# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011421
**Filing Date:** 2026-5
**Character Count:** 115974
**Document Hash:** 9a50890c4a7051b010f83a22409524c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011421.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011421

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 261018837

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $190856389.95

**Total Liabilities:** $1840867.39

**Net Assets:** $189015522.56

**Delayed Delivery Securities:** $1019660.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -323.35407750 | **1-Year:** -5658.28927830 | **5-Year:** -26866.38805870 | **10-Year:** -64383.91778660 | **30-Year:** -28084.67871110

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

- **3-Month:** -90.22538090 | **1-Year:** -1552.26141670 | **5-Year:** -3937.54663760 | **10-Year:** -8314.25475830 | **30-Year:** -3741.10208160

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194232 | 0.53%                | 1.48%                | -2.07%               |
| Class ID C000006966 | 0.54%                | 1.35%                | -2.13%               |
| Class ID C000169761 | 0.52%                | 1.48%                | -2.08%               |
| Class ID C000006965 | 0.50%                | 1.52%                | -2.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-81334.13               | $517513.00                                 |
| Month 2  | $-24170.14               | $2288706.96                                |
| Month 3  | $-134160.68              | $-4489072.61                               |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1A                     | CUSIP: 70878CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $574308.99    | 0.30%             | 2045-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618EU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $678538.06    | 0.36%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue      | New York City Transitional Finance Authority Future Tax Secured                     | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1251765.11   | 0.66%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $184500.00    | 0.10%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCC5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450263.16    | 0.24%             | 2051-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QLH4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1562433.78   | 0.83%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blythe Township Solid Waste Authority                                        | Blythe Township Solid Waste Authority                                               | CUSIP: 096464AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212983.60    | 0.11%             | 2037-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of The County of Washington                          | Redevelopment Authority of The County of Washington                                 | CUSIP: 938618AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501096.15    | 0.27%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2026-152A                               | CUSIP: 70879Q6S7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1679298.15   | 0.89%             | 2056-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2017, Class I             | CUSIP: 717908AH0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267249.88   | 0.67%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    185000 | PA      | $185914.07    | 0.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465670.75    | 0.25%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                      | County of Lackawanna                                                                | CUSIP: 505480X24<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027154.60   | 0.54%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 165579EW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $405183.20    | 0.21%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-150A                               | CUSIP: 70879QZ48<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529455.35   | 0.81%             | 2045-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2024                                          | CUSIP: 514350AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $885902.58    | 0.47%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Industrial Development Authority                               | Fulton County Industrial Development Authority                                      | CUSIP: 36024LAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $412281.25    | 0.22%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418273.24    | 0.22%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $893.62       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                          | Geisinger Authority                                                                 | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005864.50   | 0.53%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    524000 | PA      | $435547.33    | 0.23%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2025A                                    | CUSIP: 01728LKY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048712.60   | 0.55%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipality of Penn Hills PA                                                | Municipality of Penn Hills, Series D                                                | CUSIP: 707483JN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $455423.89    | 0.24%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority, Series 2025                                    | CUSIP: 017357U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544385.15   | 0.82%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County General Authority                                               | Adams County General Authority, Series 2024A                                        | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $710010.75    | 0.38%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                     | MFS Institutional Money Market Portfolio, Class A                                   | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   1629587 | NS      | $1629586.76   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043210.10   | 0.55%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                       | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                         | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |    550000 | PA      | $587127.04    | 0.31%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                          | Allegheny County Sanitary Authority                                                 | CUSIP: 017357N83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016581.50   | 0.54%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2025                                             | CUSIP: 624805SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023188.00   | 0.54%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MU4<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    730000 | PA      | $761107.13    | 0.40%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034162.10   | 0.55%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100472.90    | 0.05%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $474532.40    | 0.25%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Convention Center Authority                                 | Lancaster County Convention Center Authority                                        | CUSIP: 514042BC3<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |    500000 | PA      | $449875.90    | 0.24%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480180.50    | 0.25%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124721.85    | 0.07%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conneaut School District                                                     | Conneaut School District                                                            | CUSIP: 207515GN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $926440.00    | 0.49%             | 2031-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $892111.63    | 0.47%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority                                  | CUSIP: 613609B96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $388420.80    | 0.21%             | 2050-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TEB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $961482.38    | 0.51%             | 2051-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Airport Authority                                           | Allegheny County Airport Authority, Series 2023A                                    | CUSIP: 01728LHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033785.50   | 0.55%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 708692AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104580.50   | 0.58%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968594.90    | 0.51%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      9000 | PA      | $8086.83      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QDB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982130.10    | 0.52%             | 2032-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| County of Lehigh PA                                                          | County of Lehigh                                                                    | CUSIP: 52480GDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945291.80    | 0.50%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBX2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033517.80   | 0.55%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451390.30    | 0.24%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCG6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009409.60   | 0.53%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $519026.04    | 0.27%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                     | Village of Bridgeview                                                               | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $326679.99    | 0.17%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $704023.86    | 0.37%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XR8<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5050.63      | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497504.30    | 0.26%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027613.20   | 0.54%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aliquippa School District                                                    | Aliquippa School District                                                           | CUSIP: 016364CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003319.40   | 0.53%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSX2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008902.60   | 0.53%             | 2043-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024                                    | CUSIP: 708797BF1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1498730.06   | 0.79%             | 2042-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lehigh County General Purpose Authority                                      | Lehigh County General Purpose Authority, Series 2024                                | CUSIP: 52480RGM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985248.40    | 0.52%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1874530.00   | 0.99%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2026                                           | CUSIP: 858151NA7<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950011.50    | 0.50%             | 2051-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                           | City of Chicago                                                                     | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    565000 | PA      | $582707.10    | 0.31%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1136331.98   | 0.60%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                    | Erie City Water Authority                                                           | CUSIP: 295542NU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023157.70   | 0.54%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Mary Hospital Authority                                                   | St Mary Hospital Authority                                                          | CUSIP: 792222FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $337849.38    | 0.18%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                         | Puerto Rico Electric Power Authority, Series VV                                     | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14930.55     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024A-3                              | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1382905.29   | 0.73%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1445785.00   | 0.76%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     35000 | PA      | $34863.36     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority                            | CUSIP: 16557HEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752424.63   | 0.93%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253971.63    | 0.13%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $222627.93    | 0.12%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2025                                             | CUSIP: 624805SQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016616.70   | 0.54%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $910308.69    | 0.48%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                     | New Jersey Higher Education Student Assistance Authority                            | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    570000 | PA      | $561777.52    | 0.30%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                             | Mount Lebanon Hospital Authority                                                    | CUSIP: 621820DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027461.90   | 0.54%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moon Area School District                                                    | Moon Area School District, Series 2024 B                                            | CUSIP: 615401QX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1353832.95   | 0.72%             | 2049-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016           | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $683732.00    | 0.36%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                     | New Hampshire Business Finance Authority                                            | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445666 | PA      | $448189.60    | 0.24%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025                                    | CUSIP: 708797BG9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004493.60   | 0.53%             | 2041-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp.                                           | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $328958.60    | 0.17%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 708797AN5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    900174 | PA      | $866278.04    | 0.46%             | 2035-08-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Interboro School District                                                    | Interboro School District, Series 2024                                              | CUSIP: 458436YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584024.60   | 0.84%             | 2063-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2024                  | CUSIP: 70869PQB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031046.30   | 0.55%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498664.30    | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority PA                      | Westmoreland County Industrial Development Authority                                | CUSIP: 960875AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1322004.32   | 0.70%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    945000 | PA      | $1030113.79   | 0.54%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2026-152A                               | CUSIP: 70879Q6Q1<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1465146.60   | 0.78%             | 2051-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883XT4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1503900.63   | 0.80%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CBA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $613835.02    | 0.32%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Municipal Authority                                                | Lancaster Municipal Authority, Series 2025A                                         | CUSIP: 514350AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954298.10    | 0.50%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70870JFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $836309.90    | 0.44%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2021A-2               | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002981.10   | 0.53%             | 2046-10-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Temple University-of The Commonwealth System of Higher Education             | Temple University-of The Commonwealth System of Higher Education, Series FIRST 2025 | CUSIP: 880178DC9<br>LEI: 549300SCHVPNNFRR3L71 | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1359456.63   | 0.72%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                     | Chester County Health and Education Facilities Authority, Series 2025               | CUSIP: 165579HT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001309.40   | 0.53%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northeastern Pennsylvania Hospital and Education Authority                   | Northeastern Pennsylvania Hospital and Education Authority                          | CUSIP: 664551DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893946.10    | 0.47%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    130000 | PA      | $134708.20    | 0.07%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                    | Allentown Commercial and Industrial Development Authority, Series 2024              | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $661817.10    | 0.35%             | 2059-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $156284.60    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QSY0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001552.60   | 0.53%             | 2046-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337213.79    | 0.18%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                           | Southeastern Pennsylvania Transportation Authority                                  | CUSIP: 842039FQ7<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082956.20   | 1.10%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2026                                     | CUSIP: 419434TY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $842796.72    | 0.45%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Region Water Sewer Revenue                                           | Capital Region Water Sewer Revenue                                                  | CUSIP: 14044TAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011177.80   | 0.53%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue | Pennsylvania Economic Development Financing Authority Parking System, Series 2024 A | CUSIP: 70870EER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1263748.07   | 0.67%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | Tender Option Bond Trust Receipts                                                   | CUSIP: 88035RV50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538526.60    | 0.28%             | 2058-12-01      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia PA Water & Wastewater Revenue                                  | CUSIP: 717893H79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038116.10   | 0.55%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority PA                        | Montgomery County Industrial Development Authority, Series 2021 A                   | CUSIP: 613609L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $534223.44    | 0.28%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131711.38    | 0.07%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority                                      | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $452096.96    | 0.24%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority, Series 2024 A                      | CUSIP: 16559PBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1325226.60   | 0.70%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 118612MC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475349.05    | 0.25%             | 2046-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QUZ4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974779.30    | 0.52%             | 2049-10-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                        | City of Pittsburgh, Series 2025                                                     | CUSIP: 725209TL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1384232.21   | 0.73%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District                                               | Bethlehem Area School District, Series 2025                                         | CUSIP: 087365XW7<br>LEI: 549300PVLLD0D81XYN53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054348.00   | 0.56%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116918 | PA      | $115194.07    | 0.06%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority                                                            | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $142350.00    | 0.08%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                    | Maryland Health & Higher Educational Facilities Authority, Series 2025A             | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031303.10   | 0.55%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-1A                            | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107143.35    | 0.06%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority                                      | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     90000 | PA      | $104917.13    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The)      | Hospitals & Higher Education Facilities Authority of Philadelphia (The)             | CUSIP: 717903L97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503484.05    | 0.27%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority, Series 2026                                  | CUSIP: 230614UE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947728.20    | 0.50%             | 2051-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                           | St Clair County Board of Education                                                  | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465772.45    | 0.25%             | 2052-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2025B                                      | CUSIP: 709225QQ2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056660.00   | 0.56%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Reading School District                                                      | Reading School District                                                             | CUSIP: 755638ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010550.50   | 0.53%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William Penn School District Authority                                       | William Penn School District Authority, Series 2025A                                | CUSIP: 969257AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1181564.64   | 0.63%             | 2044-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Upper St Clair Township School District                                      | Upper St Clair Township School District                                             | CUSIP: 916507RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950286.80    | 0.50%             | 2039-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2024-1C                     | CUSIP: 70878CBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $700071.45    | 0.37%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                    | New York Transportation Development Corp., Series 2024                              | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $758429.66    | 0.40%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2025A                                    | CUSIP: 64990AYB5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512536.90    | 0.27%             | 2055-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917TAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1777309.80   | 0.94%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Series 2025                                               | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    740000 | PA      | $755155.35    | 0.40%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                               | Tennergy Corp.                                                                      | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    520000 | PA      | $552769.88    | 0.29%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority                                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $157237.22    | 0.08%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                               | General Authority of Southcentral Pennsylvania                                      | CUSIP: 84129NMB2<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950411.10    | 0.50%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority                                | CUSIP: 70917S4F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771193.28    | 0.41%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $809071.27    | 0.43%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                           | Clemson University                                                                  | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1111141.05   | 0.59%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71783DBW4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258752.63    | 0.14%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353LDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001280.10   | 0.53%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786137.03    | 0.42%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    364000 | PA      | $336080.51    | 0.18%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2024B-1                | CUSIP: 70917TRU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044490.80   | 0.55%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | Guam Government Waterworks Authority                                                | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $207352.56    | 0.11%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025A                                   | CUSIP: 708797BH7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042798.20   | 0.55%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority                                               | CUSIP: 230614SR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141766.37    | 0.08%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Valley School District                                                 | Steel Valley School District, Series 2024                                           | CUSIP: 858151MT7<br>LEI: 549300BYA5FSMYFPGP34 | Long             | DBT              | MUN               | US        |    885000 | PA      | $925329.18    | 0.49%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority, Series 2018                                              | CUSIP: 263804BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937574.10    | 0.50%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481018.05    | 0.25%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                          | Pennsylvania State University (The)                                                 | CUSIP: 709235W68<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078336.40   | 1.10%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Hempfield Township Industrial Development Authority                     | East Hempfield Township Industrial Development Authority                            | CUSIP: 273007CN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750206.70    | 0.40%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    300000 | PA      | $278015.28    | 0.15%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                               | Tender Option Bond Trust Receipts                                                   | CUSIP: 88035TPF1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    750000 | PA      | $834502.65    | 0.44%             | 2053-07-01      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                       | Bucks County Water and Sewer Authority                                              | CUSIP: 118683JY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1947899.00   | 1.03%             | 2047-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency                                     | CUSIP: 70878CAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1152271.20   | 0.61%             | 2043-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Borough of Punxsutawney PA                                                   | Borough of Punxsutawney, Series 2025 B                                              | CUSIP: 746044BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502092.25    | 0.27%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-145A                               | CUSIP: 70879QWL3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987143.30    | 0.52%             | 2049-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chester County School Authority                                              | Chester County School Authority, Series 2024                                        | CUSIP: 165618ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524445.50    | 0.28%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                         | Pennsylvania Higher Educational Facilities Authority, Series 2025                   | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061502.30   | 0.56%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2023B                                                  | CUSIP: 7178932Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058568.10   | 0.56%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    900000 | PA      | $897400.08    | 0.47%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 717824AR7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448444.85    | 0.24%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-144A                               | CUSIP: 70879QVB6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1435138.62   | 0.76%             | 2054-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                             | City of Erie Higher Education Building Authority                                    | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    920000 | PA      | $774507.70    | 0.41%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township School District                                          | Cheltenham Township School District, Series 2026                                    | CUSIP: 1635018Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1427596.41   | 0.76%             | 2051-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                               | Wyalusing Area School District, Series 2025                                         | CUSIP: 982613LD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993707.90    | 0.53%             | 2065-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $588581.28    | 0.31%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                               | Allentown City School District, Series 2024                                         | CUSIP: 018471NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027775.80   | 0.54%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    509000 | PA      | $391097.23    | 0.21%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development, Series 2023                      | CUSIP: 71780CBV1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499598.60    | 0.26%             | 2043-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Lancaster County Hospital Authority PA                                       | Lancaster County Hospital Authority                                                 | CUSIP: 514045Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $264524.42    | 0.14%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                            | Philadelphia Authority for Industrial Development                                   | CUSIP: 71781XCP6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005322.90   | 0.53%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District                                                      | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    935000 | PA      | $980882.23    | 0.52%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     47139 | PA      | $45513.92     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bristol Township School District                                             | Bristol Township School District, Series 2026                                       | CUSIP: 110290SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1544311.35   | 0.82%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                           | Tennessee Energy Acquisition Corp.                                                  | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    825000 | PA      | $850954.34    | 0.45%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    227000 | PA      | $79537.46     | 0.04%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     64091 | PA      | $59311.02     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency                                                 | CUSIP: 70879QUA9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1232528.19   | 0.65%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    243000 | PA      | $239478.44    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                           | City of Philadelphia, Series 2024 C                                                 | CUSIP: 7178933X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041840.30   | 0.55%             | 2054-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                            | Southeast Energy Authority A Cooperative District                                   | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    845000 | PA      | $886254.67    | 0.47%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    979000 | PA      | $930683.51    | 0.49%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsbury School District                                                    | Pennsbury School District, Series 2024                                              | CUSIP: 708553B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045499.20   | 0.55%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                       | County of Allegheny, Series C-80                                                    | CUSIP: 01728VWT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021278.70   | 0.54%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $298177.06    | 0.16%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $60348.27     | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haverford Township School District                                           | Haverford Township School District, Series 2025                                     | CUSIP: 419434TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522544.65    | 0.28%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam                                                                   | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $114171.26    | 0.06%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $673626.56    | 0.36%             | 2054-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Muhlenberg School District                                                   | Muhlenberg School District, Series 2024                                             | CUSIP: 624805RS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012050.30   | 0.54%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                | Bucks County Industrial Development Authority                                       | CUSIP: 11861MAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903804.50    | 0.48%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2017 B                                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $461223.67    | 0.24%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                        | Toll Road Investors Partnership II LP                                               | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233221 | PA      | $80169.81     | 0.04%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     78634 | PA      | $57067.26     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Borough of Punxsutawney PA                                                   | Borough of Punxsutawney, Series 2025 B                                              | CUSIP: 746044BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503634.20    | 0.27%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brentwood School District                                                    | Brentwood School District, Series 2025                                              | CUSIP: 10733RGA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030258.60   | 0.55%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia, Series 2025B                                                  | CUSIP: 717817ZC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990399.20   | 1.05%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheltenham Township School District                                          | Cheltenham Township School District, Series 2026                                    | CUSIP: 1635018P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $284580.18    | 0.15%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority                               | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $972153.40    | 0.51%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission                                                    | CUSIP: 709224P60<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1357363.80   | 0.72%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                              | Pennsylvania Higher Education Assistance Agency, Series 2025-1C                     | CUSIP: 70878CBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749134.20    | 0.40%             | 2052-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                           | Pittsburgh Water & Sewer Authority                                                  | CUSIP: 725304YA1<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028039.10   | 0.54%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2024-146A                               | CUSIP: 70879QXU2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992143.90    | 0.52%             | 2053-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority                                | CUSIP: 01728RNX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937079.20    | 0.50%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2023B-1               | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751774.20    | 0.40%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                        | School District of Philadelphia (The)                                               | CUSIP: 717883WG3<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536595.65   | 0.81%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                   | Philadelphia Gas Works Co., Series SEVENTEENTH A                                    | CUSIP: 71783MDF9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559163.00   | 0.82%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Elizabeth Forward School District                                            | Elizabeth Forward School District, Series 2025                                      | CUSIP: 286663UJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960005.70    | 0.51%             | 2050-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                         | County of Broward, Series 2021                                                      | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $506204.41    | 0.27%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education Dedicated Capital Improvement Tax                        | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111320.25    | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                   | Pennsylvania Turnpike Commission Oil Franchise Tax, Series 2025A                    | CUSIP: 709230AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049117.20   | 0.56%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                         | Allegheny County Higher Education Building Authority, Series 2026                   | CUSIP: 01728RQK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951329.20    | 0.50%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois                                                                   | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $120384.32    | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                      | City of Philadelphia PA Airport Revenue                                             | CUSIP: 717817UG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763341.90    | 0.40%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 A-2A                            | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     83000 | PA      | $88436.62     | 0.05%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                 | Northampton County General Purpose Authority                                        | CUSIP: 66353RCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501043.55    | 0.27%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethel Park School District                                                  | Bethel Park School District, Series 2023                                            | CUSIP: 087059NN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073026.20   | 0.57%             | 2048-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana County Industrial Development Authority                              | Indiana County Industrial Development Authority                                     | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2413610.65   | 1.28%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    116000 | PA      | $114318.93    | 0.06%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                           | Matching Fund Special Purpose Securitization Corp.                                  | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     65000 | PA      | $65336.69     | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                       | State Public School Building Authority                                              | CUSIP: 85732NBD6<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1265697.48   | 0.67%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax                                     | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    124000 | PA      | $115467.36    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                         | Public Authority for Colorado Energy                                                | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    280000 | PA      | $331178.79    | 0.18%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cumberland County Municipal Authority                                        | Cumberland County Municipal Authority, Series 2026 A                                | CUSIP: 230614TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752420.63    | 0.40%             | 2051-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                       | Berks County Municipal Authority (The), Series 2024 B-1                             | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $540661.66    | 0.29%             | 2044-06-30      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                             | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                    | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    525000 | PA      | $510147.44    | 0.27%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     61103 | PA      | $60991.05     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                    | DuBois Hospital Authority                                                           | CUSIP: 263804CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486487.70    | 0.26%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                        | Pennsylvania Economic Development Financing Authority, Series 2026A                 | CUSIP: 70870JJZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026976.70   | 0.54%             | 2051-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                | Doylestown Hospital Authority, Series 2019A                                         | CUSIP: 261333HC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106186.18    | 0.06%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                 | Cedar Port Navigation & Improvement District, Series 2023                           | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $59960.64     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                      | Montgomery County Higher Education and Health Authority                             | CUSIP: 613603G86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $66602.49     | 0.04%             | 2053-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority                                     | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    925000 | PA      | $978470.37    | 0.52%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Series 2025-149A                               | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017688.50   | 0.54%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    234653 | PA      | $201371.72    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp.                                                  | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395010.82    | 0.21%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                              | Chester County Industrial Development Authority                                     | CUSIP: 165588DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471074.30    | 0.25%             | 2047-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    235359 | PA      | $157690.53    | 0.08%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                | Allentown Neighborhood Improvement Zone Development Authority                       | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302103.33    | 0.16%             | 2042-05-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico                                                         | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    245437 | PA      | $267958.84    | 0.14%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District PA                                         | Wilkes-Barre Area School District                                                   | CUSIP: 968261NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502367.45   | 0.79%             | 2059-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer