Healthcare Revenue - Long Term Care – 3.6% | Healthcare Revenue - Long Term Care – 3.6% | Healthcare Revenue - Long Term Care – 3.6% |
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), "A", 5.25%, 12/01/2045 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$444507 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", 5%, 1/01/2039 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140502 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106366 |
| Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), "A", ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029) | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856530 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770039 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), "A", 5%, 7/01/2045 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461894 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507969 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267151 |
| Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256099 |
| Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465825 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**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 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$439050 |
| Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422358 |
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364795 |
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), "A", 5%, 7/01/2049 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5909677 |
| Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% | Industrial Revenue - Environmental Services – 0.2% |
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | $&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262992 |
| Industrial Revenue - Other – 1.3% | Industrial Revenue - Other – 1.3% | Industrial Revenue - Other – 1.3% |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1140706 |
| Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2137150 |
| Miscellaneous Revenue - Other – 0.8% | Miscellaneous Revenue - Other – 0.8% | Miscellaneous Revenue - Other – 0.8% |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | $&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$146083 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66711 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358359 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1329806 |
| Multi-Family Housing Revenue – 1.6% | Multi-Family Housing Revenue – 1.6% | Multi-Family Housing Revenue – 1.6% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;466306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450272 |
| Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 | &nbsp;&nbsp;&nbsp;947325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928735 |
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), "I", 5%, 12/01/2058 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2630960 |
| 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 | $&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$214145 |
| Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10563 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104581 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134155 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53019 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33679 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32110 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109609 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | &nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170691 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218904 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104497 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59864 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44496 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6559 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341345 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296087 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 2990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736711 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160598 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", 5.625%, 8/01/2024 (a)(d)(n) | $&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$172257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2816568 |
| Secondary Schools – 2.0% | Secondary Schools – 2.0% | Secondary Schools – 2.0% |
| Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), "A", 5.125%, 3/15/2046 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$506648 |
| Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), "A", 5%, 12/15/2047 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496171 |
| Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853771 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), "B", 6%, 8/01/2051 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453421 |
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491101 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), "A-1", 7%, 6/15/2043 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3205894 |
| Single Family Housing - State – 3.4% | Single Family Housing - State – 3.4% | Single Family Housing - State – 3.4% |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "128A", 3.65%, 10/01/2032 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$972137 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "135A", 3%, 10/01/2051 | 1885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841166 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "A", 4%, 4/01/2039 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258808 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 4/01/2025 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515411 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2025 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311506 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., "134B", 5%, 10/01/2026 | 1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5524309 |
| State & Local Agencies – 3.9% | State & Local Agencies – 3.9% | State & Local Agencies – 3.9% |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1077407 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | &nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585967 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13529 |
| Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), "A", AGM, 5%, 6/01/2033 | 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320097 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265672 |
| Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059828 |
| Philadelphia, PA, Redevelopment Authority City Agreement Rev., "A", 5%, 4/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046163 |
| Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6399843 |
| Student Loan Revenue – 2.7% | Student Loan Revenue – 2.7% | Student Loan Revenue – 2.7% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | $&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$807839 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2029 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349489 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 5%, 6/01/2030 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430028 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042 | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812474 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 4.5%, 6/01/2043 | 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4330152 |
| Tax - Other – 2.4% | Tax - Other – 2.4% | Tax - Other – 2.4% |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$974436 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287890 |
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471489 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2035 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117452 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61112 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046 | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185188 |
| Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., "B", 4%, 5/01/2049 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448709 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045 | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232993 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3865561 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| 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), 5%, 7/01/2035 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$482436 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | $&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$539322 |
| Toll Roads – 2.4% | Toll Roads – 2.4% | Toll Roads – 2.4% |
| Delaware River Port Authority Rev., 5%, 1/01/2029 (Prerefunded 1/01/2024) | $1145000 | &nbsp;&nbsp;&nbsp;&nbsp;$1168007 |
| Pennsylvania Turnpike Commission Rev., "B", 5%, 12/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055434 |
| Pennsylvania Turnpike Commission Subordinate Rev., "A", AGM, 4%, 12/01/2049 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404358 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142586 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3882133 |
| Transportation - Special Tax – 1.6% | Transportation - Special Tax – 1.6% | Transportation - Special Tax – 1.6% |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96250 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227108 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "A", 5%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88146 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 5%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86451 |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2691616 |
| Universities - Colleges – 15.7% | Universities - Colleges – 15.7% | Universities - Colleges – 15.7% |
| Adams County, PA, General Obligation (Gettysburg College), 5%, 8/15/2033 | $2100000 | &nbsp;&nbsp;&nbsp;&nbsp;$2288287 |
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), "A", 5%, 3/01/2032 (Prerefunded 3/01/2025) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523391 |
| Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), "A", 4%, 3/01/2041 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859442 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132285 |
| Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2039 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160132 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270158 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041 | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771108 |
| Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania Project), BAM, 4%, 5/01/2054 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513969 |
| Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2028 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549453 |
| Lancaster, PA, Higher Education Authority, College Rev. (Harrisburg Area Community College Project), AGM, 5%, 10/01/2030 | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442417 |
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), "B", AGM, 3.125%, 5/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68746 |
| Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), "A", 4%, 10/01/2046 | &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507229 |
| Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993208 |
| Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967706 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), "A", AGM, 5%, 5/01/2027 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646587 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), "A", AGM, 5%, 5/01/2046 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854396 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), "A", 4%, 3/01/2037 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733972 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), "A", 5%, 3/01/2039 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784454 |
| Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), "A", 4%, 7/15/2051 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025398 |
| Pennsylvania Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029586 |
| Pennsylvania State University, Tax-Exempt, "A", 5.25%, 9/01/2052 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324647 |
| Philadelphia, PA, Authority for Industrial Development University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054712 |
| University of Puerto Rico Rev., "P", NPFG, 5%, 6/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24931 |
| Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), "A", 5%, 11/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046413 |
|  |  | &nbsp;&nbsp;&nbsp;$25572627 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Universities - Dormitories – 1.3% | Universities - Dormitories – 1.3% | Universities - Dormitories – 1.3% |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $1025000 | &nbsp;&nbsp;&nbsp;&nbsp;$1050174 |
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2079934 |
| Utilities - Municipal Owned – 1.3% | Utilities - Municipal Owned – 1.3% | Utilities - Municipal Owned – 1.3% |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97616 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2044 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107656 |
| Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519672 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176400 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284700 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40150 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18062 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102550 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47450 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21975 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68400 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76912 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21975 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69587 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2063387 |
| Utilities - Other – 1.1% | Utilities - Other – 1.1% | Utilities - Other – 1.1% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$974663 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328001 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1852767 |
| Water & Sewer Utility Revenue – 10.9% | Water & Sewer Utility Revenue – 10.9% | Water & Sewer Utility Revenue – 10.9% |
| Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1064471 |
| Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529557 |
| Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2046 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378151 |
| Bucks County, PA, Water & Sewer Authority Sewer System Rev. "A", AGM, 4.25%, 12/01/2047 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943994 |
| Canonsburg-Houston, PA, Joint Authority Sewer Rev., "A", 5%, 12/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051113 |
| Clairton, PA, Municipal Authority Sewer Rev., "B", 5%, 12/01/2042 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500211 |
| Erie, PA, Water Authority Rev., "A", AGM, 5%, 12/01/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058705 |
| Erie, PA, Water Authority Rev., "A", AGM, 4%, 12/01/2050 | &nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941424 |
| Erie, PA, Water Authority Rev., "D", BAM, 4%, 12/01/2041 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483782 |
| Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065745 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203172 |
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000036 |
| Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496687 |
| Philadelphia, PA, Water and Wastewater Rev., "A", 5%, 10/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067152 |
| Philadelphia, PA, Water and Wastewater Rev., "A", 5%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074719 |
| Pittsburgh, PA, Water & Sewer Authority Rev., "B", AGM, 5%, 9/01/2033 | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759224 |
| Pittsburgh, PA, Water & Sewer Authority Rev., "B", AGM, 5%, 9/01/2034 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558205 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Pittsburgh, PA, Water & Sewer System Authority Subordinate Refunding Rev., "B", AGM, 4%, 9/01/2034 | $2500000 | &nbsp;&nbsp;&nbsp;$2559799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$17736147 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$155752751** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;$231310 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;492082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124869 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$356179** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;289308 | &nbsp;&nbsp;&nbsp;$126572 |
| Investment Companies (h) – 4.1% | Investment Companies (h) – 4.1% | Investment Companies (h) – 4.1% |
| Money Market Funds – 4.1% | Money Market Funds – 4.1% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 6623252 | &nbsp;&nbsp;&nbsp;$6625239 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390535 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$163251276** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $6,625,239 and $156,235,502, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,660,543, representing 1.6% of net assets.

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

(w) When-issued security.

---

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

---

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

------

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

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

(1) Investment Valuations

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$155879323 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$155879323 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356179 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356179 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;6625239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625239 |
| Total | &nbsp;&nbsp;&nbsp;$6625239 | &nbsp;&nbsp;&nbsp;$156235502 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$162860741 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$12967834 | &nbsp;&nbsp;$45164608 | &nbsp;&nbsp;$51507487 | &nbsp;&nbsp;$(1667) | &nbsp;&nbsp;$1951 | &nbsp;&nbsp;$6625239 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$110142 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| Pennsylvania | 83.6% |
| Puerto Rico | 2.8% |
| Illinois | 1.3% |
| California | 1.3% |
| New York | 1.1% |
| Virginia | 0.8% |
| New Jersey | 0.8% |
| Tennessee | 0.8% |
| South Carolina | 0.7% |
| Texas | 0.7% |
| Michigan | 0.7% |
| Alabama | 0.6% |
| Guam | 0.6% |
| New Hampshire | 0.3% |
| Wisconsin | 0.3% |
| Colorado | 0.2% |
| Indiana | 0.1% |
| U.S. 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.

(4) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $165953583.18

**Total Liabilities:** $2702312.60

**Net Assets:** $163251270.58

**Delayed Delivery Securities:** $633918.00

**Cash Not Reported:** $27362.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -166.93369020 | **1-Year:** -4995.26888330 | **5-Year:** -29504.45239150 | **10-Year:** -48180.33021530 | **30-Year:** -12015.67776210

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

- **3-Month:** -28.47909660 | **1-Year:** -523.95391810 | **5-Year:** -2647.37196870 | **10-Year:** -5345.37518580 | **30-Year:** -1642.15277410

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194232 | -1.25%               | 5.42%                | 0.04%                |
| Class ID C000006966 | -1.36%               | 5.42%                | -0.03%               |
| Class ID C000169761 | -1.26%               | 5.41%                | 0.03%                |
| Class ID C000006965 | -1.19%               | 5.39%                | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1169870.22             | $-1255977.35                               |
| Month 2  | $-176809.83              | $8441764.22                                |
| Month 3  | $-571401.50              | $241244.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lancaster Higher Education Authority                                    | Lancaster Higher Education Authority                                    | CUSIP: 514328JB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549453.40    | 0.34%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                     | Redevelopment Authority of the City of Philadelphia                     | CUSIP: 717868EV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001475.80   | 0.61%             | 2024-04-15      | 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      | $1232992.86   | 0.76%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $21975.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $172256.70    | 0.11%             | 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      | $453420.41    | 0.28%             | 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      | $1625280.67   | 1.00%             | 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        |    225000 | PA      | $262992.04    | 0.16%             | 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      | $482436.00    | 0.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                  | Lancaster County Hospital Authority                                     | CUSIP: 514045L92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054477.00   | 0.65%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                       | Philadelphia Authority for Industrial Development, Class I              | CUSIP: 717908AH0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1251952.75   | 0.77%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                     | Redevelopment Authority of the City of Philadelphia                     | CUSIP: 717868EX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046163.30   | 0.64%             | 2028-04-15      | 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      | $185187.94    | 0.11%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88145.52     | 0.05%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                  | Lancaster County Hospital Authority                                     | CUSIP: 514045F40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507968.65    | 0.31%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                     | Pennsylvania Housing Finance Agency                                     | CUSIP: 70879QLX9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1841166.21   | 1.13%             | 2051-10-01      | Fixed         | 3.00%                 | 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      | $444506.90    | 0.27%             | 2045-12-01      | Fixed         | 5.25%                 | 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      | $500701.10    | 0.31%             | 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      | $430028.04    | 0.26%             | 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      | $852.56       | 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      | $1018940.80   | 0.62%             | 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      | $341345.08    | 0.21%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                           | Municipality of Penn Hills                                              | CUSIP: 707483JN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $410401.31    | 0.25%             | 2032-12-01      | None          | 0.00%                 | 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        |   6597381 | NS      | $6599360.63   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 6461365N7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86451.33     | 0.05%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                     | Pennsylvania Housing Finance Agency                                     | CUSIP: 7087965R4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    260000 | PA      | $258808.06    | 0.16%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Lower Paxton PA                                             | Township of Lower Paxton                                                | CUSIP: 548383SQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212769.04    | 0.13%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scranton School District PA                                             | Scranton School District                                                | CUSIP: 810827ZD0<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1471431.30   | 0.90%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    245000 | PA      | $176400.00    | 0.11%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                   | Toll Road Investors Partnership II LP                                   | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $231309.77    | 0.14%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    215000 | PA      | $227107.75    | 0.14%             | 2027-06-15      | Fixed         | 5.00%                 | 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      | $1064471.30   | 0.65%             | 2053-06-01      | 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      | $974435.60    | 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      | $106366.45    | 0.07%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                               | Indiana Finance Authority                                               | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146083.37    | 0.09%             | 2040-07-01      | 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      | $491101.40    | 0.30%             | 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      | $448709.55    | 0.27%             | 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      | $461894.05    | 0.28%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                      | City of Chicago                                                         | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72438.53     | 0.04%             | 2027-01-01      | 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      | $838473.97    | 0.51%             | 2031-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                 | County of Lackawanna                                                    | CUSIP: 505480V34<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514512.65    | 0.32%             | 2035-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10633.58     | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                               | Erie City Water Authority                                               | CUSIP: 295542NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $941423.53    | 0.58%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                          | Adams County General Authority                                          | CUSIP: 00611PAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2288287.26   | 1.40%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                            | Commonwealth of Pennsylvania                                            | CUSIP: 70914PF80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $461746.35    | 0.28%             | 2026-09-15      | Fixed         | 5.00%                 | 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      | $364794.48    | 0.22%             | 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      | $1025398.00   | 0.63%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     66341 | PA      | $67880.96     | 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      | $1140706.00   | 0.70%             | 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      | $1019535.90   | 0.62%             | 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      | $6558.70      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $18062.50     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                     | Pennsylvania Housing Finance Agency                                     | CUSIP: 70879QDB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972136.60    | 0.60%             | 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      | $944601.50    | 0.58%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                     | Pennsylvania Housing Finance Agency                                     | CUSIP: 70879QLE1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515411.40    | 0.32%             | 2025-04-01      | Fixed         | 5.00%                 | 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      | $1059828.00   | 0.65%             | 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      | $422358.40    | 0.26%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10692.76     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                    | Guam Power Authority                                                    | CUSIP: 400653HP9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    105000 | PA      | $107655.79    | 0.07%             | 2044-10-01      | 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      | $1044614.20   | 0.64%             | 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        |    970000 | PA      | $812474.33    | 0.50%             | 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      | $310557.42    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $69587.50     | 0.04%             | 2026-07-01      | Fixed         | 5.25%                 | 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      | $751267.72    | 0.46%             | 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      | $5408.01      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware River Port Authority                                           | Delaware River Port Authority                                           | CUSIP: 246352FZ6<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1168007.40   | 0.72%             | 2029-01-01      | 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      | $465825.45    | 0.29%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     33950 | PA      | $33949.95     | 0.02%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                              | Delaware Valley Regional Finance Authority                              | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    745000 | PA      | $585966.41    | 0.36%             | 2037-06-01      | Floating      | 3.94%                 | 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      | $1054712.00   | 0.65%             | 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      | $967859.70    | 0.59%             | 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      | $990488.90    | 0.61%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                               | Erie City Water Authority                                               | CUSIP: 295542PW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483782.00   | 0.91%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                        | Commonwealth Financing Authority                                        | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077407.30   | 0.66%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                 | County of Lackawanna                                                    | CUSIP: 505480U76<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1245773.95   | 0.76%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp.                                          | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $53019.21     | 0.03%             | 2038-01-01      | Fixed         | 4.00%                 | 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      | $1846750.60   | 1.13%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                    | Guam Power Authority                                                    | CUSIP: 400653HN4<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |     95000 | PA      | $97615.83     | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                      | City of Chicago                                                         | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    600000 | PA      | $627923.28    | 0.38%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                      | Pittsburgh Water & Sewer Authority                                      | CUSIP: 725304VX4<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $558205.05    | 0.34%             | 2034-09-01      | Fixed         | 5.00%                 | 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      | $1058705.50   | 0.65%             | 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      | $338700.64    | 0.21%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                    | Pennsylvania Higher Educational Facilities Authority                    | CUSIP: 70917TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $646586.76    | 0.40%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                             | Virginia Small Business Financing Authority                             | CUSIP: 92810RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996443.70    | 0.61%             | 2052-11-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Lancaster Higher Education Authority                                    | Lancaster Higher Education Authority                                    | CUSIP: 514328JD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $442417.37    | 0.27%             | 2030-10-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $32109.63     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | 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      | $1046413.00   | 0.64%             | 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      | $1801606.63   | 1.10%             | 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      | $256099.35    | 0.16%             | 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      | $108000.00    | 0.07%             | 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      | $214145.04    | 0.13%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    289308 | PA      | $126572.44    | 0.08%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Springfield Township School District Montgomery County                  | Springfield Township School District Montgomery County                  | CUSIP: 851600XL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498046.10   | 0.92%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority, Series WW                         | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.00%             | 2022-07-01      | Fixed         | 5.38%                 | 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        |    820000 | PA      | $807838.58    | 0.49%             | 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      | $977686.60    | 0.60%             | 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      | $1050925.40   | 0.64%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                | New Hampshire Business Finance Authority                                | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    466306 | PA      | $450272.13    | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Scranton School District PA                                             | Scranton School District                                                | CUSIP: 810827XG5<br>LEI: 549300SDNGI3OKNOUW62 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081696.40   | 0.66%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                         | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      5000 | PA      | $4664.09      | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                    | Chicago O'Hare International Airport                                    | CUSIP: 167593RG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $223151.92    | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                               | Golden State Tobacco Securitization Corp.                               | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $539322.53    | 0.33%             | 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        |    947325 | PA      | $928735.52    | 0.57%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                | Texas Private Activity Bond Surface Transportation Corp.                | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111747.64    | 0.07%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                      | City of Philadelphia PA Water & Wastewater Revenue                      | CUSIP: 717893C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067151.70   | 0.65%             | 2037-10-01      | 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      | $471488.65    | 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      | $1274050.54   | 0.78%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                  | Berks County Municipal Authority (The)                                  | CUSIP: 084538GV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1126188.00   | 0.69%             | 2040-11-01      | Fixed         | 5.00%                 | 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      | $1542040.32   | 0.94%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10800.00     | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47450.00     | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14930.88     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $86292.44     | 0.05%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                 | Knox County Health Educational & Housing Facility Board                 | CUSIP: 49952MEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $772399.37    | 0.47%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp.                                          | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $33679.31     | 0.02%             | 2040-01-01      | Fixed         | 4.00%                 | 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      | $967705.70    | 0.59%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority, Series WW                         | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $21975.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | New Jersey Economic Development Authority                               | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24689.35     | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                               | School District of the City of Erie (The)                               | CUSIP: 295425TE2<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1182986.37   | 0.72%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                 | City of Philadelphia                                                    | CUSIP: 717813XK0<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080256.60   | 0.66%             | 2035-02-01      | Fixed         | 5.00%                 | 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      | $349489.24    | 0.21%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                  | State Public School Building Authority                                  | CUSIP: 85732MK63<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029586.20   | 0.63%             | 2033-05-01      | 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      | $2193661.40   | 1.34%             | 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      | $1065744.60   | 0.65%             | 2042-07-15      | Fixed         | 5.00%                 | 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      | $1074718.90   | 0.66%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                      | Pittsburgh Water & Sewer Authority                                      | CUSIP: 725304VW6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |    675000 | PA      | $759223.53    | 0.47%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                           | Doylestown Hospital Authority                                           | CUSIP: 261333FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824068.80    | 0.50%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                   | Montgomery County Industrial Development Authority                      | CUSIP: 613609L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $507228.94    | 0.31%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10987.50     | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129010.34    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Centre County Hospital Authority                                        | Centre County Hospital Authority                                        | CUSIP: 156273FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $903452.42    | 0.55%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    390000 | PA      | $284700.00    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | 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      | $506648.15    | 0.31%             | 2046-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116918 | PA      | $98396.87     | 0.06%             | 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      | $54654.46     | 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      | $160597.98    | 0.10%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  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      | $96249.89     | 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      | $513965.70    | 0.31%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Puerto Rico                                               | University of Puerto Rico                                               | CUSIP: 914811PX6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     25000 | PA      | $24930.54     | 0.02%             | 2025-06-01      | 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      | $1051113.50   | 0.64%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                 | Reading School District                                                 | CUSIP: 755638ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041836.30   | 0.64%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pequea Valley School District                                           | Pequea Valley School District                                           | CUSIP: 713537MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130900.70    | 0.08%             | 2027-05-15      | Fixed         | 4.00%                 | 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      | $928387.80    | 0.57%             | 2039-10-01      | Fixed         | 3.62%                 | 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      | $1854395.90   | 1.14%             | 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      | $550102.64    | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                | Texas Private Activity Bond Surface Transportation Corp.                | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142586.23    | 0.09%             | 2038-12-31      | Fixed         | 7.00%                 | 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      | $959971.30    | 0.59%             | 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      | $784453.88    | 0.48%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10563.05     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | New Jersey Economic Development Authority                               | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13528.97     | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lancaster PA                                                    | City of Lancaster                                                       | CUSIP: 514282D82<br>LEI: 549300BGOEKNNN4HPE68 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $2135922.08   | 1.31%             | 2034-11-01      | 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      | $856529.80    | 0.52%             | 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      | $1132284.90   | 0.69%             | 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      | $265672.30    | 0.16%             | 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      | $993207.50    | 0.61%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                         | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     69000 | PA      | $59863.72     | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                    | Guam Government Waterworks Authority                                    | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $203171.67    | 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      | $140502.40    | 0.09%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority                                          | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.10     | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                               | DuBois Hospital Authority                                               | CUSIP: 263804BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019206.10   | 0.62%             | 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      | $439049.50    | 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      | $3324646.50   | 2.04%             | 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      | $770038.88    | 0.47%             | 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      | $270157.44    | 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        |     80000 | PA      | $58200.00     | 0.04%             | 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      | $1943994.40   | 1.19%             | 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        |   1935000 | PA      | $1930321.75   | 1.18%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                           | Berks County Industrial Development Authority                           | CUSIP: 08451PAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $315818.60    | 0.19%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065HDT4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    115000 | PA      | $117451.93    | 0.07%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                     | Pennsylvania Housing Finance Agency                                     | CUSIP: 70879QLF8<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311505.66    | 0.19%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                   | Pennsylvania Economic Development Financing Authority                   | CUSIP: 70870FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496686.60    | 0.30%             | 2032-01-01      | Fixed         | 4.00%                 | 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      | $853770.87    | 0.52%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Clairton Municipal Authority                                            | Clairton Municipal Authority                                            | CUSIP: 179630CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500211.20    | 0.31%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                         | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     55000 | PA      | $44495.97     | 0.03%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Royal Oak Hospital Finance Authority                                    | Royal Oak Hospital Finance Authority                                    | CUSIP: 780486HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $829661.70    | 0.51%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     67435 | PA      | $68707.31     | 0.04%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  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      | $406591.55    | 0.25%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                   | Pennsylvania Economic Development Financing Authority                   | CUSIP: 70870FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000035.70   | 0.61%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     68052 | PA      | $68564.99     | 0.04%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  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      | $771108.40    | 0.47%             | 2041-05-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    509000 | PA      | $296086.98    | 0.18%             | 2033-07-01      | None          | 0.00%                 | No            |                  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      | $267151.04    | 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      | $1018298.20   | 0.62%             | 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      | $974663.35    | 0.60%             | 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      | $146000.00    | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $102550.00    | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                          | Sales Tax Securitization Corp.                                          | CUSIP: 79467BCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134154.86    | 0.08%             | 2028-01-01      | 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      | $38562.82     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                         | Allegheny County Hospital Development Authority                         | CUSIP: 01728A5N2<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117793.90   | 0.68%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pine-Richland School District                                           | Pine-Richland School District                                           | CUSIP: 722740C21<br>LEI: 5493005L1OKL5C36KL96 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403264.76    | 0.25%             | 2036-03-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2990000 | PA      | $736711.18    | 0.45%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                      | City of Chicago                                                         | CUSIP: 167486F46<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    220000 | PA      | $224229.74    | 0.14%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     64091 | PA      | $50183.15     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                         | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    243000 | PA      | $218903.66    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Dallas Area Municipal Authority                                         | Dallas Area Municipal Authority                                         | CUSIP: 235171AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1160131.68   | 0.71%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                      | Pittsburgh Water & Sewer Authority                                      | CUSIP: 725304VF3<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2559799.25   | 1.57%             | 2034-09-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    188000 | PA      | $170690.84    | 0.10%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority                                          | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45367.49     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $61112.32     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                       | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $104581.22    | 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      | $685071.50    | 0.42%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                       | Philadelphia Authority for Industrial Development                       | CUSIP: 71781XAE3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404782.28    | 0.25%             | 2043-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority                                          | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65708.46     | 0.04%             | 2039-12-01      | 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      | $913900.10    | 0.56%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                   | Toll Road Investors Partnership II LP                                   | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    492082 | PA      | $124868.82    | 0.08%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153AJ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    220000 | PA      | $227062.95    | 0.14%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                    | Pennsylvania Higher Educational Facilities Authority                    | CUSIP: 70917S4D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $733972.13    | 0.45%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                          | General Authority of Southcentral Pennsylvania                          | CUSIP: 84129NHL6<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030711.70   | 0.63%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     78634 | PA      | $42506.44     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                               | New Jersey Economic Development Authority                               | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5015.33      | 0.00%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.               | Harris County Cultural Education Facilities Finance Corp.               | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $847391.22    | 0.52%             | 2052-07-01      | Fixed         | 4.12%                 | 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        |    750000 | PA      | $758653.28    | 0.46%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                 | City of Philadelphia                                                    | CUSIP: 717813YV5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109777.20   | 0.68%             | 2034-05-01      | 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      | $1404357.45   | 0.86%             | 2049-12-01      | Fixed         | 4.00%                 | 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      | $76912.50     | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | 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        |   2000000 | PA      | $1859442.40   | 1.14%             | 2041-03-01      | Fixed         | 4.00%                 | 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      | $1585284.60   | 0.97%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission                                        | CUSIP: 709225DC7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055433.90   | 0.65%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                              | Philadelphia Gas Works Co.                                              | CUSIP: 7178237P7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519672.10    | 0.32%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                 | City of Philadelphia                                                    | CUSIP: 717817XK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1706427.75   | 1.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     55000 | PA      | $40150.00     | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119440.99    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $46800.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Hempfield Township Industrial Development Authority                | East Hempfield Township Industrial Development Authority                | CUSIP: 273007BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029760.00   | 0.63%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $778702.05    | 0.48%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $509714.85    | 0.31%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                 | County of Lackawanna                                                    | CUSIP: 505480V26<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |    955000 | PA      | $986336.70    | 0.60%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pine-Richland School District                                           | Pine-Richland School District                                           | CUSIP: 722740C39<br>LEI: 5493005L1OKL5C36KL96 | Long             | DBT              | MUN               | US        |    600000 | PA      | $594408.48    | 0.36%             | 2037-03-01      | Fixed         | 4.00%                 | 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      | $2513969.43   | 1.54%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                    | Allegheny County Higher Education Building Authority                    | CUSIP: 01728RKX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523391.40    | 0.32%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                     | Allegheny County Sanitary Authority                                     | CUSIP: 017357A46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529557.10    | 0.32%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                         | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    116000 | PA      | $104497.22    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| City of Reading PA                                                      | City of Reading                                                         | CUSIP: 755553B86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104865.70   | 0.68%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                      | Matching Fund Special Purpose Securitization Corp.                      | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     65000 | PA      | $66710.42     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $68400.00     | 0.04%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                  | State Public School Building Authority                                  | CUSIP: 85732GUH1<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1320096.72   | 0.81%             | 2033-06-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    124000 | PA      | $109609.45    | 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      | $328000.82    | 0.20%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61103 | PA      | $52979.95     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Lower Paxton PA                                             | Township of Lower Paxton                                                | CUSIP: 548383SS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159173.01    | 0.10%             | 2031-04-01      | 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      | $510246.25    | 0.31%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aliquippa Municipal Water Authority Water & Sewer Revenue               | Aliquippa Municipal Water Authority Water & Sewer                       | CUSIP: 016332FG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $378151.24    | 0.23%             | 2046-11-15      | Fixed         | 4.00%                 | 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      | $68746.12     | 0.04%             | 2053-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Montebello Unified School District                                      | Montebello Unified School District                                      | CUSIP: 612289TD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $516317.79    | 0.32%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Reading PA                                                      | City of Reading                                                         | CUSIP: 755553B94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103254.50   | 0.68%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    234653 | PA      | $175916.23    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                  | California Municipal Finance Authority                                  | CUSIP: 13049YCT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1050173.80   | 0.64%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Lower Paxton PA                                             | Township of Lower Paxton                                                | CUSIP: 548383SP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $227267.58    | 0.14%             | 2028-04-01      | 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      | $358359.41    | 0.22%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     20403 | PA      | $18909.95     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  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      | $496170.95    | 0.30%             | 2047-12-15      | Fixed         | 5.00%                 | 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      | $287889.66    | 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      | $253774.05    | 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      | $1537710.90   | 0.94%             | 2059-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer