# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001752724-25-177382
**Filing Date:** 2025-7
**Character Count:** 140584
**Document Hash:** 0b37b836bb278a1846767a1daa5aac9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177382.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177382

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 251148693

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

![](img076e50881.gif)

### Quarterly Report
May 31, 2025

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

![](img57fc561d2.gif)

Principal Listing Exchange: NYSE

EMU-Q1

------

### Portfolio of Investments
5/31/25 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 99.0% | Municipal Bonds – 99.0% | Municipal Bonds – 99.0% |
| Alabama – 3.2% | Alabama – 3.2% | Alabama – 3.2% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029) | $165000 | &nbsp;&nbsp;&nbsp;&nbsp;$161285 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "D", 5%, 3/01/2055 (Put Date 11/01/2034) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261957 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260399 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", BAM, 5.125%, 8/01/2044 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256330 |
| Mobile, AL, Industrial Development Board, Pollution Control Rev. (Alabama Power Co.), 3.3%, 7/15/2034 (Put Date 3/12/2026) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149981 |
| Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., "A", 5%, 11/01/2035 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257823 |
| Southeast Alabama Energy Authority, Energy Supply Rev., "C", 5%, 5/01/2055 (Put Date 2/01/2031) | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 |
|  |  | &nbsp;&nbsp;&nbsp;$1353012 |
| Alaska – 0.6% | Alaska – 0.6% | Alaska – 0.6% |
| Alaska Municipal Bond Bank Authority, General Obligation & Refunding, "2", 5%, 12/01/2028 | $260000 | &nbsp;&nbsp;&nbsp;&nbsp;$271742 |
| Arizona – 1.7% | Arizona – 1.7% | Arizona – 1.7% |
| Arizona Industrial Development Authority, National Education Rev. (Equitable School Revolving Fund LLC), "A", 5%, 11/01/2038 | $190000 | &nbsp;&nbsp;&nbsp;&nbsp;$192586 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 4.15%, 9/01/2040 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235805 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6%, 7/01/2055 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$699600 |
| California – 5.7% | California – 5.7% | California – 5.7% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, 8/01/2055 (Put Date 10/01/2032) | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$260343 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, 2/01/2055 (Put Date 9/01/2032) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264705 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5%, 2/01/2055 (Put Date 11/01/2032) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529019 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, 1/01/2056 (Put Date 8/01/2033) | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260605 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5%, 11/01/2033 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179299 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256719 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2028 | &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88061 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2029 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104218 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104583 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5.25%, 5/15/2038 | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358061 |
|  |  | &nbsp;&nbsp;&nbsp;$2405613 |
| Colorado – 5.2% | Colorado – 5.2% | Colorado – 5.2% |
| Adams County, CO, Bromley Park Metropolian District No. 3 General Obligation, AGM, 5%, 12/01/2039 | $225000 | &nbsp;&nbsp;&nbsp;&nbsp;$231854 |
| Arapahoe County, CO, Cherry Creek School District No. 5, General Obligation, 5.25%, 12/15/2042 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538216 |
| Bennett, CO, Wastewater Rev., AGM, 5%, 12/01/2044 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259524 |
| Boulder County, CO, STC Metropolitan District No.2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", AGM, 5%, 12/01/2036 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225975 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263323 |
| Denver, CO, Department of Aviation Airport System Rev. "A" , 5%, 11/15/2029 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113285 |
| Denver, CO, Department of Aviation Airport System Rev. "A" , 5%, 11/15/2034 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158883 |
| Douglas County, CO, Lanterns Metropolitan District No. 1, AGM, 5%, 12/01/2034 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263861 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, "A", AGM, 5%, 12/01/2040 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107640 |
|  |  | &nbsp;&nbsp;&nbsp;$2162561 |
| Connecticut – 0.9% | Connecticut – 0.9% | Connecticut – 0.9% |
| Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (Chesla Loan Program), "B-1", 5.25%, 11/15/2034 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$261362 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$361507 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Delaware – 0.6% | Delaware – 0.6% | Delaware – 0.6% |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055 | $245000 | &nbsp;&nbsp;&nbsp;&nbsp;$262844 |
| District of Columbia – 1.1% | District of Columbia – 1.1% | District of Columbia – 1.1% |
| District of Columbia, Housing Finance Agency (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$104457 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", FHA, 5%, 3/01/2028 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260526 |
| Metropolitan Washington, D.C., Airport System Refunding Rev., "A", 5%, 10/01/2036 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$481824 |
| Florida – 5.0% | Florida – 5.0% | Florida – 5.0% |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036 | $125000 | &nbsp;&nbsp;&nbsp;&nbsp;$125257 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I, LLC-Florida Institute of Technology Project), "A", 4.75%, 7/01/2040 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95473 |
| Florida Higher Educational Facilities Financial Authority Rev. (Nova Southeastern University Project), 5%, 4/01/2036 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105253 |
| Florida Housing Finance Corp, Multi-Family Mortgage Rev. (The Enclave at Canopy Park), "I", 3.3%, 7/01/2058 (Put Date 1/01/2028) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249765 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "A", 5%, 10/01/2035 | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187986 |
| Lee County, FL, Airport Rev., "B", 4%, 10/01/2038 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234016 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195991 |
| Miami-Dade County, FL, Aviation Rev., "A", 5%, 10/01/2038 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249301 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259316 |
| Orlando, FL, Greater Orlando Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2042 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260966 |
| Pompano Beach, FL (John Knox Village Project), 5%, 9/01/2039 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147078 |
|  |  | &nbsp;&nbsp;&nbsp;$2110402 |
| Georgia – 3.6% | Georgia – 3.6% | Georgia – 3.6% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$100330 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115919 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435277 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/01/2054 (Put Date 9/01/2031) | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220512 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362775 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260395 |
|  |  | &nbsp;&nbsp;&nbsp;$1495208 |
| Hawaii – 1.0% | Hawaii – 1.0% | Hawaii – 1.0% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$201015 |
| Hawaii Harbor System Rev., "A", 4%, 7/01/2036 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$403813 |
| Idaho – 0.2% | Idaho – 0.2% | Idaho – 0.2% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76262 |
| Illinois – 4.7% | Illinois – 4.7% | Illinois – 4.7% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2033 | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$108835 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 7%, 12/01/2042 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257769 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2028 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133755 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2041 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98458 |
| Chicago, IL, Midway Airport Refunding Rev., "A", 5%, 1/01/2028 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258577 |
| Cook County, IL, Community College District No. 152 (Hazel Crest), AGM, 5%, 12/01/2036 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320752 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), "A", 5%, 2/15/2037 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197093 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261607 |
| Trustees of the University of Illinois, Housing and Auxiliary Facilities System Rev., "A" , BAM, 5%, 4/01/2039 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318679 |
|  |  | &nbsp;&nbsp;&nbsp;$1955525 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Indiana – 2.0% | Indiana – 2.0% | Indiana – 2.0% |
| Gary/Chicago International Airport Authority, IN, Development Zone Rev., AGM, 5.25%, 2/01/2042 | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$104337 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036 (w) | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124618 |
| Indiana Finance Authority, Health System Rev. (Franciscan Alliance, Inc. Obligated Group), "B", 5%, 11/01/2041 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250157 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100400 |
| Westfield Washington, IN, Multi-School Building Corp. (Hamilton County), "A", BAM, 5.25%, 7/15/2043 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$842158 |
| Iowa – 0.6% | Iowa – 0.6% | Iowa – 0.6% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$262250 |
| Kentucky – 0.6% | Kentucky – 0.6% | Kentucky – 0.6% |
| Kentucky Economic Development Finance Authority Rev. (Commonspirit Health), "A-2", 5%, 8/01/2032 | $125000 | &nbsp;&nbsp;&nbsp;&nbsp;$131149 |
| Kentucky Economic Development Finance Authority Rev. (Commonspirit Health), "A-2", 5%, 8/01/2035 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$260326 |
| Louisiana – 2.1% | Louisiana – 2.1% | Louisiana – 2.1% |
| Juban Crossing, LA, Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2036 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$265617 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Calcasieu Parish School Project), BAM, 5%, 12/01/2039 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262005 |
| New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), "B", 5%, 1/01/2036 | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$884798 |
| Maine – 1.1% | Maine – 1.1% | Maine – 1.1% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97366 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037 | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70394 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$455658 |
| Maryland – 0.4% | Maryland – 0.4% | Maryland – 0.4% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 4%, 6/01/2042 | $210000 | &nbsp;&nbsp;&nbsp;&nbsp;$180923 |
| Massachusetts – 3.0% | Massachusetts – 3.0% | Massachusetts – 3.0% |
| Dover, MA, General Obligation Municipal Purpose Loan , 5%, 6/15/2039 | $115000 | &nbsp;&nbsp;&nbsp;&nbsp;$121960 |
| Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), "F", 5%, 8/15/2029 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250473 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125710 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116796 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034 | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206780 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2029 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311979 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2039 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106882 |
|  |  | &nbsp;&nbsp;&nbsp;$1240580 |
| Michigan – 0.6% | Michigan – 0.6% | Michigan – 0.6% |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2042 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$247017 |
| Minnesota – 3.1% | Minnesota – 3.1% | Minnesota – 3.1% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2037 | $150000 | &nbsp;&nbsp;&nbsp;&nbsp;$152285 |
| Edina, MN, General Obligation Capital Improvement Plan and Sales Tax Rev., "B", 4%, 2/01/2042 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239814 |
| Minneapolis, MN, Health Care Systems Rev. (Fairview Health Services), "A", 5%, 11/15/2035 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163215 |
| Minnesota General Obligation State Trunk Highway Rev., "B", 4%, 8/01/2041 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487164 |
| Minnesota Housing Finance Agency, Residential Housing Finance Rev., "F", 5.75%, 7/01/2053 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253805 |
|  |  | &nbsp;&nbsp;&nbsp;$1296283 |
| Missouri – 0.6% | Missouri – 0.6% | Missouri – 0.6% |
| Springfield, MO, Public Utility Refunding Rev., 4%, 8/01/2036 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$240580 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| New Hampshire – 2.2% | New Hampshire – 2.2% | New Hampshire – 2.2% |
| National Finance Authority, NH, Affordable Housing Certificates, "1-A", 4.75%, 6/20/2041 (Put Date 6/01/2035) (w) | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$249700 |
| National Finance Authority, NH, Municipal Certificates, "A-1", 4.087%, 1/20/2041 | &nbsp;&nbsp;99856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92879 |
| National Finance Authority, NH, Municipal Certificates, "A-2", 4.087%, 1/20/2041 | &nbsp;&nbsp;99857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88434 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113725 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252069 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Advance Corp. Issue), "B", 5%, 10/01/2035 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$930494 |
| New Jersey – 2.1% | New Jersey – 2.1% | New Jersey – 2.1% |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035 | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$101196 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5.25%, 6/01/2046 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215822 |
| New Jersey Transportation Trust Fund Authority, "A", 4.25%, 6/15/2040 | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199943 |
| New Jersey Transportation Trust Fund Authority, "CC", 5%, 6/15/2042 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257004 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology Inc., Project), 4.125%, 7/01/2033 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$873017 |
| New Mexico – 1.4% | New Mexico – 1.4% | New Mexico – 1.4% |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) | $100000 | &nbsp;&nbsp;&nbsp;&nbsp;$104559 |
| Santa Fe County, NM, Multi-Family Housing Rev. (Cresta Ranch Apartments), 3.29%, 12/10/2049 (Put Date 6/01/2028) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$603204 |
| New York – 6.8% | New York – 6.8% | New York – 6.8% |
| New York Dormitory Authority Rev. (New School), "B", 5%, 7/01/2042 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$253129 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183008 |
| New York Dormitory Authority Rev., State Sales Tax Rev., "B", 5%, 3/15/2042 | &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100086 |
| New York Housing Finance Agency 320 West 38th Street Housing Rev., "A", FHLMC, 3.57%, 5/01/2042 (Put Date 11/01/2031) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244075 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2029 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122233 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.5%, 6/30/2042 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255346 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2032 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211246 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., "F-2", 3.4%, 11/01/2064 (Put Date 1/02/2029) | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496722 |
| New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101478 |
| New York, NY, Transitional Finance Authority Rev., "D", 5%, 5/01/2042 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261401 |
| New York, NY, Transitional Finance Authority Rev., "D-1", 4%, 11/01/2042 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229901 |
| Rockland County, NY, Solid Waste Management Authority, Special Obligation Rev. (Animal Shelter Project), "A", 5.5%, 12/15/2044 | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367760 |
|  |  | &nbsp;&nbsp;&nbsp;$2826385 |
| North Carolina – 2.2% | North Carolina – 2.2% | North Carolina – 2.2% |
| Cumberland County, NC, Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Rev. (Project Aero), 3.75%, 12/01/2027 (Put Date 11/01/2025) | $&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15005 |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526733 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, 3/01/2030 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123273 |
| Raleigh, NC, Housing Authority, Multi-Family Housing Rev. (919 at Cross Link), "B", 5%, 8/01/2028 (Put Date 8/01/2027) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$924134 |
| North Dakota – 0.6% | North Dakota – 0.6% | North Dakota – 0.6% |
| Grand Forks, ND, Health Care Systems Rev. (Altru Health System), 5%, 12/01/2030 | $120000 | &nbsp;&nbsp;&nbsp;&nbsp;$125446 |
| Horace, ND, Refunding Improvement, "C", 5.5%, 5/01/2038 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$254550 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Ohio – 3.5% | Ohio – 3.5% | Ohio – 3.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, "1", 5%, 6/01/2033 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$259929 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project and the Eden Park Project), 5%, 12/01/2034 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256883 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105739 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052 | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341687 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, 5.5%, 10/01/2037 | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157232 |
| Hamilton County, OH, Various Purpose General Obligation, 4%, 12/17/2025 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100354 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233964 |
|  |  | &nbsp;&nbsp;&nbsp;$1455788 |
| Oklahoma – 1.5% | Oklahoma – 1.5% | Oklahoma – 1.5% |
| Cleveland County, OK, Home Loan Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 1/01/2056 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$271084 |
| Oklahoma Turnpike Authority, Turnpike System Refunding Second Senior Rev., "B", 5%, 1/01/2037 (w) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108355 |
| Tulsa, OK, Airport Improvement Trust General Rev., "A", BAM, 5%, 6/01/2028 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$634642 |
| Pennsylvania – 10.4% | Pennsylvania – 10.4% | Pennsylvania – 10.4% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034 | $125000 | &nbsp;&nbsp;&nbsp;&nbsp;$129855 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228601 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250022 |
| DuBois, PA, Hospital Rev. (Penn Highlands Healthcare), 5%, 7/15/2036 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136162 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, 5/01/2033 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97944 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232831 |
| Pennsylvania Economic Development Financing Authority, (UPMC) Rev., "A", 5%, 3/15/2060 (Put Date 3/15/2035) | 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293891 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519345 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502050 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), "A", VRDN, 4.25%, 4/01/2034 (Put Date 7/15/2025) | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300154 |
| Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.1%, 8/01/2045 (Put Date 8/01/2025) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100046 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128286 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A-1", 4.75%, 6/01/2046 (w) | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103219 |
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 | 182850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171924 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044 | 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271202 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101997 |
| Philadelphia, PA, Authority for Industrial Development, Hospital Rev. (Children's Hospital of Philadelphia Project), 5%, 7/01/2033 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256700 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2036 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121025 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252922 |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139799 |
|  |  | &nbsp;&nbsp;&nbsp;$4337975 |
| Puerto Rico – 2.0% | Puerto Rico – 2.0% | Puerto Rico – 2.0% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A-1", 5.625%, 7/01/2027 | $125000 | &nbsp;&nbsp;&nbsp;&nbsp;$128280 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323594 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232925 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033 | 201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$826926 |
| Rhode Island – 1.9% | Rhode Island – 1.9% | Rhode Island – 1.9% |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5%, 9/15/2035 | $375000 | &nbsp;&nbsp;&nbsp;&nbsp;$382484 |
| Rhode Island Health & Educational Building Corp., Hospital Financing Rev. (Lifespan Obligated Group), 4%, 5/15/2036 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117482 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 5%, 12/01/2033 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259366 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Rhode Island – continued | Rhode Island – continued | Rhode Island – continued |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043 | $&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$817853 |
| South Carolina – 1.5% | South Carolina – 1.5% | South Carolina – 1.5% |
| Florence County, SC, Special Source Rev. (Savannah Grove Infrastructure Projects), 5%, 12/01/2036 | $150000 | &nbsp;&nbsp;&nbsp;&nbsp;$161427 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95519 |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), 3.7%, 12/15/2027 (Put Date 12/01/2026) | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104534 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2038 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124818 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5%, 12/01/2032 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$612314 |
| Texas – 7.3% | Texas – 7.3% | Texas – 7.3% |
| Arlington, TX, Higher Education Finance Corp. Education Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2042 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$258071 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2035 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263183 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4%, 12/01/2034 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241237 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039 | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18656 |
| Galveston, TX, Wharves & Terminal Rev., 5.25%, 8/01/2037 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259274 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Project), "B", 5.25%, 7/15/2034 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153593 |
| Houston, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2037 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159528 |
| Lower Colorado River Authority, Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2046 | 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231293 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International, LLC Project), 5%, 12/01/2064 (Put Date 6/01/2030) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102128 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.1%, 1/01/2026 (Put Date 8/01/2025) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100048 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", 4.25%, 10/01/2030 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99496 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, 1/01/2035 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144356 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168250 |
| Tarrant County, TX, Cultural Education Facilities Finance Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2038 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138908 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271614 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263152 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165376 |
|  |  | &nbsp;&nbsp;&nbsp;$3038163 |
| Utah – 1.1% | Utah – 1.1% | Utah – 1.1% |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), "A", 5%, 7/01/2042 | $295000 | &nbsp;&nbsp;&nbsp;&nbsp;$290860 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2040 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$445867 |
| Vermont – 0.6% | Vermont – 0.6% | Vermont – 0.6% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2033 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$259672 |
| Virginia – 1.4% | Virginia – 1.4% | Virginia – 1.4% |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2036 | $320000 | &nbsp;&nbsp;&nbsp;&nbsp;$311153 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128639 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2040 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$566946 |
| Washington – 2.1% | Washington – 2.1% | Washington – 2.1% |
| Kenmore, WA, Limited Tax General Obligation , 5%, 12/01/2044 | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$260523 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253569 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2036 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252196 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – continued | Washington – continued | Washington – continued |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), "A", 5%, 12/01/2042 | $125000 | &nbsp;&nbsp;&nbsp;$119686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$885974 |
| Wisconsin – 2.8% | Wisconsin – 2.8% | Wisconsin – 2.8% |
| Wisconsin Health & Educational Facilities Authority Rev. (Ascension Senior Credit Group), "A", 4%, 11/15/2032 | $175000 | &nbsp;&nbsp;&nbsp;$175244 |
| Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5%, 11/15/2037 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157759 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323911 |
| Wisconsin Public Finance Authority, Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120027 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129414 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, 6/01/2035 | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149486 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, 6/15/2035 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1161806 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$41406196** |
| Mutual Funds – 1.3% | Mutual Funds – 1.3% | Mutual Funds – 1.3% |
| Money Market Funds – 1.3% | Money Market Funds – 1.3% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.27% (j) | 552786 | &nbsp;&nbsp;&nbsp;$552786 |
| Other Assets, Less Liabilities – (0.3)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121705) |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp;**$41837277** |

---

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

(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 $503,506, representing 1.2% of net assets.

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

---

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

------

### Supplemental Information
5/31/25 (unaudited)

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

(1) Investment Valuations

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

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

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2025 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;$41406196 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$41406196 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;552786 | &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;552786 |
| Total | &nbsp;&nbsp;&nbsp;$552786 | &nbsp;&nbsp;&nbsp;$41406196 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$41958982 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS Active Exchange Traded Funds Trust

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

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

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

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS Active Intermediate Muni Bond ETF

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $42308263.44

**Total Liabilities:** $470686.06

**Net Assets:** $41837577.38

**Delayed Delivery Securities:** $339517.05

**Cash Not Reported:** $0.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -70.47000000 | **1-Year:** -1739.19000000 | **5-Year:** -7238.20000000 | **10-Year:** -13623.63000000 | **30-Year:** -1654.44000000

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

- **3-Month:** -4.24000000 | **1-Year:** -140.74000000 | **5-Year:** -454.74000000 | **10-Year:** -684.12000000 | **30-Year:** -37.42000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251002 | -1.43%               | -0.46%               | 0.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11.08                   | $-695362.41                                |
| Month 2  | $-32583.25               | $-293703.45                                |
| Month 3  | $-27139.58               | $-45803.41                                 |

**Designated Index Information**

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

- **Index Identifier:** I06112

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Board of Education Dedicated Capital Improvement Tax                     | CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | CUSIP: 167510AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108835.54    | 0.26%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99857 | PA      | $92878.87     | 0.22%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | MINNESOTA ST                                                 | CUSIP: 60412AQ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487164.40    | 1.16%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A3W4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    245000 | PA      | $250022.33    | 0.60%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMMODITY SPLY REVENUE             | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104583.20    | 0.25%             | 2055-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH COPS                             | CUSIP: 130493CG2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    170000 | PA      | $179299.17    | 0.43%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529019.05    | 1.26%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153592.52    | 0.37%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | CUSIP: 34074HHE5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249764.60    | 0.60%             | 2058-07-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| Philadelphia Housing Authority                                                   | PHILADELPHIA PA HSG AUTH GEN REVENUE                         | CUSIP: 71783PAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252921.70    | 0.60%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STC Metropolitan District No 2                                                   | STC MET DIST #2 CO                                           | CUSIP: 85780TAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $225975.34    | 0.54%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENUE                              | CUSIP: 451295H69<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76262.30     | 0.18%             | 2060-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                  | DEKALB CNTY GA HSG AUTH MF HSG                               | CUSIP: 240471PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $115919.20    | 0.28%             | 2034-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Providence Public Building Authority                                             | PROVIDENCE RI PUBLIC BLDGS AUTH REVENUE                      | CUSIP: 74381MBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $382483.39    | 0.91%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    245000 | PA      | $263323.04    | 0.63%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151PU7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124817.70    | 0.30%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE                | CUSIP: 52349EEU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195991.20    | 0.47%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CCU0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    210000 | PA      | $199943.35    | 0.48%             | 2040-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Greater Asheville Regional Airport Authority                                     | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE             | CUSIP: 39160CAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526732.50    | 1.26%             | 2038-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XDZ5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252069.05    | 0.60%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH                                    | CUSIP: 679111F41<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108355.57    | 0.26%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE                                  | CUSIP: 419794L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201015.42    | 0.48%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                        | RALEIGH NC HSG AUTH MF REVENUE                               | CUSIP: 751115BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259123.18    | 0.62%             | 2028-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SX90<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104218.04    | 0.25%             | 2029-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                        | DUBOIS PA HOSP AUTH                                          | CUSIP: 263804CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $136161.93    | 0.33%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kenmore WA                                                               | KENMORE WA                                                   | CUSIP: 489153CM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260522.70    | 0.62%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253569.60    | 0.61%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Illinois University                                                     | STHRN ILLINOIS ST UNIV                                       | CUSIP: 8431465Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $318679.23    | 0.76%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YFX4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105965.13    | 0.25%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XJ36<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $116795.88    | 0.28%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101195.98    | 0.24%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority/The                                         | PASSAIC CNTY NJ IMPT AUTH CHRT SCH REVENUE                   | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99051.79     | 0.24%             | 2033-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JEB8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260343.23    | 0.62%             | 2055-08-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TJF1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    135000 | PA      | $138908.18    | 0.33%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128280.43    | 0.31%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RQT9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311979.39    | 0.75%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE               | CUSIP: 64987JY62<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244075.33    | 0.58%             | 2042-05-01      | Floating      | 3.57%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    345000 | PA      | $362774.88    | 0.87%             | 2055-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                                   | ADAMS CNTY PA GEN AUTH REV                                   | CUSIP: 006114AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129855.05    | 0.31%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                                          | COLUMBUS OH MET HSG AUTH GEN REVENUE                         | CUSIP: 19951AAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256882.63    | 0.61%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                             | PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    325000 | PA      | $323594.05    | 0.77%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JNH7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261401.25    | 0.62%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | ALASKA ST MUNI BOND BANK AUTH                                | CUSIP: 01179R6G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $271742.33    | 0.65%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV  | CUSIP: 70868YAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519344.65    | 1.24%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Housing Authority                                                 | DELAWARE ST HSG AUTH REVENUE                                 | CUSIP: 246395ZM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $262844.04    | 0.63%             | 2055-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                            | FLORENCE CNTY SC SPL SOURCE REVENUE                          | CUSIP: 34015TAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161427.32    | 0.39%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256330.03    | 0.61%             | 2044-08-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EKK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129413.74    | 0.31%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15004.85     | 0.04%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105739.13    | 0.25%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389D70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252195.90    | 0.60%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH MF REVENUE                             | CUSIP: 92162PAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $119685.80    | 0.29%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arapahoe County School District No 5 Cherry Creek                                | CHERRY CREEK CO SCH DIST #5                                  | CUSIP: 164555EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538216.15    | 1.29%             | 2042-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445EQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358060.71    | 0.86%             | 2038-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896TM7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106881.63    | 0.26%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000BLN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253128.80    | 0.61%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | CUSIP: 65821DYC9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    125000 | PA      | $123273.10    | 0.29%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 574218F32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $180922.39    | 0.43%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE       | CUSIP: 882750D33<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271613.60    | 0.65%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264704.40    | 0.63%             | 2055-02-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | POMPANO BEACH FL REVENUE                                     | CUSIP: 732203AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $147078.03    | 0.35%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104PZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128638.65    | 0.31%             | 2038-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260398.93    | 0.62%             | 2055-10-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XKY0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    125000 | PA      | $133687.04    | 0.32%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     99857 | PA      | $88434.19     | 0.21%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                    | LANCASTER PA MUNI AUTH HLTHCARE FACS REVENUE                 | CUSIP: 514350AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $232830.53    | 0.56%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gary Chicago International Airport Authority                                     | GARY CHICAGO INTERNATIONAL ARPT AUTH IN DEV ZONE REVENUE     | CUSIP: 367066BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104337.69    | 0.25%             | 2042-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | CUSIP: 928104QD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127154.46    | 0.30%             | 2040-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE              | CUSIP: 70870JGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $293890.83    | 0.70%             | 2060-03-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | HAMILTON OH                                                  | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100353.72    | 0.24%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102128.25    | 0.24%             | 2064-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    165000 | PA      | $161284.28    | 0.39%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fourth Ward Redevelopment Authority                                              | FOURTH WARD REDEV AUTH TX TAX INCREMENT CONTRACT REVENUE     | CUSIP: 35131FAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159528.51    | 0.38%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | S ESTRN PA TRANSPRTN AUTH                                    | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    135000 | PA      | $139798.75    | 0.33%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | CUYAHOGA CNTY OH HOSP REVENUE                                | CUSIP: 2322655U8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    350000 | PA      | $341687.36    | 0.82%             | 2052-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE | CUSIP: 54628C2G6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262005.20    | 0.63%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122233.04    | 0.29%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5236.91      | 0.01%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Edina MN                                                                 | EDINA MN                                                     | CUSIP: 280606JQ8<br>LEI: 549300V5XW2LPH6R4I43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239814.03    | 0.57%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE               | CUSIP: 717901BF8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256700.18    | 0.61%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                                     | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    552786 | NS      | $552785.69    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $165376.42    | 0.40%             | 2038-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232924.70    | 0.56%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | FULTON CNTY GA DEV AUTH REVENUE                              | CUSIP: 36005FCR4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    430000 | PA      | $435276.96    | 1.04%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Dover MA                                                                 | DOVER MA                                                     | CUSIP: 260165JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121959.92    | 0.29%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | STATE PUBLIC SCH BLDG AUTH PA COLLEGE REV                    | CUSIP: 85732NBJ3<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |    265000 | PA      | $271201.56    | 0.65%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | CELINA TX SPL ASSESSMENT REVENUE                             | CUSIP: 15114CKJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263183.50    | 0.63%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151RK7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126016.20    | 0.30%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PGR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129176.43    | 0.31%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PJ89<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157759.35    | 0.38%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority                     | CONNECTICUT ST HGR EDU SUPPLEMENT LOAN AUTH REVENUE          | CUSIP: 207743YH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261361.73    | 0.62%             | 2034-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                        | FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE           | CUSIP: 34073TGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105253.27    | 0.25%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                  | CUSIP: 25477PQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260526.55    | 0.62%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE            | CUSIP: 677510BZ1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    240000 | PA      | $233963.81    | 0.56%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261957.23    | 0.63%             | 2055-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $144356.06    | 0.35%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | CUSIP: 97712DQM1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175243.81    | 0.42%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rockland County Solid Waste Management Authority                                 | ROCKLAND CNTY NY SOL WST MGMT AUTH                           | CUSIP: 77356FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $367759.64    | 0.88%             | 2044-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496721.55    | 1.19%             | 2064-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300154.35    | 0.72%             | 2034-04-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| New Orleans Aviation Board                                                       | NEW ORLEANS LA AVIATION BRD                                  | CUSIP: 64763HHF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $357175.62    | 0.85%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NEW HAMPSHIRE ST BUSINESS FIN AUTH WTR FAC REVENUE           | CUSIP: 644684GX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $113724.59    | 0.27%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ENK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100399.81    | 0.24%             | 2029-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KET0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259315.83    | 0.62%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | GRAND FORKS ND HLTH CARE SYS REVENUE                         | CUSIP: 38546WDB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $125445.97    | 0.30%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX Wharves & Terminal Revenue                                  | GALVESTON TX WHARVES & TERMINAL REVENUE                      | CUSIP: 364568JH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259273.78    | 0.62%             | 2037-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    245000 | PA      | $260605.30    | 0.62%             | 2056-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182KP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113284.83    | 0.27%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    201000 | PA      | $142127.00    | 0.34%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County & Phoenix Industrial Development Authorities                     | MARICOPA CNTY & PHOENIX AZ INDL DEV AUTHORITIES MTGE REVENUE | CUSIP: 566736JT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235805.18    | 0.56%             | 2040-09-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                               | ALLEGHENY CNTY PA ARPT AUTH ARPT REVENUE                     | CUSIP: 01728LKN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $228600.94    | 0.55%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH SOL WST DISP REVENUE                       | CUSIP: 56042CAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97365.67     | 0.23%             | 2047-12-01      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249301.10    | 0.60%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                              | PENNSYLVANIA ST HSG FIN AGY MF HSG REVENUE                   | CUSIP: 708797AN5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    182850 | PA      | $171923.73    | 0.41%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Town of Bennett CO Wastewater Revenue                                            | BENNETT CO WSTWTR REVENUE                                    | CUSIP: 082162AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259523.98    | 0.62%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505RP3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257768.55    | 0.62%             | 2042-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland County Home Loan Authority                                             | CLEVELAND CNTY OK HOME LOAN AUTH SF MTGE REVENUE             | CUSIP: 186047JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271083.88    | 0.65%             | 2056-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | STAMFORD CT HSG AUTH                                         | CUSIP: 852640AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100145.58    | 0.24%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $103219.23    | 0.25%             | 2046-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | LEE CNTY FL ARPT REVENUE                                     | CUSIP: 523470HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234016.33    | 0.56%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100046.18    | 0.24%             | 2045-08-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Lanterns Metropolitan District No 1                                              | LANTERNS MET DIST #1 CO                                      | CUSIP: 51654AAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263861.40    | 0.63%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE                               | CUSIP: 167562TR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258577.23    | 0.62%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259365.90    | 0.62%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIONAL CHRT SCH REVOLVING LOAN FD | CUSIP: 04052FAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $192585.96    | 0.46%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PZC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $323910.60    | 0.77%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95518.53     | 0.23%             | 2062-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield MO Public Utility Revenue                                    | SPRINGFIELD MO PUBLIC UTILITY REVENUE                        | CUSIP: 851018KZ3<br>LEI: NDLRXEC1F2GZZETPKO45 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240579.80    | 0.58%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Harbor System Revenue                                            | HAWAII ST HARBOR SYS REVENUE                                 | CUSIP: 41981THG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $202797.80    | 0.48%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority                                              | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE               | CUSIP: 762323DL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $58521.31     | 0.14%             | 2043-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SX82<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88060.84     | 0.21%             | 2028-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486R68<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133754.91    | 0.32%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH STUDENT HSG & ACADEMIC FAC REVENUE      | CUSIP: 45203KAN5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197093.50    | 0.47%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418067P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258070.53    | 0.62%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mirabelle Metropolitan District No 2                                             | MIRABELLE MET DIST #2 CO                                     | CUSIP: 60458HAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107640.20    | 0.26%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99496.48     | 0.24%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bromley Park Metropolitan District No 3                                          | BROMLEY PARK MET DIST NO 3 CO                                | CUSIP: 11222PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231853.41    | 0.55%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                    | CHESAPEAKE VA HOSP AUTH HOSP FAC REVENUE                     | CUSIP: 16532VBM5<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    320000 | PA      | $311152.99    | 0.74%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YDH1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250156.80    | 0.60%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | MAINE HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 56042RMD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $287898.33    | 0.69%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X4L2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125709.71    | 0.30%             | 2037-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Santa Fe NM                                                            | SANTA FE CNTY NM MF REVENUE                                  | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498645.35    | 1.19%             | 2049-12-10      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392275EJ8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260966.30    | 0.62%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EBC3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120027.40    | 0.29%             | 2030-03-01      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $290859.73    | 0.70%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION AUTH                           | CUSIP: 432308N75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187985.99    | 0.45%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255346.50    | 0.61%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP CIMARRON VENTANAS PFC TX RSDL DEV REVENUE                 | CUSIP: 26879QAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241236.68    | 0.58%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Multi-School Building Corp                                  | WESTFIELD-WASHINGTON IN MULTI-SCH BLDG CORP                  | CUSIP: 96023PPG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262645.73    | 0.63%             | 2043-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CGX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152284.79    | 0.36%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263152.35    | 0.63%             | 2055-01-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH                                | CUSIP: 49126PGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131149.08    | 0.31%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | MOBILE AL INDL DEV BRD POLL CONTROL REVENUE                  | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149981.28    | 0.36%             | 2034-07-15      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE    | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    105000 | PA      | $104534.36    | 0.25%             | 2027-12-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF MTGE REVENUE                | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101478.51    | 0.24%             | 2031-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Mexico Municipal Energy Acquisition Authority                                | NEW MEXICO ST MUNI ENERGY ACQUISITION AUTH GAS SPLY          | CUSIP: 647207BL2<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104558.98    | 0.25%             | 2054-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502050.30    | 1.20%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp                                | RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE             | CUSIP: 762244FN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $117482.30    | 0.28%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Juban Crossing Economic Development District                                     | JUBAN CROSSING ECON DEV DIST LA REVENUE                      | CUSIP: 48125RBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265617.48    | 0.63%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp                                                  | VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE           | CUSIP: 92428CNB6<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259672.05    | 0.62%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax Hospital Medical Center                                                  | HALIFAX FL HOSP MED CTR                                      | CUSIP: 405815LG4<br>LEI: 549300H6HDJUXLEMUW23 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125256.46    | 0.30%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149485.49    | 0.36%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261606.70    | 0.63%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                 | ERIE PA HGR EDU BLDG AUTH                                    | CUSIP: 295435DW8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97944.15     | 0.23%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp                                                 | IOWA ST STUDENT LOAN LIQUIDITY CORP                          | CUSIP: 462590NY2<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262249.75    | 0.63%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100047.81    | 0.24%             | 2026-01-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia/The            | PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH                    | CUSIP: 717825PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121025.31    | 0.29%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116840.63    | 0.28%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                              | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | CUSIP: 64542UGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168250.06    | 0.40%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | HORACE ND                                                    | CUSIP: 440365HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129103.81    | 0.31%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JDL9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229901.18    | 0.55%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158882.70    | 0.38%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                  | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE             | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $128286.13    | 0.31%             | 2045-06-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215821.62    | 0.52%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260395.10    | 0.62%             | 2055-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257823.23    | 0.62%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No 152 1/2 Hazel Crest                     | COOK CNTY IL CMNTY SCH DIST #152 1/2 HAZEL CREST             | CUSIP: 215147FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $320751.81    | 0.77%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Airports Improvement Trust                                                 | TULSA OK ARPTS IMPT TRUST                                    | CUSIP: 899647SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $255202.93    | 0.61%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                           | WILLIAM PENN PA SCH DIST AUTH SCH REVENUE                    | CUSIP: 969257BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101997.49    | 0.24%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | CHICAGO IL                                                   | CUSIP: 167486S67<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98457.70     | 0.24%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584XFN6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250473.60    | 0.60%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tucson Industrial Development Authority/Pima County Industrial Development Auth  | TUCSON & PIMA CNTYS AZ INDL DEV AUTHORITIES SF MTGE REVENUE  | CUSIP: 898700HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271208.60    | 0.65%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                      | ATLANTA GA URBAN RSDL FIN AUTH MF HSG REVENUE                | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100330.18    | 0.24%             | 2029-02-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 45506ENW9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    120000 | PA      | $124618.27    | 0.30%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V3D8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256718.98    | 0.61%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                   | WAYNE CNTY MI ARPT AUTH REVENUE                              | CUSIP: 944514XP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247017.13    | 0.59%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | LOWER COLORADO RIVER TX AUTH TRANSMISSION CONTRACT REVENUE   | CUSIP: 54811BWW7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    230000 | PA      | $231292.78    | 0.55%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                       | MAINE ST FIN AUTH LOAN REVENUE                               | CUSIP: 56042TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70393.99     | 0.17%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211245.72    | 0.50%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP CIMARRON VENTANAS PFC TX RSDL DEV REVENUE                 | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18655.53     | 0.04%             | 2039-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 65000B7W2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183008.23    | 0.44%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGD4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257004.05    | 0.61%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259929.33    | 0.62%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE             | CUSIP: 25477TBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104457.15    | 0.25%             | 2029-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Margaretta Local School District                                                 | MARGARETTA OH LOCAL SCH DIST COPS                            | CUSIP: 566575AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $157231.95    | 0.38%             | 2037-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                            | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | CUSIP: 91754T3U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155007.17    | 0.37%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57585BJP4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    195000 | PA      | $206779.85    | 0.49%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    210000 | PA      | $220511.99    | 0.53%             | 2054-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                           | MINNEAPOLIS MN HLTH CARE SYS REVENUE                         | CUSIP: 60374VEA7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163214.51    | 0.39%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Authority                                                          | CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | CUSIP: 14054WBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95473.08     | 0.23%             | 2040-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AWP6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $100085.63    | 0.24%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416TQ68<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    240000 | PA      | $253804.75    | 0.61%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer